Office of the Central Financial Commission

  General Secretary Xi Jinping delivered an important speech at the opening ceremony of the seminar on promoting high-quality financial development by leading cadres at the provincial and ministerial levels in January 2024, and made a comprehensive, systematic and in-depth exposition on the major theoretical and practical issues of promoting China's high-quality financial development with the profound insight and sharp judgment of Marxist politicians, thinkers and strategists, and from the broad perspective of the combination of history and reality, international and domestic correlation, theory and practice. This important speech is ambitious, profound, incisive and rich in discourse, and is in line with the important speech at the Central Financial Work Conference, which has a strong political, ideological, guiding and targeted nature, and is a glorious document of Marxism. We must deeply study the spirit of General Secretary Xi Jinping's important speech and resolutely grasp and implement it from the height of politics and the overall situation.

  I. Deeply understand the significance of General Secretary Xi Jinping's important speech, and enhance the political consciousness, ideological consciousness and action consciousness of doing a good job in financial work

  With a broad strategic vision and profound historical insight, General Secretary Xi Jinping has systematically clarified the direction, important policies and principled positions of financial work, which has great and far-reaching guiding significance for doing a good job in financial work.

  We have raised our Party's understanding of the essential law of financial work and the development path to a new height. Our Party has always attached great importance to financial work and continuously deepened its understanding of its role and status in the long-term practice of leading the Chinese revolution, construction and reform. Since the 18th National Congress of the Communist Party of China, under the leadership of the Party Central Committee with Comrade Xi Jinping as the core, financial practice innovation, theoretical innovation and institutional innovation have continued to advance, and the development of the financial industry has made new major achievements. In this process, our grasp of the nature of finance and our understanding of the law of financial development have also been further deepened. We are more and more deeply aware that China's financial industry is the financial cause under the leadership of the Communist Party of China, in the final analysis to benefit the people; our financial development path follows the objective law of modern financial development, but also has distinctive characteristics that are suitable for China's national conditions, and must not be copied; our financial work has a distinct political and people-oriented nature, and must unswervingly adhere to the centralized and unified leadership of the Party Central Committee on financial work, and firmly stand firm in the people's position and safeguard the interests of the people. Only in this way can we ensure that China's financial industry is always moving in the right direction, and we can ensure that the road of financial development with Chinese characteristics is stable and long-term, long-term and long-term.

  It has greatly opened up a new realm of Marxist political economy on financial theory. Marxist political economy reveals the laws of human society, especially the capitalist social and economic movement. However, with the continuous advancement of this initiative of the socialist market economy, China's financial industry has encountered a series of major problems that have not been mentioned by Marxist classic writers, such as how to regulate the development of capital, how to coordinate development and security, and how to prevent and resolve major risks, which our predecessors have not encountered, and Western financial theory has always been unable to solve. General Secretary Xi Jinping insisted on combining the basic principles of Marxist political economy with the specific reality of contemporary China and the excellent traditional culture of China, creatively summarizing the basic tenets of the road of financial development with Chinese characteristics with "eight adherences", revealing the spiritual core of financial culture with "five to five", and profoundly clarifying the major issues such as the political position, value orientation, fundamental purpose, eternal theme, development model and road choice of financial work.

  On September 22, 2025, the Information Office of the State Council held a press conference on the theme of "high-quality completion of the 14th Five-Year Plan" in Beijing, and the responsible comrades of the People's Bank of China, the General Administration of Financial Supervision, the China Securities Regulatory Commission, the State Foreign Exchange Bureau and other units introduced the development of the financial industry during the 14th Five-Year Plan period and answered questions from reporters. Xinhua News Agency reporter Li Xin/photo

  Provide a guide for action to do a good job in the new journey finance. At present, comprehensively promoting the construction of a strong country and the great cause of national rejuvenation with Chinese-style modernization has entered a critical period, accelerating the construction of a new development pattern, promoting high-quality development, realizing the common prosperity of all people, and promoting the harmonious coexistence of man and nature have put forward higher requirements for doing a good job in financial work. At the same time, the development of finance itself is also facing many deep-seated contradictions that cannot be avoided and bypassed, and it is urgent to promote the high-quality development of finance. General Secretary Xi Jinping has been forward-looking, taking the overall picture and grasping the general trend, scientifically drawn a grand blueprint for building a financial power, clearly put forward the basic requirements of accelerating the construction of a modern financial system with Chinese characteristics, emphasizing that it is necessary to maintain the bottom line of no systemic financial risks, expand the high-level opening up of finance, and cultivate and promote the financial culture with Chinese characteristics. This has clarified the overall goal, main direction and major strategic tasks for our current and future financial work, and provided scientific guidance for us to solve financial development problems, enhance development momentum, and cultivate development advantages, so that the construction of a financial power is clearer, more scientific and more feasible.

  Second, deeply understand the scientific connotation of General Secretary Xi Jinping's important speech, and firmly grasp the fundamental principles of doing a good job in financial work.

  General Secretary Xi Jinping focused on comprehensively promoting the construction of a strong country and the great cause of national rejuvenation with Chinese-style modernization, and put forward the task of "crossing the river" and "bridge" to achieve the goal, scientifically answered a series of major issues such as how to look at and how to do financial work in the new era, and pointed out the direction for promoting the development of China's financial industry.

  To build a socialist modern power in an all-round way, we must accelerate the construction of a financial powerhouse. The realization of socialist modernization is the overall goal formed by the coupling of sub-goals in various fields, and the relationship between the construction of a financial power and the comprehensive construction of a socialist modern power is the relationship between partial obedience to the whole and serving the overall goal. On the one hand, finance is the bloodline of the national economy and an important part of the country's core competitiveness, and the construction of a strong socialist modern power cannot be separated from the key support of a strong financial system. On the other hand, the construction of a financial power is not isolated, and it must be realized in the great process of promoting Chinese-style modernization. General Secretary Xi Jinping's important speech systematically clarified the basic conditions and "six key core financial elements" that financial powers should have, and profoundly revealed the main characteristics, goals and practical requirements of financial power, and have strong practical relevance. At present, China is already a big financial country, and the size of banks, stock market and stock market, and foreign exchange reserves are among the best in the world, but they are generally large but not strong. To promote China's financial leap from big to strong, to build a global modern financial power with the comprehensive strength of the financial industry and international influence, it is necessary to make long-term and hard efforts on the basis of continuous promotion of high-quality development and the construction goals of various key core financial elements.

  Building a financial power must take the road of financial development with Chinese characteristics. The financial power we build is a socialist financial power led by the Communist Party of China, and we must take the road of financial development with Chinese characteristics. The "eight insistences" systematically expounded by General Secretary Xi Jinping reflect the position, viewpoint and method of the road of financial development with Chinese characteristics, which is the concentrated embodiment of Xi Jinping's socialist ideological worldview and methodology with Chinese characteristics in the new era, and is the "boat" and "bridge" for building a financial power. Adhering to the centralized and unified leadership of the Party Central Committee in financial work, clarifying the fundamental guarantee of doing a good job in financial work, and is directly related to the fundamental direction and future destiny of the road of financial development with Chinese characteristics. Adhering to the people-centered value orientation and clarifying the fundamental position of financial work is a significant sign that the road of financial development with Chinese characteristics is different from Western finance. Adhere to the real economy of financial services as the fundamental purpose, clarify the essential attributes of finance, and identify the relationship between economy and finance between sources and flows, this and the end. Adhere to the prevention and control of risk as the eternal theme of financial work, clarify the inherent law of maintaining the sound operation and development of finance, and profoundly reveal the key to the stable and far-reaching development of financial development with Chinese characteristics. Adhere to the market-oriented rule of law track to promote the development of financial innovation, clear the basic rules of financial activities, clarify the relationship between efficiency and fairness, vitality and order. Adhere to the deepening of the financial supply side of the structural reform, clear the main line of financial work, can effectively stimulate the good road of financial development with Chinese characteristics of strong momentum. Adhere to the overall financial openness and security, clear the important guarantee of financial development, is to ensure that the road of financial development with Chinese characteristics is an inherent requirement. Adhering to the general tone of steady progress and clarifying the strategic methods for doing a good job in financial work is an important methodology for taking the road of financial development with Chinese characteristics. These "eight adherences" have inherent historical logic, theoretical logic, and practical logic, forming an organic whole of dialectical unity, which must be learned, grasped and implemented in one.

  The construction of a financial power must accelerate the construction of a modern financial system with Chinese characteristics. Building a financial power is a complex system project involving the construction of "six pillars" such as financial regulation and control, financial markets, financial institutions, financial supervision, financial products and services, and financial infrastructure. We must adhere to systematic thinking, comprehensively strengthen key work in various fields, and accelerate the construction of a modern financial system with highly adaptable, competitive and inclusive Chinese characteristics on the basis of the basic formation of the overall framework of the modern financial system with Chinese characteristics. At the same time, we must pay attention to the balance and connection between the systems to form an organic whole, and these "six pillars" are built, and the building of financial power has strong support.

  Building a financial power must maintain the bottom line of no systemic financial risks. Preventing and resolving financial risks is related to national security, overall development, and people's property security, and is a major threshold that must be crossed to achieve high-quality development. In the history of many countries, the modernization process has been delayed or interrupted, an important reason is that there is no prevention and control of good risks, and a financial crisis has erupted. Over the past 40 years of reform and opening up, China has not experienced a financial crisis, which is unique among the world's major countries and has played an important role in creating two miracles of rapid economic development and long-term social stability in China. In the new era of the new journey continue to write two miracles, we must focus on preventing and resolving major financial risks, comprehensively strengthen financial supervision, firmly hold the bottom line of no systemic financial risks; we must coordinate development and security, unswervingly do our own thing, deal with various uncertainties with the certainty of high-quality development, hedge the uncertainty of the international cycle with the inherent stability and long-term growth of the domestic cycle, and continuously promote the high-quality development of finance and high-level security.

  In recent years, financial institutions have done a solid job in financial "five big articles", and have strongly supported the key areas and weak links of major national strategies and economic and social development. The China International Financial Exhibition, photographed on July 19, 2024, shows the innovative vitality and practical achievements of the "five major articles" in the financial industry in an all-round and multi-dimensional manner. Financial Times photo Liu Zhiliang/photo

  Building a financial power must expand the high level of financial opening up. Throughout history and reality, openness is an important symbol of financial power, and closure cannot be built into a financial powerhouse. Expanding opening-up can improve the effectiveness of financial resource allocation and win the initiative of financial development and international competition. We must continue to adhere to and make good use of this important magic weapon to promote reform and development through openness, adhere to the equal emphasis on "introduction" and "going out", and steadily expand the institutional opening in the financial field. At the same time, the more open we must pay attention to security, we must coordinate financial opening and security, grasp the rhythm and intensity of financial opening up, strengthen the risk prevention and control system and capacity-building under the conditions of opening up, ensure a higher level of financial opening with a higher level of risk prevention and control, and strive to achieve a dynamic balance of openness and security.

  Building a financial power must cultivate and carry forward the financial culture with Chinese characteristics. Culture is the soul of a nation and a nation. A good financial culture can shape the correct values of financial institutions and practitioners, generate intrinsic incentives and constraints, and provide a social and ethical foundation for law and regulation. The financial culture of Chinese characteristics not only absorbs the essence of China's excellent traditional culture, but also highlights the purpose of the advanced socialist culture with Chinese characteristics, contains modern financial elements, financial concepts, and financial spirit, and is the "root" and "soul" of the modern financial system with Chinese characteristics. We must deeply grasp the spiritual core and practical requirements of the "five to five no's" of Chinese characteristics of financial culture, correct the industry culture with Chinese characteristics, guide financial institutions and practitioners to establish a correct concept of business, performance and risk, continuously nourish the development of the industry with heavy financial culture with heavy Chinese characteristics, and inject traditional and positive genes into the financial industry.

  Third, resolutely implement the practical requirements of General Secretary Xi Jinping's important speech and strive to open up a new situation in financial work

  This year is the beginning of the "15th Five-Year Plan", we must adhere to Xi Jinping's socialist ideology with Chinese characteristics in the new era as a guide, fully implement the spirit of the 20th National Congress of the Party and the 20th Plenary Sessions of the 20th National Congress, consistently implement the spirit of the Central Financial Work Conference, especially General Secretary Xi Jinping's important speech, comprehensively promote risk prevention, strong supervision, and high-quality development, deepen financial reform and opening up, strengthen the party building of the financial system and comprehensively and strictly rule the party.

  Strict and effective risk prevention. At present, financial risks are generally controllable, but we must also soberly see that the unstable and uncertain factors of economic and financial operation still exist, and we must not only be based on the present, solve outstanding problems and eliminate potential hidden dangers; but also look at the long run, play good first-hand chess and play an active battle. It is necessary to focus on the focus, consolidate the achievements of the work, continue to do a strong, orderly and effective prevention and resolution of local small and medium-sized financial institutions, financial risks involving real estate enterprises, and financial debt risks on local government financing platforms, strictly control the increase and properly handle stocks, strictly prevent "explosion mines", and strictly combat illegal financial activities. It is necessary to improve the mechanism, enrich the risk disposal strategy and methods, improve the prevention and control mechanism of the source of risk, strengthen the early warning and early correction of risk monitoring, early warning, early exposure, and early disposal of risks. It is necessary to strengthen accountability and force the implementation of responsibilities with serious accountability.

  Strongly regulated. Finance is the most in-demand area for regulation, and if financial supervision is not in place, the magnitude of financial risk will rise significantly. It is necessary to improve the system, further improve the "1+N+X" supervision system system in the fields of private equity funds, securities companies, and small and medium-sized banks, and incorporate all financial activities into supervision according to law. It is necessary to strictly supervise, fully implement the "five major supervision" requirements, strengthen the classification and classification supervision of financial institutions, crack down on all kinds of illegal activities, effectively improve the effectiveness and deterrence of supervision and law enforcement, and carry out strict supervision and strong supervision throughout the whole process from entry to exit. It is necessary to improve the ability to focus on issues such as difficult penetration of equity structure, difficult identification of risk chaos, and difficult tracking of capital flow, improve supervision methods and methods, optimize supervision tools and means, innovate the application of regulatory science and technology, strengthen coordination between central and inter-departmental, and effectively enhance the forward-looking, accurate and effective supervision.

  Precise and pragmatic to promote high-quality development. Only by integrating financial development into the overall situation of high-quality economic and social development can we achieve high-quality development of finance itself. It is necessary to optimize macro-control and continue to implement moderately loose monetary policy, and take promoting stable economic growth and reasonable price recovery as important considerations for monetary policy. It is necessary to improve the quality and effectiveness of services, conform to the strategic needs, stage characteristics and structural characteristics of high-quality development in the "15th Five-Year Plan" period, effectively strengthen financial support for major strategies, key areas and weak links, do a good job in financial "five big articles", optimize the quality of financial supply for expanding domestic demand, scientific and technological innovation, and small and medium-sized enterprises, and promote stable employment, stable enterprises, stable markets, and stable expectations. It is necessary to strengthen the management of expectations, strengthen the coordination and cooperation between financial policies and fiscal and industrial policies, and play a good "combination box" to form a joint force, amplify policy effectiveness, and boost social confidence.

  Start by pushing the reform later. Whether it is to prevent risks, strengthen supervision, or promote high-quality development, it is fundamentally dependent on reform. It is necessary to improve the central bank system and improve the "two-pillar" regulatory framework of monetary policy and macro-prudential policy. It is necessary to deepen the reform of the capital market, improve the capital market function of investment and financing coordination, build and cultivate a capital market ecology that encourages long-term investment, and enhance institutional inclusiveness and adaptability. It is necessary to continuously optimize the financial institution system, promote all kinds of financial institutions to focus on the main business, improve governance, and misplace development, and effectively serve the real economic advantages and the director of each exhibition. It is necessary to improve the financial infrastructure, strengthen overall planning, and ensure independent, controllable, safe and efficient operation. It is necessary to strengthen the construction of the financial rule of law, accelerate the promotion of financial law legislation, comprehensively promote the reform and cancellation of laws and regulations in the financial field, and give full play to the role of the rule of law in the fundamental, stable expectations and long-term benefits.

  Keep up the party building. The party's construction is good, which is related to the cohesion and combat effectiveness of the financial system, and determines the success or failure of the financial industry. It is necessary to take political construction as the overall leader, take the implementation of the spirit of General Secretary Xi Jinping's important speech and important instructions and instructions as the primary political task, deeply understand the decisive significance of the "two established", enhance the "four consciousnesses", strengthen the "four self-confidences", and achieve "two maintenances". We must earnestly build the foundation of thought, unremittingly use Xi Jinping's socialist ideology with Chinese characteristics in the new era to forge a soul, and continue to use the party's innovative theory to unify ideas, unify the will and act in unity. We must focus on building a strong fighting fortress, adhere to the shortcomings, fill gaps and improve quality, and strengthen functions, enhance the political and organizational functions of the party organization, and promote the comprehensive progress and comprehensive and excellent improvement of the party organization in the financial system. It is necessary to promote the comprehensive and strict governance of the party in the financial system with higher standards and more practical measures, adhere to the anti-corruption of the positive wind and discipline, promote the incorruptibility, do not want to corrupt, and resolutely eliminate the soil and conditions for the breeding of financial corruption, and provide a strong guarantee for building a financial power and taking the road of financial development with Chinese characteristics with a comprehensive and strict party.