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Xi vows to build China into a safe, efficient and competitive ‘financial power’

ISLAMABAD (PEN) : Chinese President Xi Jinping  stressed sustained efforts in building a “financial power” that features Chinese characteristics, aiming at a safe, efficient and internationally competitive financial system.

Xi noted that a financially robust country should be based on a strong economic foundation, possessing leading economic, scientific, technological and overall national strength in the world.

At the same time, a country with great financial strength should also boast a series of key core financial elements, namely, a strong currency, a strong central bank, strong financial institutions, strong international financial centers, strong financial supervision and regulation, and a strong financial talent pool, he said.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee, made the remarks while addressing the opening of a study session at the Party School of the CPC Central Committee (National Academy of Governance), which was attended by principal officials at the provincial and ministerial levels.

To strengthen China’s financial capabilities, Xi urged efforts to accelerate the building of a modern financial system with Chinese characteristics and establish and improve a scientific and prudent financial regulation system, a reasonably structured financial market system, a financial institution system with division of tasks and collaboration, a complete and effective financial oversight system, a diversified and professional financial product and service system, and an independent, controllable, safe and efficient financial infrastructure system.

While abiding by the objective laws of modern financial development, the path of financial development with Chinese characteristics enjoys features that better suit China’s national conditions and is fundamentally different from the Western financial model, Xi said.

He called for firming up confidence and making sustained exploration and improvements to further broaden this path.

Members of the Standing Committee of the Political Bureau of the CPC Central Committee, Zhao Leji, Wang Huning, Ding Xuexiang and Li Xi, as well as Vice President Han Zheng attended the opening ceremony of the study session. Cai Qi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, presided over the event.

Since the 18th CPC National Congress, efforts have been made to constantly deepen the understanding of the essence of socialist finance with Chinese characteristics and promote financial innovations in terms of practice, theories and institution, Xi said.

The country has accumulated valuable experience and gradually formed a path of financial development with Chinese characteristics, Xi said.

The path adheres to the centralized and unified leadership of the CPC Central Committee over the financial work and adopts a people-centered approach, according to Xi.

It sticks to the fundamental purpose of serving the real economy and takes preventing and controlling risks as the eternal theme of financial work, Xi said.

The path also follows the principles of promoting financial innovation and development on the track of marketization and rule of law, deepening supply-side structural reform of the financial sector, coordinating financial opening up and security, and seeking progress while maintaining stability.

He emphasized efforts to prevent and defuse financial risks, especially systemic risks.

Financial oversight needs to have “teeth and thorns” and be sharp-pointed, he said, adding that law enforcement should be strict in market access, prudential oversight and behavioral regulation.

By boosting opening up, China will work to enhance the efficiency and capability of financial resource allocation, improve global competitiveness and rule-making influence, and maintain a steady and prudent rhythm and intensity, he said.

It is necessary to promote high-level financial opening up by focusing on institutional opening up and implementing the pre-establishment national treatment plus negative list management system, he noted.

Xi stressed alignment with financial rules in global high-level economic and trade agreements, fewer restrictive measures, and better transparency, stability and predictability of opening-up policies.

More should be done to regulate overseas investment and financing activities and improve financial support for Belt and Road cooperation, he said.

To boost the country’s financial strength, it is important to adhere to the combination of the rule of law and the rule of virtue and cultivate a financial culture with Chinese characteristics, he said.