The Central Financial Work Conference was held in Beijing from October 30 to 31. General Secretary of the CPC Central Committee, State President and Chairman of the Central Military Commission Jinping Xi attended the meeting and delivered an important speech.

In an important speech, the Jinping Xi summarized the financial work since the 18th National Congress of the Party, analyzed the situation facing the high-quality development of finance, and deployed the current and future financial work. Li Qiang made specific arrangements for financial work.

The meeting stressed that finance is the blood of the national economy and an important part of the country's core competitiveness. We should accelerate the construction of a strong financial country, comprehensively strengthen financial regulation, improve the financial system, optimize financial services, prevent and defuse risks, unswervingly follow the path of financial development with Chinese characteristics, and promote high-quality financial development in China. It will provide strong support for comprehensively promoting China's development and national rejuvenation through Chinese-style modernization.

The meeting pointed out that since the 18th CPC National Congress, under the centralized and unified leadership of the CPC Central Committee, the financial system has strongly supported the overall situation of economic and social development, resolutely fought the battle to prevent and defuse major risks, and made important contributions to building a moderately prosperous society in all respects and realizing the first centennial Goal on schedule. The Party Central Committee has combined Marxist financial theory with the specific realities of contemporary China and with the fine traditional Chinese culture, and strives to grasp the law of financial development in the new era, continuously promotes practical, theoretical and institutional innovation in China's financial undertakings, and strives to explore a path of financial development with Chinese characteristics. Adhere to the people-centered value orientation, adhere to the fundamental purpose of financial services serving the real economy, adhere to the prevention and control of risks as the eternal theme of financial work, adhere to the market-oriented legal track to promote financial innovation and development, adhere to the deepening of the financial supply side structural reform, adhere to the balance between financial openness and security, and adhere to the general principle of seeking progress while maintaining stability. These practical and theoretical achievements have not come easily. At the same time, we must be sobrily aware that various problems and problems in the financial sector are intertwined and affect each other, and some are still very prominent. There are still many hidden economic and financial risks, the quality and effectiveness of the financial sector in serving the real economy is not high, financial chaos and corruption are repeated, and the capacity for financial regulation and governance is weak. The financial system should earnestly raise its political position, bear in mind the "great of the country", strengthen its sense of mission, resolve to fundamentally solve these problems, and use high-quality financial development to contribute to the construction of a strong country and the great cause of national rejuvenation.

The meeting stressed that at present and in the future, to do financial work well, we must adhere to and strengthen the overall leadership of the Party, take Jinping Xi Thought on Socialism with Chinese Characteristics for a New Era as guidance, fully implement the spirit of the Party's 20 National Congress, fully, accurately and comprehensively implement the new development concept, deeply grasp the political and people's nature of financial work, and accelerate the building of a strong financial country as the goal. With the theme of promoting high-quality financial development, deepening the structural reform of the financial supply side as the main line, with the purity, professionalism and combat effectiveness of the financial team as the important support, with the focus on comprehensively strengthening supervision and preventing and resolving risks, adhering to the general tone of seeking progress while ensuring stability, coordinating development and security, and firmly holding the bottom line that no systemic financial risks will occur. We will unswervingly follow the road of financial development with Chinese characteristics, accelerate the construction of a modern financial system with Chinese characteristics, constantly meet the economic and social development and the growing financial needs of the people, and constantly create a new situation in financial work in the new era.

The meeting pointed out that high-quality development is the primary task of comprehensively building a modern socialist country, and the financial sector should provide high-quality services for economic and social development. Efforts should be made to create a sound monetary and financial environment and effectively strengthen quality financial services for major strategies, key areas and weak links. We will always maintain the robustness of monetary policy, pay more attention to making cross-cyclical and counter-cyclical adjustments, and enrich the monetary policy toolbox. We will improve the structure of capital supply, allocate more financial resources to promoting scientific and technological innovation, advanced manufacturing, green development and micro, small and medium-sized enterprises, vigorously support the implementation of the innovation-driven development strategy and the coordinated development strategy among regions, and ensure national food and energy security. We will make good use of inefficient financial resources and increase the efficiency of the use of funds. Do a good job in science and technology finance, green finance, inclusive finance, pension finance, digital finance five major articles. Efforts should be made to build modern financial institutions and market systems, and dredge the channels for capital to enter the real economy. We will improve the financing structure, give better play to the function of the capital market as a hub, deepen and consolidate the registration system for share issuance, develop diversified equity financing, vigorously improve the quality of listed companies, and foster first-class investment banks and investment institutions. We will promote high-quality development of the bond market. We will improve institutional positioning, support large state-owned financial institutions to become better and stronger, serve as the main force of the real economy and the ballast for maintaining financial stability, strictly enforce access standards and regulatory requirements for small and medium-sized financial institutions, conduct specialized operations based on local conditions, strengthen the functional positioning of policy-based financial institutions, and give full play to the functions of the insurance industry as an economic shock absorber and social stabilizer. We will strengthen market rules, build a financial market with unified rules and coordinated supervision, and promote long-term capital formation. We will improve corporate governance, improve the system of modern financial enterprises with Chinese characteristics, improve management of state-owned financial capital, expand channels for banks to replenish their capital, and better separate industrial and financial risks. Efforts should be made to promote high-level opening up of the financial sector to ensure national financial and economic security. We should pay equal attention to "bringing in" and "going global", steadily expand institutional opening in the financial sector, improve cross-border investment and financing facilitation, and attract more foreign financial institutions and long-term capital to China for business exhibitions and business ventures. To enhance the competitiveness and influence of Shanghai as an international financial centre, and consolidate and upgrade Hong Kong's position as an international financial centre.

The meeting stressed the need to comprehensively strengthen financial supervision and effectively prevent and defuse financial risks. We will effectively improve the effectiveness of financial supervision, bring all financial activities under supervision in accordance with the law, comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, penetrative supervision, and continuous supervision, eliminate regulatory gaps and blind areas, strictly enforce the law, dare to show our sword, and severely crack down on illegal financial activities. Handle risks of small and medium-sized financial institutions in a timely manner. We will establish a long-term mechanism for forestalling and defusing local debt risks, establish a government debt management mechanism compatible with high-quality development, and improve the debt structure of both central and local governments. We will promote a virtuous cycle between finance and real estate, improve the main regulatory system and capital supervision of real estate enterprises, improve the macro-prudential management of real estate finance, meet the reasonable financing needs of real estate enterprises of different ownments equally, make good use of the policy toolbox to better support the demand for rigid and improved housing, and accelerate the construction of the "three major projects" such as affordable housing. Build a new model of real estate development. We will maintain the sound operation of financial markets, regulate issuance and trading in financial markets, properly guide expectations, and prevent cross-regional, cross-market, and cross-border risk transmission and resonance. We will strengthen management of the foreign exchange market and keep the RMB exchange rate basically stable at an appropriate and balanced level. To prevent and resolve financial risks, we should grasp the relationship between power and responsibility, and improve the risk disposal responsibility mechanism which is consistent with power and responsibility and compatible with incentives and constraints. We must maintain a balance between speed and stability, ensure that the overall situation is stable while maintaining time and efficiency, defuse risks in a solid and steady manner, resolutely punish crimes and corruption, and strictly prevent moral hazard. Early identification, early warning, early exposure and early disposal of risks, and improve the early correction mechanism for financial risks with hard constraints.

The meeting pointed out that strengthening the centralized and unified leadership of the Party Central Committee on financial work is the fundamental guarantee for doing a good job in financial work. We need to improve the Party's systems and mechanisms for leading financial work, give full play to the role of the Central Financial Commission, and ensure overall planning and coordination. We will give full play to the role of the Financial Work Commission of the CPC Central Committee and earnestly strengthen party building in the financial system. We will give full play to the role of the financial committees and financial working committees of local party committees and implement the responsibilities of the localities. It is necessary to adhere to the standards of strong politics, strong ability and excellent style, and forge a team of high-quality professional financial cadres who are loyal, clean and responsible. We should vigorously promote the fine traditional Chinese culture in the financial system, and adhere to honesty and trustworthiness, seeking profit from righteousness, prudence, integrity and innovation, and compliance with the law. It is necessary to strengthen the construction of the rule of law in the financial sector, and promptly promote legislation in key financial areas and emerging areas to safeguard the development of the financial sector.

The meeting stressed that the important speech of the General secretary of Jinping Xi scientifically answered a series of major theoretical and practical questions about the development of the financial cause, which is an important part of the economic thought of Jinping Xi, an important innovation achievement of Marxist political economy on financial issues, and provides the fundamental follow and action guide for promoting high-quality financial development in the new era and new journey. All regions and departments should deeply study and understand and consciously implement. It is necessary to improve financial macro-control, accurately grasp the law of supply and demand of money and credit and the new characteristics, and strengthen the double adjustment of the total amount and structure of money supply. We will strengthen high-quality financial services, expand high-level opening-up in the financial sector, serve the "Going global" initiative and the "Belt and Road" initiative, and steadily and solidly advance the internationalization of the RMB. We will improve the financial regulatory mechanism, establish a sound regulatory responsibility implementation and accountability system, and effectively prevent and defuse financial risks in key areas. We will work hard to carry out key tasks in the financial sector, step up policy implementation and work promotion, maintain reasonable and sufficient liquidity, continue to reduce financing costs, invigorate the capital market, better support expanding domestic demand, promote steady foreign trade and foreign investment, strengthen financial support for new technologies, new racetracks and new markets, and accelerate the cultivation of new drivers and new advantages.

The meeting required that all regions and departments, especially the financial system, should further unify their thoughts and actions with the spirit of the important speech of the General Secretary of the Jinping Xi and the decision-making and deployment of the CPC Central Committee, adhere to the goal orientation and problem orientation, comprehensively strengthen the Party's leadership over financial work, and firmly do key work such as strengthening financial supervision, preventing and resolving financial risks, and promoting high-quality financial development. Accelerate the construction of a strong financial country, do a good job of publicity and implementation of the spirit of the meeting, strengthen the construction of financial cadres and talents, and ensure that the work deployment is implemented.

He Lifeng made a concluding speech. The People's Bank of China, the General Administration of Financial Supervision, the China Securities Regulatory Commission, Beijing, Liaoning, Hubei and Sichuan provinces are responsible for the exchange of speeches.

Members of the Political Bureau of the CPC Central Committee and Secretary of the Secretariat of the CPC Central Committee, relevant leading comrades of the Standing Committee of the National People's Congress, State councillors, President of the Supreme People's Court and relevant leading comrades of the CPPCC National Committee attended the meeting.

Members of the Central Financial Commission, provinces, autonomous regions and cities listed in the planning list, Xinjiang Production and Construction Corps, relevant departments of central and state organs, relevant people's organizations, relevant departments of the Central Military Commission, centrally administered financial institutions, some enterprises and other leading officials attended the meeting.

Source: Chinese government website