Xinhua News Agency, Beijing, Jan. 16—A workshop for principal officials at the provincial and ministerial levels on promoting high-quality financial development opened on the morning of Jan. 16 at the Party School of the CPC Central Committee (National Academy of Governance). Xi Jinping, general secretary of the Communist Party of China Central Committee, Chinese president and chairman of the Central Military Commission, delivered an important address at the opening session. He stressed that the path of financial development with Chinese characteristics not only follows the objective laws of modern financial development but also bears distinctive features suited to China's actual conditions, and it is fundamentally different from the Western model of finance. We must be confident and continue to explore and improve in practice to make this path broader and broader.

The Standing Committee members of the Political Bureau of the CPC Central Committee Zhao Leji, Wang Huning, Ding Xuexiang, and Li Xi, and Vice President Han Zheng attended the opening ceremony, which was presided over by Cai Qi, also a Standing Committee member of the Political Bureau of the CPC Central Committee.

Xi Jinping pointed out that since the 18th CPC National Congress, we have actively explored the laws governing financial development in the new era, deepened our understanding of the essence of finance with Chinese characteristics, and advanced innovation in financial practices, theories, and systems. We have accumulated valuable experience and gradually forged a path of financial development with Chinese characteristics. This path entails: upholding the centralized and unified leadership of the Party Central Committee over financial work, adhering to the people-centered value orientation, maintaining the fundamental purpose of serving the real economy through finance, treating risk prevention and control as the eternal theme of financial work, promoting financial innovation and development on the track of marketization and rule of law, deepening supply-side structural reform in finance, coordinating financial opening-up and security, and adhering to the general principle of pursuing progress while ensuring stability. These points clarify how to view and approach financial work in the new era and on the new journey, forming an organic whole that embodies the basic stance, viewpoints, and methods of the path of financial development with Chinese characteristics.

Xi Jinping stressed that a financial powerhouse should be built on a strong economic foundation, with world-leading economic strength, technological prowess, and comprehensive national power, while possessing a series of key core financial elements, namely: a strong currency, a strong central bank, strong financial institutions, a strong international financial center, strong financial regulation, and a strong team of financial professionals. Building a financial powerhouse requires long-term and persistent efforts. It is imperative to accelerate the establishment of a modern financial system with Chinese characteristics, and to build and improve a sound and stable financial regulation system, a well-structured financial market system, a collaborative financial institution system, a comprehensive and effective financial supervision system, a diverse and professional financial product and service system, and an independent, controllable, secure, and efficient financial infrastructure system.

Xi Jinping pointed out that efforts must be made to prevent and defuse financial risks, especially systemic risks. Financial regulation should be "sharp and strict," with clear-cut edges; the key lies in clarifying the responsibilities of financial regulatory authorities and industry regulatory departments while enhancing coordination and cooperation. Strict law enforcement must be implemented at every stage, including market access, prudential supervision, and conduct supervision, to ensure financial regulation covers all aspects horizontally and penetrates all levels vertically. All regions should consider the overall situation while focusing on their own domains and effectively fulfill their responsibilities for local risk resolution and stability maintenance. During risk resolution, corruption must be resolutely punished to prevent moral hazards. Financial regulation is a systematic project, involving financial regulatory authorities, macroeconomic regulatory departments, industry regulatory departments, judicial bodies, and disciplinary inspection and supervision agencies, all of which have corresponding responsibilities. It is essential to strengthen regulatory coordination and improve a risk resolution accountability mechanism with consistent rights and obligations. Financial crimes must be severely cracked down upon.

Xi Jinping stressed the need to expand opening up to improve the efficiency and capacity of financial resource allocation in China, enhance international competitiveness and influence over rules, and steadily and prudently manage the pace and intensity of efforts. We should focus on institutional opening up to advance high-standard financial opening up, implement the management system of pre-establishment national treatment plus a negative list, align with the financial sector-related rules in high-standard international economic and trade agreements, streamline restrictive measures, enhance the transparency, stability, and predictability of opening-up policies, regulate overseas investment and financing activities, and improve financial support for jointly building the Belt and Road. We should strengthen the connectivity between domestic and international financial markets, facilitate cross-border investment and financing, and actively participate in international financial regulatory reforms. We must safeguard the bottom line of financial security under open conditions.

Xi Jinping pointed out that to promote high-quality development of the financial sector and build China into a financial powerhouse, it is essential to combine the rule of law with the rule of virtue and actively cultivate a financial culture with Chinese characteristics. We must act in good faith and never cross the line; put morality before profits and never seek profits at the expense of others; remain prudent and guard against rash advance; uphold fundamental principles while breaking new ground and never engage in speculation; and comply with laws and regulations and never act recklessly.

Xi Jinping stressed that leading officials at all levels should enhance their financial thinking and capabilities, adhere to the principle of coordinating economic and financial work as a whole, fully implement the decisions and plans made at the Central Financial Work Conference, and promote high-quality development in both the economy and finance to make new and greater contributions to advancing the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization.

Cai Qi pointed out while presiding over the opening ceremony that General Secretary Xi Jinping’s important speech is profound in thought, broad in vision, incisive in exposition, and rich in content, with strong political, theoretical, targeted, and guiding significance. It is of great importance for the entire Party, especially senior officials, to correctly understand the tasks and challenges facing China’s financial development, deepen their understanding of the essential laws and development path of financial work, comprehensively enhance their capabilities in financial work and risk response, and resolutely follow the path of financial development with Chinese characteristics. It is essential to deeply comprehend and grasp the rich connotation, essence, and practical requirements of General Secretary Xi Jinping’s important speech, profoundly understand the decisive significance of the "Two Establishments," resolutely uphold the "Two Upholds," and genuinely unify thoughts and actions with the decisions and deployments of the Party Central Committee.

Members of the Political Bureau of the CPC Central Committee, secretaries of the Secretariat of the CPC Central Committee, Party members who are vice chairpersons of the Standing Committee of the National People's Congress, state councilors, the president of the Supreme People's Court, the procurator-general of the Supreme People's Procuratorate, Party members who are vice chairpersons of the National Committee of the Chinese People's Political Consultative Conference, and members of the Central Military Commission attended the opening session.

Leading officials from various provinces, autonomous regions, municipalities, the Xinjiang Production and Construction Corps, relevant departments of central and state organs, people's organizations, centrally administered financial institutions, enterprises, and universities, as well as units of the People's Liberation Army and the Armed Police Force, attended the workshop. Responsible comrades from the central committees of democratic parties, the All-China Federation of Industry and Commerce, and relevant parties attended the opening ceremony as observers.