On November 2nd, the Communist Party Committee of the People’s Bank of China (PBOC) and the Party Group of the State Administration of Foreign Exchange (SAFE) convened an expanded meeting. The purpose was to convey and study the crucial insights shared by General Secretary Xi Jinping during the Central Financial Work Conference. Premier Li Keqiang’s specific directives on financial work and Vice Premier He Lifeng’s requirements were also discussed. The meeting aimed to strategize and implement the outlined tasks.
Presided over by Pan Gongsheng, the Secretary of the Communist Party Committee and Governor of the People’s Bank of China, and the Secretary of the Party Group and Director of the State Administration of Foreign Exchange, the meeting emphasized commitment to the principles articulated by Xi Jinping. This included adherence to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Members of the Communist Party Committee of the People’s Bank of China and the Party Group of the State Administration of Foreign Exchange were in attendance.
The conference acknowledged the significance of the Central Financial Work Conference, highlighting its role during a crucial period of building a socialist modernization country. It extensively summarized the achievements in financial theory and practical development since the 18th National Congress of the Communist Party of China, particularly the 2017 National Financial Work Conference. The conference analyzed the current situation and tasks facing financial work, providing comprehensive directives to strengthen the centralized and unified leadership of the Party, enhance financial regulation, improve the financial system, optimize financial services, prevent and resolve financial risks, and promote high-quality financial development.
The meeting underscored unwavering support for established principles, commitment to maintaining them, and adherence to Xi Jinping’s thought as a guide. It stressed the importance of implementing the spirit of the Central Financial Work Conference, staying on the path of developing Chinese characteristic finance, understanding the political and people-oriented nature of financial work, and ensuring high-quality financial development in service of China’s modernization.
Key tasks outlined in the meeting include:
- Centralized Leadership of the Party in Financial Work: Ensuring effective implementation of major decisions and promptly reporting major issues to the Party central.
- Financial Services for the Real Economy: Strengthening the modern monetary policy framework, maintaining the stability of monetary policy, and focusing on both cross-cycle and counter-cyclical adjustments.
- Balanced Development and Security: Balancing power and responsibility, prudently addressing risks in key regions and institutions, and cracking down on illegal financial activities.
- Deepening Financial Reform: Accelerating the establishment of a modern central banking system, refining the “dual-pillar” regulatory framework of monetary policy and macro-prudential policy, and advancing market-oriented reforms in interest rates and exchange rates.
- Expanding High-Level Two-Way Financial Opening: Prudently advancing the internationalization of the Renminbi, deepening reforms and opening up in the foreign exchange sector, and facilitating trade and investment.
- Comprehensive and Strict Party Governance: Strengthening political organizational construction, conducting high-quality thematic education, deepening central inspections and audit rectifications, improving internal management, and persistently combating corruption.
The meeting urged all levels of the People’s Bank of China and the State Administration of Foreign Exchange to align their thoughts and actions with the important speeches of General Secretary Xi Jinping and the decisions of the Central Financial Work Conference. Furthermore, they were tasked with enhancing the sense of mission, responsibility, and urgency in carrying out financial work. The meeting emphasized the need to formulate and implement comprehensive plans, systematically plan future key work tasks and strategies, conduct effective propaganda and training on the spirit of the Central Financial Work Conference, and ensure the implementation of various work arrangements.
Representatives from various departments of the People’s Bank of China, the State Administration of Foreign Exchange, and provinces, autonomous regions, and directly-administered municipalities, as well as key officials from affiliated units, attended the meeting.
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5120001/index.html