The Theoretical Contribution of Deng Xiaoping’s Financial Thought to the Chinese-Path Financial Development Path and Its Practical Implications

Introduction

引言

The “Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-Path Modernization” [1]1 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023)., deliberated and adopted at the Third Plenary Session of the 20th Central Committee of the Communist Party of China [2]2 Xi Jinping, “Speech at the 13th Meeting of the Central Committee for Financial and Economic Affairs” (August 17, 2017)., proposes to “deepen the reform of the financial system” and makes arrangements for financial system reform from the aspects of “improving the positioning and governance of financial institutions, perfecting the functions of the capital market in coordinating investment and financing, and improving the financial regulatory system.” In October 2023, General Secretary Xi Jinping’s important speech at the Central Financial Work Conference systematically expounded the essential principles of the Chinese-path financial development path, providing the fundamental guidance and action guide for unswervingly following the Chinese-path financial development path in the New Era [3]3 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). and the new journey. Against this backdrop, studying Deng Xiaoping’s financial thought is of great significance. As an important component of Deng Xiaoping Theory, Deng Xiaoping’s financial thought not only provided the theoretical basis for China’s financial system reform but also made a theoretical contribution to the Chinese-path financial development path. Systematically reviewing and sorting out the study of Deng Xiaoping’s financial thought helps to deeply understand the historical evolution of China’s financial system reform and helps to deeply understand, from the perspective of intellectual history, the rich connotations and original contributions of General Secretary Xi Jinping’s important expositions on financial work. This paper aims to explore the theoretical contribution of Deng Xiaoping’s financial thought and analyze its theoretical value in the contemporary era. Regarding Deng Xiaoping’s financial thought, academia already has relatively rich research results. Through a review of existing literature, it can be found that existing research results are mainly concentrated in the following three aspects.

党的二十届三中全会审议通过的《中共中央关于进一步全面深化改革、推进中国式现代化的决定》提出“深化金融体制改革” ，并从“完善金融机构定位和治理，健全投资和融资相协调的资本市场功能，完善金融监管体系”对金融体制改革作出部署 。 2023年10月，习近平总书记在中央金融工作会议上的重要讲话，系统阐述了中国特色金融发展之路的基本要义，为新时代新征程坚定不移走中国特色金融发展之路提供了根本遵循和行动指南。在这一大背景下，研究邓小平金融思想具有重要意义。邓小平金融思想作为邓小平理论的重要组成部分，不仅为中国金融体制改革提供了理论依据，而且对中国特色金融发展之路作出了理论贡献。系统回顾和梳理研究邓小平的金融思想，有助于深刻认识中国金融体制改革的历史沿革，有助于从思想史的角度深刻认识习近平总书记关于金融工作重要论述的丰富内涵和原创性贡献。本文旨在探讨邓小平金融思想的理论贡献，分析其在当代的理论价值。关于邓小平的金融思想，学术界已有较为丰富的研究成果。通过对现有文献的梳理，可以发现现有研究成果主要集中在以下三个方面。

First, the formation and development of Deng Xiaoping’s financial thought. Domestic scholars have traced the development process of Deng Xiaoping’s financial thought and summarized the development of the theory in different periods. Yang Shining studied Deng Xiaoping’s fiscal and financial thought during his tenure as the leader of the Southwest Bureau [4]4 The 18th National Congress of the CPC was held in November 2012, marking the beginning of Xi Jinping’s tenure as General Secretary and the start of the New Era., including leading the establishment of a new financial order and balancing fiscal revenue and expenditure, pointing out that its prominent characteristics were emphasizing strategic concepts, overall concepts, and proceeding from reality. Liang Ying meticulously sorted out the formation and development of Deng Xiaoping’s financial thought, dividing its theoretical development into four stages: theoretical initiation, theoretical enrichment, theoretical deepening, and theoretical perfection, and on this basis analyzed the main content of Deng Xiaoping’s financial theory.

一是邓小平金融思想的形成和发展。国内学者追溯了邓小平金融思想的发展历程，总结了不同时期理论的发展情况。杨世宁研究了邓小平主政西南时期的财政金融思想，包括领导建立新的金融秩序和平衡财政收支两方面，指出其突出特点是强调战略观念、全局观念和从实际出发。 梁营详细梳理了邓小平金融思想的形成与发展，将其理论发展分为理论初创、理论充实、理论深化、理论完善四个阶段，在此基础上分析了邓小平金融理论的主要内容。

Second, the core essence of Deng Xiaoping’s financial thought. Starting from analyzing Deng Xiaoping’s “finance is the core” thesis, Yang Qiguang expounded Deng Xiaoping’s financial thought from aspects such as financial reform, capital market development, finance promoting economic structural adjustment, and utilizing foreign capital. Yuan Youjun summarized Deng Xiaoping’s financial thought from five aspects: emphasizing that finance is the core of the modern economy, turning banks into real banks, fully leveraging the role of the securities market, borrowing foreign capital, and monetary policy objectives, pointing out its important guiding significance for promoting China’s financial system reform and the development of the socialist market economy. Qin Chijiang expounded Deng Xiaoping’s financial thought from five aspects: the relationship between finance and the economy, the goal of financial system reform, finance serving the masses, finance must be based on the overall situation, and the heavy responsibility of financial reform. Gao Changwu explored Deng Xiaoping’s financial reform thought and its methodology from aspects such as the status of finance, curbing inflation, rationally utilizing foreign capital, and bank reform.

二是邓小平金融思想的核心要义。杨其广从分析邓小平的“金融核心”论出发，从金融改革、资本市场发展、金融促进经济结构调整和利用外资等方面阐释了邓小平的金融思想。 袁友军从强调金融是现代经济的核心、把银行办成真正的银行、充分发挥证券市场作用、借用外资、货币政策目标这五个方面概括了邓小平的金融思想，指出了其对推动中国金融体制改革、促进社会主义市场经济发展的重要指导意义。 秦池江从金融和经济的关系、金融体制改革的目标、金融要为大众服务、金融必须立足全局、金融改革任重道远这五个方面来阐释了邓小平的金融思想。 高长武从金融的地位、抑制通货膨胀、合理利用外资和银行改革等方面，探讨了邓小平金融改革思想及其方法论。

Third, the practical impact of Deng Xiaoping’s financial thought. Yang Daguang emphasized driving the entire economic system reform through financial reform, pointing out the guiding significance of Deng Xiaoping’s financial thought in the financial development of the new century. From the perspective of analyzing the methodology of financial reform, Gao Changwu analyzed the practical impact of Deng Xiaoping’s financial thought, pointing out that the methodology contained in Deng Xiaoping’s thought on financial reform has continuously developed in practice, ensuring the smooth progress of China’s financial reform. He Quansheng, from the perspectives of theoretical characteristics, basic content, and practical experience, discussed the development of Marxist financial theory by Deng Xiaoping’s thought on financial security.

三是邓小平金融思想的现实影响。杨大光强调以金融改革带动整个经济体制改革，指出邓小平金融思想在新世纪金融发展中的指导意义。 高长武从分析金融改革方法论的视角，对邓小平金融思想的现实影响进行了分析，指出邓小平关于金融改革思想中蕴含的方法论在实践中不断发展，保证了我国金融改革平稳推进。贺全胜则从理论特征、基本内容和实践经验的角度，探讨了邓小平金融安全思想对马克思主义金融理论的发展。

In summary, existing literature has achieved relatively rich results in the study of Deng Xiaoping’s financial thought, but there is still room for further exploration, especially in exploring its development of Marxist financial theory. Based on existing research, this paper will deeply analyze the theoretical contribution of Deng Xiaoping’s financial thought to the Chinese-path financial development path and its practical implications, hoping to provide new perspectives for research in related fields.

综上所述，现有文献对邓小平金融思想的研究已经取得了较为丰富的成果，但仍有进一步探讨的空间，尤其是探讨其对马克思主义金融理论的发展。本文将在已有研究的基础上，深入分析邓小平金融思想对中国特色金融发展之路的理论贡献及其现实启示，以期为相关领域的研究提供新的视角。

The Pioneering Significance of Deng Xiaoping’s Financial Thought

邓小平金融思想的开拓意义

(I) Emphasizing the Integration of the Fundamental Principles of Marxism with China’s Specific Realities

（一）强调把马克思主义基本原理同中国具体实际相结合

Deng Xiaoping’s financial thought adheres to integrating the fundamental principles of Marxism with China’s specific realities, promoting the innovation and development of Marxist financial theory.

邓小平金融思想坚持把马克思主义基本原理同中国具体实际相结合，推动马克思主义金融理论的创新和发展。

On the one hand, Deng Xiaoping emphasized the guiding significance of Marxism in financial work, inheriting and developing Marxist financial theory. He pointed out: “We solved the problems of feeding the people, employment, stabilizing prices, and unifying finance and economics. The national economy was quickly restored, and on this basis, large-scale economic construction was carried out. What did we rely on? We relied on Marxism, on socialism.” Deng Xiaoping’s inheritance and development of Marxist financial theory are reflected in his theoretical analysis of financial work, reflecting his profound insight into financial issues. When analyzing financial phenomena, he always emphasized the foundational role of production, for example, “To stabilize national prices and enable production to develop, first of all, industry must be able to develop.” This is consistent with the views of Marxist financial theory, reflecting the key role of production in financial stability. In *Capital*, Marx revealed the basic laws of the movement of money, credit, and capital, emphasized the foundational role of money and credit in production and realization, elucidated the importance of finance in capital accumulation and social reproduction, and pointed out the close connection between finance and the real economy. Deng Xiaoping’s financial theory embodies the basic logic of Marx’s financial theory and, on this basis, further develops and innovates, proposing financial policies adapted to the development of the socialist market economy.

一方面，邓小平强调马克思主义在金融工作中的指导意义，继承和发展了马克思主义金融理论。他指出：“我们解决吃饭问题，就业问题，稳定物价和财经统一问题，国民经济很快得到恢复，在这个基础上进行了大规模经济建设。靠的是什么？靠的是马克思主义，是社会主义。” 邓小平对马克思主义金融理论的继承和发展体现在他对金融工作的理论分析中，反映了他对金融问题的深刻洞察。他在分析金融现象时，始终强调生产的基础性作用，例如“要使国家物价稳定，生产能够发展，首先是工业能够发展”， 这与马克思主义金融理论的观点一脉相承，体现了生产在金融稳定中的关键作用。马克思在《资本论》中揭示了货币、信用和资本运动的基本规律，强调了货币和信用在生产和实现中的基础性作用，阐明了金融在资本积累和社会再生产的重要性，指出了金融与实体经济的紧密联系。邓小平金融理论中体现了马克思金融理论的基本逻辑，并在此基础上进一步发展和创新，提出了适应社会主义市场经济发展的金融政策。

On the other hand, Deng Xiaoping emphasized the integration of theory and practice, promoting theoretical innovation in economic practice. Deng Xiaoping’s financial thought was gradually formed in the practice of guiding financial work, and emphasizing the connection between theory and practice is a distinctive theoretical character of Deng Xiaoping’s financial thought. He repeatedly stressed, “We must adhere to seeking truth from facts [5]5 Xi Jinping, “Report to the 20th National Congress of the CPC” (October 16, 2022)., integrating theory with practice, and proceeding from reality in everything.” Specifically in financial thought, when discussing the issue of price reform, he pointed out, “This requires that at every step we take, we be cautious and careful, bold and meticulous, promptly sum up experience, and make adjustments when problems are found to conform to the actual situation.” The series of expositions he put forward concerning financial work were gradually formed on the basis of summing up historical experience, learning from international experience, and integrating with China’s actual conditions. These expositions cover the understanding of the essence of finance, financial system reform, financial governance, and international finance, constituting the theoretical elements of Deng Xiaoping’s financial thought.

另一方面，邓小平强调理论和实际相结合，在经济实践中推动理论创新。邓小平金融思想是在指导金融工作的实践中逐步形成的，注重理论联系实际是邓小平金融思想的鲜明理论品格。他多次强调，“要坚持实事求是，理论和实际相结合，一切从实际出发” 。具体到金融思想中，他在谈到物价改革问题指出，“这就要求我们每走一步，都兢兢业业，大胆细心，及时总结经验，发现问题就做些调整，使之符合实际情况” 。他提出的一系列围绕金融工作的论述，是在总结历史经验、借鉴国际经验并结合中国实际的基础上逐步形成的。这些论述涉及对金融本质的认识、金融体制改革、金融治理和国际金融等方面，构成了邓小平金融思想的理论要素。

(II) Advocating that Finance Serves Socialist Economic Construction and the Interests of the People

（二）主张金融服务于社会主义经济建设和人民利益

Deng Xiaoping repeatedly emphasized the important role of finance in economic development and advocated that finance should serve economic construction. As early as 1940, in his “Outline of Speech at the Senior Cadre Conference of the Northern Bureau” [6]6 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023)., he criticized the banks at that time for being too tight in lending and documentary bills, unable to meet the needs of restoring economic life, and stated that this must be corrected, clearly pointing out that “the role of banks is to help and stimulate the development of the national economy.” Subsequently, Deng Xiaoping always attached importance to the important role of finance in economic construction. When he was the leader of the Shanxi-Hebei-Henan Border Region [7]7 Xi Jinping, “Report to the 20th National Congress of the CPC” (October 16, 2022)., he led the Jinnan Bank [8]8 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). to issue Jinnan banknotes, which were lent in large quantities to the people and invested in production. This not only strengthened the economic struggle against the enemy, effectively guaranteed the economic construction of the base area, and won warm support from the people of the base area, but also laid the foundation for Deng Xiaoping’s later thoughts on financial positioning, macroeconomic regulation and control, and financial governance.

邓小平多次强调金融对经济发展的重要作用，主张金融应当服务于经济建设。早在1940年，在《在北方局高级干部会议上的发言提纲》中，他就批评当时银行在贷放押汇上失之太紧，不能适应恢复经济生活的需要，必须纠正，并且明确指出“银行的作用在于帮助和刺激国民经济发展” 。此后，邓小平始终重视金融在经济建设中的重要作用。在担任晋冀豫边区负责人时，他领导冀南银行发行的冀南钞票，大批贷给人民并投入生产，不仅强化了对敌经济斗争的实力，有力保障了根据地经济建设，受到根据地人民的热烈拥护，而且也为邓小平后来有关金融定位、宏观调控和金融治理的思想奠定了基础。

At the same time, Deng Xiaoping also paid particular attention to the impact of finance on the people’s livelihood. As early as 1929, when Deng Xiaoping, as a representative of the CPC, created the Zuojiang and Youjiang base areas in Guangxi, he put forward the idea of establishing an agricultural bank to help the poor. [1]1 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). Thereafter, in an instruction drafted for the Central Plains Bureau of the CPC Central Committee, Deng Xiaoping pointed out that when banks organize production and support production, they should use industrial and commercial loans to concentrate their efforts on the priority restoration and development of “those sectors closely related to the people’s livelihood and military supplies.” [2]2 Xi Jinping, “Speech at the 13th Meeting of the Central Committee for Financial and Economic Affairs” (August 17, 2017). This discussion further clarified that finance should directly serve the field of people’s livelihood, improving it by supporting industries and sectors closely related to the people’s lives. In 1950, when analyzing currency issuance, Deng Xiaoping pointed out that currency issuance must not be excessive; otherwise, it would lead to price increases, and “in the end, it is the people who suffer, which certainly does not conform to the people’s interests.” [3]3 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). In 1993, when speaking with Jiang Zemin, Deng Xiaoping pointed out, “At all times, the government must control finance. If there is inflation, the people suffer losses.” [4]4 The 18th National Congress of the CPC was held in November 2012, marking the beginning of Xi Jinping’s tenure as General Secretary and the start of the New Era. These discussions emphasized the important role of finance in the national economy and the people’s livelihood, reflected Deng Xiaoping’s deep concern for the people’s interests, and also clarified the goals of China’s financial system reform.

同时，邓小平也特别关注金融对人民生活的影响。早在1929年，邓小平作为中共代表在广西创建了左右江根据地时，就提出了设立农业银行来帮助贫民的构想。此后，邓小平在为中共中央中原局起草的指示中指出银行在组织生产、支持生产时，要借助工商贷款集中力量优先恢复和发展“对人民生计和军需有密切关系的部分” 。这一论述进一步明确了金融要直接服务于民生领域，通过支持与人民生活密切相关的产业和部门来改善民生。1950年，在分析货币发行时，邓小平指出，货币发行不能过量，否则会导致物价上涨，“到头来还是人民吃亏，这当然不符合人民利益” 。1993年，邓小平在同江泽民谈话时指出，“什么时候政府都要管住金融。通货膨胀，人民受损失” 。这些论述强调了金融在国计民生中的重要作用，反映了邓小平对人民利益的深切关注，也阐明了中国金融体制改革的目标。

(3) Demanding that the spirit of reform and innovation promote China’s financial system reform

（三）要求以改革创新的精神推动中国金融体制改革

Deng Xiaoping’s financial thought not only provided theoretical guidance for the financial work of the time but also pointed out the direction for China’s financial system reform. As the core sector of the national economy, financial system reform is the key and difficult point of China’s economic system reform; whether financial system reform can succeed directly affects the effectiveness of economic system reform.

邓小平金融思想不仅为当时的金融工作提供了理论指导，也为中国金融体制改革指明了方向。作为国民经济的核心部门，金融体制改革是中国经济体制改革的重点和难点，金融体制改革能否成功直接影响经济体制改革的成效。

Deng Xiaoping’s financial thought played a key guiding role in this process. In December 1978, Deng Xiaoping delivered an important speech, “Emancipate the Mind, Seek Truth from Facts, and Unite as One in Looking to the Future,” at the Central Work Conference, which laid the ideological foundation for financial system reform. [5]5 Xi Jinping, “Report to the 20th National Congress of the CPC” (October 16, 2022). In addition, regarding the specific direction of financial system reform, he also made many important instructions, such as “the pace of financial reform must be accelerated” [6]6 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). and “banks must be truly run as banks.” [7]7 Xi Jinping, “Report to the 20th National Congress of the CPC” (October 16, 2022). These discussions emphasized the need to accelerate financial system reform and promote it with the spirit of reform and innovation, which reflected three characteristics: First, political nature. Because the financial sector has an important impact on the national economy, Deng Xiaoping emphasized that financial work is not only an economic issue but also a political issue; “if it is not resolved, it will shake the foundation of politics.” [8]8 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). On June 22, 1993, when speaking with Jiang Zemin, Deng Xiaoping agreed with his suggestion to strengthen macroeconomic regulation and focus on financial work, and pointed out, “At all times, the government must control finance.” [9]9 Deng Xiaoping, “Speech at the Senior Cadres Conference of the Northern Bureau of the CPC Central Committee,” April 1940. Second, holism. Deng Xiaoping emphasized that for deepening reform, it is always necessary to consider the whole, “comprehensively handle the relationships among each other, minimize fluctuations as much as possible, but reform must be carried out resolutely,” [10]10 The 18th National Congress of the CPC was held in November 2012, marking the beginning of the Xi Jinping era. and “without such a holistic idea, piecemeal approaches cannot solve the problem.” [11] Third, openness. Deng Xiaoping advocated that Chinese financial institutions actively participate in the international financial market, learn from the development experience of foreign financial industries, and introduce advanced financial instruments and management experience, while also emphasizing the importance of foreign debt management. He pointed out that borrowing foreign debt should be analyzed concretely, that one should learn from other countries’ “spirit of daring to borrow foreign debt,” while also paying attention to “borrowing foreign debt in moderation” [12] and mainly using it for developing production. These elaborations expanded the content of Marxist financial theory and, in practice, promoted the integration of China’s financial system with the international market.

邓小平金融思想在这一过程中起到了关键的指导作用。1978年12月，邓小平在中央工作会议上作了《解放思想, 实事求是, 团结一致向前看》的重要讲话，为金融体制改革奠定了思想基础。此外，针对金融体制改革的具体方向，他也作出了很多重要批示，如“金融改革的步子要迈大一些” “要把银行真正办成银行” 等。这些论述强调要加快金融体制改革，以改革创新的精神推动金融体制改革，其中体现出三方面的特征：第一，政治性。由于金融部门对国民经济具有重要影响，邓小平强调金融工作不仅是经济问题，而且是政治问题，“如果不解决，就会动摇政治的基础” 。1993年6月22日在同江泽民谈话时，邓小平赞同他提出的加强宏观调控突出抓金融工作的建议，并指出，“什么时候政府都要管住金融” 。第二，整体性。邓小平强调对于深化改革，始终需要整体考虑，“综合处理相互之间的关系，尽量减少波动，但改革要坚决地干下去” ，“没有这样一个整体思想，零零星星是不能解决问题的” 。第三，开放性。邓小平倡导中国金融机构积极参与国际金融市场，学习国外金融业的发展经验，引进先进的金融工具和管理经验，同时强调外债管理的重要性。他指出，对借外债要作具体分析，要学习其他国家“勇于借外债的精神”，同时要注意“借外债要适度” ，并主要用于发展生产。这些阐述拓展了马克思主义金融理论的内容，并在实践中推动了中国金融体系与国际市场的接轨。

The Theoretical Contribution of Deng Xiaoping’s Financial Thought to the Chinese-Path Financial Development

邓小平金融思想对中国特色金融发展之路的理论贡献

(1) The idea that finance “is the core of the modern economy” emphasized the functional positioning of finance

（一）金融“是现代经济核心”的思想强调了金融的功能定位

In 1991, when inspecting Shanghai, Deng Xiaoping pointed out, “Finance is very important, it is the core of the modern economy.” [13] This discussion clarified the functional positioning of finance in the operation of the modern economy and explained the relationship between finance and the economy.

1991年，邓小平在上海视察时指出，“金融很重要，是现代经济的核心” 。这一论述明确了金融在现代经济运行中的功能定位，阐释了金融和经济的关系。

The relationship between the economy and finance is an important theoretical issue of concern to the economics community. Marx pointed out that money-capital is the “prime mover and the persistent driving force” of production, [14] elaborating on the relationship between finance and the economy. Specifically, capital brings surplus value in constant motion, achieving capital valorization in the circulation and turnover of capital. In the real economy, this manifests as the movement of money-capital among different economic entities, reflecting the interactive relationship between finance and the economy.

经济和金融的关系是经济学界关注的重要理论问题。马克思指出，货币资本是生产的“第一推动力和持续的动力” ，阐述了金融和经济之间的关系。具体而言，资本在不断运动中带来剩余价值，在资本循环和周转中实现资本增殖，这在现实经济中表现为货币资本在不同经济主体之间的运动，反映了金融和经济之间交互关系。

Under the planned economic system, traditional theory placed greater emphasis on the primacy of production, relegating exchange, distribution, and consumption to secondary positions, so finance occupied a subordinate status. In 1986, Deng Xiaoping reflected on the functional positioning of finance at that time. When listening to a report from leading comrades of the Central Committee, he pointed out, “In the past, our banks were currency issuance companies, they were treasuries, not real banks.” [15] After the Third Plenary Session of the 11th Central Committee of the CPC, [16] China began a comprehensive reform of the centralized and unified planned economic system. As an important component of the economic system, the financial system urgently needed change. In October 1979, when participating in a symposium of the First Secretaries of the Party Committees of Provinces, Autonomous Regions, and Municipalities directly under the Central Government, Deng Xiaoping pointed out, “Could we conceive of using banks as a lever for developing the economy and updating technology?” [17] This discussion not only explained the important role of banks in promoting economic development by providing funds but also explained the driving role of finance in economic structural adjustment and industrial upgrading. In 1991, when inspecting Shanghai, Deng Xiaoping emphasized, “If finance is handled well, one move activates the whole game.” [18] These discussions profoundly elaborated on the role of finance as an important means of resource allocation in invigorating the economy, enriching Marxist financial theory.

在计划经济体制下，传统理论更强调生产的第一性，将交换、分配和消费放在次要位置，所以金融居于从属于地位。1986年，邓小平对当时金融的功能定位进行了思考，在听取中央负责同志汇报时指出，“我们过去的银行是货币发行公司，是金库，不是真正的银行” 。党的十一届三中全会之后，中国开始对集中统一的计划经济体制进行全面改革，金融体制作为经济体制的重要组成部分，亟待变革。1979年10月，邓小平在参加省、自治区、直辖市党委第一书记座谈会的时候指出，“是不是设想把银行作为发展经济、更新技术的杠杆” 。这一论述不仅说明了银行通过提供资金推动经济发展的重要作用，还说明了金融对经济结构调整和产业升级的推动作用。1991年邓小平在视察上海时强调，“金融搞好了，一着棋活，全盘皆活” 。这些论述深刻阐述了金融作为资源配置的重要手段在盘活经济中的作用，是对马克思主义金融理论的丰富。

On the basis of clarifying the core position of finance in the modern economy, Deng Xiaoping further explored the connection between finance and public finance. In “Six Guidelines for Financial Work,” Deng Xiaoping pointed out, “If finance is unstable, public finance cannot be stable.” [19] This view emphasized the foundational role of financial stability for the stability of public finance. In addition, he also explored the coordinated relationship between public finance and finance. Under the planned economic system, public finance and finance exhibited the characteristic of “big public finance, small banks,” with public finance occupying a dominant position in economic operations. The government allocated funds through public finance to achieve resource allocation, while the financial system, centered on the People’s Bank of China, was relatively constrained, with relatively low autonomy in resource allocation. Along with financial system reform, Deng Xiaoping re-explored the relationship between public finance and finance, promoting the construction of a public finance and financial system adapted to the market economy, and promoting the re-division of functions between finance and public finance. He pointed out, “In the future, the state should not use the method of fiscal appropriations for enterprise construction projects, but should use the method of bank loans and charge interest,” [20] and further pointed out that replacing fiscal appropriations with bank loans would help solve the problem of product overstocking.

在明确金融在现代经济中的核心地位的基础上，邓小平还进一步探讨了金融和财政的联系。邓小平在《财政工作的六条方针》中指出，“金融不稳定，财政不可能稳固” 。这一观点强调了金融稳定对财政稳固的基础性作用。此外，他还探讨了财政和金融的协调关系。在计划经济体制下，财政和金融表现为“大财政、小银行”的特点，财政在经济运行中占据主导地位，政府通过财政分配资金，实现资源配置，而以中国人民银行为主体的金融体系则相对受限，在资源配置中自主性相对较低。伴随金融体制改革，邓小平对财政和金融的关系进行了重新地探讨，推动构建与市场经济相适应的财政金融体系，推动金融和财政功能的重新划分。他指出，“国家今后对企业的建设项目不要用财政拨款的办法，而要用银行贷款的办法，收利息” ，并进一步指出，通过银行贷款取代财政拨款的形式有利于解决产品积压问题。

(2) The idea of “truly running banks as banks” guided the strategic direction of financial system reform

（二）“要把银行真正办成银行”的思想引领了金融体制改革的战略方向

In order to make finance the core of the modern economy, Deng Xiaoping put forward the reform idea of “truly running banks as banks.” This idea was formed in the practice of guiding financial system reform and represents a major innovation in the concept of the traditional financial system.

为了使金融成为现代经济核心，邓小平提出了“要把银行真正办成银行”的改革思想。这一思想是在指导金融体制改革的实践中形成的，是对传统金融体制理念的一次重大革新。

In 1948, the establishment of the People’s Bank of China marked the beginning of China’s socialist financial undertaking. Thereafter, the People’s Bank of China gradually incorporated former public and private banks, forming a highly centralized financial system with the People’s Bank of China as the main body. From 1954 to 1978, the People’s Bank of China participated in the vast majority of China’s financial activities, engaging in both financial management and specific financial operations. Macro-financial regulation was primarily conducted through mandatory planning, financial operations mainly consisted of deposit and loan business, financial instruments and credit forms other than bank credit were rare, and the overall management method adopted was “unified revenue and expenditure, unified deposits and loans,” forming a “grand unification” management model. [1]1 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). This financial system was adapted to the planned economy of the time, providing important guarantees for the country’s rapid industrialization and promoting the smooth completion of long-term economic plans. However, it also suffered from problems such as misallocation of credit, low efficiency in the use of funds, and insufficient information. Deng Xiaoping recognized the importance of these issues. He put forward the idea of “truly turning banks into banks,” advocating for reforming the financial system to make banks the main entities for project management, enabling them to play a role in capital allocation and risk management. This thought not only provided a clear strategic direction for China’s financial system reform but also promoted the true establishment of the core position of finance, guiding China’s finance in its transformation from the “grand unification” model to a modern financial system.

1948年，中国人民银行的成立标志着中国社会主义金融事业的开端。此后，中国人民银行将过去公、私银行逐渐纳入，形成高度集中的以中国人民银行为主体的金融体系。1954年至1978年，中国人民银行参与中国绝大多数金融活动，既从事金融管理，也负责具体金融业务，金融宏观调控则以指令性计划方式为主，金融业务以存贷款业务为主，银行信用以外的金融工具和信用形式较少见，总体采用“统收统支，统存统贷”的管理方式，形成了“大一统”的管理模式。这一金融体制与当时计划经济相适应，为国家快速工业化提供了重要保障，推动了长期经济规划的顺利完成，但也存在信贷分配误置、资金使用效率低、信息不充分等问题。邓小平认识到这些问题的重要性，他提出“要把银行真正办成银行”的思想，主张通过改革金融体制，使银行成为项目管理主体，发挥其在资金配置、风险管理中的作用。这一思想不仅为中国金融体制改革提供了明确的战略方向，而且推动了金融核心地位的真正确立，引导中国金融从“大一统”模式向现代金融体系转型。

Guided by this thought, China began the market-oriented reform of its financial system. Starting in 1979, the State Council issued a series of notices, restoring the Agricultural Bank of China, establishing the Construction Bank of China, separating the Bank of China from the People’s Bank of China, resuming domestic insurance business, and expanding the participants in the financial market. On this basis, it increased the types of deposits, expanded the scope of loans, added trust business, reformed the bank credit fund management system and the foreign financial management system, and initially constructed a financial system adapted to the market economy system. In 1993, the State Council launched a financial system reform plan, exploring the establishment of a modern financial system adapted to the socialist market economy. Overall, the financial system reform was an important component of China’s economic system reform, including the reform of the central bank system, the reform of the banking system, the reform of the non-bank financial system, the establishment and development of the financial market system, and the reform of the foreign exchange market. Through a series of reforms, China established a comprehensive financial system composed of a central bank system, a banking system, and a non-bank financial system, developed a variety of financial instruments and credit forms, reformed the foreign exchange management system, and developed the financial market. This not only promoted the modernization of China’s financial system but also laid a solid foundation for the rapid development of China’s economy.

在这一思想的指导下，中国开始了金融体制的市场化改革。1979年开始，国务院发布系列通知，恢复中国农业银行，组建建设银行，将中国银行从人民银行中分离出来，恢复了国内保险业务，扩展了金融市场的参与主体；在此基础上，增加了存款种类，扩大了贷款范围，增加了信托业务，改革了银行信贷资金管理制度和对外金融管理制度，初步构建与市场经济体制相适应的金融体系。1993年，国务院推出金融体制改革方案，探索建立与社会主义市场经济相适应的现代金融体制。整体来看，金融体制改革是中国经济体制改革的重要组成部分，包括中央银行体制改革、银行体制改革、非银行金融体制改革、金融市场体制的建立和发展，以及外汇市场改革等方面。经过一系列改革，中国建立了由中央银行体制、银行体系和非银行金融体系构成的完善的金融体系，发展了多种金融工具和信用形式，改革了外汇管理体制，发展了金融市场，不仅推动了中国金融体系的现代化，也为中国经济的快速发展奠定了坚实的基础。

(III) The Thought on Strengthening Macro-Regulation and Price Management Enriched the Theory of Financial Governance

（三）加强宏观调控与物价管理的思想丰富了金融治理理论

Deng Xiaoping placed great importance on the macro-regulation of the financial sector, paying particular attention to the impact of inflation on economic and social stability. He proposed controlling prices and preventing financial risks through reasonable macro-policies.

邓小平高度重视金融部门的宏观调控，尤其关注通货膨胀对经济社会稳定的影响，提出通过合理的宏观政策来控制物价，防范金融风险。

First, exploration of macro-regulation. As early as 1940, in his speech at the Senior Cadres Conference of the Northern Bureau, Deng Xiaoping emphasized that banks must understand the market and make adjustments accordingly. He pointed out that “the fabi must maintain its credit” and that “in the future, loans must be organized and recovered in a planned manner.” [2]2 Xi Jinping, “Speech at the 13th Meeting of the Central Committee for Financial and Economic Affairs” (August 17, 2017). This early exploration of macro-regulation reflected Deng Xiaoping’s high concern for the healthy operation of the financial market and economic stability. Subsequently, Deng Xiaoping continuously enriched his thought on financial governance in guiding financial work. First, he emphasized managing the direction of capital flow and guiding the use of funds. Deng Xiaoping pointed out, “Loans must be guided, and their use designated,” and “After money is lent out, it must be inspected to ensure it is used in the appropriate places.” [3]3 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). Deng Xiaoping emphasized that funds should flow into industries with prospects and beneficial to the national economy and people’s livelihood. Second, he rectified capital channels. He put forward specific requirements for rectifying capital channels, such as “misappropriation of bank loans is not allowed,” [4]4 The 18th National Congress of the CPC was held in November 2012, marking the beginning of Xi Jinping’s tenure as General Secretary and the start of the New Era. and that the management of funds must be supervised to ensure the effective use of funds and maintain market stability. Finally, he emphasized that in macro-financial governance, the relationship between social financing and resident consumption must be fully considered. He pointed out, “The scale of infrastructure construction, especially non-productive construction, cannot be too large,” and “We must also pay attention not to raise consumption too high; it must be moderate.” [5]5 Xi Jinping, “Report to the 20th National Congress of the CPC” (October 16, 2022). He advocated guiding social funds towards infrastructure construction to alleviate fiscal deficits.

第一，对宏观调控的探索。早在1940年，邓小平在北方局高级干部会议上的发言中就强调银行必须了解市场并加以调剂，他指出“法币要保持其信用”，“以后要有组织地贷款，有计划地收回” 。这种对宏观调控的早期探索，体现了邓小平对金融市场健康运行和经济稳定的高度关注。此后，邓小平在指导金融工作中不断丰富了有关金融治理的思想。首先，强调要管理资金流向，指导资金用途。邓小平指出，“对贷款要进行指导，指定用途”，“钱贷出去以后要检查，使之用到适当的地方” 。邓小平强调，资金应该流向有前途并利于国计民生的行业。其次，整顿资金渠道。他提出了整顿资金渠道的具体要求，例如“不准挪用银行贷款” ，并且对资金的管理要做好监督工作，以确保资金的有效利用，维护市场的稳定。最后，他强调在宏观金融治理中要充分考虑社会融资和居民消费之间的关系。他指出，“基建规模特别是非生产性建设规模不能过大”，“还要注意消费不要搞高了，要适度” ， 要通过引导社会资金用于基础建设，缓解财政赤字。

Second, promoting price reform and curbing inflation. Deng Xiaoping repeatedly emphasized the importance of stabilizing prices, pointing out that “stabilizing prices does not mean lowering prices.” [6]6 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). Prices should neither be too high nor too low. In terms of curbing inflation, Deng Xiaoping explored the internal mechanisms causing inflation. He believed that currency issuance was an important factor affecting inflation. If currency issuance was excessive, material goods were relatively scarce, and currency was rarely withdrawn from circulation, then it would cause prices to rise. More importantly, “inflation is mainly caused by lax management,” and “it is mainly because the relationship between aggregate supply and aggregate demand has not been handled properly.” [7]7 Xi Jinping, “Report to the 20th National Congress of the CPC” (October 16, 2022). To this end, he proposed controlling the growth of aggregate demand and the pace of development through reasonable macro-policies and strict financial supervision, curbing inflation, and achieving price stability.

第二，推动物价改革，治理通货膨胀。邓小平再三强调稳定物价的重要性，指出“平稳物价并不是压低物价” ，物价既不能过高，也不能过低。在治理通货膨胀方面，邓小平探讨了造成通货膨胀的内在机制。他认为货币发行是影响通货膨胀的重要因素，如果货币发行过多，物资相对较少，货币又很少回笼，那么就会造成物价上涨。更重要的是，“通货膨胀主要是管理不严造成的”，“主要是总供给和总需求的关系处理得不够妥善” ，为此，他提出要通过合理的宏观政策和严格的金融监管，控制总需求增长，控制发展速度，治理通货膨胀，实现物价平稳。

Third, preventing financial risks. Financial risk was also an important issue of concern for Deng Xiaoping. When analyzing inflation in Western countries, he pointed out that the rise in oil prices was only one factor in inflation, and economic crises included internal factors. “It is impossible to solve the economic crisis solely from the perspective of the oil problem.” [8]8 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). Regarding the risks brought by international financial crises, Deng Xiaoping pointed out, “With the deepening of the political and economic crises of capitalism and the intensification of their mutual competition, they also use methods of shifting economic and monetary crises to intensify their plunder of developing countries.” [9]9 Deng Xiaoping, “Speech at the Senior Cadres Conference of the Northern Bureau of the CPC Central Committee,” April 1940. Therefore, it is necessary to prevent international financial risks, avoid the transfer of economic crises, and avoid impacts on the domestic economy. These expositions by Deng Xiaoping enriched the theory of financial governance, reflecting his profound insights into the theory of financial governance.

第三，防范金融风险。金融风险也是邓小平关注的重要问题，他在分析西方国家通货膨胀时指出，石油价格上涨只是通货膨胀的其中一个因素，经济危机包括内在因素，“单从石油问题这个角度来解决经济危机是不行的” 。对于国际金融危机带来的风险，邓小平指出，“随着资本主义政治经济危机的加深和它们相互间竞争的激化，它们还用转嫁经济、货币危机的办法，加剧对发展中国家的掠夺” 。因此，必须防范国际金融风险，避免经济危机的转移，避免对国内经济造成冲击。邓小平的这些论述丰富了金融治理理论，体现了邓小平在金融治理理论上的深刻见解。

Research on the Contemporary Value and Realistic Enlightenment of Deng Xiaoping’s Financial Thought

研究邓小平金融思想的当代价值和现实启示

Since the 18th National Congress of the CPC, [10]10 The 18th National Congress of the CPC was held in November 2012, marking the beginning of the Xi Jinping era. China’s financial reform and development have achieved new major accomplishments, and the comprehensive strength of the financial industry has significantly increased, gradually forging a path of financial development with Chinese characteristics. Against this background, studying Deng Xiaoping’s financial thought remains of great significance. At the practical level, reviewing the theoretical contributions of Deng Xiaoping’s financial thought is conducive to a more comprehensive understanding of the laws of financial development in the New Era and helps us better respond to the current challenges in financial development. Deng Xiaoping’s financial thought emphasizes that finance serves socialist economic construction and the interests of the people, and puts forward many profound insights on financial system reform and the relationship between finance and the economy. These thoughts still hold important value today. At the theoretical level, since the 18th National Congress of the CPC, General Secretary Xi Jinping has made a series of important expositions on the laws of financial development in the New Era, including upholding the centralized and unified leadership of the Party Central Committee over financial work, adhering to the people-centered value orientation, insisting that serving the real economy is the fundamental purpose of finance, and insisting that preventing and controlling risks is the eternal theme of financial work. These expositions have developed Marxist financial thought. By reviewing Deng Xiaoping’s financial theory, it helps to better grasp the rich connotations of General Secretary Xi Jinping’s important expositions on financial work from the perspective of theoretical development, deeply understand General Secretary Xi Jinping’s innovation and development of Marxist financial theory, better explain General Secretary Xi Jinping’s original contributions to financial work, and provide a solid theoretical basis for the path of financial development with Chinese characteristics.

党的十八大以来，中国金融改革发展取得新的重大成就，金融业综合实力显著增强，逐步走出一条中国特色金融发展之路。在此背景下，研究邓小平金融思想仍有重要意义。在实践层面，通过回顾邓小平金融思想的理论贡献，有利于更加全面地理解新时代金融发展规律，有助于我们更好地应对当前金融发展中的挑战。邓小平金融思想强调金融服务于社会主义经济建设和人民利益，提出了诸多关于金融体制改革、金融与经济关系的深刻见解，这些思想在今天仍具有重要价值。在理论层面，党的十八大以来，习近平总书记围绕新时代金融发展规律，作出了一系列重要论述，包括坚持党中央对金融工作的集中统一领导，坚持以人民为中心的价值取向，坚持把金融服务实体经济作为根本宗旨，坚持把防控风险作为金融工作的永恒主题等，这些论述发展了马克思主义金融思想。通过回顾邓小平金融理论，有助于从理论发展的角度更好地把握习近平总书记关于金融工作的重要论述的丰富内涵，深刻认识习近平总书记对马克思主义金融理论的创新和发展，更好地阐释习近平总书记关于金融工作的原创性贡献，为中国特色金融发展之路提供坚实的理论依据。

(I) Deeply Grasp the Political Nature and People-Centered Nature of Financial Work, and Take the Path of Financial Development with Chinese Characteristics

（一）深刻把握金融工作的政治性和人民性，走中国特色金融发展之路

Deng Xiaoping’s financial thought emphasizes that finance must serve socialist economic construction and the interests of the people. Deng Xiaoping stressed that the government must control finance, comprehensively handle the relationships among various economic sectors, and ensure the implementation of national economic policies. This constitutes an important understanding of the political nature of financial work. At the same time, Deng Xiaoping’s financial thought emphasizes that finance must serve the people’s interests and improve their lives. A deep understanding of these views is of great significance for scientifically grasping financial work in the New Era. General Secretary Xi Jinping pointed out, “Deeply grasp the political nature and people-centered nature of financial work.” [1]1 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). This important exposition is an innovation and development of Deng Xiaoping’s financial thought and the latest achievement in adapting Marx’s financial theory to the Chinese context and the needs of the times. Upholding the political nature of financial work is most centrally about upholding the Party Central Committee’s centralized and unified leadership over financial work. Finance is the core of the modern economy, an important core competitiveness of the country, and a vital component of national security; it must adhere to the Party Central Committee’s centralized and unified leadership over financial work. General Secretary Xi Jinping’s exposition has deepened the understanding of the political nature of financial work and further clarified the direction and goals of financial work in the New Era. Secondly, adhering to the people-centered nature of financial work is most essentially about upholding the people-centered value orientation. This is determined by the basic stance of Marxism, the fundamental purpose of the Communist Party of China, and the standpoints, viewpoints, and methods of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. It is concretely embodied in financial development being for the people, relying on the people, and sharing its fruits with the people, persisting in taking the path of financial development with Chinese characteristics, and continuously meeting the growing financial needs of the people.

邓小平金融思想强调金融要服务于社会主义经济建设和人民利益。邓小平强调政府要管住金融，综合处理各经济部门之间的关系，确保国家经济政策的贯彻落实。这是对金融工作的政治性的重要认识。与此同时，邓小平金融思想强调金融必须服务于人民利益，改善人民生活。深入认识这些观点，对科学把握新时代金融工作具有重要意义。习近平总书记指出，“深刻把握金融工作的政治性、人民性” 。这一重要论述，是对邓小平金融思想的创新和发展，是马克思金融理论中国化时代化的最新成果。坚持金融工作的政治性，最核心的是坚持党中央对金融工作的集中统一领导。金融是现代经济的核心，是国家重要的核心竞争力，是国家安全的重要组成部分，必须坚持党中央对金融工作的集中统一领导。习近平总书记的论述，深化了对金融工作政治性的认识，进一步明确了新时代金融工作的方向和目标。其次，坚守金融工作的人民性，最本质的是坚持以人民为中心的价值取向，这是由马克思主义基本立场、中国共产党的根本宗旨和习近平新时代中国特色社会主义思想的立场方法观点决定的，具体体现在金融发展为了人民、依靠人民、成果由人民共享，坚持走中国特色金融发展之路，不断满足人民群众日益增长的金融需求。

(II) Deeply Explore the Relationship between Finance and the Economy, Adhere to Finance Serving the Real Economy

（二） 深入探索金融和经济的关系，坚持金融服务实体经济

Deng Xiaoping’s thought that finance is “the core of the modern economy” explores the relationship between finance and the economy. A scientific understanding of this relationship is increasingly important at present. With the development of the socialist market economy, the financial sector has achieved considerable growth, and the relationship between finance and the economy has become more complex. In some regions and industries, there has been a phenomenon of financial development detaching from the development of the real economy, with problems of excessive financial speculation and disorderly expansion of capital, leaving hidden dangers for economic development. Against this backdrop, further exploring the relationship between finance and the economy appears particularly necessary. Deng Xiaoping’s financial thought provides valuable reference for analyzing this relationship. In exploring the relationship between finance and the economy in the New Era, we must not only draw on his views on the relationship between the economy and finance but, more importantly, learn the method Deng Xiaoping used to analyze this relationship, deeply grasping the relationship between the economy and finance in the New Era. General Secretary Xi Jinping’s important expositions on financial work have developed this thought. He emphasized that “the economy is the body, finance is the blood; the two thrive together,” [2]2 Xi Jinping, “Speech at the 13th Meeting of the Central Committee for Financial and Economic Affairs” (August 17, 2017). and that “serving the real economy must be taken as the fundamental purpose of finance,” [3]3 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). clearing the channels for finance to enter the real economy, and so on. These important expositions profoundly reveal the dialectical relationship between finance and the economy. General Secretary Xi Jinping’s important expositions on financial work emphasize that the financial system must take serving the real economy as its fundamental goal, prevent the shift from real to virtual, guide resources towards productive sectors, and support the healthy development of the real economy. Currently, changes unseen in a century are accelerating, and the global economy faces new challenges. Adhering to finance serving the real economy, promoting positive interaction between finance and the economy, and achieving high-quality economic development help enhance the economy’s resilience and risk-resistance capabilities. This serves as an important guide for financial work on the new journey of the New Era and is a scientific summary of the relationship between finance and the economy in the New Era.

邓小平关于金融“是现代经济核心”的思想探讨了金融和经济的关系，科学认识这一关系在当前愈发重要。随着社会主义市场经济的发展，金融部门得到了长足发展，金融与经济的关系也更加复杂。在部分地区和行业，出现金融发展脱离实体经济发展的现象，存在金融过度投机、资本无序扩张的问题，给经济发展留下隐患。在这种背景下，进一步探索金融和经济的关系显得尤为必要。邓小平金融思想为分析这一关系提供了宝贵的借鉴。探索新时代金融与经济的关系，我们不仅要借鉴他关于经济和金融关系的观点，更重要的是学习邓小平分析这一关系的方法，深刻把握新时代经济和金融之间的关系。习近平总书记关于金融工作的重要论述发展了这一思想，他强调“经济是肌体，金融是血脉，两者共生共荣”，要“把金融服务实体经济作为根本宗旨” ，疏通金融进入实体经济的渠道，等等。这些重要论述深刻揭示了金融和经济的辩证关系。习近平总书记关于金融工作的重要论述，强调金融体系必须以服务实体经济为根本目标，防止脱实向虚，引导资源流向生产性领域，支持实体经济的健康发展。当前，百年变局加速演进，全球经济面临新的挑战，坚持金融服务实体经济，促进金融与经济的良性互动，实现经济高质量发展，有助于增强经济的韧性和抗风险能力，是新时代新征程金融工作的重要指南，是对新时代金融与经济关系的科学总结。

(III) Deepen Reform of the Financial System, Accelerate the Promotion of Building a Financial Powerhouse

（三）深化金融体制改革，加快推动建设金融强国

Deng Xiaoping’s financial thought emphasizes integrating theory with practice, applying the basic principles of Marxism in the reform of the financial system, promoting innovation in financial theory through economic practice, and, on the basis of drawing on domestic and international financial development experience, advancing the reform of the financial system and the modernization of financial markets. This thought has made important contributions to the path of financial development with Chinese characteristics and provides valuable guidance for China’s current financial development. Since the 18th National Congress of the CPC, [4]4 The 18th National Congress of the CPC was held in November 2012, marking the beginning of Xi Jinping’s tenure as General Secretary and the start of the New Era. General Secretary Xi Jinping, standing at the height of history and the times, based on a profound grasp of the domestic and international economic situation, has put forward important expositions such as “deepening reform of the financial system” [5]5 Xi Jinping, “Report to the 20th National Congress of the CPC” (October 16, 2022). and “accelerating the building of a financial powerhouse,” [6]6 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). emphasizing the need to further improve the financial system, optimize financial services, unswervingly follow the path of financial development with Chinese characteristics, and promote high-quality development of China’s finance. These expositions set the direction and plan the layout for financial reform, providing fundamental guidance and action guidelines for deepening financial reform on the new journey of the New Era.

邓小平金融思想注重理论联系实际，在金融体制改革中运用马克思主义基本原理，在经济实践中推动金融理论的创新，在借鉴国内外金融发展经验的基础上，推动金融体制改革和金融市场的现代化建设。这一思想为中国特色金融发展之路提供了重要贡献，为当前中国金融发展提供了宝贵指导。党的十八大以来，习近平总书记站在历史和时代的高度，基于对国内外经济形势的深刻把握，提出了“深化金融体制改革” “加快建设金融强国” 等重要论述，强调要进一步完善金融体制，优化金融服务，坚定不移走中国特色金融发展之路，推动中国金融高质量发展。这些论述为金融改革举旗定向、谋篇布局，为新时代新征程深化金融改革提供了根本遵循和行动指南。

(IV) Strengthen Macro-Control and Risk Prevention, Improve the Financial Governance System

（四）加强宏观调控与风险防范，完善金融治理体系

Deng Xiaoping’s financial thought emphasizes macro-control, stressing that financial system reform should seek progress while maintaining stability, encouraging financial innovation while also focusing on risk prevention and control. This thought is particularly important in the current context of a complex and volatile global financial environment. In particular, his exposition on stabilizing prices provides valuable guidance for current economic policy. At present, financial innovation and development have driven economic growth, but they have also brought potential risks. For this reason, financial supervision must be strengthened, and systemic financial risks must be prevented and resolved. General Secretary Xi Jinping proposed the major principle of “coordinating development and security,” [7]7 Xi Jinping, “Report to the 20th National Congress of the CPC” (October 16, 2022). emphasizing the need to “insist on taking risk prevention and control as the eternal theme of financial work.” [8]8 Xi Jinping, “Speech at the Central Financial Work Conference” (October 30-31, 2023). These important expositions profoundly reveal the paths and strategies for dealing with financial challenges under the current international economic situation. This requires us to improve the financial governance system, perfect the financial regulatory system, refine the macro-prudential policy framework, explore mechanisms for handling financial risks, grasp the laws of money and credit supply and demand, strengthen dual adjustments in aggregate and structure, and firmly hold the bottom line of preventing systemic financial risks.

邓小平金融思想注重宏观调控，强调金融体制改革要稳中求进，既鼓励金融创新，又注重风险防控。这一思想在当前全球金融环境复杂多变的背景下尤为重要。特别是他关于稳定物价的论述，为当前经济政策提供了宝贵指导。当前，金融创新发展推动了经济发展，但同时也带来了潜在风险。为此，必须加强金融监管，防范和化解系统性金融风险。习近平总书记提出“统筹发展和安全”的重大原则，强调要“坚持把防控风险作为金融工作的永恒主题” 。 这些重要论述深刻揭示了在当前国际经济形势下应对金融挑战的路径和策略。这就要求我们要完善金融治理体系，完善金融监管体系，健全宏观审慎政策框架，探索金融风险处置机制，把握货币信贷供需规律，加强总量和结构双重调节，牢牢守住不发生系统性金融风险的底线。

Online Editor: Paul

网络编辑：保罗