Guiding High-Quality Financial Development with the New Development Philosophy

*Selected Works of Xi Jinping on Economy*, Volume I (hereinafter referred to as the *Selected Works*), is an authoritative textbook for thoroughly studying and implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, especially Xi Jinping’s economic thought. Finance is the core of the modern economy and an important component of a nation’s core competitiveness. General Secretary Xi Jinping attaches great importance to financial work, delivering a series of important expositions on major theoretical and practical issues in the development of the financial industry. These have elevated our Party’s understanding of the essential laws and development path of financial work to a new height, composing the financial chapter of Xi Jinping’s economic thought. This is of great significance for unswervingly following the path of financial development with Chinese characteristics and promoting high-quality financial development on the new journey of the New Era.

《习近平经济文选》第一卷（以下简称《文选》）是深入学习贯彻习近平新时代中国特色社会主义思想特别是习近平经济思想的权威教材。金融是现代经济的核心，是国家核心竞争力的重要组成部分。习近平总书记高度重视金融工作，对金融事业发展的重大理论和实践问题作出一系列重要论述，把我们党对金融工作本质规律和发展道路的认识提升到新高度，书写了习近平经济思想的金融篇，对于新时代新征程坚定不移走中国特色金融发展之路、推动金融高质量发展，具有十分重要的意义。

Several works in the *Selected Works* provide in-depth discussions on the development of the financial industry. For example, “Correctly Understanding and Grasping Major Theoretical and Practical Issues in China’s Development” points out: “We must explore how to leverage the positive role of capital under the conditions of the socialist market economy while effectively controlling its negative effects.” “Providing High-Quality Financial Services for Economic and Social Development” states: “The 20th National Congress of the CPC made clear that high-quality development is the primary task in building a modern socialist country in all respects, which sets the direction and goals for optimizing financial services,” and so on.

《文选》中的多篇著作都对金融事业发展作出深刻论述。比如，《正确认识和把握我国发展重大理论和实践问题》指出：“我们要探索如何在社会主义市场经济条件下发挥资本的积极作用，同时有效控制资本的消极作用”；《为经济社会发展提供高质量金融服务》指出：“党的二十大明确，高质量发展是全面建设社会主义现代化国家的首要任务，这为优化金融服务指明了方向和目标”；等等。

To unswervingly follow the path of financial development with Chinese characteristics and promote high-quality financial development, it is essential to adhere to the correct philosophy. The New Development Philosophy profoundly answers a series of theoretical and practical questions regarding the purpose, driving force, methods, and pathways of development, and constitutes the most important and principal content of Xi Jinping’s economic thought. In “Serving the Real Economy and Preventing Financial Risks,” General Secretary Xi Jinping points out: “We must integrate the laws and characteristics of financial industry development and fully implement the New Development Philosophy.” The New Development Philosophy is the ideological guide for promoting high-quality development and also the ideological guide for promoting high-quality financial development. The financial chaos that emerged in the past period was, to a large extent, due to our deviation in ideological understanding and practical work from the correct guidance of the New Development Philosophy, ultimately leading to a departure from the correct direction of high-quality financial development.

坚定不移走中国特色金融发展之路、推动金融高质量发展，必须坚持正确的理念。新发展理念深刻回答了关于发展的目的、动力、方式、路径等一系列理论和实践问题，是习近平经济思想最重要、最主要的内容。习近平总书记在《服务实体经济，防范金融风险》中指出：“要结合金融业发展规律和特点，把新发展理念贯彻好。”新发展理念是推动高质量发展的思想指引，也是推动金融高质量发展的思想指引。过去一段时间出现的金融乱象，在很大程度上是因为我们在思想认识上和实际工作中偏离了新发展理念的正确指引，最终偏离了金融高质量发展的正确方向。

Promoting high-quality financial development requires complete, accurate, and comprehensive implementation of the New Development Philosophy, with a firm grasp on the following three aspects.

推动金融高质量发展必须完整、准确、全面贯彻新发展理念，着力从以下三个方面牢牢把握。

Adhere to a people-centered development thinking. In “Following the Path of Financial Development with Chinese Characteristics,” General Secretary Xi Jinping points out: “The financial industry led by our Party is, in the final analysis, meant to benefit the people.” China’s finance adheres to a people-centered development thinking, which is fundamentally different from the stance of finance in some countries that serves capital and the minority of wealthy individuals. Guiding high-quality financial development with the New Development Philosophy requires firmly taking the people’s standpoint, deeply grasping the people-centered nature of financial work, and enhancing the diversity, inclusiveness, and accessibility of financial services. Adhere to the orientation of benefiting the people through finance, strengthen service awareness, increase financial input into rural revitalization, support the firm securing of the “rice bowl,”[1]1 “Rice bowl” (饭碗) is a Chinese idiom symbolizing food security and, by extension, the fundamental guarantee of the people’s livelihood. serve the development of rural industries, and promote increases in farmers’ incomes and prosperity. Continuously improve the policy system for financial support to small and micro enterprises and private enterprises, further alleviating difficulties and high costs in financing. Develop more financial products that meet the needs of the people in areas such as healthcare, elderly care, and education and training. Increase fiscal, tax, and financial policy support for the health industry, elderly care industry, and silver economy. Purposefully enrich the supply of elderly care financial products, actively develop the third pillar of pension insurance,[2]2 The “third pillar” of pension insurance refers to individual commercial pension savings and investments, supplementing the basic state pension (first pillar) and employer-based annuities (second pillar). and better meet increasingly diversified elderly care financial needs. Improve the service methods of financial institutions, allowing financial products that combine safety, profitability, and liquidity to enter ordinary households, and better protect the rights and interests of financial consumers.

坚持以人民为中心的发展思想。习近平总书记在《走好中国特色金融发展之路》中指出：“我们党领导的金融事业，归根到底要造福人民”。我国金融坚持以人民为中心的发展思想，与一些国家金融为资本服务、为少数有钱人服务的立场截然不同。以新发展理念引领金融高质量发展，必须站稳人民立场，深刻把握金融工作的人民性，增强金融服务的多样性、普惠性、可及性。坚持金融惠民导向，强化服务意识，加大对乡村振兴的金融投入，支持牢牢端稳粮食饭碗、服务乡村产业发展、促进农民增收致富。持续完善金融支持中小微企业和民营企业的政策体系，进一步缓解融资难、融资贵等问题。开发更多满足群众医疗、养老、教育培训等方面需求的金融产品，加大对健康产业、养老产业、银发经济的财税金融政策支持，有针对性地丰富养老金融产品供给，积极发展第三支柱养老保险，更好满足日益多元化的养老金融需求。改进金融机构服务方式，让那些兼具安全性、收益性、流动性的金融产品走进寻常百姓家，更好保护金融消费者权益。

Adhere to the fundamental purpose of finance serving the real economy, and effectively strengthen high-quality financial services for major strategies, key areas, and weak links. In “Serving the Real Economy and Preventing Financial Risks,” General Secretary Xi Jinping points out: “The prominent problem facing China’s economic development is that the demand structure has upgraded, but the supply system has not kept pace, leading to a structural imbalance between supply and demand, which causes poor circulation in the real economy. This is precisely the basic problem that supply-side structural reform aims to solve, and it is also the basic task for finance to serve the real economy at present and for some time to come.” Currently, the factors constraining China’s economic development are mainly structural, including an unreasonable financial structure, which is closely related to the inadequate service of finance to the real economy. Supply-side structural reform is the main line of economic work and also the main line of financial work. Deepening financial supply-side structural reform requires implementing the New Development Philosophy, identifying the key points of financial services, and adhering to the duty of serving the real economy. Focus on the structural adjustment and optimization of the financial system, optimize the financing structure and the system of financial institutions, markets, and products, to provide higher-quality and more efficient financial services for the development of the real economy. For example, the key to optimizing the financing structure lies in optimizing the proportions of direct and indirect financing, and equity and debt financing, to better leverage the role of the capital market. Optimizing the structure of capital supply requires skillfully doing both addition and subtraction: increasing the input of financial resources to technological innovation, green development, and small and micro enterprises, vigorously supporting the implementation of the innovation-driven development strategy and the regional coordinated development strategy, while reducing ineffective supply and low-end supply, promoting the effective resolution of overcapacity and the exit of “zombie enterprises.”[3]3 “Zombie enterprises” (僵尸企业) are loss-making firms that remain in operation only through continuous infusions of credit or government subsidies, unable to survive on their own. Deepening financial supply-side structural reform requires giving full play to the decisive role of the market in resource allocation, while comprehensively strengthening financial regulation, and persisting in advancing financial innovation and development on the track of marketization and the rule of law.

坚持金融服务实体经济的根本宗旨，切实加强对重大战略、重点领域和薄弱环节的优质金融服务。习近平总书记在《服务实体经济，防范金融风险》中指出：“我国经济发展面临的突出问题是需求结构升级了，但供给体系没有跟上，供需出现结构性失衡，导致实体经济循环不畅。这恰恰是供给侧结构性改革要解决的基本问题，也是当前和今后一个时期金融为实体经济服务的基本任务。”当前，制约我国经济发展的因素主要是结构性的，其中包括金融结构不合理，这与金融服务实体经济不到位有着密切关系。供给侧结构性改革是经济工作的主线，也是金融工作的主线。深化金融供给侧结构性改革，必须贯彻落实新发展理念，找准金融服务重点，守好服务实体经济本分。以金融体系的结构调整优化为重点，优化融资结构和金融机构体系、市场体系、产品体系等，为实体经济发展提供更高质量、更有效率的金融服务。比如，优化融资结构的重点在于优化直接融资和间接融资、股权融资和债权融资比例，更好发挥资本市场作用；优化资金供给结构要善做加法和减法，增加对科技创新、绿色发展和中小微企业的金融资源投入，大力支持实施创新驱动发展战略、区域协调发展战略等，同时减少无效供给和低端供给，促进产能过剩有效化解和“僵尸企业”退出。深化金融供给侧结构性改革，要充分发挥市场在资源配置中的决定性作用，同时全面加强金融监管，坚持在市场化法治化轨道上推进金融创新发展。

Adhere to making risk prevention and control the eternal theme of financial work. In “Serving the Real Economy and Preventing Financial Risks,” General Secretary Xi Jinping points out: “Preventing and defusing financial risks, especially preventing systemic financial risks, is the fundamental task of financial work and also its eternal theme.” As China’s principal social contradiction changes and the international balance of power undergoes profound adjustment, we must strengthen our sense of urgency, adhere to bottom-line thinking, and be prepared at all times to cope with more complex and difficult situations. Finance has the function of managing and diversifying risks, yet it also carries inherent risk genes. The scale and complexity of China’s finance are now greater than ever before, and the systemic and interconnected nature of risks has greatly increased. Therefore, we must adhere to the general principle of pursuing progress while ensuring stability, place greater emphasis on proactively preventing and defusing financial risks, and enhance the resilience of the financial system. Scientifically prevent financial risks, improve financial security lines and risk emergency response mechanisms, achieve early identification, early warning, early detection, and early disposal, strengthen the source control of risks, rectify various financial disorders, and strive to take preventive measures and nip problems in the bud. Actively and prudently prevent and dispose of prominent risk points, rigorously prevent and defuse liquidity risks, credit risks, shadow banking business risks, abnormal fluctuations in capital markets, insurance market risks, etc. Effectively prevent financial network technology and information security risks, effectively manage cross-border capital flow risks, and ensure the safe, efficient, and stable operation of finance.

坚持把防控风险作为金融工作的永恒主题。习近平总书记在《服务实体经济，防范金融风险》中指出：“防范化解金融风险，特别是防止发生系统性金融风险，是金融工作的根本性任务，也是金融工作的永恒主题。”随着我国社会主要矛盾变化和国际力量对比深刻调整，我们必须增强忧患意识、坚持底线思维，随时准备应对更加复杂困难的局面。金融既有管理和分散风险的功能，又自带风险基因。我国金融体量和复杂程度今非昔比，风险的系统性、关联性大大增强。为此，必须坚持稳中求进工作总基调，把主动防范化解金融风险放在更加重要的位置，增强金融体系韧性。要科学防范金融风险，完善金融安全防线和风险应急处置机制，早识别、早预警、早发现、早处置，加强风险源头管控、整治各种金融乱象，努力做到未雨绸缪、防患于未然。积极稳妥防范处置突出风险点，严密防范化解流动性风险、信用风险、影子银行业务风险、资本市场异常波动风险、保险市场风险等，切实防范金融网络技术和信息安全风险，有效防范跨境资金流动风险，确保金融安全高效稳健运行。

(The author is a member of the Standing Committee of the Party Committee and Vice President of Xiamen University)

（作者为厦门大学党委常委、副校长）

Online Editor: Tongxin

网络编辑：同心