Establishing and Practicing a Correct Outlook on Political Performance to Promote High-Quality Financial Development

Department of Finance, National Development and Reform Commission

The question of the outlook on political performance is a fundamental one. Establishing and practicing a correct outlook on political performance is nurtured in the spiritual soil of the Marxist view of the people and fine traditional Chinese culture, inherited through the more than one hundred years of struggle of the Communist Party of China, and elevated through Comrade Xi Jinping's long-term practice of serving the people from the local level to the central level. During his work in Zhejiang, Comrade Xi Jinping consistently established and firmly practiced a correct outlook on political performance, resolutely and effectively implemented the decisions and arrangements of the Party Central Committee, adhered to the principle that "seeking truth from facts is the greatest Party spirit,"[1]1 A formulation emphasizing that seeking truth from facts is the highest expression of Party spirit, linking ideological method with political discipline. and, in the face of finance—a task bearing on the overall economic and social situation and fraught with complex variables—blazed a path of financial development that serves the real economy, benefits the people, balances short-term and long-term considerations, and ensures safety and stability. The correct outlook on political performance displayed by Comrade Xi Jinping in leading financial work in Zhejiang, rooted in strong Party spirit, a pragmatic work style, and profound feelings for the people, set a shining example for the entire Party. Reviewing the past and comprehending Comrade Xi Jinping's words and deeds is of great and far-reaching significance for educating and guiding Party organizations at all levels and Party members and cadres to consciously establish and practice a correct outlook on political performance, striving to deliver political achievements for the people and to produce political achievements through solid work.

Comrade Xi Jinping's thinking and practice in leading financial work in Zhejiang demonstrated the firm pursuit of Chinese Communists in establishing and practicing a correct outlook on political performance

Finance bears on the efficiency of economic development and the tangible well-being of the masses. During Comrade Xi Jinping's work in Zhejiang, China was at an important stage of deepening reform and opening up after joining the World Trade Organization. Zhejiang, as a major economic province and a pioneering province in financial reform, faced many unprecedented arduous tasks and complex tests. Comrade Xi Jinping resolutely upheld the authority of the Party Central Committee, proceeded from Zhejiang's actual conditions, planned and advanced financial work around the implementation of the "Eight-Eight Strategy,"[2]2 A provincial development strategy for Zhejiang proposed in 2003, encompassing eight advantages and eight measures, covering areas such as the economy, reform, and opening up. consistently practiced the people-centered development philosophy, embodied the strategic foresight of coordinating development and security, demonstrated the historical responsibility of laying foundations and pursuing long-term interests, and personally exemplified the firm pursuit of Chinese Communists in establishing and practicing a correct outlook on political performance.

Uphold and strengthen the Party's overall leadership over financial work, and resolutely implement the decisions and arrangements of the Party Central Committee. General Secretary Xi Jinping has always treated upholding and strengthening the Party's overall leadership as an important subject, kept pace with the times in implementing the requirements for governing the Party and managing itself, and persistently grasped Party building work, clearly stating: "The Party is the one that commands the overall situation and coordinates all parties; economic work is the central task, and Party leadership must of course be fully reflected in the central task. Once the central task—the 'ox nose'—is grasped, other work can be better carried out."[3]3 A metaphor drawn from the idea of grasping an ox by the nose, meaning seizing the key link that drives all other work.

Shortly after arriving in Zhejiang, Comrade Xi Jinping deployed the establishment and improvement of corresponding institutions. After in-depth investigation and research, Zhejiang, with reference to the setup of the relevant central deliberative and coordinating bodies and in light of its own actual conditions, formally established the Provincial Party Committee Financial and Economic Leading Group in 2003. In April of that year, Comrade Xi Jinping presided over the group's first meeting, and thereafter a normalized operating mechanism was established, with special meetings held roughly every two months. Major economic policies, development decisions, fiscal and financial work, key projects, and other matters across Zhejiang Province were collectively studied and approved by the leading group. This institutional design consolidated the Zhejiang Provincial Party Committee's overall leadership over economic work at the institutional level and provided strong organizational guarantees for Zhejiang's advancement of strategic economic restructuring and acceleration of the transformation of the development model.

During his work in Zhejiang, Comrade Xi Jinping, at all times and under all conditions, upheld a high degree of consistency with the Party Central Committee. He always took the decisions and arrangements of the Party Central Committee as the fundamental guide, planned financial work in light of Zhejiang's actual conditions, combined the series of principles and policies set by the Party Central Committee with Zhejiang's realities, combined the initiative of the financial system with the initiative of local Party committees and governments, and organically unified the advancement of financial reform and development with Zhejiang's economic and social development. In 2004, signs of problems such as overheated investment and excessively rapid loan growth emerged in some industries and sectors, and allowing them to develop would affect the healthy operation of the economy. The central authorities promptly made decisions and arrangements to strengthen macroeconomic regulation and control, mainly including strictly controlling the two gates of land approval and credit approval. Zhejiang had a large number of small and medium-sized enterprises and active investment; if policies were tightened, various economic indicators might be significantly affected, and some grassroots cadres and enterprises harbored certain fears and ideas of "making adjustments." In response, Comrade Xi Jinping repeatedly required all localities to deeply understand and resolutely implement the central authorities' macroeconomic regulation and control policies. In September 2004, Comrade Xi Jinping delivered a speech at the autumn opening ceremony of the Zhejiang Provincial Party School, requiring resolute implementation of the central authorities' series of important measures for macroeconomic regulation and control, and earnestly combining immediate interests with long-term interests.

Under Comrade Xi Jinping's leadership, Zhejiang Province resolutely implemented the spirit of the central authorities' macroeconomic regulation and control. Through the implementation of structural credit policies, it reversed the trend of overheated and excessive investment in some industries, while adhering to the principle of maintaining support in some areas and curbing in others, actively supporting advantageous enterprises and key industries targeted for support, and intensifying efforts to guarantee credit supply to small and medium-sized enterprises. In 2004, although the growth rate of fixed asset investment across Zhejiang Province fell from 38.9% in the previous year to 20.2%, development became more balanced, higher in quality, and more efficient. This fully reflected Comrade Xi Jinping's courage in not clinging to short-term growth rates, his resolve in proactively pursuing transformation, his sobriety in scientific decision-making, and his vision in focusing on the long term—a vivid practice of a correct outlook on political performance under complex economic circumstances.

Promote financial opening up in line with the needs of the real economy, achieving coordination and synergistic development between the partial and the whole. In December 2002, when Comrade Xi Jinping inspected the Delixi Group in Yueqing, Wenzhou, in response to the enterprise leader's reflection that "when we reach a certain stage of development, we want to go out, but we have concerns—will the local government have opinions or views about it," he stated on the spot: "The provincial Party committee and provincial government support you in 'going out'; you should not only seize the national market but also seize the international market." In August 2004, Comrade Xi Jinping creatively put forward the theory of developing the "sweet potato economy,"[4]4 A metaphor comparing enterprises that expand outward while keeping their roots at home to sweet potato vines that spread while the tubers remain in the ground, used to describe Zhejiang's strategy of outward development. vividly explaining its dialectical logic: "The vines of the sweet potato extend in all directions in order to absorb more sunlight, rain, dew, and nutrients, but its tubers always remain at the base; the extension and expansion of the vines ultimately serve to make the tubers grow even sturdier and larger. Likewise, when our enterprises go out, actively align with Shanghai, actively participate in the development of the western region and the transformation of old industrial bases such as those in the northeast, and actively participate in competition in the international market, building our grain bases, energy and raw material bases, and production and processing bases outside the province and abroad, this is not capital outflow or enterprise relocation; it is the need to allocate resources on a larger scale and achieve greater development in a larger space—the need to 'develop Zhejiang by leaping beyond Zhejiang, and develop Zhejiang by basing ourselves on the whole country.' On this we must have a correct understanding, actively promote it, and be pleased to see it succeed."

In the financial sector, Comrade Xi Jinping personally promoted Zhejiang Province’s integration with Shanghai and its participation in the Yangtze River Delta cooperation. At his initiative, in December 2005, the first leadership symposium of the two provinces and one municipality in the Yangtze River Delta was held in Hangzhou, Zhejiang, explicitly designating financial integration as one of the key areas of cooperation. Various financial institutions in Zhejiang established strategic partnerships with Shanghai’s banking sector, the Shanghai Stock Exchange, and the Shanghai Futures Exchange, introducing services such as joint credit, syndicated loans, listing guidance, and foreign exchange settlement. Some banking institutions innovatively implemented a financing model of “head office credit, cross-regional credit utilization, unified risk control, and closed-loop settlement,” relying on the credit qualifications of large enterprise groups to provide batch credit, order financing, accounts receivable factoring, and bill discounting as integrated financial services for their upstream and downstream supporting enterprises in the Yangtze River Delta. This provided solid financial support for Zhejiang enterprises to extend their “vines” outward and expand their industrial scale. By basing itself on one region while planning for the whole, the result was quality improvement in one locality and joint progress across the board. The number of A-share listed company headquarters and private listed companies in Zhejiang Province has long ranked among the highest in the country. Xinchang County alone has 15 listed company headquarters, largely because the government is happy to see enterprises spread out like “vines” to globalize and open markets, and its open and inclusive thinking has firmly retained the “hearts” of a large number of listed companies. These measures not only consolidated Zhejiang’s real economy foundation but also promoted positive interaction between Zhejiang enterprises and enterprises in broader regions. The 15 listed companies in Xinchang County have become important nodes in the Yangtze River Delta industrial chain and the main force for domestic substitution in national niche tracks, serving as a classic model of high-quality development at the county level while also giving back to the whole country.

While actively promoting “going global,” Comrade Xi Jinping also attached great importance to “bringing in.”

Take a long-term perspective to shore up weaknesses in inclusive finance and create a warm financial ecosystem. The overall construction of inclusive finance has a long cycle and slow results, yet it warms the people’s hearts and benefits the long term. In his article “Base Yourself on the Present While Keeping an Eye on the Future” from *Zhijiang New Words*, Comrade Xi Jinping wrote: “Things that yield results now and are sustainable in the long term should be boldly undertaken; things that show no immediate results but lay the foundation for the long term should also be diligently pursued.” In the article “Hidden Achievements and Visible Achievements,” he wrote: “‘Hidden’ is the foundation of ‘visible,’ and ‘visible’ is the result of ‘hidden.’ The work of later generations is always built on the foundation laid by predecessors. If everyone is unwilling to be a paving stone and content to make silent contributions, then ‘visible achievements’ cannot even be discussed; they become trees without roots or water without a source. Even if there are ‘visible achievements,’ at best they are merely ‘image projects’ driven by a desire for quick success.”

Rural financial services target millions of small farmers and micro-entities, with small loan amounts per transaction, high risks, and slow returns. Compared to building large projects, erecting tall buildings, or attracting big capital—‘visible achievements’ that immediately boost short-term GDP (gross domestic product) and fiscal revenues—the construction of a rural financial system requires long-term deep cultivation. It is difficult to reap eye-catching data within one or two years; it belongs to the category of ‘hidden achievements,’ where ‘predecessors plant trees and later generations enjoy the shade.’ Around 2002, state-owned banks generally withdrew from county and township outlets, leaving financial services weak at the grassroots level in rural areas, for small and micro enterprises, and for agriculture, rural areas, and farmers. After Comrade Xi Jinping began working in Zhejiang, he unswervingly worked to shore up weaknesses in county-level grassroots finance, willingly laying the groundwork. In 2003, Comrade Xi Jinping personally planned and deployed the pilot reform of rural credit cooperatives in Zhejiang Province. In April 2004, 81 county-level financial institution legal persons in Zhejiang Province jointly invested to establish the Zhejiang Provincial Rural Credit Union (hereinafter referred to as the Zhejiang Provincial Rural Credit Union). Comrade Xi Jinping showed great concern for and attached importance to the reform and development of the Zhejiang Provincial Rural Credit Union. Between 2005 and 2006, he issued four important instructions, promoting solutions to the difficulty farmers and agriculture faced in obtaining loans. By the end of 2025, the Zhejiang Rural Commercial Union Bank (restructured from the Zhejiang Provincial Rural Credit Union) bore nearly one-quarter of the province’s agriculture-related loans, nearly one-half of its farmer household loans, and three-quarters of its farmer cooperative loans. Its deposit and loan scale ranked first among national rural credit-type financial institutions for many consecutive years. Comrade Xi Jinping also attached great importance to solving the problem of weak financial services for small and micro enterprises. In the process of actively advancing financial reform, he further addressed the difficulty small and medium enterprises faced in obtaining loans.

In 2004, Typhoon Rananim directly struck Zhejiang, causing heavy losses to agricultural production. Faced with the disruption brought by natural disasters to the people, Comrade Xi Jinping not only demanded disaster relief and aid but also proceeded from the perspective of institutional construction, promoting the further expansion of insurance coverage, striving to improve risk management technology, and actively leveraging the role of the insurance industry in economic and social development. Zhejiang Province promptly established a coordination group for policy-based agricultural insurance and initiated explorations into agricultural insurance reform. Over more than 20 years, this work has borne fruit, entered thousands of rural households, and become a stabilizer and booster for Zhejiang’s modern agriculture. Comrade Xi Jinping also personally promoted the work of policy

Adhere to a problem-oriented approach in advancing financial supply-side structural reform, and empower high-quality development through systemic transformation. In April 2005, Comrade Xi Jinping emphasized at a special study session of the Zhejiang Provincial Party Committee: "We must fully recognize that pioneering regions inevitably encounter pioneering problems; being at the forefront in certain aspects does not mean all problems can be smoothly resolved. We must possess the courage of trailblazers to face thorns head-on, confront contradictions and problems, and prevent 'minor skin ailments' from becoming 'critical internal diseases,' avoid allowing local issues to affect the overall development situation, and keep stumbling blocks from impeding the pace of progress."

During his work in Zhejiang, Comrade Xi Jinping conducted multiple inspections in Yiwu and gained deep insight into the mismatch between Yiwu's rapid development and its administrative management system. For example, in the financial sector, due to administrative level restrictions, banking financial institutions found it difficult to establish branches in Yiwu; the credit approval ceiling for banking financial institutions in Yiwu was only 2 million yuan, requiring large loans to be reported layer by layer for approval; foreign exchange management authority was limited, making cross-border settlement, foreign investment, and other business procedures cumbersome with low convenience. In response, Comrade Xi Jinping emphasized the need to "change into a larger garment for a fast-growing child" and resolutely promoted the reform of delegating authority. In November 2006, the Zhejiang Provincial Party Committee Office and the Provincial Government Office issued the "Several Opinions on Carrying Out Pilot Reforms to Expand Yiwu's Economic and Social Management Authority," delegating 472 items of management authority in the first batch, covering economic development, foreign trade and foreign affairs, urban-rural construction and resources, social affairs, etc., with finance being a major breakthrough. For instance, the preliminary review authority for establishing financial institutions was delegated, allowing Yiwu to directly report to provincial financial regulatory authorities for approval to set up financial branches; banks' sub-branches in Yiwu were granted credit approval authority at the branch level; multiple prefecture-level authorities, such as those for enterprise cross-border investment and foreign exchange settlement and sale for foreigners, were delegated, achieving "Yiwu handling of foreign exchange business." By removing institutional and mechanistic obstacles, this further activated Yiwu's development characterized by "inexplicable, creating something from nothing, and turning stone into gold," steadily advanced the industrial transformation and upgrading of "emptying the cage to change the birds and phoenix nirvana,"[5]5 "Emptying the cage to change the birds" (tenglong huanniao) and "phoenix nirvana" (fenghuang niepan) are metaphors used in Chinese political discourse to describe the process of eliminating outdated industries and achieving industrial upgrading and transformation through painful but necessary reforms. and through the tempering of reform, the "Yiwu development experience" continued to precipitate and elevate, becoming a national model for county-level reform breakthroughs, financial empowerment, and commerce-driven city building.

Wenzhou is a microcosm of Comrade Xi

A sound social credit environment is the basic prerequisite for establishing a socialist market economy, an important condition for effectively preventing and defusing financial risks, and the foundation for the normal operation of the economy and finance. The construction of "Credit Zhejiang," which Comrade Xi

Coordinate financial development and security to safeguard the steady progress of modernization. Finance is a comprehensive reflection of the economy. In July 2003, Comrade Xi Jinping, during an investigation of the Zhejiang provincial financial system, explicitly required that potential financial risks be taken seriously and prevented before they arise. Zhejiang incorporated "financial security" into its provincial security system, clearly defining tasks such as focusing on preventing financial risks, corporate debt risks, and credit risks, preventing regional financial risks, and maintaining financial stability and market economic order, while establishing a supporting assessment mechanism. From then on, leading cadres at all levels in Zhejiang Province managed risks with the same intensity they used to promote economic development, conducting monthly monitoring, having "top officials" take direct charge, and linking performance to hard assessments. This formed a mechanism of "two reports" (economic report + safety report) regularly submitted to the main Party and government leaders at all levels, institutionally securing the bottom line of preventing regional financial risks. By the end of 2004, the non-performing loan ratio of major banking financial institutions in Zhejiang Province had dropped to 2.69%, a decrease of 1.92 percentage points from the beginning of the year, significantly lower than the 13.2% non-performing loan ratio of major commercial banks nationwide. In 2008, impacted by the international financial crisis, financial systems in various regions were affected to varying degrees. Zhejiang saw only a small increase in its non-performing loan ratio, with no large-scale corporate funding chain breaks or mass financial risk incidents, maintaining basic stability in financial order.

The restructuring of Hangzhou Iron and Steel Group (hereinafter "Hanggang") is a vivid example of Comrade Xi Jinping actively promoting risk resolution through development. At the beginning of this century, Hanggang encountered temporary operational difficulties and faced the risk of bad debts on credit funds. Due to the enterprise's considerable size, there was a certain hidden danger of regional financial risk. During the transformation and restructuring process of Hanggang, Comrade Xi Jinping encouraged Hanggang to take a path of diversified investment. Under his guidance, Hanggang abandoned the Daxie Steel Plant project and chose the path of joint restructuring with the private enterprise Ningbo Jianlong. To facilitate the smooth restructuring of Hanggang, Comrade Xi Jinping reported to the then central leadership on

Take investigation and research as the foundation for planning and undertaking undertakings, and apply scientific decision-making to the resolution of financial difficulties and the implementation of financial policies. A correct outlook on political performance cannot be separated from a scientific methodology. The financial situation changes rapidly; decisions made “by patting the head” [6]6 The “spirit of driving a nail” (钉钉子精神) is a metaphor used by Xi Jinping to describe the need for persistence and focus in implementing policies, likening it to driving a nail into a wall with repeated, precise strikes. and plans made “by taking for granted” will inevitably become divorced from reality and from the masses. During his work in Zhejiang, Comrade Xi Jinping insisted on opening up the situation through investigation and research and seeking the path forward through investigation and research, spending a great deal of time going to the grassroots and inspecting sites. In the 118 days after arriving in Zhejiang, he visited all 11 cities and 25 counties (cities and districts). 2003 was designated by the Zhejiang Provincial Party Committee as the “Year of Transforming Work Style” and the “Year of Investigation and Research.” Comrade Xi Jinping took the lead by

With a pragmatic work style, we must firmly grasp implementation and execution, embedding genuine and solid effort throughout the entire process of financial reform and development. A correct outlook on political performance runs through the work philosophy of integrating knowledge and action. The financial work chain is long, the service targets are numerous, and risk hazards are latent; much of this work cannot be accomplished overnight. It must be advanced with a pragmatic and truth-seeking work style and implemented with the spirit of driving a nail [6]6 The “spirit of driving a nail” (钉钉子精神) is a metaphor used by Xi Jinping to describe the need for persistence and focus in implementing policies, likening it to driving a nail into a wall with repeated, precise strikes., without mistaking talk for action or action for completion. Comrade Xi Jinping has always adhered to the principle that “one part deployment, nine parts implementation” [7]7 “One part deployment, nine parts implementation” (一分部署、九分落实) is a phrase frequently used by Xi Jinping to emphasize that the key to policy success lies in thorough execution rather than initial planning., following up on reform work in various financial fields throughout the entire process and persisting over the long term. Regarding reforms in the rural credit cooperative sector, he did not stop at meeting deployments and institutional documents but issued four directives within two years for regular tracking and follow-up to ensure effectiveness. In the process of preventing and resolving risks, responsibilities such as risk investigation and coordinated handling were implemented through institutional construction, using concrete and precise pragmatic measures to safeguard the bottom line of security. This profoundly enlightens us: genuine effort and solid implementation are the core essence of practicing a correct outlook on political performance. The true political achievements of any work are never the dazzling data on reports or the perfect plans in ledgers, but rather the tangible benefits to entities, the warmth of livelihood guarantees, and the confidence in risk prevention and control. We must carry forward and develop the fine work style of grasping things through to the end and persisting over the long term, resolutely abandoning problems such as emphasizing deployment over implementation and emphasizing form over quality and effectiveness, and ensuring that all work takes root with a down-to-earth and tough-minded attitude.

With a systematic mindset, we must plan the overall layout, integrating overall consideration into the genes of financial work. A correct outlook on political performance embeds a systematic concept and contains dialectical materialism. When Comrade Xi Jinping planned financial reform and development in Zhejiang, he insisted on looking at finance from beyond finance and grasping finance from the overall situation, using a holistic perspective to resolve structural contradictions in development. He adhered to the idea that the economy and finance are one integrated whole, consciously aligned with the policy guidance of the Party Central Committee, and anchored the fundamental direction of finance serving the real economy. He insisted on coordinating reform, innovation, and the security bottom line, respecting local development realities, granting grassroots financial reform space for exploration, optimizing financial service mechanisms for export-oriented economies such as Yiwu, while not neglecting various types of risk hazards in the financial field, building a multi-level risk prevention, control, and handling system, and advancing the integration of liberalizing development and maintaining the security bottom line. He started from institutional construction to solve practical problems, avoiding piecemeal advancement, using the creation of “Credit Zhejiang” to fundamentally resolve information asymmetry issues, leveraging the insurance industry’s role as an economic shock absorber and social stabilizer, and addressing the long-term concerns of the masses. This profoundly enlightens us: practicing a correct outlook on political performance cannot be biased toward one extreme or one-sidedly selective; it requires a comprehensive, interconnected, and developmental perspective to coordinate the overall governance situation, seeking dynamic balance among multiple objectives, making systematic concepts and dialectical thinking the inherent principles for planning, advancing, and testing financial work, and promoting high-quality development in finance to proceed steadily and far.

Carry Forward the Fine Work Style of Comrade Xi Jinping’s Practice in Zhejiang, Guide High-Quality Development in Finance with a Correct Outlook on Political Performance

Comrade Xi Jinping’s practice of planning and advancing financial work during his tenure in Zhejiang has set an example and demonstrated a model for us to practice a correct outlook on political performance. We must systematically study deeply, integrate and comprehend thoroughly, and effectively transform the learning outcomes into action guidelines for doing financial work well.

Strengthen the centralized and unified leadership of the Party Central Committee over financial work, and lead high-quality development in finance with political orientation. The centralized and unified leadership of the Party Central Committee over financial work is the fundamental guarantee for practicing a correct outlook on political performance and doing financial work well in the New Era. We must continuously improve the systems and mechanisms for Party committees at all levels to coordinate financial work, ensuring that the financial decisions of the Party Central Committee are implemented and effective. We must persistently strengthen cross-departmental and cross-regional regulatory coordination, deepen the central-local regulatory coordination mechanism, and consolidate the overall synergy of financial governance. We must focus on forging a high-quality, professional financial cadre and talent team that is loyal, clean, and responsible, promote Chinese financial culture, and take the effectiveness of serving the people, serving the real economy, reform and innovation, and risk prevention and control as the core benchmarks for evaluating financial work, doing more practical things that lay foundations, benefit the long term, and improve people’s livelihoods, using high-quality development in finance to safeguard high-quality economic and social development.

Abide by the original aspiration of finance serving the people, making financial services warmer and more beneficial to people’s livelihoods. Serving the people and benefiting them is the greatest political achievement of financial work; all financial policy design and resource allocation must stand firmly on the people’s side. Flexibly utilize various monetary policy tools, continuously reduce the overall social financing costs, and rely on structural tools to precisely support the development of small and micro enterprises, the “three rural” areas [8]8 “Three rural areas” (三农) refers to agriculture, rural areas, and farmers, a key focus of Chinese policy., new urban residents, and flexible employment groups. Smooth the transmission mechanism of the entire monetary policy chain, through institutional arrangements such as standardizing liability management, transparent loan pricing, and improving cost disclosure, effectively enhance the sense of gain for business entities. Continuously expand the supply of inclusive finance, innovate and adapt financial products around livelihood needs such as elderly care and medical care, improve the long-term mechanism for consumer rights protection, and ensure that the dividends of financial development fairly benefit millions of households.

Anchor the fundamental duty of finance serving the real economy, making finance’s empowerment of high-quality development more effective. We must coordinate the relationship between visible achievements and latent achievements, and between short-term benefits and long-term development. Solidly do a good job in the “five major articles” of finance [9]9 The “five major articles” of finance (金融五篇大文章) refers to five priority areas for financial work: sci-tech finance, green finance, inclusive finance, pension finance, and digital finance., build equity-debt linked financing channels around the full lifecycle of sci-tech enterprises, and regularly implement “green channels” for listing financing and mergers and acquisitions for sci-tech enterprises in key core technology fields. Balance the development of direct financing and indirect financing, strictly rectify illegal activities in the capital market, cultivate a long-term value investment ecosystem, and nurture patient capital. Improve the construction of public credit platforms, strengthen the collection and sharing of enterprise-related credit information, and improve the credit enhancement system for small and medium-sized enterprises. Make good use of the regular project recommendation mechanism for key industries, leverage the joint efforts of government, banks, and enterprises, and effectively channel financial resources to business entities that have needs and prospects.

Adhere to upholding fundamental principles and breaking new ground to deepen reforms, making financial development more stable and resilient. Standardize and advance financial reform and innovation on the track of marketization and the rule of law, abandoning tendencies toward profit-seeking and speculation. Accelerate the construction of the rule of law in the financial field, using institutional rigidity to constrain various types of “pseudo-innovation” and “chaotic innovation.” Continuously deepen supply-side structural reform in finance, precisely matching the diversified needs of real economic development in terms of structure, quality, and efficiency. Steadily advance high-level opening up of finance, adhering to the alignment of the pace of opening up with regulatory capacity and the matching of the degree of opening up with the level of risk prevention and control, and enhancing the facilitation of trade and investment financing. Improve the management of newly established financial products and the innovation correction and error rectification regulatory system, embedding risk prevention and control throughout the entire process of financial system and policy design. Adhere to upholding fundamental principles and breaking new ground, adapting measures to local conditions, closely aligning with the era’s orientation and regional characteristics to prudently advance financial innovation, and strictly prevent behaviors that circumvent regulation under the guise of innovation.

We must firmly establish a bottom-line mindset for security, making financial risk prevention and control safeguards more robust. We must break away from the one-sided development mindset that prioritizes growth while neglecting risk prevention and control, fully implement institutional regulation, conduct regulation, functional regulation, penetrating regulation, and ongoing regulation, and shift risk governance from post-event handling to source prevention. We must continue to leverage the role of the inter-ministerial joint conference on preventing and combating illegal financial activities, resolutely investigate and handle a number of typical cases, expose illegal entities, form a strong deterrent, and resolutely safeguard the people’s “money bags.” We must cultivate a financial culture that is prudent, sound, law-based, and compliant, and seriously pursue accountability and responsibility for illegal or non-compliant behaviors that trigger risks. We must closely monitor external variables such as the international macroeconomic situation, geopolitical dynamics, and financial market fluctuations, improve mechanisms for normalized monitoring, dynamic assessment, and trend early warning, continuously strengthen the barrier against externally imported financial risks, and firmly hold the bottom line of preventing systemic financial risks.

(Joint research by the Zhejiang Provincial Development and Reform Commission)

Online editor: Huihui