Unswervingly Follow the Path of Financial Development with Chinese Characteristics

The Central Financial Work Conference held from October 30 to 31, 2023, was an important meeting convened by our Party against the backdrop of addressing a complex international economic and financial situation and accelerating the building of a financial power. Finance is the lifeblood of the national economy and an important component of national core competitiveness. General Secretary Xi Jinping’s important speech at the conference scientifically answered a series of major theoretical and practical issues concerning the development of China’s financial sector, providing fundamental guidance and a course of action for promoting high-quality development of finance and unswervingly following the path of financial development with Chinese characteristics in the New Era.

2023年10月30日至31日召开的中央金融工作会议，是我们党在应对复杂的国际经济金融形势、加快建设金融强国背景下召开的一次重要会议。金融是国民经济的血脉，是国家核心竞争力的重要组成部分。习近平总书记在会议上的重要讲话，科学回答了我国金融事业发展的一系列重大理论和实践问题，为新时代新征程推动金融高质量发展、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。

Upholding and Innovating Marxist Financial Theory

坚持和创新马克思主义金融理论

Marxist financial theory elucidates important aspects of the financial field such as currency, credit, and financial crises, and is of great significance for understanding and grasping the laws of financial development and promoting high-quality financial development. We have always adhered to Marxist financial theory, attached importance to the stability of the monetary and credit system, implemented reasonable and prudent monetary policy, fully leveraged the function and role of finance in serving the real economy, promoted the coordinated development of the virtual economy and the real economy, strengthened prudent financial supervision, and prevented and defused systemic financial risks.

马克思主义金融理论阐明了货币、信用、金融危机等金融领域重要内容，对于理解和把握金融发展规律，促进金融高质量发展具有重要意义。我们始终坚持马克思主义金融理论，重视货币信用体系的稳定，执行合理稳健的货币政策，充分发挥金融服务实体经济的职能和作用，促进虚拟经济和实体经济协调发展，加强金融审慎监管，防范化解系统性金融风险。

Since the 18th National Congress of the CPC, the Party Central Committee has combined Marxist financial theory with China’s specific realities and with the fine traditional Chinese culture, forming a series of important theoretical and practical innovations on financial issues in contemporary Chinese Marxist political economy. These achievements are an important part of Xi Jinping’s economic thought, reflecting its adherence to and innovation of Marxist financial theory, and providing scientific guidance for vigorously forging the path of financial development with Chinese characteristics. Currently, various contradictions and problems are intertwined in China’s financial sector. We must clearly recognize and analyze the difficulties and challenges facing high-quality financial development in terms of regulatory and governance capacity, and unswervingly follow the path of financial development with Chinese characteristics. This requires us to adhere to the guidance of Xi Jinping’s economic thought, fully implement the spirit of the 20th National Congress of the CPC, fully, accurately, and comprehensively implement the new development philosophy, deeply grasp the political and people-centered nature of financial work, and guide finance to provide high-quality services for economic and social development. At the same time, we must comprehensively strengthen financial supervision, effectively prevent and defuse financial risks, strengthen the centralized and unified leadership of the Party Central Committee over financial work, continuously improve the systems and mechanisms for the Party’s leadership over financial work, and temper and forge a high-quality, specialized financial cadre of talents, providing strong support for following the path of financial development with Chinese characteristics and accelerating the building of a financial power.

党的十八大以来，党中央把马克思主义金融理论同当代中国具体实际相结合、同中华优秀传统文化相结合，形成了当代中国马克思主义政治经济学关于金融问题的一系列重要理论和实践创新成果。这些成果是习近平经济思想的重要组成部分，体现了习近平经济思想对马克思主义金融理论的守正和创新，为奋力开拓中国特色金融发展之路提供了科学指引。当前，我国金融领域各种矛盾和问题交织，我们必须清醒地认识并分析金融高质量发展面临的监管和治理能力等方面的困难和挑战，坚定不移走中国特色金融发展之路。这就要求我们坚持以习近平经济思想为指导，全面贯彻党的二十大精神，完整、准确、全面贯彻新发展理念，深刻把握金融工作的政治性和人民性，引导金融为经济社会发展提供高质量服务。与此同时，要全面加强金融监管，有效防范化解金融风险，加强党中央对金融工作集中统一领导，不断完善党领导金融工作的体制机制，锤炼锻造高素质专业化金融干部人才，为走好中国特色金融发展之路、加快建设金融强国提供有力支撑。

Upholding and Strengthening the Party’s Centralized and Unified Leadership over Financial Work

坚持和加强党对金融工作的集中统一领导

Upholding the Party’s centralized and unified leadership over financial work is a concentrated manifestation of upholding the Party’s centralized and unified leadership over economic work in the financial field. Since the 18th National Congress of the CPC, the Party Central Committee with Comrade Xi Jinping at its core has attached great importance to financial work. At the Fifth National Financial Work Conference, the 13th collective study session of the 19th Politburo, the Fourth and Fifth Plenary Sessions of the 19th Central Committee, and the annual Central Economic Work Conferences, General Secretary Xi Jinping has made a series of important expositions and instructions on financial work, clarifying fundamental strategic issues in the financial field, and providing fundamental guidance for doing a good job in financial work in the New Era, fully practicing the political and people-centered nature of financial work, and firmly following the path of financial development with Chinese characteristics.

坚持党对金融工作的集中统一领导是坚持党对经济工作集中统一领导在金融工作上的集中体现。党的十八大以来，以习近平同志为核心的党中央高度重视金融工作。在第五次全国金融工作会议，十九届中央政治局第十三次集体学习，党的十九届四中、五中全会以及历年中央经济工作会议上，习近平总书记对金融工作作出一系列重要论述和指示批示，阐明了金融领域的根本性战略性问题，为做好新时代金融工作、全面践行金融工作的政治性和人民性，坚定走好中国特色金融发展之路提供了根本遵循。

The reform of Party and state institutions reflects the requirements of the Party’s centralized and unified leadership over financial work. In March 2023, the Central Committee of the CPC and the State Council issued the “Plan for Deepening the Reform of Party and State Institutions,” establishing the Central Financial Commission and the Central Financial Work Commission. The Central Financial Commission, as a decision-making and coordinating body of the Party Central Committee, is responsible for the top-level design, overall coordination, overall promotion, and supervision of implementation for financial stability and development, and studies and deliberates on major policies and issues in the financial field. The Central Financial Work Commission is a dispatched agency of the Party Central Committee, uniformly leading the Party’s work in the financial system and guiding the Party’s political construction, ideological construction, organizational construction, work style construction, and discipline construction in the financial system. The establishment of these two bodies helps to realize the Party’s centralized and unified leadership over financial work, supervise the implementation of financial policies, and ensure the safe, efficient, and stable operation of national finance.

党和国家机构改革体现了党对金融工作集中统一领导的要求。2023年3月，中共中央、国务院印发了《党和国家机构改革方案》，组建了中央金融委员会和中央金融工作委员会。中央金融委员会作为党中央决策议事协调机构，负责金融稳定和发展的顶层设计、统筹协调、整体推进、督促落实，研究审议金融领域重大政策、重大问题等；中央金融工作委员会是党中央派出机关，统一领导金融系统党的工作，指导金融系统党的政治建设、思想建设、组织建设、作风建设、纪律建设等。两个机构的成立有助于实现党对金融工作的集中统一领导，监督金融政策的执行落实，保证国家金融安全、高效、稳健运行。

Comprehensively Strengthening Financial Supervision, Effectively Preventing and Defusing Financial Risks

全面加强金融监管，有效防范化解金融风险

Comprehensively strengthening financial supervision and promoting the reform of financial regulatory institutions are important elements of China’s current financial work. After the 18th National Congress of the CPC, China continuously adjusted and optimized the financial regulatory framework based on the actual situation of financial work, adjusting from the “one bank and two commissions” to the “one bank and three commissions” and then to the current “one commission, one bank, one bureau, one association,” forming a financial regulatory system with full coverage, full process, and full conduct. Under the new regulatory system, China brings all financial activities under supervision according to law, effectively improves the effectiveness of financial supervision, and comprehensively strengthens institutional supervision, conduct supervision, functional supervision, look-through supervision, and ongoing supervision, eliminating regulatory gaps and blind spots.

全面加强金融监管，推动金融监管机构改革，是当前我国金融工作的重要内容。党的十八大之后，我国根据金融工作实际情况不断调整优化金融监管格局，由“一行两会”调整为“一行三会”再到现在的“一委一行一局一会”，形成了全覆盖、全流程、全行为的金融监管体系。在新的监管体系下，我国依法将所有金融活动纳入监管，切实提高金融监管有效性，全面强化机构监管、行为监管、功能监管、穿透式监管、持续监管，消除监管空白和盲区。

Continuously improve the system of laws and regulations in the financial field and the system for financial risk prevention, early warning, disposal, and accountability, preventing and defusing financial risks. Strictly enforce access standards and regulatory requirements for small and medium-sized financial institutions, effectively curb the blind expansion of financial institutions, and promptly dispose of risks in small and medium-sized financial institutions. Enrich the policy toolkit, improve counter-cyclical supervision and supervision of systemically important financial institutions, and prevent risks from spreading across institutions, markets, and borders. Implement normalized supervision of financial services on internet platforms, and promote the standardized, healthy, and sustainable development of the platform economy.

不断健全金融领域法律法规和金融风险预防、预警、处置、问责制度体系，防范和化解金融风险。严格中小金融机构准入标准和监管要求，有效抑制金融机构盲目扩张，及时处置中小金融机构风险。充实政策工具箱，完善逆周期监管和系统重要性金融机构监管，防范风险跨机构跨市场和跨国境传染。对互联网平台金融业务实施常态化监管，推动平台经济规范健康持续发展。

Steadily Advancing High-Level Opening Up of Finance

稳步推进金融高水平开放

Since the 18th National Congress of the CPC, China’s financial industry has entered a new stage of opening up, achieving remarkable results. The internationalization of the renminbi has developed steadily. In 2016, the renminbi was officially included in the International Monetary Fund’s Special Drawing Rights (SDR) basket, and in the 2022 valuation review, its weight was increased from 10.92% to 12.28%. In 2021, the renminbi surpassed the Japanese yen to become the world’s fourth-largest payment currency. High-level two-way opening of capital markets has been continuously deepened, with interconnection mechanisms such as the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Shanghai-London Stock Connect being launched successively. Foreign exchange management systems such as QFII, RQFII, and QDII have been continuously improved, the reform of the overseas listing system has been steadily advanced, and the convenience of cross-border investment and financing has been significantly enhanced. The ability to participate in international financial governance has steadily improved, with the successive initiation and establishment of the Asian Infrastructure Investment Bank and the New Development Bank of the BRICS countries. As a member of the G20 and the Financial Stability Board (FSB), China also actively participates in formulating various reform policies, contributing Chinese wisdom and Chinese solutions to international financial governance.

党的十八大以来，我国金融业对外开放进入新阶段，取得显著成果。人民币国际化稳步发展。2016年人民币正式加入国际货币基金组织特别提款权（SDR）货币篮子，并在2022年的提值审查中权重由10.92%上调至12.28%。2021年，人民币超过日元成为全球第四位支付货币。资本市场高水平双向开放不断深化，先后开通沪港通、深港通、沪伦通等互联互通机制，QFII、RQFII、QDII等外汇管理制度不断完善，境外上市制度改革稳步推进，跨境投融资便利程度显著提高。参与国际金融治理的能力稳步提高，相继发起成立了亚洲基础设施投资银行和金砖国家新开发银行，作为二十国集团（G20）和金融稳定委员会（FSB）成员，我国还积极参与制定各项改革政策，为国际金融治理贡献中国智慧和中国方案。

In the future, China will focus on expanding institutional opening up, expanding opening up in terms of rules, regulations, management, and standards, enhancing the convenience of cross-border investment and financing, and attracting more foreign financial institutions and long-term capital to operate and develop in China. To this end, it is necessary to further promote the interconnection of financial markets, improve the efficiency of the circulation of global financial factors, strengthen international financial regulatory cooperation, and actively prevent and respond to international financial risks.

未来，我国将以扩大制度型开放为重点，在规则、规制、管理、标准等方面扩大开放，提升跨境投融资便利化，吸引更多外资金融机构和长期资本来华展业兴业。为此，需进一步推动金融市场互联互通，提高全球金融要素流转效率，加强国际金融监管合作，积极防范和应对国际金融风险。

Doing a Good Job in the Major Undertaking of Financial Innovation

做好金融创新大文章

Since the 18th National Congress of the CPC, China’s economic structure has been continuously optimized, the quality of growth has significantly improved, and it has always adhered to promoting financial innovation and development on the track of marketization and the rule of law. Through regional pilot projects, a financial product system and service system adapted to the different development stages of various types of technology-based enterprises have been initially constructed. The multi-level capital market has been continuously improved, helping enterprises and other members of society broaden their financing channels. The development of digital finance has been continuously promoted, accelerating the digital transformation and upgrading of financial institutions and technology enterprises.

党的十八大以来，我国经济结构持续优化，增长质量显著提升，始终坚持在市场化法治化轨道上推进金融创新发展。通过地区试点，初步构建适应各类科技型企业不同发展阶段的金融产品体系和服务体系。不断完善多层次资本市场，助力企业和社会其他成员拓宽融资渠道。不断推进数字金融发展，加快实现金融单位和科技企业的数字化转型与升级。

In the future, it is necessary to continue to do a good job in areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance. Continue to make sustained efforts in innovation in areas such as technology finance and digital finance, pay more attention to financial innovation work in the field of people’s livelihoods, and pay more attention to the role of finance in broadening financing for the pension industry, advancing the rural revitalization strategy, and promoting green development. Use more financing channels, lower financing costs, and better quality of funds to promote financial innovation to serve high-quality economic and social development.

未来，需要继续做好科技金融、绿色金融、普惠金融、养老金融、数字金融等领域的工作。在科技金融、数字金融等领域的创新上持续发力，更加关注民生领域的金融创新工作，更加注重金融在拓宽养老产业融资、推进乡村振兴战略、促进绿色发展等方面发挥作用，以更多的融资渠道、更低的融资成本、更优的资金质量推动金融创新服务经济社会高质量发展。

(Authors: Ding Xiaoqin and Yan Xinqi, respectively Distinguished Research Fellow of the Chinese-Path Modernization Research Institute of Shanghai University of Finance and Economics and the Shanghai Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and Research Fellow of the Chinese-Path Modernization Research Institute of Shanghai University of Finance and Economics)

（作者：丁晓钦、阎新奇，分别系上海财经大学中国式现代化研究院、上海市习近平新时代中国特色社会主义思想研究中心特聘研究员，上海财经大学中国式现代化研究院研究员）

Online editor: Zhang Jian

网络编辑：张剑