Central Financial Office and Central Financial Working Committee: adhere to the general tone of seeking progress while maintaining stability

Central Financial Office and Central Financial Working Committee: adhere to the general tone of seeking progress while maintaining stability
06:31, April 25, 2024 People's Daily

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On the 25th, the Office of the Central Financial Commission and the Theoretical Learning Center Group of the Central Financial Work Commission wrote in the People's Daily that it is necessary to speed up the filling of regulatory gaps, strengthen regulatory coordination, implement the responsibility of bottom-up supervision, and achieve full coverage of financial supervision. We will comprehensively strengthen the "five major regulations", and resolutely reverse the long-standing shortcomings of focusing on development, weak regulation, and risk spreading. Both supervision and supervision of supervision should "grow teeth with thorns", and resolutely show the sword when problems are found. We should properly handle the relationship between strengthening financial regulation and financial innovation. Financial innovation is necessary, but it should not be disorderly innovation. We should not engage in "innovation" that deviates from the needs of the real economy and circumvents regulation. We should strengthen the risk assessment of financial innovation. If we can't do it, we must not do it.

The following is the full text:

Adhere to the general tone of seeking progress while maintaining stability

——Study the Excerpt of Xi Jinping's Discussion on Financial Work

Office of the Central Financial Commission, Theoretical Learning Center Group of the Central Financial Work Commission

To follow the path of financial development with Chinese characteristics, we must have correct positions, ideas and strategies as well as correct strategies and methods. The general tone of seeking progress while maintaining stability is an important principle of governing the country and the methodology of doing economic work well. "Live in finance, live in economy; stable in finance, stable in economy". To do a good job in finance, we must insist on making progress while maintaining stability.

1、 Adhering to the general tone of seeking progress while maintaining stability is of great significance

Adhering to the general tone of seeking progress while maintaining stability, as one of the basic essentials of the financial development road with Chinese characteristics, has profound historical logic, theoretical logic and practical logic.

This is a valuable experience for the financial industry to achieve historic achievements. Over the past 40 years of reform and opening up, China has maintained rapid economic development, long-term social stability, and no financial crisis, which is the only major country in the world. We give full play to the advantages of the socialist system and various favorable conditions, adhere to the principle of gradual progress, cross the river by feeling the stones, pilot projects first, and steadily deepen financial reform and opening up; We should put prevention first, address both the symptoms and root causes, be stable and orderly, and hold the bottom line, effectively prevent and resolve financial risks, and promote steady and healthy economic development.

This is an innovative inheritance of the theory of socialist political economy with Chinese characteristics. Since the 18th National Congress of the Communist Party of China, General Secretary Xi Jinping has insisted on applying the basic principles of Marxist political economy, based on a deep insight into the overall trend of economic development at home and abroad, and issued a series of important statements around the general theme of pursuing progress while maintaining stability, which has become an organic component of Xi Jinping's economic thinking methodology. Adhering to the general tone of seeking progress while maintaining stability in financial development is the theoretical inheritance and development of our Party's successful leadership of economic work, as well as our Party's scientific understanding of the nature and laws of socialist finance with Chinese characteristics.

This is the practical need to comprehensively grasp and coordinate the "two overall situations". Domestically, the 20th National Congress of the Communist Party of China established that the central task of the Party in the new era and new journey is to unite and lead the people of all ethnic groups across the country to build a strong socialist modernization country in an all-round way, achieve the second century goal, and comprehensively promote the great rejuvenation of the Chinese nation with Chinese style modernization. The mission of the financial system is incumbent upon us. Internationally, the world's unprecedented changes in a century have accelerated their evolution, the volatility of the international financial market has intensified, the sources of turbulence and risk points have increased, and the instability and uncertainty of the external environment have increased. All this requires that the financial work should be developed and secure in a coordinated way. We should never take things lightly and make disruptive mistakes. We should assess the situation on a stable basis, seek advantages and avoid disadvantages, create conditions for steady progress, and strive to create new opportunities in crisis and open up new prospects in change.

2、 Accurately grasp the scientific connotation of the general tone of seeking progress while maintaining stability

The general keynote of pursuing progress while maintaining stability contains profound Marxist philosophy and reflects the dialectical unity of things.

"Stability" is the overall situation and foundation, and what should be stable should be stabilized. If the finance fails, or even the financial crisis breaks out, the economic development will inevitably suffer a severe setback. The financial work must adhere to the principle of keeping the word at the top, keeping the overall direction stable, keeping the principles and policies stable, keeping the strategic deployment stable, keeping the macro-control, financial development, financial reform, financial supervision and risk management stable, and keeping the financial policies in line with the bottom line of avoiding systematic financial risks.

"Progress" is the direction and motivation, and what should be advanced should be enterprising. Finance plays an important role in media trading, resource allocation, price discovery, risk management and other important functions. The financial system is an important basic system in economic and social development. Stability is not inaction, nor mechanical stability. It is to constantly solve problems and make progress in stabilizing the basic situation, actively make progress in transforming the mode, adjusting the structure, improving the quality, and increasing benefits, firmly grasp the strategic initiative of financial reform and development, enhance development resilience, and boost high-quality economic development with high-quality financial development.

The dialectical unity of "stability" and "progress" needs to be integrated. It is difficult to make progress without stability. We should make overall plans for stability and progress, seek progress with stability, and consolidate stability with progress. On the premise of grasping the balance and opportunity, we should make great efforts to handle the relationship between the local and the overall situation, the current and long-term, and the key and non key points. We should respect the objective laws and realities of finance. We should not only oppose impulsive and reckless efforts, but also oppose passive response and lack of ambition. Adhere to the principle of "first establish, then break down". What should be established should be actively established. What should be broken should be firmly broken down on the basis of establishment. Use a scientific and reasonable new mechanism to create a new driving force for financial development.

3、 Put the general tone of seeking progress while maintaining stability into place in financial practice

Adhere to the general tone of seeking progress while maintaining stability, which reflects the skilful ability and excellence of the CPC Central Committee with Comrade Xi Jinping at the core in leading financial work (Analyst Jin Qilin) Wisdom. We should adhere to the centralized and unified leadership of the CPC Central Committee over financial work, understand, grasp and implement "risk prevention, strong supervision and development promotion" as a whole, and achieve a more comprehensive "stability" and high-quality "progress" positive interaction.

Risk prevention should be based on the premise of stabilizing the overall situation. Preventing and defusing financial risks is a matter of national security, overall development and people's property security. It is a major gateway that must be crossed to achieve high-quality development. We should adhere to the policy of "stabilizing the overall situation, coordinating, implementing classified policies, and accurately dismantling bombs", and grasp the relationship between power and responsibility, speed and stability, prevention and destruction. The inventory should be handled in a stable and prudent manner. It should not nourish the remaining carbuncle patients, nor cause the risk of disposal risk. Promote stability with progress, strictly guard against increment, practically strengthen risk source control, tighten the system "fence" as soon as possible according to the principle of "four early", and never delay big things by small things.

To strengthen supervision, we should make real efforts, meet the challenge and show the sword on the premise of improving the system. Financial supervision is the key institutional design to prevent and control financial risks, manage financial chaos and standardize financial order. It is necessary to accelerate the filling of gaps in the regulatory system, strengthen regulatory coordination, implement the responsibility of bottom covering supervision, and achieve full coverage of financial supervision. We will comprehensively strengthen the "five major regulations", and resolutely reverse the long-standing shortcomings of focusing on development, weak regulation, and risk spreading. Both supervision and supervision of supervision should "grow teeth with thorns", and resolutely show the sword when problems are found. We should properly handle the relationship between strengthening financial supervision and financial innovation. Financial innovation is necessary, but it should not be disorderly innovation. We should not engage in "innovation" that deviates from the needs of the real economy and circumvents supervision. We should strengthen the risk assessment of financial innovation. If we can't do it, we must not do it.

To promote development, we must adhere to the fundamental premise of promoting stable growth, adjusting the structure and improving quality and efficiency. Serving the real economy is the bounden duty of finance. If finance is keen on self circulation and self expansion, it will become a water without a source and a tree without roots. We should focus on implementing a sound monetary policy, strengthen policy coordination, support stable expectations, stable growth, and stable employment, and create a favorable monetary and financial environment for economic and social development. Focusing on the "five major articles", we should make an overall plan to do a good job in the "addition and subtraction method", improve the efficiency of financial resource allocation, optimize the capital supply structure, and avoid idle capital deposition. Focusing on the construction of the "six pillars" of the modern financial system with Chinese characteristics, we will promote all kinds of financial institutions to stick to their original intentions, return to their roots, optimize their main businesses, and improve their specialties. We must not aim too high, blindly cross borders, and expand in disorder.

Action is more important than words. We need to unite more closely around the Party Central Committee with Comrade Xi Jinping at its core, adhere to the general tone of seeking progress while maintaining stability, work steadily and make good achievements, anchor the goal of building a strong financial country, solidly promote high-quality financial development, and make new and greater contributions to striving to open up the path of financial development with Chinese characteristics.

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Editor in charge: Shi Xiuzhen SF183

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