34Received 10.01.2025. Revised 27.01.2025. Accepted 04.03.2025.
Abstract. Based on the analysis of “Excerpts from Xi Jinping’s Discourses on Financial Work” published in 2024, the article examines the CPC’s financial development strategy with Chinese characteristics. The plans to turn China into a “mighty financial power” are based on the interpretation of finance as an important area of competition between great powers. Examining the history of the rise of Dutch empire, Britain, and the United States as financial powers convinces Chinese researchers of the key importance of supporting economic influence by a strong financial system. Aimed at high-quality economic development in the situation of a long-term slowdown in GDP growth, the CPC’s strategy emphasizes the financial sector’s responsibility to serve the real economy, and to stop capital flows from manufacturing to the “virtual” sector. The tasks of financial risk prevention and financial supervision are becoming more important. The organizational reform of March 2023 led to the establishment of two new commissions within the CPC Central Committee: one to develop financial strategy and the other to be responsible for ideology, education and discipline in the financial sector. The institutionalization of the CPC’s centralized leadership in finances becomes the main tool for controlling risks and supporting the real economy. Another difference from the Western model of finance stems from the CPC’s objective to nurture Chinese financial culture based on traditional moral norms, including honesty and trust, pursuit of profit with regard to righteousness-justice, prudence and caution. It is concluded that two levels of the CPC’s financial policy statement are formed. The adoption and execution of decisions on specific issues complements the overall long-term development strategy presented in Xi Jinping’s speeches. It outlines in a clear form the main direction of development to which practical solutions in the field of finance should correspond.
Keywords: Xi Jinping, CPC Central Committee, high-quality development, financial security, risks, financial supervision, national characteristics, Chinese culture
REFERENCES
1. Borokh O.N. Priorities of China’s Economic Development in Contemporary Official Ideology. AlterEconomics, 2023, vol. 20, no. 1, pp. 189-215. (In Russ.) Available at: https://doi.org/10.31063/AlterEconomics/2023.20-1.10
2. Sun Daquan. Terminology Revolution: The Formation of Main Terminologies of Modern Chinese Economics. Beijing, Social Sciences Academic Press, 2023. 635 p. (In Chin.)
3. Sun Daquan. The Origin, Meaning, and Evolution of the Word “Jinrong” (Finance) in Modern China. Fudan Journal (Social Sciences), 2019, no. 4, pp. 137-147. (In Chin.)
4. Zhang Yaguang. Origin of the Term “Jinrong” (Finance). China Financialyst, 2011, no. 11, pp. 152-154. (In Chin.)
5. Dong Yanling. The Basic Importance and Internal Logic of Xi Jinping’s Important Discourses on Financial Work. Theoretical Horizon, 2024, no. 3, pp. 18-24. (In Chin.)
6. Zhang Xiaojing. Striving for the Goal of Constructing a Financial Power and Promoting the High-Quality Development of Finance: Theoretical Framework and Practical Paths. Economic Perspectives, 2024, no. 2, pp. 3-16. (In Chin.)
7. Strange S. States and Markets. 2nd ed. London, New York, Continuum, 1994. 266 p.
8. Henning C.R. The Exchange-Rate Weapon and Macroeconomic Conflict. Andrews D.M., ed. International Monetary Power. Ithaca and London, Cornell University Press, 2006, pp. 117-138.
9. Steil B., Litan R.E. Financial Statecraft: The Role of Financial Markets in American Foreign Policy. New Haven and London, Yale University Press, 2008. 208 p.
10. Arrighi G. The Long Twentieth Century. Money, Power, and the Origins of Our Times. Moscow, “Territory of the Future” Publishing House, 2006. 472 p. (In Russ.)
11. Qian Chunhai. Understanding Ideology and Promoting the Construction of a Financial Powerhouse – In-depth Study and Implementation of “Excerpts from Xi Jinping’s Discourses on Financial Work”. China Financialyst, 2024, no. 6, pp. 79-81. (In Chin.)
12. Chen Yulu. Study and Implement “Excerpts from Xi Jinping’s Discourses on Financial Work” and Promote High-Quality Financial Development. People’s Tribune, 2024, no. 15, pp. 6-9. (In Chin.)
13. Sima Qian. Records of the Grand Historian: Shi Ji. Vol. 4. Translation, introductory article, commentaries, and appendices by R.V. Viatkin. Moscow, “Nauka” Publishing House, The Main Editorial Office of Oriental literature, 1986. 456 p. (In Russ.)
14. Shtein V.M. “Guan-zi”: Study and Translation. Moscow, Publishing House of Oriental Literature, 1959. 380 p. (In Russ.)
15. Karneev A.N., Kashin V.B. China’s Crisis Management in the Initial Years following the Establishment of the People’s Republic of China. Russian Sinology, 2024, vol. 4, no. 9, pp. 51-62. (In Russ.) Available at: https://doi.org/10.48647/ICCA.2024.60.67.004
16. Deng Xiaoping. Remarks Made During an Inspection Tour of Shanghai (January 28 – February 18, 1991). Selected Works of Deng Xiaoping. Vol. 3: 1982–1992. Beijing, Foreign Languages Press, 1995, pp. 460-462. (In Russ.)
17. Liu Shiqiang, Yong Linyi. Xi Jinping’s Important Discourse on Financial Security: Generative Logic, Core Meaning and Value Orientation. Finance and Economics, 2024, no. 2, pp. 61-72. (In Chin.)
18. Deng Xiaoping. On the Reform of Enterprises and of the Banking System (December 19, 1986). Selected Works of Deng Xiaoping. Vol. 3: 1982–1992. Beijing, Foreign Languages Press, 1995, pp. 244-246. (In Russ.)
19. Xin Yaoyao, Zhang Shunya. On the Important Exposition of Financial Work for a New Era. Journal of Economics of Shanghai School, 2022, no. 1, pp. 75-86. (In Chin.)
20. Engels F. Engels to Conrad Schmidt in Berlin, London, 27 October, 1890. Marx K., Engels F. Works. Vol. 37. 2nd ed. Moscow, State Publishing House of Political Literature, 1965, pp. 414-422. (In Russ.)
21. Lenin V.I. Imperialism, the Highest Stage of Capitalism. Lenin V.I. Collected works. Vol. 27. 5th ed. Moscow, State Publishing House of Political Literature, 1969, pp. 300-426. (In Russ.)
22. Dong Zhiyong, Shen Bo. To Cultivate Financial Culture with Chinese Characteristics through the “Second Combination”: Basic Conditions, Path Basis, and Principles of Practice. Economic Perspectives, 2024, no. 2, pp. 17- 31. (In Chin.)
23. Shen Bo. Cultivating Financial Culture with Chinese Characteristics. Financial View, 2024, no. 10, pp. 21-23. (In Chin.)
SOURCES
1. Excerpts from Xi Jinping’s Discourses on Financial Work. Comp. by Institute of Party History and Literature of the CPC Central Committee. Beijing, Central Party Literature Press, 2024. 172 p. (In Chin.)
2. Publication Symposium on “Excerpts from Xi Jinping’s Discourses on Financial Work” Held in Beijing. The State Council of the People’s Republic of China, 19.04.2024. (In Chin.) Available at: https://www.gov.cn/yaowen/liebiao/202404/content_6946315.htm (accessed 22.12.2024).
3. Xi Jinping delivers his 11th “First Lesson of the New Year”, focusing on high-quality financial development, 17.01.2024. (In Chin.) Available at: https://www.12371.cn/2024/01/17/ARTI1705472963672354.shtml (accessed 22.12.2024).
4. Outline of Studying the Overall National Security Outlook. Comp. by the Central Propaganda Department of the Communist Party of China and the Office of the Central National Security Committee. Beijing, Xuexi Publishing House, People’s Publishing House, 2022. 150 p. (In Chin.)
5. The CPC Central Committee and the State Council Print and Issue the Plan on Reforming Party and State Institutions. The State Council of the People’s Republic of China, State Council Gazette, 2023, Iss. 9, 16.03.2023. (In Chin.) Available at: https://www.gov.cn/gongbao/content/2023/content_5748649.htm (accessed 22.12.2024).
6. Confucian Four Books “Si shu”. Moscow, Oriental Literature Publishing House, 2004. 431 p. (In Russ.)
7. Theoretical Study Center Group of the Party Committee of the People’s Bank of China. Cultivating Chinese Characteristic Financial Culture, Actively Provide Strong Support for Promoting High-Quality Financial Development – Study of “Excerpts from Xi Jinping’s Discourses on Financial Work”. China Financialyst, 2024, no. 5, pp. 12-13. (In Chin.)
8. Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization. People’s Daily, 22.07.2024. (In Chin.)
9. National Work Conference for the Financial System Arranges Next Year’s Financial Work: Strengthening Financial Supervision Industry by Industry, Firm by Firm, and Unit by Unit, 14.12.2024. (In Chin.) Available at: https://m.21jingji.com/article/20241214/6a4ed9943a906635ae5c88ccc3d16560.html (accessed 22.12.2024).
10. He Lifeng at the National Work Conference for the Financial System emphasizes that the Nation’s Financial System Should Deeply Study and Implement the Spirit of the Central Economic Work Conference and Solidly Carry out Next Year’s Financial Work. People’s Daily, 14.12.2024. (In Chin.) Available at: https://cpc.people.com.cn/n1/2024/1214/c64387-40381959.html (accessed 22.12.2024).
No comments