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Build a Financial System with Chinese Characteristics, Xi Says

China’s President Xi Jinping delivered an important speech on Jan. 16 at the opening ceremony of the seminar at the Party School on the CPC Central Committee in Beijing, promoting high-quality financial development for major leading cadres at the provincial and ministerial levels. As China is committed to opening up more to the outside world, there is also a strong emphasis on financial regulation in order to avoid any financial risk that may possibly arise from this “openness,” and maintaining “the fundamental purpose of serving the real economy.”

Xi stressed the key elements of a stable financial system for China: a strong currency, a strong central bank, strong financial institutions, a strong financial center, strong financial regulation, and a strong team of financial talents. “At present China is moving to a stage of high-quality development, and it is necessary to take the modern central bank system as an important support to not only support economic transformation and upgrading, but also prevent the occurrence of serious inflation or deflation and systemic financial risks, so as to ensure the smooth progress of China’s modernization process and safeguard national security,” he said.

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