The Sept. 10 lead editorial of China’s Global Times daily, “Building a Financial Powerhouse Is of Profound Significance for China, World,” signaled that China is stepping forward to offer its significant financial resources and experience in using financial regulation and directed credit to develop its own economy to the world as a whole. It is a timely intervention, as the collapse of the Western economies and financial system threatens to bring the world economy down upon the entire world.

Global Times reports that for the first time ever, the task of “building China into a financial powerhouse” has been included in a five-year plan, the one covering 2026-30. It calls attention to the press conference held by the State Council Information Office that day, where senior officials from China’s four major financial regulators (the People’s Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission and the State Administration of Foreign Exchange) elaborated on these plans. This high-profile briefing “sends a clear signal: building a financial powerhouse has been placed in a highly prominent position within the overall national strategy,” Global Times noted, a decision aimed at addressing “an urgent task of far-reaching significance.”

By doing this, China “would not only support the development of the domestic real economy, but also help better safeguard the collective interests of the Global South and contribute to building a fairer and more equitable international financial governance system,” it asserts.