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Chinese Premier Li Qiang

Chinese Premier Li Qiang Emphasizes Financial Sector’s Role in Economic Development

Beijing, May 21, 2024, The Europe Today: Chinese Premier Li Qiang has underscored the critical role of the financial sector in serving the real economy, advocating for efforts to drive the sector’s high-quality development. His comments were made during instructions on local financial work, emphasizing the need for centralized, unified leadership by the Party Central Committee over financial activities.

Li, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and head of the Central Financial Commission, highlighted the importance of adhering to a financial development path with Chinese characteristics. He called for a focus on several key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance. Additionally, he stressed the importance of balancing financial opening with security and expediting the establishment of a modern financial system that reflects Chinese characteristics.

Li emphasized the necessity of completing the reform of local financial management mechanisms as planned, enhancing regular supervision of local financial institutions, and ensuring there is no systemic financial risk. These remarks come amid broader efforts to strengthen the financial sector’s foundation and resilience.

The national conference of directors of financial commission offices under local Party committees was held in Beijing on Tuesday. He Lifeng, a member of the Political Bureau of the CPC Central Committee and director of the office of the Central Financial Commission, attended the conference and delivered a speech.

He Lifeng echoed Li’s sentiments, calling for coordinated efforts to prevent interconnected risks in areas such as real estate, local government debts, and small and medium-sized financial institutions. He emphasized the need for stringent measures against illegal financial activities.

He Lifeng also highlighted the importance of enhancing financial support for the real economy. This includes increasing support for major strategies, key areas, and vulnerable sectors to foster the high-quality development of China’s financial sector.

The directives from Premier Li and He Lifeng represent a comprehensive approach to strengthening China’s financial system, ensuring its alignment with national economic goals, and safeguarding against potential risks. These efforts are part of China’s broader strategy to maintain economic stability and sustainable growth in the face of evolving global and domestic challenges.