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CPC Leadership Deliberates on Policies for Accelerating Development in Central China and Strengthening Financial Risk Accountability

Beijing, May 28, 2024, The Europe Today: The Communist Party of China (CPC) leadership convened on Monday to discuss policies and measures aimed at accelerating the development of China’s central region and establishing trial provisions for accountability in preventing and defusing financial risks. The meeting of the Political Bureau of the CPC Central Committee was presided over by Xi Jinping, General Secretary of the CPC Central Committee.

The meeting emphasized the need for significant breakthroughs in the development of the central region, which comprises the provinces of Shanxi, Anhui, Jiangxi, Henan, Hubei, and Hunan. This region, accounting for one-tenth of China’s land and approximately one-quarter of its population, plays a vital role in grain production, energy, raw materials, modern equipment manufacturing, high-tech industries, and serves as a major transportation hub.

Key directives from the meeting included:

  1. Innovation-Driven Development: Enhancing original scientific and technological research to achieve breakthroughs and developing new quality productive forces tailored to local conditions.
  2. Modernized Industrial System: Accelerating the construction of a modernized industrial system, boosting the real economy sector’s development and competitiveness, and coordinating the upgrading of traditional industries while fostering emerging and future industries.
  3. Transportation Infrastructure: Developing a modernized transportation infrastructure to ensure the efficient, free, and smooth flow of production factors.
  4. Ecological and Environmental Protection: Pushing forward ecological conservation, green and low-carbon development, and promoting integrated urban and rural development to advance rural revitalization and improve the capacity to ensure the supply of grain, energy, and other resources.

The meeting also addressed the critical issue of financial risk prevention and defusion, recognizing it as essential for achieving high-quality development and safeguarding national security, overall development, and the safety of people’s property. Xi Jinping previously highlighted the importance of preventing systemic financial risks during a study session at the Party School of the CPC Central Committee (National Academy of Governance) in January.

The introduction of trial provisions represents the latest effort to enhance financial oversight and ensure high-quality development within the financial sector. These provisions aim to reinforce the CPC Central Committee’s centralized and unified leadership in financial matters, ensuring that relevant authorities, financial institutions, industry regulators, and local Party committees and governments fulfill their responsibilities diligently.

The meeting stressed the strict implementation of these trial provisions, signaling a strong stance against violators to ensure financial oversight is effective and stringent.

This strategic approach underscores the CPC’s commitment to driving sustainable development and maintaining financial stability, reflecting its dedication to both regional growth and national security.