Chinese Premier Emphasizes Financial Sector’s Role in Real Economy

Beijing, The Gulf Observer: Chinese Premier Li Qiang has underscored the crucial role of the financial sector in serving the real economy and called for efforts to promote the sector’s high-quality development. As 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, Li made these remarks in his instructions on local financial work.

Premier Li emphasized the importance of maintaining the centralized, unified leadership of the Party Central Committee over financial work, advocating for a path of financial development with Chinese characteristics. He highlighted the need to excel in areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance. Li also called for coordinated efforts in financial opening up and security, and the acceleration of building a modern financial system with Chinese characteristics.

Furthermore, Li stressed the necessity of completing the reform of local financial management mechanisms on schedule, strengthening regular supervision over local financial institutions, and ensuring no systemic financial risks occur.

A national conference of the directors of the offices of financial commissions 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 called for concerted efforts to strictly prevent interconnected risks in areas such as real estate, local government debts, and local small and medium-sized financial institutions. He emphasized the need to crack down heavily on illegal financial activities. Additionally, He Lifeng urged identifying entry points for enhancing financial support for the real economy, intensifying support for major strategies, key areas, and weak links, and promoting the high-quality development of the financial sector.

The conference highlighted the collective commitment to strengthening the financial sector’s role in underpinning the real economy and advancing China’s broader economic and developmental goals.