Translation Category: Finance
Qu Qingshan, one of China’s top Party theorists, argues that developing and modernizing the financial system is an integral component in the pursuit of modernization and “rejuvenation of the Chinese nation.” He emphasizes that for China to be a strong player in the global financial system, several structural risks in the domestic finance industry must be addressed. This piece appears in one of the leading Party newspapers and echoes Xi Jinping’s recent emphasis on strengthening the financial system, signaling policy priorities.
A researcher affiliated with the People’s Bank of China examines the nature and effects of a perceived growing U.S. tendency to deploy financial sanctions toward geopolitical objectives. The article outlines an extensive set of recommendations Beijing can take to better prepare for and protect against various sanctions scenarios, including deepening China’s global economic integration, improving diplomatic and trade ties with U.S. allies and partners, and promoting reform of the international monetary order.
Zhang Bei, a senior economist at the People’s Bank of China, warns that risks to China’s financial security are increasing amid an evolving geopolitical environment. Zhang sees sanctions as a double-edged sword, with economic and reputational costs to the sanctioning country—particularly if the sanctioned country is well-integrated with the global economy and financial markets. As a result, Zhang argues that China can reduce the likelihood and impact of potential sanctions by increasing financial openness and integration, diversifying trade and investment relations, and taking a more active role in global economic and monetary governance, including through measured RMB internationalization.
This document is the official readout of the June 2022 meeting of the Politburo, one of the CCP’s key decisionmaking bodies. The meeting agenda included a review of a report on political and discipline inspections of financial institutions, among other matters.
This article, published by the Development Research Center of the State Council, unpacks the “disorderly expansion of capital,” a term that rose to prominence in the wake of Beijing’s tech crackdown during the summer of 2021.
A former official at the China Securities Regulatory Commission encourages China to develop its own financial model in order to avoid the pitfalls of the U.S. model. He argues against excessive financialization, in order to avoid harming the development of the real economy.
The former Bank of China vice president outlines the role SWIFT plays within the international banking system and explains the effects the Russian economy will experience following the country’s removal from the system.
A senior executive at the state-owned Industrial and Commercial Bank of China explains the role of finance in transitioning China’s economy and development model from quantity to quality in order to better serve the people and achieve national rejuvenation.
Originally published in a leading journal of political ideology and reposted on the website of the state’s commission for overseeing state-owned enterprises (SOEs), the prior governor of two provinces and current head of that same SOE commission provides interpretation of a formal Central Committee Decision that provides guidance about how reforms of SOEs should be enacted based on factors such as state vs mixed ownership, assets vs enterprises, and the domestic vs international market.