CPC leadership reviews report on rectification of financial institutions

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Friday presided over a meeting of the Political Bureau of the CPC Central Committee to review a report on the rectification of problems discovered during the eighth round of inspections of financial institutions.

It was noted at the meeting that the CPC Central Committee, with Xi at its core, has attached great importance to discipline inspection and has made it a strategic institutional arrangement for advancing the Party’s self-reform and full and rigorous self-governance. Focusing on the central task of economic development and serving the overall interests of the country, discipline inspection work has undertaken the primary task of upholding General Secretary Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and upholding the Party Central Committee’s authority and its centralized, unified leadership, concentrated on its functions and responsibilities, and strengthened political oversight. Discipline inspections have cut like a blade through corruption and misconduct by identifying problems and acting as a deterrent and have ensured further reform and development. 

Regarding rectifying problems discovered during inspections as an important measure to promote the reform and development of the financial sector, the CPC Central Committee with Xi at its core has given a series of important instructions, which has provided clear direction and fundamental principles for addressing problems and has thus ensured phased progress in our rectification work, according to the meeting. Party committees and leading Party members’ groups of financial institutions, assuming the responsibility for rectification, have acted on the feedback from inspections. Some prominent problems have been resolved and certain hidden hazards and risks have been defused, which has facilitated the development of leading bodies and officials as well as primary-level Party organizations within financial institutions.

Discipline inspection and supervision agencies and organization departments must strengthen oversight over rectification, launch special campaigns to address prominent problems, and ensure that cases involving violation of laws and regulations are strictly investigated and prosecuted. Relevant functional departments must make good use of inspection results, refine systems and mechanisms, and step up industry regulation.

It was stressed at the meeting that we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, continuously boost the consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment with the central Party leadership; stay confident in the path, theory, system, and culture of socialism with Chinese characteristics; and uphold General Secretary Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and uphold the Party Central Committee’s authority and its centralized, unified leadership.

We must improve our political judgment, understanding, and implementation, fully grasp the laws of finance, and enhance our political awareness in carrying out financial work and ensure our work serves the people. In doing so, we will blaze a path of financial development with Chinese characteristics.

We must uphold and strengthen Party leadership over financial work, prevent and defuse financial risks, advance reforms and innovation and, with the determination to crack tough nuts and the perseverance to follow through a problem, work continuously to ensure the responsibilities for rectification and supervision are fulfilled. We should tighten up political, ideological, organizational, and disciplinary work and push Party committees and leading Party members’ groups of financial institutions to fully rectify the problems identified during inspections. We should introduce regular and long-term mechanisms, incorporate inspection and rectification into daily financial work and into our work regarding deepening reforms, strengthening strict Party self-governance in all respects, and developing our leading bodies and officials, so as to provide a strong political guarantee for the sound development of the financial sector.

Other matters were also discussed at the meeting.

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