Finance is the lifeblood of the national economy and bears on the overall situation of advancing Chinese modernization. General Secretary Xi Jinping pointed out, "Looking back on the development of China's financial sector since reform and opening up, to resolve the difficulties affecting and constraining the development of the financial sector, we must deepen reform." The Decision of the Third Plenary Session of the 20th CPC Central Committee made major arrangements for deepening the reform of the financial system. To thoroughly study and understand the spirit of the Third Plenary Session of the 20th CPC Central Committee, our reporter interviewed Wang Jiang, Executive Deputy Director of the Central Financial Commission Office and Executive Deputy Secretary of the Central Financial Work Commission.

　　Providing strong financial support for comprehensively advancing the building of a strong nation and the great cause of national rejuvenation through Chinese modernization

Reporter: How should we understand and grasp the goals and mission of deepening the reform of the financial system?

Wang Jiang: The Third Plenary Session of the 20th CPC Central Committee made major arrangements for deepening the reform of the financial system, which will surely inject strong impetus into accelerating the building of a financial powerhouse and continuously open up new prospects for financial work.

The fundamental purpose of deepening the reform of the financial system is to help advance Chinese modernization by accelerating the building of a financial powerhouse. To advance Chinese modernization, we need to adapt to changes in the principal contradiction in society and better resolve the problem of unbalanced and inadequate development; we need to build a modern industrial system and accelerate the construction of a new development pattern; we need to improve people's quality of life in promoting high-quality development and promote common prosperity for all; and we need to respond to common challenges facing humanity such as climate change and promote the building of a community with a shared future for mankind. All of these cannot be achieved without the key support of a strong financial system. To deepen the reform of the financial system, we must take anchoring the building of a financial powerhouse and solidly promoting high-quality financial development as a direct manifestation of dedicating ourselves to Chinese modernization, and accelerate the building of a modern financial system with Chinese characteristics.

The inevitable path for deepening the reform of the financial system is to unswervingly follow the path of financial development with Chinese characteristics. Unswervingly following the path of financial development with Chinese characteristics is a major achievement of the Party Central Committee with Comrade Xi Jinping at its core in integrating Marxist financial theory with the concrete realities of contemporary China and with China's fine traditional culture. Its basic essence, the "eight persistences," not only follows the objective laws of modern financial development but also has distinctive features suited to China's national conditions. The path of financial development with Chinese characteristics was explored in the course of reform and will surely continue to open up broad prospects in the practice of reform.

The practical requirement for deepening the reform of the financial system is to "prevent risks, strengthen supervision, and promote high-quality development." The present and the period ahead is a crucial period for comprehensively advancing the building of a strong nation and the great cause of national rejuvenation through Chinese modernization. We must coordinate the work of preventing risks, strengthening supervision, and promoting high-quality development, firmly hold the bottom line of preventing systemic financial risks, and support high-quality economic and social development with high-quality financial services.

Reporter: In deepening the reform of the financial system, how should we grasp and implement the "six persistences" major principles that must be upheld in further comprehensively deepening reform?

Wang Jiang: The "six persistences" major principles that must be upheld in further comprehensively deepening reform are a major achievement of our Party in continuously deepening its understanding of the laws of reform, and they must be upheld over the long term and thoroughly implemented in the reform of the financial system.

First, uphold the Party's overall leadership. Uphold the centralized and unified leadership of the Party Central Committee over financial work, give play to the Party's core leadership role of taking charge of the overall situation and coordinating all parties, and ensure that financial work always advances in the correct political direction. We must firmly support the "two establishments" and resolutely uphold the "two safeguards" with practical actions.

Second, uphold a people-centered approach. Stand firm on the people's position in financial work, enhance the diversity, inclusiveness, and accessibility of services, and better protect the rights and interests of financial consumers.

Third, uphold integrity and innovation. While always advancing along the path of financial development with Chinese characteristics, conform to the practical requirements of reform and development, effectively and thoroughly carry out reforms that should be carried out and can be carried out, and promote innovation by focusing on better serving the real economy and facilitating the people.

Fourth, uphold institution-building as the main line. Strengthen top-level design and overall planning, both break and establish, establish first and then break, firmly secure the fences that should be secured, and build the firewalls that should be built as soon as possible. Improve the institutional systems for financial practitioners, financial institutions, financial markets, financial operations, financial governance, financial supervision, and financial regulation, and standardize financial operations.

Fifth, uphold law-based governance in all respects. Advance reform under the rule of law and improve the rule of law through reform, ensure that major reforms have a legal basis, and promptly elevate reform achievements into legal systems. Establish a sound financial legal system, prohibit what must be prohibited, strictly enforce the law, and ensure that violations are prosecuted.

Sixth, uphold a systematic approach. Enhance the systematicness, holism, and coordination of reform, and effectively balance and connect reforms in financial regulation, financial markets, financial institutions, financial supervision, financial products and services, and financial infrastructure. Strengthen the coordination of financial system reform with reforms in other related fields such as fiscal and taxation, science and technology, industry, regional development, and social affairs.

　　Deeply understand and accurately grasp the major measures for deepening the reform of the financial system

Reporter: The Third Plenary Session of the 20th CPC Central Committee made a series of arrangements and requirements for deepening the reform of the financial system. How should we comprehensively and accurately grasp these major measures?

Wang Jiang: The arrangements made by the Third Plenary Session of the 20th CPC Central Committee for deepening the reform of the financial system are both consistent with and advance with the times from the arrangements of the 20th CPC National Congress, the Second Plenary Session of the 20th CPC Central Committee, and the Central Financial Work Conference, and must be understood and grasped as a whole.

First, accelerate the improvement of the central banking system. Improve the monetary policy and macroprudential policy systems, and strive to create a sound monetary and financial environment. Smooth the transmission mechanism of monetary policy, enrich the monetary policy toolbox, and gradually increase government bond trading in the open market operations of the People's Bank of China. Keep the RMB exchange rate basically stable at a reasonable and balanced level.

Second, strive to build a modern system of financial institutions, markets, products, and services. Improve the positioning and governance of financial institutions, and persist in returning to the source and focusing on the main business. Deepen financial market reform, strengthen market rules, and build safe and efficient financial infrastructure. Adhere to market demand as the guide, develop financial products, and provide high-quality financial services.

Third, improve the functions of the capital market with coordinated investment and financing. Support the entry of long-term funds into the market. Strengthen supervision of listed companies and the delisting system. Establish a long-term mechanism to enhance the intrinsic stability of the capital market. Improve the normative and restrictive mechanisms for the behavior of major shareholders and actual controllers. Improve the incentive and restraint mechanisms for dividends of listed companies. Improve investor protection mechanisms.

Fourth, effectively prevent and resolve financial risks. Establish a hard constraint system for early correction of risks, and build a solid financial stability guarantee system for effectively preventing and controlling systemic risks. Prevent and resolve risks in key areas such as real estate, local government debt, and small and medium-sized financial institutions in a vigorous, orderly, and effective manner. Severely crack down on illegal financial activities. Build a "firewall" between industrial capital and financial capital.

Fifth, deepen the reform of the financial supervision system. Improve the financial supervision system and bring all financial activities under supervision in accordance with the law. Strengthen supervision responsibilities and accountability systems, and enhance coordination between central and local supervision. Improve financial consumer protection mechanisms.

Sixth, improve the incentive and restraint mechanisms for financial services to the real economy. Improve and perfect systems such as statistical standards and assessment and evaluation, actively develop technology finance, green finance, inclusive finance, pension finance, and digital finance, and strengthen high-quality financial services for major strategies, key areas, and weak links.

Seventh, promote high-level financial opening up. Adhere to coordinating financial opening up and security, and improve the management model of pre-establishment national treatment plus negative list. Steadily and prudently advance the internationalization of the RMB. Steadily and prudently expand connectivity between domestic and overseas financial markets. Accelerate the building of Shanghai as an international financial center. Strengthen financial security mechanisms under opening up conditions. Actively participate in international financial governance.

Eighth, strengthen the building of the financial rule of law. Formulate a financial law as the basic law in the financial field, which together with other financial laws and regulations will constitute a relatively complete financial legal system. Promptly advance legislation in key and emerging areas of finance, and establish a system for regular law revision. Increase the enforcement of financial laws and regulations, and show zero tolerance for all kinds of illegal and non-compliant acts.

　　Uphold and strengthen the Party's overall leadership over financial work

Reporter: How should we uphold and strengthen the Party's overall leadership over financial work and provide a strong guarantee for deepening the reform of the financial system?

Wang Jiang: Strengthening the centralized and unified leadership of the Party Central Committee over financial work is the fundamental guarantee for doing financial work well. To deepen the reform of the financial system, we must resolutely uphold the authority and centralized and unified leadership of the Party Central Committee with Comrade Xi Jinping at its core, ensure that government orders are unimpeded, and unswervingly realize the reform decisions and arrangements of the Party Central Committee.

First, uphold and strengthen the centralized and unified leadership of the Party Central Committee. Improve the mechanism for supervising the implementation of the Party Central Committee's decisions and arrangements and the spirit of General Secretary Xi Jinping's important instructions and written comments on financial work, and ensure that the Party Central Committee's major policies and decisions and arrangements on financial work are comprehensively implemented.

Second, persistently use Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era to forge the soul. Strictly implement the "** topics" system, improve the theoretical study system, and establish and improve a long-term mechanism for forging the soul through learning, enhancing wisdom through learning, improving conduct through learning, and promoting work through learning, and always be firm believers in and loyal practitioners of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.

Third, strengthen Party building in the financial system. Thoroughly implement General Secretary Xi Jinping's important thought on Party building, take the Party's political building as the guide, and comprehensively strengthen Party building in the financial system. Improve the modern financial enterprise system with Chinese characteristics, and deepen the organic integration of Party building and corporate governance. Strengthen the building of grassroots Party organizations in the financial system, and effectively enhance their political and organizational functions.

Fourth, build a loyal, clean, and responsible financial cadre team. Thoroughly implement the Party's organizational line for the new era, adhere to the standards of political competence, professional competence, and conduct, and select and strengthen the cadre team in the financial system. Strengthen ideal and belief education for cadres in the financial system.

Fifth, persistently advance full and rigorous Party self-governance and improve conduct, enforce discipline, and combat corruption. Thoroughly implement General Secretary Xi Jinping's important thought on the Party's self-revolution, firmly compact and tighten the principal responsibility of Party organizations at all levels in the financial system for full and rigorous Party self-governance, and resolutely eradicate the soil and conditions for the breeding of financial corruption.