The Communist Party’s main theoretical journal has laid out a new ideological framework for the financial system that emphasizes the primacy of China’s top leader and Marxist principles.
In his decade as China’s top leader, Xi Jinping has asserted greater control for himself and the Communist Party over the country’s economy. Now, Mr. Xi has moved to extend that power more forcefully than ever over China’s financial system.
The Communist Party issued a detailed ideological statement on Friday in Qiushi, the party’s main official theoretical journal, that made clear that it expected banks, pension funds, insurers and other financial organizations in China to follow Marxist principles and pay obedience to Mr. Xi.
The Qiushi paper, which was being closely studied by bankers and economists in China, could cut against efforts by Beijing to show that the economy is open to investment even as it places a heavier hand on business.
Barry Naughton, an economist at the University of California at San Diego who has long studied China’s transition to a market economy, said that the document signaled that the finance sector would be subject to ever-tighter oversight and forced to serve government policies more actively.
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December 06, 2023 at 01:57AM
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Xi Jinping Is Asserting Tighter Control of Finance in China - The New York Times
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