Daily Times

The Communist Party of China (CPC) leadership on Monday deliberated on policies and measures to accelerate the development of China’s central region in the new era, and trial provisions concerning accountability for failing to prevent or defuse financial risks.

Xi Jinping, general secretary of the CPC Central Committee, presided over a meeting of the Political Bureau of the CPC Central Committee.

The meeting urged efforts to make further major breakthroughs in speeding up the development of the central region, which consists of the provinces of Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan.

Encompassing a tenth of the nation’s land and roughly one quarter of its population, the region is an important base in terms of the country’s grain production, energy and raw materials, modern equipment manufacturing and high-tech industry, and also serves as a comprehensive transportation hub.

The meeting urged sticking to innovation-driven development and enhancing original scientific and technological research to achieve breakthroughs. Efforts must be made to develop new quality productive forces in accordance with local conditions, accelerate the building of a modernized industrial system, boost the development of the real economy sector and increase its competitiveness, and coordinate efforts in promoting the upgrading of traditional industries while fostering emerging industries and industries of the future.

The meeting underlined efforts to develop a modernized transportation infrastructure system, and facilitate the efficient, free and smooth flow of production factors.

It also urged work to push forward ecological conservation and environmental protection, as well as green and low-carbon development. Continued efforts need to be made to pursue integrated development of urban and rural areas, advance rural revitalization across the board, and improve the country’s capacity to ensure the supply of grain, energy and other resources.

The meeting noted that preventing and defusing financial risks is a major challenge that must be overcome in order to achieve high-quality development, as it concerns national security, overall development and the safety of the people’s property.

In January, Xi underlined the need to prevent and defuse financial risks, particularly systemic risks while addressing the opening of a study session at the Party School of the CPC Central Committee (National Academy of Governance).

The trial provisions marked the country’s latest move to strengthen financial oversight across the board to prevent and defuse financial risks and promote high-quality development in the financial field.

The trial provisions are made to promote the Party’s full and rigorous self-governance in the financial field, strengthen the centralized, unified leadership of the CPC Central Committee in financial work, and ensure relevant authorities, financial institutions, industry authorities and local Party committees and governments perform their duties earnestly.

The meeting stressed that the trial provisions should be implemented strictly to send a strong signal that any violator will be held accountable, so that financial oversight will actually have “teeth and thorns” and be sharp-pointed.