The Strategy of Building a Financial Power in the Ideology of the CPC

Based on the analysis of “Excerpts from Xi Jinping’s Discourses on Financial Work” published in 2024, the article examines the CPC’s financial development strategy with Chinese characteristics. The plans to turn China into a “mighty financial power” are based on the interpretation of finance as an important area of competition between great powers. Examining the history of the rise of Dutch empire, Britain, and the United States as financial powers convinces Chinese researchers of the key importance of supporting economic influence by a strong financial system. Aimed at high-quality economic development in the situation of a long-term slowdown in GDP growth, the CPC’s strategy emphasizes the financial sector’s responsibility to serve the real economy, and to stop capital flows from manufacturing to the “virtual” sector. The tasks of financial risk prevention and financial supervision are becoming more important. The organizational reform of March 2023 led to the establishment of two new commissions within the CPC Central Committee: one to develop financial strategy and the other to be responsible for ideology, education and discipline in the financial sector. The institutionalization of the CPC’s centralized leadership in finances becomes the main tool for controlling risks and supporting the real economy. Another difference from the Western model of finance stems from the CPC’s objective to nurture Chinese financial culture based on traditional moral norms, including honesty and trust, pursuit of profit with regard to righteousness-justice, prudence and caution. It is concluded that two levels of the CPC’s financial policy statement are formed. The adoption and execution of decisions on specific issues complements the overall long-term development strategy presented in Xi Jinping’s speeches. It outlines in a clear form the main direction of development to which practical solutions in the field of finance should correspond.