Xi Jinping Tightens Grip Over China's Financial Sector, Emphasizing Marxist Principles and Party Control
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Xi Jinping is asserting tighter control over China's financial system by emphasizing Marxist principles and his own leadership.
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A new ideological framework laid out in the Communist Party's journal calls for banks, insurers, and other financial institutions to follow party policies and pay obedience to Xi.
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The framework signals that the financial sector will face increased oversight and be forced to serve government goals rather than pursue profits or market reforms.
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Some Western financial firms like Citibank and Vanguard are paring back operations in mainland China due to the tightened controls.
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The new stance cements the reversal of decades of financial liberalization in China under the justification of Xi Jinping Thought and growing party control.