Xi Jinping Outlines Plan for China to Become Financial Superpower with Distinct System Under Party Leadership
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Xi Jinping laid out a roadmap for China to become a "financial superpower", including having a strong economic foundation, currency, central bank, financial institutions, supervision, and talent.
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China's financial system would be distinct from Western models, with Communist Party leadership and an emphasis on financing the real economy.
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Preventing systemic financial risk is an urgent priority, requiring strengthened regulation and cracking down on corruption and moral hazard.
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China aims to improve the competitiveness and influence of its financial system internationally, promoting high-level opening up.
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China faces challenges like foreign capital outflows, a weak yuan, property debt crises, rising local government debt, and capital pressures on banks.