CPC underscores need to address financial risks concerning national security

BEIJING: The Communist Party of China (CPC) leadership has underscored the need to mitigate financial risks to achieve high-quality development as it concerns the country's national security and overall safety of the people, Xinhua reported on Monday.

During the Political Bureau of the CPC Central Committee meeting, meeting, presided by General Secretary Chinese President Xi Jinping, the forum mulled over trial provisions concerning accountability for failing to prevent or defuse financial risks.

The development comes as President Xi, while addressing the opening of a study session at the Party School of the CPC Central Committee (National Academy of Governance) in January, had accentuated the need to defuse systematic financial risks.

The trial provisions reflected Beijing's move to bolster financial oversight to prevent and alleviate financial risks and encourage development in the financial field.

The huddle also called for the strict implementation of the trial provisions — also aimed at promoting the CPC's self-governance in the financial field and strengthening the centralised and unified leadership in financial work along with ensuring relevant authorities, financial institutions, industry authorities and local Party committees and governments fulfil their duties zealously — to convey a strong message that violators will duly be held accountable.

Furthermore, the meeting highlighted the need for efforts for significant breakthroughs in accelerating the country's central region's development, which in fact amounts to a tenth of the nation's land and one-quarter of the total population, comprising Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan provinces.

The region, the huddle noted, holds importance in terms of grain production, modern equipment manufacturing, high-tech industry, energy and raw materials along with a comprehensive transportation hub.

Calling for adhering to innovation-driven development and improving original scientific and technological research for breakthroughs, the participants also urged for efforts to develop new quality productive forces in line with local conditions, the expedited building of a modernised industrial system as well and the amplification of the development of the real economy sector with improved competitiveness.

The move, the meeting noted, is also aimed at coordinating efforts to encourage the upgrading of traditional industries while simultaneously catering to emerging industries as well as those of the future.

Underscoring the measures for the development of a modernised transportation infrastructure system along with the efficient, free and smooth flow of production factors, the huddle called for the push towards ecological conservation, environmental protection, green and low-carbon development along with continued efforts pursuing integrated development of urban and rural areas and advance rural revitalisation.

Additionally, the forum also stressed the improvement in the country's capacity to ensure the supply of various resources such as grain, energy and others.