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Source: Financial Supervision Bureau of the Ministry of Finance

The Ministry of Finance held a special meeting to study and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee

On July 29, the Ministry of Finance held a special meeting to thoroughly study and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee. Lan Fuan, Secretary of the Party Committee and Minister of the Ministry of Finance, attended the meeting and delivered a speech.

The meeting pointed out that the Third Plenary Session of the 20th CPC Central Committee deeply analyzed the new situation and new requirements facing the promotion of Chinese-style modernization, systematically deployed more than 300 major reform measures in 14 areas, and issued a general mobilization and made general arrangements to promote the comprehensive deepening of reforms to advance in breadth and depth, which has great and far-reaching significance for comprehensively promoting the construction of a strong country and the great cause of national rejuvenation with Chinese-style modernization. The "Decision" of the Plenary Session made comprehensive arrangements for deepening the reform of the fiscal and taxation system. The national financial system must truly unify its thoughts and actions with the spirit of the Plenary Session, deeply understand the decisive significance of the "two establishments", resolutely implement the "two safeguards", deepen the reform of the fiscal and taxation system at a higher starting point, higher level, and higher goal, and accelerate the establishment and improvement of a fiscal system that is compatible with Chinese-style modernization.

The meeting required that we unswervingly push forward the deepening of fiscal and taxation system reform, focus on building a high-level socialist market economic system, revolve around the primary task of promoting high-quality development, focus on improving the macro-control system, adhere to the people-centered approach, and comprehensively promote the construction of a beautiful China, etc., and fully implement the decisions and arrangements of the plenary session.

First, we need to improve the budget system, vigorously promote scientific financial management, and enhance the level of systematization, refinement, standardization, and legalization. We need to strengthen the overall planning of fiscal resources in terms of revenue, deepen the reform of zero-based budgeting in terms of expenditure, and give more emphasis to performance orientation in management, strengthen the financial support for major national strategic tasks and basic people's livelihood, and be "thrifty with small money and generous with big money", so as to use precious fiscal funds in key areas of development and urgent needs of people's livelihood.

Second, improve the tax system, optimize the tax structure, and promote high-quality development, social equity, and market unification. Study the tax system that is compatible with the new business model, standardize tax incentives, improve the support mechanism for key areas and key links, standardize the tax policies for business income, capital income, and property income, implement unified taxation of labor income, improve the VAT refund policy and deduction chain, and deepen the reform of tax collection and management.

The third is to establish a central and local fiscal relationship with clear rights and responsibilities, coordinated financial resources, and regional balance, increase local autonomous financial resources, and better mobilize the enthusiasm of both.

The meeting required that we should strengthen organizational leadership and build a reform work pattern that is coordinated from top to bottom, integrated with sectors, precise and efficient. We should insist on joint efforts, focus on "open reform", and listen to opinions and suggestions from all sides. We should insist on overall advancement, strengthen the coordination and matching of reform measures, and enhance the consistency of reform orientation. Financial departments at all levels should think and work together to make every effort to implement all arrangements of the "Decision" of the plenary session.

The meeting also made arrangements for key tasks such as strengthening the implementation of fiscal policy in the second half of the year.

Members of the Party Leadership Group of the Ministry of Finance attended the meeting. Relevant responsible persons of the Discipline Inspection and Supervision Group of the Ministry of Finance, heads of the Finance Departments (Bureaus) of provinces, autonomous regions, municipalities directly under the Central Government, and independently planned cities, and the Xinjiang Production and Construction Corps, and main responsible persons of various departments and bureaus of the Ministry of Finance attended the meeting.

The State Financial Supervision and Administration Bureau held a meeting to study and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and the 2024 mid-year work meeting

On July 29, the Financial Regulatory Bureau held a meeting to study and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and the mid-year work meeting in 2024, to convey and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, summarize the work in the first half of the year, and study and deploy key tasks in the second half of the year. Li Yunze, Secretary of the Party Committee and Director of the Financial Regulatory Bureau, presided over the meeting, expounded the spirit of the Third Plenary Session and made a summary speech. Party Committee members and deputy directors Zhou Liang, Xiao Yuanqi, Cong Lin, and Fu Wanjun attended the meeting and arranged key tasks in their respective areas.

The meeting emphasized that the Third Plenary Session of the 20th CPC Central Committee was a very important meeting held at a critical period of comprehensively promoting the construction of a strong country and the great cause of national rejuvenation with Chinese-style modernization. Learning and implementing the spirit of the Third Plenary Session of the 20th CPC Central Committee is a major political task for the Financial Regulatory Administration system at present and in the future. We must thoroughly study and understand General Secretary Xi Jinping's series of new ideas, new viewpoints, and new propositions on comprehensively deepening reform, deeply understand the decisive significance of "two establishments", and resolutely implement "two safeguards", and solidly promote the spirit of the plenary session into the mind and heart and implement it on the ground. Party committees at all levels in the system should formulate learning, publicity and implementation plans in light of actual conditions, make learning the spirit of the plenary session the key content of the theoretical study center group, learn it in its original form, comprehensively and systematically, understand the essence of the spirit, grasp the core essentials, and promote the rapid rise of a wave of learning, publicity and implementation of the spirit of the plenary session.

The meeting required that we should follow the key reform tasks deployed by the Party Central Committee, highlight problem orientation, focus on development needs, refine the reform plan of the General Administration, and clarify the timetable, roadmap, priority sequence and responsible persons of various reform measures. All units in the system should earnestly enhance their sense of responsibility and mission, establish and improve a complete and interlocking reform promotion mechanism, and implement various reform tasks with a spirit of perseverance. We should fully respect the initiative of the grassroots and the masses, encourage all units to explore innovative and replicable experiences and practices, and summarize and promote them in the whole system in a timely manner. We should strengthen the supervision and follow-up of the implementation of major reforms, and test the results of reforms with actual results and people's satisfaction.

The meeting pointed out that since the beginning of this year, the system has thoroughly implemented the spirit of the Central Financial Work Conference and the Central Economic Work Conference, and has focused on the major decisions and deployments of the Party Central Committee and the State Council, not avoiding difficulties, and being pragmatic and determined to promote various work to achieve significant results. The institutional reform of the General Administration system has been steadily implemented, and the "four-level vertical management" regulatory framework has been formally formed. The reform and risk reduction of small and medium-sized financial institutions has made positive progress, and the risk resolution in key areas has been orderly promoted. Strengthening and strict supervision has initially achieved results, the construction of the regulatory system has been accelerated, and the regulatory law enforcement force has been strengthened. The quality and efficiency of financial services to the real economy has continued to improve, and the insurance coverage and protection level have steadily increased. Comprehensive and strict governance of the party has continued to deepen, and the "four new" projects have been implemented with great success.

The meeting required that the entire system should resolutely implement the decisions and arrangements of the CPC Central Committee and the State Council on the second half of the year, and focus on annual goals and tasks to solidly advance work to prevent risks, strengthen supervision, and promote development.

First, we will focus on preventing and controlling financial risks in key areas.Adhere to the principle of stability, grasp the timing and effectiveness, and prevent and resolve risks of small and medium-sized financial institutions in a safe and orderly manner. Guide financial institutions to improve their positioning and governance, and strive to achieve high-quality development. Promote the coordination mechanism of urban real estate financing to play a better role. Guide financial institutions to actively cooperate in resolving local government debt risks.

The second is to resolutely implement the requirements of strong and strict supervision.Based on regulatory practice, we will keep a close eye on substantive risks, improve the financial legal system, and enhance law enforcement effectiveness. We will accelerate the formation of a regulatory system that is "connected from top to bottom, with clear responsibilities, strong execution, and efficient and orderly", and effectively transform the advantages of "four-level vertical management" into financial regulatory effectiveness. We will actively strengthen central-local coordination, work together to prevent and combat illegal financial activities, and cooperate in the supervision of local financial organizations to better achieve shared responsibilities, common answers to the same questions, and common efforts.

Third, fully support economic and social development.Further deepen the structural reform of the financial supply side and do a solid job in the "five major articles". Help develop new quality productivity in accordance with local conditions and accelerate the construction of a science and technology financial system that is compatible with scientific and technological innovation. Adhere to and implement the "two unshakable" principles and guide financial institutions to improve the financing support policies for private enterprises. Focus on the areas of people's livelihood such as elderly care, long-term care, accidental injuries, disaster response, and agricultural production, and enrich the supply of inclusive insurance products. Keep a close eye on the concerns of the people and protect the legitimate rights and interests of financial consumers. Strengthen the financing guarantee of effective investment, support the digital and green transformation of traditional enterprises, increase credit supply in the consumer field, promote high-level financial opening-up, and promote stable growth of foreign trade.

The meeting stressed that we must persist in governing the Party with the spirit of reform and strict standards, and give full play to the political guidance and political guarantee of comprehensive and strict governance of the Party. We must resolutely shoulder the political responsibility of inspection and rectification, plan ahead, and coordinate the promotion of central inspection and rectification. We must persist in rectifying work styles, strengthening discipline, and combating corruption, focus on special rectification of outstanding work style issues, unswervingly investigate and deal with corruption cases, and prevent the "four winds" from rebounding. We must establish a clear personnel orientation and implement the standards for good cadres in the new era. We must deeply implement the "four new" projects, strive to be pragmatic, take practical measures, and seek practical results, and truly promote major changes in work and supervision through major changes in thinking.

The meeting also made arrangements for current emergency flood prevention, production safety and other work.

Responsible persons from relevant departments of the Central Financial Affairs Office were invited to attend the meeting. Comrade Zhu Shumin, responsible persons of the Discipline Inspection and Supervision Group stationed in the General Administration, deputy bureau-level and above cadres of various departments, directly affiliated units, and financial labor unions of the agency, and the main responsible persons of various units under the General Administration in Beijing attended the meeting at the main venue. Members of the Party Committee of each financial regulatory bureau, deputy division-level and above cadres, main responsible persons of various units under the General Administration outside Beijing, members of the Party Committee of each financial regulatory sub-bureau, deputy section-level and above cadres, and members of the preparatory group of each financial regulatory sub-bureau attended the meeting at the branch venue.