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Media Coverage
The Capital Market Must Adhere to the Core Principle of Serving the Real Economy

Source:Securities Times

Recently, the Central Group of the Party Committee of China Securities Regulatory Commission (CSRC) conducted a seminar on the topic of Marxist philosophy. At the seminar the participants brushed up on the On Practice and the On Contradiction, the two classic works of Mao Zedong. Mr. Liu Shiyu, Chairman of CSRC, presided over the seminar and made a key-note remark. Mr. Liu pointed out that it is not only imperative for us to build a domestic multi -stratum capital market system but even more important to concentrate on a firm and steady approach in the principle of seeking truth from facts. Therefore, we should lead the direction of the reform of the domestic capital market towards marketization, legalization and internationalization, hold firmly the aim of serving the real economy, the mission of protecting the legitimate rights and interests of the small and medium-sized investors, and unwaveringly safeguard the bottom line of preventing financial crisis at home.

Mr. Liu stressed that we should further develop the Communist Party’s outstanding tradition of studying and applying Marxist philosophy. While looking forward to the opening of the 19th CPC National Congress, we should further study and implement the essence of the pivotal speech delivered by Xi Jinping, General Secretary of the CPC Central Committee on July 26, 2017. At present we should focus on the following:

Firstly, we should often revisit the master works of the Marxist Philosophy, which is our trump card, and apply it to practice. The On Practice and the On Contradiction together with other renowned works by Mao Zedong are the historic fruits of the combination of Maoism Thoughts with Marxist Philosophy being practiced in Chinese reality, and those works of Mao Zedong are the greatest contribution the Communist Party of China has ever made to the further development of Marxist Philosophy. With regard to upholding Marxist philosophy and Maoism Thoughts, General Secretary Xi Jinping has put forward several important statements since the 18th CPC National Congress. General Secretary Xi Jinping emphasized that the Marxism, Leninism and Maoism Thoughts cannot be discarded, otherwise we will lose all. So, only if every member of the CSRC Party Committee and all heads of CSRC’s departments revisit the classic works of Marxism on regular basis, can we play a leading role in the Party members and leaders of CSRC to thoroughly study the Marxist philosophy and to apply the theory to practice. Only if we study afresh the master works of Marxism, Leninism and Maoism, can we comprehend the spirit of the important remarks made by General Secretary Xi Jinping, fully and faithfully implement General Secretary Xi Jinping’s new mindset, new thoughts and new strategy on governance of China, and ensure that “studies on the theoretical and practical issues of Party building” are normalized and institutionalized and achieve a concrete result.

Secondly, we should further study and comprehend the spirit of a series of instructions made by General Secretary Xi Jinping on reform and development of the capital market at home, and take them as the guideline to supervise the capital market. General Secretary Xi Jinping pointed out that we should be resolved to optimize the domestic finance system, to build a finance chain for the favorable development of the real economy. As for the domestic capital market, it runs in external contradiction with the monetary policy, the fiscal and taxation policy, while capital market itself contains internal contradictions. Both internal and external contradictions, are the problems which have to be confronted in the development of domestic capital market. It is necessary to figure out the principal contradiction from the perspective of both the Marxist methodology and the Marxist epistemology, and then make an effort to solve them eventually. It is not only imperative for us to build a domestic multi-stratum capital market system but even more important to concentrate on a firm and steady approach in the principle of seeking truth from facts. Therefore, we must lead the direction of the reform of the domestic capital market towards marketization, legalization and internationalization, hold firmly the aim of serving the real economy, the mission of protecting the legitimate rights and interests of the small and medium-sized investors at home, and unwaveringly safeguard the bottom line of preventing financial crisis. We should be patient. We cannot afford mistakes caused by dogmatism or formalism. We cannot copy the western model, nor fall into the morass of empiricism. For CSRC, it is impermissible to evade dealing with contradictions and problems, to hesitate in reform and development, or to just dawdle along.

After the 18th CPC National Congress, General Secretary Xi Jinping has put forward a series of important instructions about the domestic capital market, which are full of rich methodology of Marxist dialectical materialism and historical materialism, and they are the fundamental guidelines for the reform, development and stabilization of the domestic capital market. Prior to the opening of the 19th CPC National Congress, this seminar on the Marxist Theory could help the entire CSRC system to better integrate theory with practice so that we can build a solid ideological foundation for comprehensive study and comprehension of the spirit of the 19th CPC National Congress.

Mr. Liu Yiqiang, professor of the Teaching and Research Department of Party School of the CPC Central Committee, had an in-depth exchange of views on the On Practice, the On Contradiction and the fundamental principle of the Marxist philosophy with the participants at the seminar. The participants of the seminar are the members of the Central Group of the CSRC Party Committee and heads of CSRC’s departments.

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