The Political Bureau of the Communist Party of China Central Committee held a meeting on May 27 and reviewed two documents, namely Policy Measures to Accelerate Development of Central China in the New Era, and Regulations on Accountability for Failing to Prevent and Defuse Financial Risks (trial). Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.

It was noted at the meeting that it is a major strategic decision made by the CPC Central Committee with Comrade Xi Jinping at its core to promote the development of central China. It is imperative to thoroughly understand the strategic intent of the CPC Central Committee, and the significance of strengthening the strategic position of central China as an important base in terms of grain production, energy and raw materials, modern equipment manufacturing and high-tech industry, and also a comprehensive transportation hub, so as to advance all key tasks to make new major breakthroughs in promoting the development of Central China.

The meeting underlined the need for the region to give full play to its concentrated science and education resources, adhere to innovation-driven development, and strengthen original science and technology research. The region was required to develop new quality productive forces in light of local conditions, accelerate the building of a modern industrial system, expand and strengthen the real economy, coordinate the transformation and upgrading of traditional industries, foster and strengthen emerging industries, and plan for the layout of future industries. While giving full play to its geographical advantages, the region should strengthen the construction of a modern transportation infrastructure system, and promote the efficient, free and convenient flow of factors so that the region will better integrate into serving the new development paradigm. Collaborative efforts are needed for the region to promote environmental protection and green and low-carbon development, and speed up the endeavors to build a beautiful Central China.

It is imperative for the region to advance integrated urban-rural development and take solid steps to promote rural revitalization across the board. The region should attach importance to improving the capability to ensure the security of food, energy and resources, so as to realize mutual support between high-quality development and high-level security. The Central Leading Group for Coordinated Regional Development should strengthen the overall coordination to flesh out the content of all tasks, and push local efforts to fulfill the tasks by constantly checking the to-do list. Relevant departments should intensify their support, and provinces in Central China including Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan should bear their principal responsibilities and form synergy to write a new chapter in energizing the central region.

It was noted at the meeting that preventing and defusing financial risks bear heavily on the national security, the overall development and the safety of people's property, and it is the important work that must be done well in the process of achieving high-quality development. Formulating and introducing trial regulations concerning accountability for failing to prevent or defuse financial risks are aimed at further exercising full and rigorous Party self-governance in the financial sector. It is also meant to strengthen the centralized and unified leadership of the CPC Central Committee over work in the financial sector, and to further make relevant administrative departments, financial institutions, competent departments in the sector, and local Party committees shoulder their responsibilities. With the new regulations, leading officials at all levels will be urged to have a correct understanding of what it means to perform well. They should make sure that various tasks in strengthening financial regulation across the board, preventing and defusing financial risks, and promoting high-quality development in the financial sector will be fulfilled well.

It was noted at the meeting that a good job must be done in implementing the regulations. Rigor must be prioritized, specifications of the regulations must be enforced to the letter, and those violators must be held to account. The message must be brought home that those who fail to perform their duties will be held to account, and be severely punished. Teeth must be added to regulations as far as financial supervision is concerned. Strict tone, measures and atmosphere must prevail in the financial sector forever.