Advertisement

       SKIP ADVERTISEMENT

       Supported by

       SKIP ADVERTISEMENT

       Xi Jinping Is Asserting Tighter Control of Finance in China

       The Communist Party’s main theoretical journal has laid out a new ideological framework for the financial system that emphasizes the primacy of China’s top leader and Marxist principles.

       Share full article

       160

       Read in app

       China’s top leader, Xi Jinping, is moving to place greater control over the country’s financial system. Credit...Greg Baker/Agence France-Presse — Getty Images

       By Keith Bradsher and Joy Dong

       Keith Bradsher reported from Beijing and Joy Dong from Hong Kong.

       Dec. 5, 2023

       阅读简体中文版 阅读繁体中文版

       In his decade as China’s top leader, Xi Jinping has asserted greater control for himself and the Communist Party over the country’s economy. Now, Mr. Xi has moved to extend that power more forcefully than ever over China’s financial system.

       The Communist Party issued a detailed ideological statement on Friday in Qiushi, the party’s main official theoretical journal, that made clear that it expected banks, pension funds, insurers and other financial organizations in China to follow Marxist principles and pay obedience to Mr. Xi.

       The Qiushi paper, which was being closely studied by bankers and economists in China, could cut against efforts by Beijing to show that the economy is open to investment even as it places a heavier hand on business.

       Subscribe to The Times to read as many articles as you like.

       Keith Bradsher is the Beijing bureau chief for The Times. He previously served as bureau chief in Shanghai, Hong Kong and Detroit and as a Washington correspondent. He has lived and reported in mainland China through the pandemic. More about Keith Bradsher

       Joy Dong covers news in mainland China and Hong Kong. She is based in Hong Kong. @JoyDongHK More about Joy Dong

       A version of this article appears in print on Dec. 6, 2023, Section B , Page 1 of the New York edition with the headline: Cementing Ideology Shift, Xi Tightens Controls on Business . Order Reprints | Today’s Paper | Subscribe

       Read 160 Comments

       Share full article

       160

       Read in app

       Advertisement

       SKIP ADVERTISEMENT

       Comments 160 Xi Jinping Is Asserting Tighter Control of Finance in China Skip to Comments The comments section is closed. To submit a letter to the editor for publication, write to letters@nytimes.com.