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, Xi has moved to extend that power more forcefully than ever over China’s financial system.
The Communist Party issued a detailed ideological statement 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 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.