The State Administration of Foreign Exchange (SAFE) has recently held the 2017 High-level Seminar for Branch Directors to implement the gist of the National Financial Work Conference, and analyze the economic and financial conditions both at home and abroad and the foreign exchange situations in China, based on the priorities of foreign exchange administration for the second half. Pan Gongsheng, secretary of the CPC Leadership and administrator of the SAFE made systematic arrangements for the implementation of the gist of the National Financial Work Conference and for the Seminar for Presidents of Branches and Sub-Branches of the People's Bank of China. Attendees include deputy directors, chief accountants, and heads of the branches of the SAFE (foreign exchange administrative departments), as well as heads of the organs and units directly under the SAFE.

It was unanimously agreed at the meeting that under the leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China has achieved significant accomplishments in China's financial development and reform advancement since the 18th CPC National Congress. This national financial work conference, an important meeting held in the run-up to the 19th CPC National Congress, shows the CPC Central Committee's emphasis of the financial work. In his speech, Secretary-general Xi Jinping took a big-picture approach to analyzing the current financial situation and elaborating on the guidelines, rules and tasks for financial work under the new normal of economic development, based on the laws of financial development. He gave a comprehensive account of many key issues such as how to enhance the efficiency and level of financial services supporting the real economy, guard against systematic financial risks, be determined to deepen the financial reform and further liberalize the financial market, and refine the CPC's leadership in financial work. Therefore, this conference is an instruction and guide for ensuring a good performance in financial work, and promoting the benign circulation and healthy development of the economy and finance under the new circumstances. Premier Li Keqiang made arrangements for financial work in the new era and raised clear requirements. Deputy Premier Ma Kai made specific arrangements for implementing the gist of the National Financial Work Conference. The officials and staff in the foreign exchange administration system are required to carefully learn to develop a right and thorough understanding of the gist and arrangements and be determined to implement them.

According to the conference, in the face of complicated economic and financial conditions both at home and abroad since the beginning of 2017, foreign exchange authorities have adhered to the general work guideline of making progress while maintaining stability and adapted to the new normal of foreign exchange administration under the leadership of the CPC Central Committee and the State Council as well as the CPC Committee of the People's Bank of China. They are committed to balancing the relations between facilitation and risk mitigation, effectively guarding against risks associated with cross-border capital flows while enhancing the level of foreign exchange administration serving the real economy, and therefore effectively safeguard the national economic and financial security. By deepening the reform of delegation, regulation and service, foreign exchange authorities support the stable development of foreign trade, and the two-way opening up of the financial markets. By adhering to the bottom line of foreign exchange administration in guarding against risks, they are dedicated to strengthening their capabilities in ongoing and ex-post administration, intensifying authenticity and compliance management, and cracking down against foreign exchange irregularities to ensure the health and stability of the foreign exchange market. They devote themselves to optimizing the operation and management of foreign exchange reserves to ensure the security, liquidity, value preservation and growth of foreign exchange reserves. They also enhance and improve CPC building to implement the "two responsibilities" in strengthening the Party's self-discipline in an all-round way. New achievements have been made in all respects.

It was pointed out at the meeting that since the 19th CPC National Congress will be held in the second half, delivering a good performance in foreign exchange administration is of great significance. Foreign exchange authorities shall align their thoughts and actions with the judgments, decisions and arrangements of the CPC Central Committee on economic and financial conditions to strengthen their sense of responsibility, mission and urgency in foreign exchange administration. They are required to step up the implementation with a focus on serving the real economy, guarding against financial risks and deepening financial reforms. First, further promoting cross-border trade and investment facilitation to enhance the efficiency and level of foreign exchange administration serving the real economy. Foreign exchange authorities are required to duly support and ensure authentic international payments and transfers under the current account in compliance with regulations to support the development of new trading formats. They also shall support capable Chinese enterprises that meet conditions to make authentic outward investments in line with regulations, and optimize foreign exchange administration services for FDI, to create a fairer, more open and convenient business environment for both Chinese and foreign enterprises. Second, building the macro-prudential management and micro market monitoring system for cross-border capital flows. Efforts shall be made to intensify ongoing and ex-post regulation, crack down on foreign exchange irregularities such as underground banks, and guard against risks associated with cross-border capital flows to safeguard a healthy and stable foreign exchange market and China's financial stability and economic security. Third, further deepening the foreign exchange administration reform to systematically push for the two-way opening up of the financial market and convertibility under the capital account. A favorable policy environment for foreign exchange administration shall be built to better support the Belt and Road Initiative. Fourth, enhancing the operations and management of foreign exchange reserves to maintain and grow the value of foreign exchange reserves while ensuring the security and liquidity of foreign exchange reserves.

According to the meeting, foreign exchange authorities must uphold the centralized and uniform leadership and the authority of the CPC Central Committee, and implement the policies, guidelines, decisions and arrangements made by the CPC Central Committee on financial work, to ensure the accurate orientation of the financial reform and development. They shall study the gist of Secretary-general Xi Jinping's speeches and his new philosophy, concepts and strategies on state governance, and strengthen their consciousness of the need to maintain political integrity, think in big-picture terms, uphold the leadership core, and keep in alignment. They also shall implement the requirements on strengthening the CPC's self-discipline, enhance education on dreams and beliefs, the spirit of the CPC, and the discipline, clean up undesirable work styles and uphold integrity, and comply with political discipline and regulations. Versatile financial talents with strong political consciousness shall be cultivated, selected and used to provide talent guarantee for the reform and development of foreign exchange administration.

Officials and staff in the foreign exchange administration system are required to gather around the CPC Central Committee with comrade Xi Jinping at its core, and work hard with more courage and determination as well as a strong sense of responsibility, in an attempt to ensure sound foreign exchange administration under the new circumstances and embrace the 19th CPC National Congress with outstanding performance.