Chinese President Xi Jinping has long placed great importance on financial development as it pertains to the country’s fundamental interests.
During his tenure in Fujian Province, President Xi carried out forward-looking thinking and practical exploration on key issues in the financial sector, laying early groundwork for China’s broader modernization efforts.
This gave rise to a range of original concepts and pioneering practices, resulting in landmark achievements that offer valuable insights for advancing China’s unique path of financial development and continue to serve as a significant guide for current financial work.
From June 1985 to October 2002, Xi held various posts in Xiamen, Ningde, Fuzhou, and within the Fujian provincial Party committee and government.
In 1986, while serving as vice mayor of Xiamen -- a special economic zone -- Xi led the drafting of the city's 1985–2000 economic and social development strategy. It was the country's earliest 15-year regional blueprint formulated by local authorities. Notably, the plan included a dedicated chapter on financial sector development, which introduced the concept of "offshore finance."
Under his guidance, Xiamen broke new ground by establishing the first financial framework for a special economic zone, pioneering the use of foreign debt for infrastructure projects, and launching Xiamen International Bank, the country's first joint venture bank between China and foreign partners.
The bank actively attracted investment from overseas Chinese and foreign sources, raising capital through bond issuance and equity financing, thereby providing strong financial support for the development of the special economic zone.
"At that time, President Xi promoted the establishment of Xiamen International Bank to fill the gap in China's predominantly state-owned financial system, introducing funds and technology to directly serve the needs of the real economy and support the nation's opening-up strategy," said Ye Qiming, a key contributor to the bank's development.
President Xi has consistently advanced the reform and opening-up of the financial sector, advocating for the establishment of overseas Chinese investment companies and local insurance institutions.
These pioneering financial reforms injected fresh vitality into the development of the special economic zone.
Additionally, President Xi has consistently engaged in in-depth reflection on financial services for the real economy, initiating a series of practices and innovations focused on serving the people.
In the 1980s, many forest farmers in Ningde remained trapped in poverty due to the inherent challenges of forestry production and inadequate financial services.
At the time, Xi, then secretary of the CPC Ningde Prefectural Committee, proposed the pioneering idea of using growing timber resources as collateral, transforming the situation in which forest farmers had to wait for their trees to mature before they could harvest and benefit.
Subsequently, he advanced the reform of collective forest tenure in Fujian, encouraging financial institutions to work closely with local governments and forestry departments, effectively opening the doors of banks and revitalizing mountainous regions.
"President Xi said that safeguarding the fundamental interests of the people is both our starting point and ultimate goal. He then proposed using financial leverage to stimulate the entire forestry sector, achieving significant results with minimal effort. Through ongoing exploration, a number of innovative financial products were developed," said Huang Jianxin, then head of Fujian’s provincial forestry department.
Rural financial services are essential for poverty alleviation and achieving shared prosperity.
During his tenure in Ningde, President Xi also urged financial departments to strengthen agricultural financial services in rural areas, after discovering that many villages lacked credit cooperatives, leaving even basic deposit services unavailable.
"At the time, there were significant gaps and shortcomings in financial services for ordinary people. Comrade Xi Jinping had a deep understanding of the role finance plays in the economic and social development of impoverished regions. He not only instructed us to enter Ningde, but also encouraged us to go deeper to the grassroots level, injecting financial resources into every community," said Gao Jianping, then head of the Fujian branch of Industrial Bank.
Following this approach, a reservoir hydro-power station was built in a village in Ningde, while boat dwellers from Fu'an received loan support for housing construction and aquaculture, enabling them to settle on land.
For more than 20 years, Fujian has carried forward Xi’s financial principles and practices from his time in the province, continuously pursuing innovation and achieving steady progress.
The efficiency of financial resource allocation and the ability to serve the real economy in the province have also been consistently enhanced ever since.
Xi's financial vision laid foundation for Fujian's rapid development
