From Local Roots to National Vision
Long before China's financial plays on the global stage, Xi Jinping cut his teeth in Fujian Province. Between 1985 and 2002, he oversaw reforms guided by the dialectical maxims “weak hatching bird being the first to fly” and “constant dropping wearing away a stone”. These images captured the spirit of gradual yet bold innovation that would later become central to national policy.
Building a Financial Powerhouse
In Fujian, Xi championed “financial work serving the real economy”, prioritizing people-first solutions and political accountability. This principle now underpins China's approach to risk control, capital market reforms, and the internationalization of the renminbi. At the same time, the call for “swift and steady” opening up laid a blueprint for green finance and measured RMB liberalization.
Digital strides also began in Fujian's “Digital Fujian” initiative, illustrating how tech can fuel comprehensive development. This local laboratory for institutional opening-up led to models that inform China's modern central banking and fintech strategies nationwide.
Innovating Theory and Practice
Xi's Fujian tenure sparked theoretical breakthroughs that challenge Western models of pure deregulation. By reinforcing the CPC's centralized financial leadership, China has crafted a unique balance between growth and oversight. The concept of “financial security” now sits alongside economic metrics in the national security framework, ensuring that development and risk prevention advance hand in hand.
Global Reach: RCEP and the Belt and Road Initiative
Today, regional cooperation under the Regional Comprehensive Economic Partnership and the Belt and Road Initiative investment system build on Fujian's spirit of “focusing on ourselves while achieving mutual benefits”. These platforms showcase China's evolving financial diplomacy: leveraging local lessons to foster win-win partnerships across Asia and beyond.
As China navigates new challenges—from tech-driven disruptions to shifting trade patterns—the journey from Fujian's shores to global markets reveals a financial philosophy rooted in steady innovation, strategic oversight, and inclusive growth. For entrepreneurs, policymakers, and curious travelers alike, it's a blueprint that underscores how local wisdom can shape global trends.
What do you think about this path from local pilot to global powerhouse? Share your thoughts below.
Reference(s):
cgtn.com
