New Regulations Embed Xi Jinping Thought as Key Driver SoE Leaders' Conduct

Li Qiang says China is ‘cornerstone of certainty’ and ‘haven of stability’ for the world

Here are the key reports and articles from the People’s Daily’s edition on Monday, March 23, 2026.

Page 1: Let’s begin with Xi Jinping’s congratulatory message to the 10th summit of the Community of Latin American and Caribbean States (CELAC), which opened Saturday in Bogota. Xinhua reports:

“Xi said that since its establishment, the CELAC has been committed to promoting peace, stability, development and prosperity in the Latin American and Caribbean (LAC) region, injecting new impetus into the unity, cooperation and common development of the Global South. Last year, the fourth ministerial meeting of the China-CELAC Forum was held successfully in May in Beijing, Xi said, adding that he attended the opening ceremony and announced that China and LAC countries would jointly launch the five programs on solidarity, development, civilization, peace and people-to-people connectivity, receiving a positive response from LAC countries. Over the past year, China and LAC countries have worked closely together, advancing the steady implementation of the five programs and delivering tangible benefits to the people on both sides, Xi said. Xi emphasized that China will always be a good friend and good partner of LAC countries, and will support them in safeguarding their sovereignty, security and development interests. China stands ready to work with LAC countries to uphold international fairness and justice, and jointly write a new chapter in building a China-LAC community with a shared future, Xi said.”

Next, there’s a report on Li Qiang’s speech at the China Development Forum 2026 in Beijing on Sunday. Li said that:

“The current international situation is undergoing profound and complex changes. As President Xi Jinping has pointed out, this is an era full of challenges, and also an era full of hope. Looking across the globe, what we see is a picture of multiple trends coexisting, intertwining, and colliding: unilateralism and protectionism are running rampant, while forces advocating cooperation and promoting development continue to grow stronger; economic growth in traditional sectors faces difficulties, while development in emerging fields is gaining momentum; the international rules-based order suffers severe damage and disruption, while many countries actively advance reforms and improvements to global governance; and power politics prevails with arbitrary and reckless conduct, while calls for upholding fairness and justice grow ever louder. These phenomena, at a deeper level, reflect conflicts of ideas and concepts. From the perspective of economic development, they are mainly questions of how to view the market, how to view development, and how to view the future. Here, I would like to share three points of view. 李强表示，当前国际局势正在经历深刻复杂变化。正如习近平主席指出，这是一个充满挑战的时代，也是一个充满希望的时代。放眼全球，我们看到的是一幅多种态势并存、交织、碰撞的景象：单边主义、保护主义甚嚣尘上，同时求合作、促发展的力量也在不断壮大；传统领域的经济增长面临困境，同时新兴领域的发展动能也在蓬勃兴起；国际规则秩序遭受严重破坏和冲击，同时许多国家也在积极推动全球治理的改革和完善；强权政治大行其道、肆意妄为，同时捍卫公平正义的呼声也在日益高涨. 这些现象深层次反映的是思想观念的冲突，从经济发展角度看，主要是如何看待市场、看待发展、看待未来的问题。这里我愿分享三点想法.

• First, the market has already become a scarce resource, but it can also be continuously created. Looking back at history, every time the world economy has emerged from difficulty and moved toward prosperity, it has not relied on competing for existing markets, but on creating incremental markets through openness and technological progress. Protectionism is not a panacea for solving problems. We should uphold openness and a pioneering spirit, expand free trade, and actively promote innovation. China’s imports and exports are fair trade conducted within a framework of rules. China will unwaveringly advance high-level opening-up, import more quality foreign goods, and together with all parties jointly push for optimised and balanced development of trade, and collectively enlarge the global trade and economic ‘cake’.

• Second, development is inevitably accompanied by competition, but benign competition and cooperation can bring mutual benefit and win-win outcomes. Only by viewing competition with a positive mindset and promoting cooperation with pragmatic measures can parties empower each other and learn from each other’s strengths. The competitive advantages of China’s industries were not secured through subsidies or protectionism; rather, they stem from our unremitting efforts to deepen reform and vigorously pursue innovation-driven development—and, most crucially, from the diligence and hard work of the Chinese people and Chinese enterprises. We oppose disorderly and irrational vicious competition; however, within the context of a market economy, healthy competition unleashes greater impetus for development. China will continue to safeguard a fair and orderly market environment, strengthen communication and collaboration with all parties, and jointly promote the stability and security of global industrial and supply chains.

• Third, although the path ahead remains challenging, a brighter future is increasingly within reach. Only by resolutely strengthening confidence, shouldering responsibility, and taking concrete action can one forge ahead with courage and fortitude, and shape a future worthy of anticipation. China is committed to being the world’s ‘cornerstone of certainty’ and ‘haven of stability’. The 15th Five-Year Plan outline is not only a ‘new blueprint’ for China’s development, but also a ‘new opportunity’ for the world’s development. China will endeavor to drive high-quality development and strive to maintain stable economic growth, while continuing to foster a sound business environment, comprehensively implement national treatment for foreign-invested enterprises, and allow enterprises from all countries operating in China to develop with peace of mind and give full play to their ambitions.

第一，市场已成稀缺资源，但又可以被不断创造。回顾历史，世界经济每次走出困境、走向繁荣，都不是靠争夺存量市场，而是靠开放和技术进步创造增量市场。保护主义不是解决问题的灵丹妙药。我们应当坚持开放、开拓精神，扩大自由贸易、积极推动创新。中国的进出口是在规则框架下进行的公平贸易，中方将坚定不移推进高水平对外开放，进口更多国外优质商品，同各方一道推动贸易优化平衡发展，合力做大全球经贸蛋糕。第二，发展必然伴随竞争，但良性竞合可以带来互利共赢。以积极心态看待竞争，以务实举措推进合作，才能相互赋能、取长补短。中国相关产业的竞争优势不是靠补贴和保护取得的，而是来自于坚持不懈深化改革、深入推进创新驱动发展，最关键的还是中国人民、中国企业勤奋努力。我们反对无序、非理性的恶性竞争，但在市场经济条件下，良性的竞争能够激发出更大发展动力。中方将继续努力维护公平竞争的市场秩序，愿同各方加强沟通协作，共促全球产供链的稳定与安全。第三，前方的路虽然充满挑战，但美好未来更加可期。惟有坚定信心、扛起责任、切实行动，才能勇毅前行，塑造值得期待的未来。中国致力于做世界的“确定性基石”和“稳定性港湾”。“十五五”规划纲要不仅是中国发展的“新蓝图”，也是世界发展的“新机遇”。中国将着力推动高质量发展，努力保持经济稳定增长，同时继续打造良好营商环境，全面落实外资企业国民待遇，让各国来华企业安心发展、大展宏图.

Next, the full revised regulations on honest and clean conduct of leaders of SoEs is published in the paper today. These were first published in 2009 and have been recently revised on February 28, 2026. It’s obviously not feasible to list all the details. But I am offering below some comparisons with the 2009 version. My key takeaways are:

• First, the changes essentially embed Xi Jinping’s leadership and his ideological perspective and political priorities as a mandate for SoEs.

• Second, the scope of application for these regulations is now comprehensive

• Third, there are two particularly noteworthy changes, i.e., the emphasis on SoEs focussing on core functions and enhancing core competitiveness and blind pursuit of political achievement. These are reflective of the central leadership’s desire to tighten controls with regard to SoEs and local officials.

Anyway, here are some useful excerpts:

Article 2 says:

“The regulations apply to the following leading personnel of wholly state-owned and wholly state-funded enterprises, state-controlled enterprises, and state actually-controlled enterprises (including wholly state-owned and wholly state-funded financial enterprises, state-controlled financial enterprises, and state actually-controlled financial enterprises), as well as their branch institutions:

1. Members of the leadership bodies of Party organizations;

2. Members of the Board of Directors and members of the managerial executive team whose appointments are subject to the management of a superior Party organisation;

3. Other senior management personnel who are included in the management of higher-level Party organizations or managed by the Party organization of the enterprise.” 第二条 本规定适用于国有独资、全资企业和国有控股企业、国有实际控制企业（含国有独资、全资金融企业和国有控股金融企业、国有实际控制金融企业）及其分支机构的下列领导人员： （一）党组织领导班子成员； （二）列入上级党组织管理的董事会成员、经理层成员； （三）列入上级党组织管理或者由本企业党组织管理的其他高级管理人员.

The 2009 version of the regulation said: “These regulations apply to members of the leadership bodies of wholly state-owned enterprises and state-controlled enterprises (including wholly state-owned financial enterprises and state-controlled financial enterprises), as well as their branch institutions.” 第二条　本规定适用于国有独资企业、国有控股企业（含国有独资金融企业和国有控股金融企业）及其分支机构的领导班子成员.

Article 3: To strengthen integrity in the professional conduct of SOE leaders, it is necessary to uphold guidance by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold and strengthen the Party’s overall leadership, deepen the comprehensive and strict governance of the Party, strengthen supervision over state-owned enterprise leading personnel in performing their duties, exercising power, and maintaining integrity and self-discipline, and advance in an integrated manner the mechanisms so that officials do not dare to be corrupt, cannot be corrupt, and do not want to be corrupt, thereby providing strong guarantees for making state-owned enterprises and state-owned capital stronger, better, and bigger. 第三条 加强国有企业领导人员廉洁从业工作，必须坚持以习近平新时代中国特色社会主义思想为指导，坚持和加强党的全面领导，纵深推进全面从严治党，强化对国有企业领导人员履行职责、行使权力、廉洁自律的监督，一体推进不敢腐、不能腐、不想腐，为做强做优做大国有企业和国有资本提供坚强保障.

Article 4: SOE leaders shall observe the following principles regarding integrity in their professional conduct:

1. Be loyal to the Party, hold firm to their ideals and convictions, resolutely implement the major decisions and deployments of the Party Central Committee, actively serve national development strategies, and earnestly safeguard national interests;

2. Take responsibility and act, be courageous in innovation and forge ahead with determination, practice the correct view of political achievements, promote enterprises to continuously strengthen core functions and enhance core competitiveness, thereby ensuring the preservation and appreciation of state-owned assets;

3. Act in accordance with rules and laws, strictly observe the Party Constitution, Party regulations, and Party discipline, as well as national laws, regulations, and enterprise internal rules; exercise power with prudence, strictly uphold ethical bottom lines, maintain a clear distinction between public and private interests, act with honesty and integrity, and effectively prevent and mitigate risks;

4. Safeguard people’s livelihood, fulfil social responsibilities, and protect public social interests and the lawful rights and interests of employees;

5. Possess a solid work style, thoroughly implement the spirit of the central 8-point regulation, practice frugality while opposing waste, and inherit and carry forward the fine traditions and work styles of SoEs.

第四条 国有企业领导人员廉洁从业应当做到： （一）对党忠诚，坚定理想信念，坚决贯彻党中央重大决策部署，积极服务国家发展战略，切实维护国家利益； （二）担当作为，勇于创新、锐意进取，践行正确政绩观，推动企业不断增强核心功能、提升核心竞争力，实现国有资产保值增值； （三）依规依法，遵守党章党规党纪、国家法律法规和企业规章制度，谨慎用权、严守底线，公私分明、诚实守信，防范和化解风险； （四）保障民生，履行社会责任，维护社会公共利益和职工合法权益； （五）作风过硬，深入贯彻中央八项规定精神，厉行节约反对浪费，传承弘扬国有企业优良传统和作风.

Another important point to note is that the 2009 version of this document had five categories of prohibitions. The 2026 version expands these into seven categories, with significant changes. For instance Article 10 is new. It says:

“Article 10: The blind pursuit of political achievement at the expense of national interests is prohibited. The following behaviours are expressly forbidden:

• Exceeding reasonable asset-liability ratio levels and asset-liability structures, leading to excessive indebtedness;

• Deviating from primary responsibilities and core businesses, engaging in unrelated diversified operations;

• Establishing multi-layered enterprise organisational structures to evade regulation and carrying out disorderly expansion;

• In enterprise mergers and acquisitions and mixed-ownership reform, holding controlling shares without exercising control, or holding shares without exercising rights, resulting in loss of management and loss of control over the enterprise;

• Engaging in false controlling arrangements in enterprise cooperation, falsely inflating operating performance;

• Falsifying data to conceal the true condition of the enterprise;

• Conducting financing-type trade or fictitious transactions;

• Carrying out affiliated operations by leasing or lending the name of a state-owned enterprise, the trade name within the enterprise name, qualification certification documents, or through sham joint ventures, in order to piece together enterprise scale;

• Expanding overseas business in violation of compliance and integrity requirements;

• Other acts of blindly pursuing political achievements that harm national interests.

第十条 禁止盲目追求政绩损害国家利益。不准有下列行为： （一）突破合理资产负债率水平和资产负债结构，导致过度负债； （二）偏离主责主业，搞无关多元经营； （三）设立多层企业组织架构规避监管，进行无序扩张； （四）在企业并购、混合所有制改革中控股不控权或者参股不行权，导致企业失管失控； （五）在企业合作中搞虚假控股，虚增经营业绩； （六）进行数据造假，掩饰企业真实状况； （七）开展融资性贸易或者虚假交易； （八）通过出租出借国有企业名称、企业名称中的字号、资质证明文件或者虚假合资等方式开展挂靠经营，拼凑企业规模； （九）违反合规和廉洁要求拓展境外业务； （十）其他盲目追求政绩损害国家利益的行为.

Another new inclusion is Article 11, which deals with appointments, prohibiting nepotism, favouring of family members, interfering with personnel decisions at subsidiary enterprises, etc.

Page 2: There’s a report on He Lifeng meeting with a delegation of the U.S.-China Business Council. Xinhua says:

“Noting that China-U.S. ties are the world’s most important bilateral relations, He said it is hoped that the USCBC will continue to play its role as a bridge to promote friendly exchanges and the stable and healthy development of economic and trade relations between China and the United States. It is also hoped that U.S. enterprises can fully seize the development opportunities in China, make good use of the potential of the Chinese market, and inject more stability and positive energy into China-U.S. economic and trade relations, He added.”

Also on the page is a brief report on a seminar held for diplomats from 40 countries and representatives of international organizations in Beijing, discussing the achievements of Xinjiang.

There’s an English report covering this. It says that the group got together “to share views on the robust economic and social progress, continued improvements in human rights protection, and expanding opening-up in northwest China’s Xinjiang Uygur Autonomous Region.”

Page 3: There’s a report with data from the National Financial Regulatory Administration, which informs that as of the end of December 2025, the number of six types of local financial organizations—microcredit companies, financing guarantee companies, pawnshops, financing lease companies, commercial factoring companies, and local asset management companies—has decreased by 26% year-on-year and 55% compared to the historical peak.

It adds that since 2024, the NFRA has focused on strong and strict regulation, coordinating and implementing differentiated policies to guide local governments in carrying out special rectification campaigns targeting these six types of local financial organizations, resulting in the elimination of more than 5,600 non-compliant institutions. 记者从金融监管总局获悉：截至2025年12月末，小额贷款公司、融资担保公司、典当行、融资租赁公司、商业保理公司、地方资产管理公司等六类地方金融组织数量同比下降26%，与历史峰值相比下降55%。2024年以来，金融监管总局聚焦强监管严监管主线，统筹调度、分类施策，指导各地深入推进六类地方金融组织专项规范整治，累计清退不合规机构超过5600家.

Page 13: There’s a report from Greenland, with locals being critical of the US and polling information showing that 76% of Greenlanders oppose the territory becoming part of the US.

Also on the page is a report on how parts of India are facing a water crisis. The report draws on a recent NITI Aayog report.