Wang Jiang on Planning Financial Work - Zhang Youxia Discusses Military Reform Agenda - Pan Gongsheng on Financing Tech Ambitions
Hi folks,
Before we get to today’s edition, I am sharing below the latest episode of the Pekingology podcast. CSIS Freeman Chair Jude Blanchette was very kind to host me for a chat on Indian foreign policy and India-China ties.
Cheers,
Manoj
Here are the key reports and articles that I found noteworthy from the People's Daily’s edition on Friday, August 09, 2024.
Page 1: There’s a feature article on the page talking about the summer vacation with experts in Beidaihe. The theme of the break was Patriotic Struggle, and a lot of the comments are basically appreciating the Party’s focus on science and technology. Some of the topics of discussion were talent cultivation, core technologies and the “urgency of scientific and technological innovation and the sense of responsibility that experts feel to serve the country.”
Page 2: There is an interview with Wang Jiang, the deputy director of the Central Financial Work Committee’s General Office. Wang talks about the third plenum and its implications for financial work. He says:
“The only way to deepen the reform of the financial system is to unswervingly follow the path of financial development with Chinese characteristics. Unswervingly following the path of financial development with Chinese characteristics is a major achievement of the Party Central Committee with Comrade Xi Jinping as the core, combining Marxist financial theory with the specific reality of contemporary China and with the excellent traditional Chinese culture. Its basic essence, the ‘eight insistences”, not only follows the objective laws of modern financial development, but also has distinctive characteristics suitable for China’s national conditions. The path of financial development with Chinese characteristics was explored in the process of reform, and will continue to open up broad prospects in the practice of reform. The practical requirements for deepening financial system reform are ‘preventing risks, strengthening supervision, and promoting high-quality development’. The current and future period is a critical period for comprehensively promoting the construction of a strong country and the great cause of national rejuvenation through Chinese-style modernization. It is necessary to coordinate the work of preventing risks, strengthening supervision, and promoting high-quality development, firmly hold the bottom line of ensuring no systemic financial risks, and promote high-quality economic and social development with high-quality financial services.” 深化金融体制改革的必由之路是坚定不移走中国特色金融发展之路。坚定不移走中国特色金融发展之路，是以习近平同志为核心的党中央把马克思主义金融理论同当代中国具体实际相结合、同中华优秀传统文化相结合的重大成果，其基本要义“八个坚持”，既遵循现代金融发展的客观规律，更具有适合中国国情的鲜明特色。中国特色金融发展之路是在改革进程中探索出来的，也必将在改革实践中继续开辟广阔前景。深化金融体制改革的实践要求是“防风险、强监管、促高质量发展”。当前和今后一个时期是以中国式现代化全面推进强国建设、民族复兴伟业的关键时期。必须统筹推进防风险、强监管、促高质量发展工作，牢牢守住不发生系统性金融风险的底线，以高质量金融服务助力经济社会高质量发展.
He then makes six points of principle that must be adhered to:
First, adhere to the overall leadership of the Party over financial work.
Second, adhere to the people-centred approach.
Third, adhere to the principle of maintaining integrity while pursuing innovation. A key point under this is to ensure that finance “better serves the real economy”.
Fourth, adhere to institution-building as the main line. Strengthen top-level design and overall planning, break down old systems while establishing new ones, establish before breaking, firmly establish necessary safeguards and quickly erect essential firewalls. Improve the institutional system for financial practitioners, financial institutions, financial markets, financial operations, financial governance, financial supervision, and financial regulation, to standardize financial operations. 四是坚持以制度建设为主线。加强顶层设计、总体谋划，破立并举、先立后破，把该扎的篱笆扎牢、该建的防火墙尽快建起来。完善金融从业人员、金融机构、金融市场、金融运行、金融治理、金融监管、金融调控的制度体系，规范金融运行.
Fifth, adhere to comprehensive rule of law. Establish a comprehensive financial legal system, strictly prohibiting violations, ensuring strict law enforcement, and holding violators accountable. 建立完善的金融法律体系，有禁必止，执法必严，违法必究.
Sixth, adhere to a systems approach. Enhance the systemic, holistic, and coordinated nature of reforms, effectively balancing and linking reforms across various aspects of financial control, financial markets, financial institutions, financial regulation, financial products and services, and financial infrastructure. Strengthen the coordination of financial system reform with other related reforms in areas such as taxation, technology, industry, regional development, and society. 六是坚持系统观念。增强改革系统性、整体性、协同性，有效做好金融调控、金融市场、金融机构、金融监管、金融产品和服务、金融基础设施等各方面改革的平衡衔接。加强金融体制改革与财税、科技、产业、区域、社会等其他相关领域改革的协同配合.
The next question deals with the major measures to deepen the reform of the financial system. Wang makes 8 points:
First, accelerate the improvement of the central bank system. Enhance the frameworks for monetary policy and macroprudential policy, focusing on creating a favourable monetary and financial environment. Smoothen the monetary policy transmission mechanism, enrich the monetary policy toolbox, and gradually increase the trading of government bonds in the People’s Bank of China’s open market operations. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. 一是加快完善中央银行制度。健全货币政策和宏观审慎政策体系，着力营造良好的货币金融环境。畅通货币政策传导机制，充实货币政策工具箱，在中国人民银行公开市场操作中逐步增加国债买卖。保持人民币汇率在合理均衡水平上的基本稳定.
Second, focus on building a modern financial institutional, market, product and service system. Improve the positioning and governance of financial institutions by returning to the origins and focusing on core businesses. Deepen financial market reforms, strengthen market rules, and build a secure and efficient financial infrastructure. Develop financial products and provide high-quality financial services by adhering to market demand. 二是着力打造现代金融机构、市场、产品和服务体系。完善金融机构定位和治理，坚持回归本源、专注主业。深化金融市场改革，强化市场规则，建设安全高效的金融基础设施。坚持以市场需求为导向，开发金融产品，提供高质量金融服务.
Third, improve the functioning of the capital market that coordinates investment and financing. Support long-term funds to enter the market. Strengthen the supervision and delisting system of listed companies. Establish a long-term mechanism to enhance the inherent stability of the capital market. Strengthen the behavioural norms and constraints of major shareholders and actual controllers. Improve the incentive and constraints mechanism for listed companies to distribute dividends. Strengthen the investor protection mechanism. 三是健全投资和融资相协调的资本市场功能。支持长期资金入市。强化上市公司监管和退市制度。建立增强资本市场内在稳定性长效机制。完善大股东、实际控制人行为规范约束机制。完善上市公司分红激励约束机制。健全投资者保护机制.
Fourth, effectively prevent and resolve financial risks. Establish a hard constraint system for early risk correction and build a financial stability guarantee system to effectively control systemic risks. Prevent and resolve risks in key areas such as real estate, local government debt, and small and medium-sized financial institutions in an orderly and effective manner. Crack down on illegal financial activities. Construct a ‘firewall’ between industrial capital and financial capital. 四是有效防范化解金融风险。建立风险早期纠正硬约束制度，筑牢有效防控系统性风险的金融稳定保障体系。有力有序有效防范化解房地产、地方政府债务、中小金融机构等重点领域风险。严厉打击非法金融活动。构建产业资本和金融资本“防火墙”.
Fifth, deepen reforms in the financial regulatory system. Improve the financial regulatory system, ensuring that all financial activities are regulated according to the law. Strengthen regulatory responsibility and accountability systems and enhance coordination between central and local regulatory bodies. Improve the financial consumer protection mechanism. 五是深化金融监管体制改革。完善金融监管体系，依法将所有金融活动纳入监管。强化监管责任和问责制度，加强中央和地方监管协同。健全金融消费者保护机制.
Sixth, strengthen the incentive and constraint mechanisms for financial services that support the real economy. Improve statistical standards and evaluation systems, actively develop technology finance, green finance, inclusive finance, pension finance, and digital finance, and enhance high-quality financial services for major strategies, key areas, and weak links. 六是健全金融服务实体经济的激励约束机制。健全完善统计口径和考核评价等制度，积极发展科技金融、绿色金融、普惠金融、养老金融、数字金融，加强对重大战略、重点领域、薄弱环节的优质金融服务。
Seventh, promote high-level financial opening. Adhere to the overall coordination of financial opening and security, and improve the management model of pre-entry national treatment plus negative list. Steadily and prudently promote the internationalisation of the RMB. Steadily and prudently expand the interconnection of domestic and foreign financial markets. Accelerate the construction of Shanghai International Financial Center. Strengthen the financial security mechanism under open conditions. Actively participate in international financial governance. 七是推动金融高水平开放。坚持统筹金融开放和安全，完善准入前国民待遇加负面清单管理模式。稳慎扎实推进人民币国际化。稳慎拓展境内外金融市场互联互通。加快建设上海国际金融中心。强化开放条件下的金融安全机制。积极参与国际金融治理。
Eighth, strengthen the construction of financial rule of law. Formulate a Financial Law as the basic law in the financial field, and together with other financial laws and regulations, form a relatively complete financial legal system. Advance legislation in key and emerging financial fields in a timely manner, and establish a regular revision system. Strengthen the enforcement of financial laws and regulations and maintain zero tolerance for all types of illegal and irregular activities. 八是加强金融法治建设。制定金融法，作为金融领域的基本法，与其他金融法律法规共同构成比较完备的金融法律体系。及时推进金融重点领域和新兴领域立法，建立定期修法制度。加大金融法制执行力度，对各类违法违规行为零容忍.
The final question is about the tasks required to strengthen Party leadership over the financial system. Wang makes five points:
First, adhere to and strengthen the centralised and unified leadership of the Party Central Committee, i.e., implement the deployments of the Central Committee with Xi as the core.
Second, persist in using Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era to unite thinking and forge souls. People must “always be firm believers and faithful practitioners of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.”
Third, strengthen the Party building in the financial system.
Fourth, build a team of loyal, clean and responsible financial cadres. Under this, he promises to “strengthen the education of ideals and beliefs of cadres in the financial system.”
Fifth, persevere in promoting comprehensive and strict Party governance and anti-corruption work.
Next, there’s a report with comments from the PBOC’s Pan Gongsheng, discussing financial policy support for the technology sector. Some key points mentioned are:
In April this year, the PBOC, in collaboration with the Ministry of Science and Technology and other departments, established a 500 billion yuan re-lending facility for technological innovation and technological transformation in order to strengthen financing support for early-stage technology-based enterprises. Of this, 100 billion yuan is specifically allocated to support the first-time loans for early-stage and growth-stage technology-based SMEs, incentivizing financial institutions to invest more in early, small-scale, and hard technology projects. Currently, information on the first batch of 7,000 enterprises has been shared with 21 national banks, with loans being continuously disbursed. 为加强对初创期科技型企业融资支持，今年4月，中国人民银行联合科技部等部门设立5000亿元科技创新和技术改造再贷款，其中1000亿元额度专门用于支持初创期、成长期科技型中小企业首次贷款，激励金融机构更大力度投早、投小、投硬科技...目前，首批7000家企业信息已推送至21家全国性银行，贷款持续投放落地.
In May, the National Financial Regulatory Administration issued the ‘Guiding Opinions on the Banking and Insurance Industry to Do a Good Job in the ‘Five Major Articles’ of Finance’. This requires that the level of funds and insurance guarantees for R&D activities and the transfer and transformation of scientific and technological achievements be significantly enhanced, and the risk sharing mechanism of science and technology finance be continuously optimised, so as to strive to form a virtuous cycle of ‘science and technology-industry-finance’. 今年5月，国家金融监督管理总局发布的《关于银行业保险业做好金融“五篇大文章”的指导意见》要求，对研发活动和科技成果转移转化的资金和保险保障水平明显提升，科技金融风险分担机制持续优化，努力形成“科技—产业—金融”良性循环.
As of the end of June this year, the balance of medium- and long-term loans in the high-tech manufacturing sector increased by 16.5% year-on-year, and the loan balance for specialized and innovative enterprises increased by 15.2% year-on-year, both significantly higher than the average growth rate of all loans during the same period. As of the end of March this year, a total of 560 billion yuan in technology innovation bills had been issued. 截至今年6月末，高技术制造业中长期贷款余额同比增长16.5%，专精特新企业贷款余额同比增长15.2%，均明显高于同期各项贷款平均增速。截至今年3月末，科创票据累计发行5600亿元.
In addition, recently, seven departments jointly issued the ‘Work Plan on Doing a Solid Job in Science and Technology Finance’.
The final paragraph says:
“Pan Gongsheng stated that technology-based enterprises typically go through various stages, including the seed stage, startup stage, growth stage, and maturity stage. In the early stages of growth, there is a greater need for venture capital involvement, which remains a weak link. Financial institutions still need to further improve their ability to assess the risks of technology-based enterprises. It is necessary to strengthen top-level design and policy support to provide comprehensive, full-lifecycle financial services to technology-based enterprises, with a particular focus on supporting the financing of early-stage technology-based enterprises. Efforts should be made to enhance guidance and incentives for financial institutions, accelerate the implementation of the re-lending policy tools for technological innovation and technological transformation, and strongly support the first-time loans for technology-based SMEs and large-scale equipment upgrades in key areas. Initiatives should be undertaken to improve the technology finance service capabilities, and the internal incentive and constraint mechanisms within financial institutions should be optimised. The level of financial services in regions with a high concentration of technological factors should be improved, and the pioneering role of pilot zones for technology finance reform should be leveraged to create replicable and scalable models.” 潘功胜表示，科技型企业一般会经历种子期、初创期、成长期、成熟期等不同阶段。在成长的早期，更多需要风险投资的介入，这还是一个薄弱环节，金融机构对科技型企业的风险评估能力还需进一步提升。要加强顶层设计和政策供给，为科技型企业提供全链条、全生命周期的金融服务，特别是将支持初创期科技型企业融资作为重中之重。强化对金融机构的引导和激励，加快推动科技创新和技术改造再贷款政策工具落地见效，大力支持科技型中小企业首贷和重点领域大规模设备更新。开展科技金融服务能力提升工程，完善金融机构内部激励约束机制。提高科技要素密集地区金融服务水平，发挥科创金融改革试验区先行先试作用，形成可复制推广的典型模式.
Page 6: Today, there’s an article by Zhang Youxia on discussing the deepening of defense and military reform in the context of the third plenum.
He writes that “Consolidating national defense and strengthening the People’s Army are strategic supports for realising the great rejuvenation of the Chinese nation.” “Chairman Xi has consistently integrated the concepts of a strong nation and a strong military, placing the modernization of national defense and the military within the broader framework of Chinese-style modernization. He has led the way in establishing a path of strengthening the military with Chinese characteristics, further enriching and developing Marxist military theory through innovative military practices. This new path of modernization, which aligns with China’s national conditions and military needs while also responding to the demands of the times, is pioneering, exploratory, and challenging.” 这是推进中国式现代化的重大时代课题。巩固国防和强大人民军队，是实现中华民族伟大复兴的战略支撑。习主席始终坚持强国强军一体运筹，把国防和军队现代化放在中国式现代化的大棋局中谋划推进，领导开辟出中国特色强军之路，进一步丰富发展了马克思主义军事理论创新和军事实践创造。这条适合国情军情、顺应时代发展的我军现代化新路，极具开拓性探索性艰巨性.
“In the face of the severe test of maintaining the fundamental nature, purpose, and character of the military, how do we implement the strategy of political military building in the new era, deepen political training, rectify the work style and fight corruption, and make this heroic army led by our Party stronger? Faced with the risks and challenges of high winds and turbulent storms, how do we comprehensively enhance our ability to win wars and effectively fulfill the missions and tasks of the new era? Faced with the historic responsibility of leapfrogging development and becoming a world-class military, how do we overcome the ‘obstacles’ on the path to strengthening the military, and achieve modernization in military theory, organizational structure, personnel, and weaponry? Answering and resolving these major contemporary issues requires consistently using the Party’s goals for strengthening the military in the new era to guide, lead, and advance reforms. It is necessary to explore and innovate around key questions such as where to strengthen, what to strengthen, and how to strengthen, and continuously liberate and develop combat effectiveness, liberate and enhance the vitality of the military. Following the new ‘three-step’ strategic arrangement for national defense and military modernization, we should step-by-step turn Chairman Xi’s envisioned blueprint for a strong military into reality, making new and greater contributions to advancing Chinese-style modernization.” 面对永葆性质宗旨本色的严峻考验，如何贯彻落实新时代政治建军方略，深化政治整训、正风反腐，把我们党领导的这支英雄军队锻造得更加坚强？面对风高浪急甚至惊涛骇浪的风险挑战，如何全面提升向强制强的打赢能力，有效履行新时代使命任务？面对跨越发展、迈向一流的历史重任，如何打掉强军路上的“拦路虎”，实现军事理论现代化、军队组织形态现代化、军事人员现代化、武器装备现代化？回答和解决这些重大时代课题，都必须一以贯之用党在新时代的强军目标审视、引领、推进改革，围绕往哪强、强什么、怎么强等重大问题探索创新，不断解放和发展战斗力、解放和增强军队活力，按照国防和军队现代化新“三步走”战略安排，一步步把习主席谋定的强军蓝图变成现实，为推进中国式现代化作出新的更大贡献.
Zhang calls to achieve the centennial goal of the PLA.
“To accomplish this critical task, we must vigorously promote the spirit of reform and innovation, focusing on overcoming the bottlenecks and obstacles that hinder high-quality development, and driving transformative changes in the quality, efficiency, and momentum of our military’s development. As the execution of the ‘14th Five-Year Plan’ for military construction enters the crucial phase of capability integration and delivery, it is imperative to break through systemic obstacles. This requires innovative and synergistic approaches to force building that accelerate the improvement of combat capabilities. The requirements for shaping the security situation, containing crises and conflicts, and winning local wars are greater. It is, therefore, necessary to accelerate the transformation and upgrading of training and combat-readiness, and enhance the strategic ability to defend national sovereignty, security, and development interests. Addressing the deep-seated issues of extensive management in our military construction requires comprehensive strengthening of military governance, improving the operational efficiency of the military system, and enhancing the effectiveness of defence resource utilisation. The supply of talent is still not fully aligned with the demands of warfare, necessitating the construction of a new system for military talent, with an emphasis on the comprehensive cultivation and effective utilisation of personnel. To advance the high-quality development of the military, we must deeply understand and implement the important instructions and requirements of Chairman Xi on generating combat effectiveness through reform, change the development concept, innovate the development model, enhance the quality and efficiency of development, and provide a strong driving force for achieving the goal of building the army for 100 years.” 完成这一硬任务，必须大力发扬改革创新精神，聚力破解制约高质量发展的卡点堵点，推动我军建设质量变革、效率变革、动力变革。军队建设“十四五”规划执行已进入能力集成交付关键期，打破体系梗阻迫在眉睫，需要创新聚合增效的抓建模式，促进战斗力建设加速提质；塑造安全态势、遏控危机冲突、打赢局部战争有机统一的要求更高，需要加快练兵备战转型升级，提高捍卫国家主权、安全、发展利益战略能力；深层次解决我军建设管理粗放问题，需要全面加强军事治理，提高军事系统运行效能和国防资源使用效益；人才供给与打仗需求还不够完全匹配，需要构建完善新型军事人才体系，全方位培养用好人才；等等。推进我军高质量发展，必须深刻领会贯彻习主席关于向改革要战斗力的重要指示要求，转变发展理念，创新发展模式，增强发展质效，为实现建军一百年奋斗目标提供强大动力.
Zhang adds that achieving the centennial goal is an urgent need to seize the strategic commanding heights of international military competition. Chairman Xi has profound insights into the changes in technology, warfare, and our adversaries, repeatedly emphasising the need to seize the historic opportunity presented by the new global military revolution. Grasping this opportunity will allow us to gain the initiative and win strategic advantages; failing to do so could leave us in a passive position, potentially missing out on an entire era. If we seize them, we can seize the initiative, but if we fail to seize them, we may fall into passivity and miss an entire era. From the perspective of the evolution of the forms of warfare, the level of informatization in warfare has continued to increase, and the characteristics of intelligent warfare are increasingly apparent. The network information system has become a core support, and concepts, elements, and methods of winning wars have undergone significant changes. From the perspective of strategic competition, there is a deep coupling and interrelation between national strategic competitiveness, social productivity, and military combat power. Multi-domain and multi-method competition is becoming the norm, with overall competition based on comprehensive national power becoming more prominent. From the perspective of military development trends, groups of strategic high-tech technologies are emerging, the military layout in emerging fields is rapidly adjusting, and scientific and technological innovation has become an increasingly powerful engine driving the military revolution. Chairman Xi's design for winning future conflicts fully reflects a historical awareness and strategic foresight of proactively recognizing, adapting to, and driving change. This vision guides us to seek new advantages and reach new heights in international military competition. We must focus on the integrated development of mechanisation, informatization and intelligentization, make great efforts to create new growth poles of advanced combat capabilities, make great strides forward in building an innovative people’s army, and firmly grasp the initiative in military competition and warfare.” 这是抢占国际军事竞争战略制高点的迫切需要。习主席深刻洞察科技之变、战争之变、对手之变，反复强调要抢抓世界新军事革命历史机遇，抓住了就能掌握先机、赢得主动，抓不住就可能陷入被动、错过整整一个时代。从战争形态演进看，战争的信息化程度不断提高、智能化特征日益显现，网络信息体系成为核心支撑，战争制胜观念、制胜要素、制胜方式发生重大变化。从博弈斗争样式看，国家战略竞争力、社会生产力、军队战斗力深度耦合关联，多领域多手段博弈趋于常态，基于综合国力的整体较量更加凸显。从军事发展态势看，战略高新技术群体迸发，新兴领域军事布局加速调整，科技创新对军事革命的引擎驱动愈发强劲。习主席对制胜未来的变革开新设计，充分体现主动识变应变求变的历史自觉和战略远见，指引我们在国际军事竞争中谋取新优势、站上新高地。必须着眼机械化信息化智能化融合发展，下大力打造先进战斗力新的增长极，把建设创新型人民军队大踏步推向前进，牢牢掌握军事竞争和战争主动权。
In the second section, Zhang says that Xi has insisted on focussing on “important areas and key links related to the generation and improvement of combat effectiveness”. He adds that:
“It is necessary to implement the military strategic policy of the new era, adhere to the principle of the CMC managing the overall situation, the theatre command taking the lead in warfare/combat, and the services taking the lead overall building, and firmly grasp the shortcomings and weaknesses in preparing for war and fighting, deepen reform, and promote the preparation for military struggle to go deeper and become more concrete.” 必须贯彻新时代军事战略方针，坚持军委管总、战区主战、军种主建总原则不动摇，扭住备战打仗短板弱项深化改革，推动军事斗争准备走深走实.
Under this, he makes three points:
First, improve the leadership management system of the PLA. “To strengthen the institutional mechanisms for implementing the Chairman of the Central Military Commission (CMC) responsibility system, we must further refine mechanisms for requesting instructions and reporting, supervision and inspection, and information services. Advance the legal, standardized, and procedural implementation of the CMC Chairman’s Responsibility System to ensure that the Party’s command of the military is thoroughly implemented. In terms of deepening innovation in strategic management, the functions of CMC departments should be optimized, and mmechanisms for coordinated advancement of war preparation, construction, and readiness should be improved. Strengthen governance across all domains, full chains, and all levels, using new enhancements in military governance to propel new developments in strengthening the military. For improving mechanisms for governing the military according to law, there should be a focus on top-level planning, overall coordination, comprehensive advancement, and supervision of implementation. Special attention should be paid to managing officials and military power according to the law by improving the supervision system, accelerating a fundamental transformation in the way the military is governed. In terms of the optimization of military policy and system frameworks, focus on critical areas such as combat operations, readiness, and military human resources. Improve supporting measures, implement fundamental solutions, and continuously release the effectiveness of reforms. In regard to deepening the reform of military academies, treat academy education as a key component of military struggle preparation. Advance education and teaching reforms oriented towards the battlefield, the troops, and the future. Promote the realization of connotative development and strengthen the role of academies as the main channels for talent cultivation. Through a series of institutional designs and arrangements, implement Chairman Xi’s political strategy for strengthening the military in the new era throughout all areas and processes of military construction. Transform the advantages of the socialist military system with Chinese characteristics into a powerful force for advancing the modernization of national defense and the armed forces.” 在健全贯彻军委主席负责制的制度机制上，进一步完善请示报告、督促检查、信息服务工作机制，推进贯彻军委主席负责制法治化规范化程序化，确保党指挥枪要求贯到底、落到位。在深化战略管理创新上，优化军委机关部门职能配置，健全战建备统筹推进机制，加强各领域、全链路、各层级治理，以军事治理新加强助推强军事业新发展。在健全依法治军工作机制上，加强顶层谋划、统筹协调、整体推进和督促落实，突出依法治官、依法治权完善监督体系，加快治军方式根本性转变。在体系优化军事政策制度上，扭住作战战备、军事人力资源等重要领域，完善配套措施，拿出治本之举，持续释放改革效能。在深化军队院校改革上，把院校教育作为军事斗争准备的关键一环，面向战场、面向部队、面向未来推进教育教学改革，推动实现内涵式发展、发挥人才培养主渠道作用。通过一系列体制设计和制度安排，把习主席确立的新时代政治建军方略贯彻到军队建设各领域全过程，把中国特色社会主义军事制度优势转化为推进国防和军队现代化的强大力量.
Second, deepen the reform of the joint combat system. Building a good joint combat system is an important guarantee for winning battles. Chairman Xi has profoundly grasped the laws of modern warfare and war guidance, making a series of strategic leads on constructing an integrated joint operations system. He has emphasised that command is a decisive factor, and that strong and efficient joint operations command institutions must be built. He has stressed that the key to elite/highly refined troop operations and victory lies in the word ‘elite’, and that a joint operations force system mainly composed of elite forces should be formed. He also stressed that the development of new fields, new technologies, and new means is the main breakthrough for our army to seek development advantages, and we must accelerate the generation and improvement of joint combat capabilities and full-domain combat capabilities based on network information systems. It is necessary to understand and implement Chairman Xi’s important instructions well, and deepen the reform of the joint combat system. 深化联合作战体系改革。建好联合作战体系是打胜仗的重要保障。习主席深刻把握现代战争规律和战争指导规律，对构建一体化联合作战体系作出一系列战略提领，强调指挥是一个决定性因素，要打造坚强高效的联合作战指挥机构；强调精兵作战、精兵制胜关键在一个“精”字，要形成以精锐力量为主体的联合作战力量体系；强调发展新领域、新技术、新手段是我军谋取发展优势的主要突破口，要加快生成和提高基于网络信息体系的联合作战能力、全域作战能力。我们必须把习主席重要指示领悟好贯彻好，纲举目张把联合作战体系改革引向深入。
“Focus on strengthening the command center, improving the functions of the Joint Operations Command Center of the CMC, improving the command functions in major security areas, optimising the composition of the theatre-level joint operations command center, promoting the extension of joint operations command downward, and ensuring the smooth and efficient operation of the operational command chain. Focus on optimizing the force layout, coordinating the deployment of forces in various strategic directions and the needs of the transformation and development of the military services, accelerating the development of strategic deterrence forces, coordinating the strengthening of traditional combat forces, deepening the reform and innovation of the force composition, and promoting the overall improvement of combat capabilities through the iterative development of the system structure. Focus on cultivating new-quality capabilities, doing a good job in strategic pre-positioning in emerging fields, accelerating the development of unmanned intelligent combat forces, increasing the proportion of new-type combat forces, and systematically advancing the construction of new-domain and new-quality combat capabilities. The most urgent task at present is to reshape the network information system and promote the realization of a new leap forward in the empowerment of joint operations by network information. Chairman Xi personally decided to establish the Information Support Force, personally awarded the military flag and gave a speech, making a significant contribution to constructing the layout of new-type military services and improving the modern military force system with Chinese characteristics. It is necessary to profoundly comprehend Chairman Xi’s determination and intentions, build this strategic force well, reconstruct the organisational form of network information well, and drive the qualitative leap of joint operations capabilities.” 着重建强指挥中枢，完善军委联合作战指挥中心职能，健全重大安全领域指挥功能，优化战区联合作战指挥中心编成，推动联合作战指挥向下延伸，确保作战指挥链顺畅高效运行。着重优化力量布局，统筹各战略方向力量布势和军兵种转型发展需要，加快发展战略威慑力量，统筹加强传统作战力量，深化部队编成改革创新，以体系结构迭代发展促进作战能力整体提升。着重培育新质能力，搞好新兴领域战略预置，加快无人智能作战力量发展，增加新型作战力量比重，成体系推进新域新质作战能力建设。当前最紧要的是重塑网络信息体系，推动实现网信赋能联合作战的新跨越。习主席亲自决策组建信息支援部队，亲自授予军旗并致训词，在构建新型军兵种结构布局、完善中国特色现代军事力量体系上写下浓墨重彩的一笔。必须深刻领会习主席决心意图，把这支战略性力量建设好，把网信组织形态重构好，驱动联合作战能力实现质的跃升.
Third, deepen civil-military reform. With a view to better coordinating development and security, economic construction and national defence construction, Chairman Xi has made strategic arrangements to consolidate and improve the integrated national strategic system and capabilities, requiring the deepening of reform and innovation to form a cross-military and local work pattern in which each performs its duties, closely cooperates, and is standardised and carried out in an orderly manner. We must improve the working mechanism for the integrated national strategic system and capacity building in accordance with the decisions and arrangements of the CPC Central Committee and Chairman Xi, and promote the integration of strategic layouts in various fields, the integration of strategic resources, and the integrated use of strategic forces; improve the mechanism for reporting military needs for national defense construction and the military-local docking mechanism, and promote two-way support and pull between the military and the local governments; deepen the reform of the defense science and technology industry system, optimize the layout of the defense science and technology industry, enhance the resilience of the industrial chain and supply chain, improve the weapons and equipment procurement system, establish a military product design feedback mechanism, and build a modern management system for weapons and equipment; optimize the leadership and management system and mechanism for border and coastal defense, improve the mechanism for joint border management by the Party, government, military, police and civilians, and enhance the comprehensive ability to strengthen borders and defense. The coordination mechanism for military-civilian standardisation work should be improved, the construction and management coordination in fields such as aerospace and military trade should be strengthened, the militia system reform should be deepened, and all of these should be scientifically analyzed and designed, and effectively promoted and implemented.” 深化跨军地改革。习主席着眼更好统筹发展和安全、统筹经济建设和国防建设，对巩固提高一体化国家战略体系和能力作出战略部署，要求深化改革创新，形成各司其职、紧密协作、规范有序的跨军地工作格局。必须按照党中央、习主席决策部署，健全一体化国家战略体系和能力建设工作机制，推动实现各领域战略布局一体融合、战略资源一体整合、战略力量一体运用；健全国防建设军事需求提报和军地对接机制，促进军地之间双向支撑和拉动；深化国防科技工业体制改革，优化国防科技工业布局，增强产业链供应链韧性，改进武器装备采购制度，建立军品设计回报机制，构建武器装备现代化管理体系；优化边海防领导管理体制机制，完善党政军警民合力治边机制，提升强边固防综合能力。还有完善军地标准化工作统筹机制，加强航天、军贸等领域建设和管理统筹，深化民兵制度改革等，也要科学论证设计、扎实推进落实.
In the final section, Zhang mentions four points to enable doing all the above. These are:
Strengthen political guidance. Under this, he states that it is important to adhere to the “correct political direction”. “No matter how reform is carried out, it is essential to adhere to integrity and innovation, without any deviation on fundamental political principles. Political discipline and rules must be strictly observed, and we must consciously be advocates and practitioners of reform, faithfully implementing the decisions and instructions of the Central Committee and Chairman Xi without compromise, and ensuring that the original intentions of the reform are upheld and realized effectively.” 尤其是改革无论怎么改，都必须做到守正创新，在根本政治原则问题上不能有丝毫差池。要严肃政治纪律和政治规矩，自觉做改革的促进派、实干家，不折不扣贯彻执行党中央、习主席决策指示，切实把改革初衷坚守好、实现好。
Implement the governance concept
Stress on precise policy implementation
Adhere to the principle of seeking progress while maintaining stability
Page 8: Two reports to note. First, there’s a report informing that in the first seven months of the year, fixed-asset investment in the railways was 410.2 billion yuan, year-on-year growth of 10.5%.
Second, there’s a report informing that the NDRC, State Administration for Market Regulation, and Ministry of Ecology and Environment have published an action plan for the strengthening of carbon peak and carbon neutrality standards and measurement systems for this year and next year.
Global Times reports: “The plan calls for essentially establishing a unified carbon emissions accounting and evaluation standard system targeting enterprises, projects and products by 2025, as well as the establishment of carbon emission management standardization pilot projects in 100 enterprises and industrial parks.”