On Jan 23, the Supreme People's Court (SPC) convened a Leading Party Members Group meeting on learning the guiding principles of the top leader's recent address at the opening of a study session on boosting the high-quality development of the financial sector, which was attended by principal officials at the provincial and ministerial levels. Zhang Jun, secretary of the Leading Party Members Group and president of the SPC, presided over the meeting.

It was pointed out at the meeting that the holding of the study session highlighted the importance the Communist Party of China Central Committee attaches to financial work and the crucial role of the financial sector as the artery of the national economy. The top leader’s address further clarified the roadmap for financial work in the new era, and was a remobilization and redeployment of work on boosting financial development, which requires thorough understanding and comprehensive implementation in terms of serving the high-quality development of the financial sector from the judicial perspective, according to the meeting.

The meeting called for a proactive approach to handling cases in the financial area, identifying problems in financial governance as reflected in the cases, and offering timely warning through judicial suggestions in a bid to reinforce all-round financial oversight.

Case adjudication needs to demonstrate a clear judicial stance, the meeting noted. Considerations are needed on the political, social and legal effects when handling cases, aiming to clarify the rules of conduct, maintain market order, and promote the development of financial innovation while maintaining market-oriented rule of law by reasonably defining responsibilities and determining the severity of penalties in accordance with the law. Dishonest behaviors, such as exploiting institutional loopholes and fraud, need to be resolutely punished in accordance with the law.

Efforts are also needed to apply multiple judicial measures in a coordinated manner, to fully tap the guiding role of typical cases, and collaborate with financial supervision departments, to serve the high-quality development of the financial sector and the Chinese modernization, according to the meeting.