To Cultivate Financial Culture with Chinese Characteristics through the"Second Combination":Basic Conditions,Path Basis,and Principles of Practice
Since the reform and opening up,especially the 18th National Congress of the Communist Party of China(CPC),a series of achievements have been made in the development of China's financial industry.However,there are still some contradictions and problems in key aspects such as financial regulation,and financial risk prevention and control.In view of the fact that the high-quality socio-economic development in the new era requires the strong support of high-quality modem financial services,the Central Financial Work Conference held in Beijing in October 2023 explicitly put forward the goal of building a financial powerhouse.At the opening ceremony of a seminar on promoting high-quality financial development for key leading cadres at the provincial and ministerial level held in January 2024,Chinese President Xi Jinping further proposed to adhere to the combination of the rule of law and the rule of virtue,and actively cultivate a financial culture with Chinese characteristics.This provides an important directional guidance for adapting Marxism to the Chinese context and the needs of our times,as well as feasible working guidelines for taking the path of financial development with Chinese characteristics.Hence,this paper focuses on the topic of cultivation of financial culture with Chinese characteristics,and tries to discuss the basic conditions,the root of the path,and the basic principles of practice of the combination of Marxist financial theory with the traditional Chinese monetary and financial thought,on the basis of the CPC's initiative of"two combinations",especially the"second combination"(i.e.,the combination of the basic principles of Marxism with the fine traditional Chinese culture).Specifically,based on interpreting traditional Chinese literature and classical Marxist theoretical literature,this paper compares the main points of the traditional Chinese monetary and financial thought and the Marxist financial theory,and searches for the ideological and cultural basis for the dialogue of the two,so as to promote the better combination of local traditional financial wisdom and modern financial theory,and deepen the historical and cultural roots of financial culture with Chinese characteristics.The findings of this paper can be summarized in two aspects.Firstly,the traditional thought of money and finance provides the historical and cultural foundation of modern financial systems with Chinese characteristics,which serves the modernization of China,and creates the basic conditions for the"second combination".Secondly,the high compatibility between Marxist financial theories and traditional Chinese financial thought in terms of political and people-centered standpoints has laid a key path foundation for the"second combination".It should be noted that the political standpoint emphasized the important role of the state in the operation and governance of monetary and financial spheres,while the people-centered standpoint regards the well-being of the people as an essential value judgement standard for analyzing,solving and evaluating different kinds of financial problems.This paper also suggests that in the process of deepening the"second combination"and fostering financial culture with Chinese characteristics,attention should be paid to adhering to the following six principles:(1)putting the people first;(2)maintaining self-confidence and standing on our own feet;(3)innovating on the basis of what had worked in the past;(4)taking a problem-oriented approach;(5)applying systems thinking;(6)maintaining a global vision.Furthermore,this paper contributes to existing literature mainly in three ways.Firstly,it attempts to provide traditional Chinese wisdom for the further development of modern financial theory,and enrich the discussion on the topic of building China's independent body of knowledge in finance.Secondly,this paper sorts out the compatibility between the traditional Chinese financial thought and Marxist financial theories at the level of ideological cognition,so as to provide a solid theoretical foundation for the"second combination".Thirdly,it proposes several necessary principles of practice and policy recommendations for accelerating the cultivation of financial future with Chinese characteristics in the new era.
"Second Combination"Marxist Financial TheoryFinancial Culture with Chinese Characteristics"Financial Powerhouse"
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