Abstract
Since 2013, Chinese leader Xi Jinping has launched reforms of financial institutions twice. On the surface, the reason for deepening financial reform is to speed up the construction of a financial superpower and comprehensively strengthen financial supervision and regulation. However, in fact, it reflects China's Communist Party (CCP) supreme leader Xi’s strengthening of overall control of financial work. After restructuring of party and state financial institutions, party leaders will have more direct control over financial operation and ensure the implementation of the CCP Central Committee’s financial decisions. This article divides financial reforms into the following key aims: First, strengthen the centralized and unified leadership of the Party Central Committee on financial work and weaken the State Council’s role in the governing role of financial affairs. Second, develop the financial regulatory system towards a pattern of strengthening central financial regulatory capabilities and weakening local regulation. Third, effectively manage and control three financial risks, including real estate bubbles, local debt expansion, and small and medium-sized financial institutions crisis. Fourth, deeply promote financial anti-corruption work to eliminate political risks.