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Established in 1994, the China Development Bank is a state-funded and state-owned development finance institution. As an independent legal entity directly overseen by the State Council, it is dedicated to supporting China’s economic development in key industries and under-developed sectors. (Website of the China Development Bank)
China has a socialist market economy system. The establishment of the Communist Party Committee (CPC) in SOEs ensures that the ruling party is involved in corporate management, which is the most prominent feature of Chinese CG. In the course of economic reform and industrialization, China is not simply transplanting foreign systems, such as those of Europe, the United States, or Japan, but is constantly enhancing the key position of the CPC in enterprises, which means that the CPC significantly influence enterprises’ operation, management, and decision-making. (Shengbin Wang, Jiafeng Zheng, and Yongqian Tu, "The Communist Party of China embedded in corporate governance and enterprise value: Evidence from state-owned enterprises," Chinese Research Letters 54:103766 (2023))
Chinese law in general, and as it related to corporate governance (and
good governance expectations) specifically, might be understood as a web
of interconnected rules and expectations the fundamental purpose of
which is to fulfill the policy expectations of the political vanguard.
In the case of corporate governance, that includes the inter-connections
among corporate law (either for private or state owned/controlled
enterprises), state policy objectives (including objectives to maximize
economic productivity, sustainability and development goals, and
contributing to the state's focus on the preferred forms of economic
activity), and the governance alignment of the Communist Party and
operating enterprises. It is this last connection that tends to be lost
in analysis of corporate governance, and sometimes the importance of
the alignment between enterprise and the ecologies of Party organization
and expectations tends to be minimized. Not there there wasn't good
reason for that in the period of the leadership of the Party before the
start of the leadership of General Secretary Xi. But things have changed
in the New Era. And those changes include a re-invigoration of
coordinated (at all levels of governance) alignment between the public
duty of Party cadres (and of the Party organization) within enterprises
and the expectations for good corporate governance (including sound
choices in corporate operations that further corporate purpose. These
are, in turn, all coordinated within the emerging principles of
socialist modernization and its re-framing of the signification of high
quality productivity from the 3rd Plenum of the 20th Congress in July
2024.
The role of the Party Committees in both State owned and private enterprises is in most cases a function of both the application of the CPC Basic Line as a general matter, and of the specific guidance and leadership policies and objectives that may be applied specifically to the corporate circumstances within which a Party Committee operates. A critical element of the Party Committee is the practice of the appropriate working style in its activities within and for the enterprise in which it is embedded. The contemporary version of a good chunk of that working style has been incorporated into the "Eight Provisions" [八项规定] of the Central Committee, in their current form since the 18th CPC Congress (and reproduced below in the original Chinese and in a crude English translation). A set of learning materials were produced in 2022 and the core of leadership emphasized their utility (学习资料 | 中央八项规定及其实施细则) [Study Materials | The Central Eight Regulations and their Implementation Rules] (the text of which follows below in the original Chinese and in a crude English translation).
党的作风就是党的形象,关系人心向背,决定党和国家事业成败。党的十八大以来,以习近平同志为核心的党中央从制定和落实中央八项规定开局破题,坚持自上而下、以上率下,解决了新形势下作风建设抓什么、怎么抓的问题。八项规定一子落地,作风建设满盘皆活,党风政风焕然一新,社风民风持续向好,我们党以作风建设新气象赢得了人民群众信任拥护。[The Party's style is the Party's image, which affects the people's support and determines the success or failure of the Party and the country's cause. Since the 18th CPC National Congress, the Party Central Committee with Comrade Xi Jinping as the core has made a breakthrough by formulating and implementing the eight central regulations, insisting on top-down and leading by example, and has solved the problem of what to do and how to do it in the new situation. The implementation of the eight regulations has brought the style of work to life, the style of the Party and the government has been completely renewed, and the social and folk customs have continued to improve. Our Party has won the trust and support of the people with the new atmosphere of style of work.] (学习资料 | 中央八项规定及其实施细则)
Since its current manifestation as the eight regulations, the CPC has sought to strengthen implementation in all collectives in which the CPC committees are embedded, including enterprises.
2025年3月12日,中央党的建设工作领导小组召开会议。党中央决定,自2025年全国两会后至7月在全党开展深入贯彻中央八项规定精神学习教育。会议强调,要充分认识这次学习教育的重要意义,教育引导党员、干部锲而不舍贯彻中央八项规定精神,推动党的作风持续向好,推动党中央各项决策部署落到实处,为推进中国式现代化贡献智慧和力量。[On March 12, 2025, the Central Leading Group for Party Building held a meeting. The Party Central Committee decided to carry out in-depth study and education on the implementation of the eight central regulations from the 2025 National People's Congress to July. The meeting emphasized that we must fully recognize the significance of this study and education, educate and guide party members and cadres to persevere in implementing the eight central regulations, promote the continuous improvement of the party's work style, promote the implementation of various decisions and arrangements of the Party Central Committee, and contribute wisdom and strength to the promotion of Chinese-style modernization.]
Pix credit here: The Hogs of the Commune Must be Raised to be Fat and Big! (1956)
Details for that renewed push were set out in the document: 中央党的建设工作领导小组召开会议 研究部署深入贯彻中央八项规定精神学习教育工作 蔡奇主持并讲话 李希出席并讲话 [The Central Party Building Leading Group held a meeting to study and deploy the study and education work on the in-depth implementation of the Central Committee's eight regulations. Cai Qi presided over the meeting and delivered a speech. Li Xi attended the meeting and delivered a speech.]. AT its core was the alignment of the development of the CPC's working style principles with the core of socialist modernization and its focus on the revitalization of productive forces.
会议强调,开展深入贯彻中央八项规定精神学习教育,是巩固深化主题教育和党纪学习教育成果、纵深推进全面从严治党的重要举措,是密切党群干群关系、巩固党的执政基础的必然要求,是推进中国式现代化的有力保障。[ The meeting emphasized that carrying out in-depth study and education on the spirit of the Central Eight Regulations is an important measure to consolidate and deepen the achievements of thematic education and party discipline study and education, and to deepen the comprehensive and strict governance of the party. It is an inevitable requirement for strengthening the relationship between the party, the masses, cadres and the masses, and consolidating the party's ruling foundation. It is a powerful guarantee for promoting Chinese-style modernization. ] (中央党的建设工作领导小组召开会议 研究部署深入贯彻中央八项规定精神学习教育工作 蔡奇主持并讲话 李希出席并讲话 )
Chinese companies have come to an embrace of this working style in their own ways, and socialist modernization as well in a highly contextual space. But the coordinating element of the embedded CPC Committee is meant to ensure a measure of coordination and a focus on the core goals of socialist modernization as re imagined in the 3rd Plenum of the 20th CPC Congress.
Recently the China Development Bank Party Committee which was described in a widely circulated document, 国家开发银行党委研究部署深入贯彻中央八项规定精神学习教育工作 [he Party Committee of the National Development Bank has studied and deployed the study and education work on the in-depth implementation of the spirit of the Central Eight Regulations]. The short description provides a window in the ways that enterprises are attempting to develop the discursive template through which the work style principles can be embedded in their operations, and through them, into the corporate governance of the enterprise. It provides a quite interesting window into the way in which central directives are received by line enterprises. It is here, at the operational level that one can begin to see the way in which the alignment of the Party's work style, the role of the Party Committee to embed that at the core of corporate governance, and socialist modernization toward both high quality production and economic activity might converge. The ext of the essay follows below in the original Chine and a crude English translation.
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