The New Nation - Internet Edition

Reuters, Beijing

China may have joined the World Trade Organisation and it may be rapidly opening its banking sector to foreigners, but when it comes to politics, the teachings of Karl Marx are still top dog.

In a front-page story in Thursday's Financial News, published by the central People's Bank of China, chief banking regulator Liu Mingkang urged his officials in untypically turgid language to study Communist Party theory and Marxism.

"Party members must t promote the study of Marxism which combines theory with practice," Liu told Party members at the banking regulator. "Liberate thinking, seek truth from the facts.

"Continue to raise the development of Marxism," added Liu, whose polished English and cosmopolitan ways usually stand out in marked contrast with many other senior Chinese officials.

Not wishing to be left out, the Agricultural Bank of China, one of the country's "big four" state-owned banks, had also ordered its employees to study politics, the same newspaper reported.

"Agricultural Bank plans in an all-round way to study and implement the spirit of the 17th Party Congress," declared the headline, refering to a just-concluded Party meeting, which happens once every five years.

China's Communist Party has ruled with an iron hand since winning power in a revolution in 1949 and brooks little dissent.

While in recent years it has embarked upon major economic reforms, termed "socialism with Chinese characteristics", Communism is still officially the state creed, and the Party's tentacles reach into almost every facet of business life.

But officials say there is no contradiction.

Last week, the chairman and party boss of China Construction Bank, Guo Shuqing, said one way to put the latest Chinese Communist principles into practice was to maximise returns for shareholders.