围绕虚拟货币，监管再出新规。 2月6日，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、 中国证监会、国家外汇局联合印发《关于进一步防范和处置虚拟货币等相关风险的通知》(以下简称 《通知》)。 《通知》共分为六部分19条。一是明确虚拟货币、现实世界资产(RWA)和相关业务活动的本质属性；二 是健全工作机制，形成央地协同、条块结合的工作格局；三是明确强化风险监测、防范与处置相关要 求，包括风险监测、中介机构监管、互联网信息内容管理、经营主体登记和广告管理、整治虚拟货 币"挖矿"、打击相关违法犯罪活动、行业自律管理等；四是从严监管境内主体及其控制的境外主体在境 外开展虚拟货币、RWA业务；五是强化组织实施，主要包括组织领导、宣传教育等；六是法律责任。 2025年12月，中国互联网金融协会等7个协会联合发布《关于防范涉虚拟货币等非法活动的风险提 示》，进一步明确虚拟货币、RWA相关业务活动属于非法金融活动，向社会公众提示风险。 业内人士分析认为，虚拟货币依托区块链技术，支持点对点交易，突破物理上的国境概念，相关风险极 易跨境传导。为切实防范风险，《通知》明确提出，未经相关部门依法依 ...

伴着"十五五"开局的奋进号角，踏着金融服务中国式现代化和强国建设的铿锵步伐，南京银行迎来 成立30周年的历史时刻！ 1996年2月8日，南京银行从古城金陵39家城市信用社的合并改制起步，成为国内首批设立的城商行 之一。30年来，发轫于金融改革洗礼，成长于经济腾飞浪潮，南京银行深刻诠释"服务地方经济、服务 中小企业、服务城乡居民"的初心使命，把自身成长融入城市发展、企业壮大、人民幸福的时代底色， 实现了从地方银行到国内系统重要性银行的蜕变，谱写了城商行改革发展的壮美篇章。 积微成著 铸就跨越发展 30年峥嵘淬炼，创新基因根植发展血脉。2001年，率先引入国际金融公司投资入股，创下单一外资 股东持股比例新高；2005年，牵手战略投资者法国巴黎银行，打造中外金融合作典范；2007年，成功登 陆资本市场，成为上交所城商行第一股；2008年，设立首家省外分支机构，迈出跨区域经营、走向长三 角的第一步。南京银行的30年，是一部勇毅探索、变革图强的创业史。 30年开拓进取，综合金融构建集团优势。2006年，投资入股日照银行；2009年，投资参股江苏金融 租赁和芜湖津盛农商银行，发起设立宜兴阳羡和昆山鹿城两家村镇银行；201 ...

Core Viewpoint - The Chinese government emphasizes the integration of "investment in people" and "investment in material" as a strategic choice to enhance economic growth and optimize financial resource allocation, particularly during the transition to high-quality development [1][2][3]. Investment in People - "Investment in people" is not merely a social welfare issue but a core strategy to transform human capital into sustainable capital assets through education, skills training, and social security, ultimately improving economic growth quality and social welfare [2][3]. - The potential for human capital accumulation in China is significant, with only 7% of the workforce being high-skilled, indicating a structural contradiction that highlights the strategic value of "investment in people" [4]. Economic Perspective - In the context of China's low consumer spending compared to international levels, "investment in people" serves as a strategic pivot to address the imbalance between high investment and low consumption [5]. - The consumer rate in China is 18 percentage points lower than the average of G20 countries, indicating a need for enhanced consumer capacity and willingness through "investment in people" [5]. Challenges in Implementation - The implementation of "investment in people" faces challenges, including the need for substantial funding estimated between 80 trillion to 100 trillion yuan, and the long return cycle of such investments [10]. - Structural reforms are necessary to support "investment in people," including changes in social security and labor mobility systems to fully realize the value of human capital [10][11]. Policy Recommendations - A systematic approach is required to integrate "investment in people" with "investment in material," ensuring that material investments ultimately serve human development [12][13]. - Policies should focus on enhancing human capital accumulation, particularly in rural and underdeveloped areas, and financial institutions should adopt a long-term perspective to support investments in human capital [13][14].

中央金融工作会议系统阐述了中国特色金融发展之路，强调"着力推进金融高水平开放"，并明确要 求"稳步扩大金融领域制度型开放"，提升跨境投融资便利化，增强上海国际金融中心的竞争力和影响 力，以更好服务实体经济。在2025年6月陆家嘴论坛上，中国人民银行、国家金融监督管理总局、中国 证券监督管理委员会等中央金融管理部门负责人集中发声，释放进一步扩大金融开放的重要信号。中国 银行业的对外开放正经历一场从扩大市场准入的"通道式开放"，迈向以规则、规制、管理、标准与国际 高标准全面对接的"制度型开放"新阶段。这一根本性转变，不仅是构建中国特色现代金融体系、筑牢金 融强国根基的内在要求，更是银行业赋能中国企业深度参与全球产业链重构、维护与发展全球化新格局 的战略支撑。 深化制度型开放： 构筑高水平金融开放新体系 制度型开放是金融高水平开放的核心要义，其目标在于推动国内金融监管框架、市场规则与国际最 佳实践相衔接，打造稳定、透明、可预期的营商环境。中国金融开放的重心，已从构建物理性的"接入 通道"，转向铺设系统性的"运行轨道"。银行业制度型开放的成果，直接体现为中国银行业服务能级的 跃升与国际竞争力的增强。 （一）制度创新直 ...

做好经济工作，是中国式现代化建设的中心任务。党的十八大以来，以习近平同志为核心的党中央 深刻洞察国内外发展大势，创造性地提出一系列新理念新思想新战略，其中，"因地制宜"作为科学的世 界观和方法论，贯穿于经济社会发展的全过程各领域。刚刚闭幕的中央经济工作会议深刻总结了新时代 做好经济工作的规律性认识，再次强调了"因地制宜做好经济工作"的重要意义。"因地制宜"本质上是马 克思主义实事求是思想路线在经济工作中的具体实践，要求我们必须从各地资源禀赋、产业基础、区位 条件和人文优势的客观实际出发，尊重经济规律，发挥比较优势，走差异化、特色化、协同化的发展道 路，在全国发展大棋局中找准定位、担当作为。在开启"十五五"规划新征程的关键节点，面对更趋复杂 严峻的内外环境和艰巨繁重的发展任务，深入理解和把握因地制宜的核心逻辑，系统谋划和落实关键举 措，对于扎实推动高质量发展、全面建设社会主义现代化国家具有至关重要的理论与现实意义。 准确把握"因地制宜"的 重大关系的辩证法 （一）处理好"局部"与"全局"的关系，在"全国一盘棋"中找准定位。"因地制宜"并非倡导"各自为 战"的地方本位主义，更不能沦为政策"洼地"间的恶性竞争。因地 ...

Global Economic Outlook - The World Bank projects a global economic growth rate of 2.6% for 2026, indicating a moderate growth environment with significant challenges [1] - The chief economist of ICBC International emphasizes the importance of returning to a deep observation of "things" to understand structural shifts in the economy amidst a rapidly evolving macro landscape [2] Structural Changes in the Economy - The evolution of "things" is occurring across five dimensions: globalization, industrial chains, value chains, natural resources, and technology [3] - Globalization is undergoing a structural shift, balancing efficiency, safety, and stability due to geopolitical tensions and rising technological barriers [3] - The focus of industrial competition is shifting towards R&D capabilities, manufacturing precision, supply chain collaboration, and organizational capabilities [3] - Value chains are increasingly concentrating on knowledge-intensive segments such as R&D design and data elements, moving from quantity production to value creation [3] - Resource allocation is being reshaped by energy constraints and carbon emission pressures, necessitating more efficient and sustainable growth methods [3] - New technologies, particularly AI, are transforming production functions and the combination of labor, capital, and technology [3] Growth Divergence - Structural differences between developed economies and emerging markets are expected to persist, with developed economies facing challenges like aging populations and limited fiscal space [4] - The IMF forecasts economic growth rates of 1.8% for developed countries and 4.2% for emerging markets in 2026, highlighting the ongoing divergence [4] - Emerging markets are experiencing internal restructuring, with some economies transitioning from rapid expansion to efficiency and quality-driven growth [5] AI's Contribution to Economic Growth - AI is beginning to contribute positively to economic growth, but its macroeconomic effects will take time to materialize through industry diffusion and production restructuring [7] - The OECD estimates that AI could increase annual total factor productivity (TFP) growth by 0.25 to 0.6 percentage points over the next decade, depending on technology adoption and organizational adjustments [7] - The IMF projects a cumulative TFP increase of about 0.7% over the next ten years due to AI, translating to an annual increase of approximately 0.07 percentage points [7] Global Trade and Supply Chain Dynamics - Geopolitical uncertainties are expected to pose significant risks to global trade in 2026, with the IMF predicting a trade growth rate of 2.6%, lower than previous years [9] - The current supply chain adjustments are seen as a self-adaptive process within the global trade system, enhancing stability and predictability despite short-term efficiency losses [10] - The focus on regional trade, nearshoring, and diversified supply sources is expected to create new opportunities for emerging economies and mid-level manufacturing countries [10] Central Bank Policy Divergence - The Federal Reserve is likely to adopt a more accommodative monetary policy in 2026, influenced by structural changes in the labor market and the need for proactive risk management [11] - The European Central Bank's policy will be shaped by inflation dynamics and economic recovery, balancing the need for further easing with growth constraints [12] China's Role in the Global Economy - China is projected to contribute approximately 30% to global economic growth in 2026, acting as a stabilizer and driving force in the global economy [13] - The country is expected to transition from capacity output to standard-setting, influencing global industrial dynamics and promoting a multipolar division of labor [14] - Through initiatives like the Belt and Road Initiative, China aims to reshape global trade dynamics by enhancing connectivity and supporting countries facing technological barriers [14]

党的二十届四中全会擘画了"十五五"时期的发展蓝图，审议通过的《中共中央关于制定国民经济和 社会发展第十五个五年规划的建议》就加快建设金融强国作出重要部署，并提出大力发展金融"五篇大 文章"。在金融强国建设的顶层布局下，普惠金融与耐心资本已深度融合：耐心资本通过其长期属性支 撑普惠金融做实做深，普惠金融则为耐心资本践行社会责任、服务国家战略提供核心场景，二者共同被 提升至国家战略体系化实施的新阶段。 普惠金融与耐心资本的内涵与关系 普惠金融的本质是通过多样化金融产品与服务供给，让传统金融体系难以覆盖的低收入群体、小微 企业、农村居民等主体，以合理成本便捷获取并有效使用金融服务。其本质特征体现为普及性、包容 性、可达性、可负担性、责任性与多样性，核心目标是促进金融资源公平配置，提升金融服务覆盖面与 可得性，进而助力经济增长、减贫脱贫，增强社会包容性。农村普惠金融除需满足常规特征外，还需适 配农业"靠天吃饭"的风险特性与长周期产业属性，而耐心资本的公共性、风险缓冲能力及长期投资属 性，恰好能填补农村普惠金融的服务缺口，推动包容性与商业可持续性深度融合。 耐心资本是秉持长期价值投资理念的资本形态，投资者不追逐短期收益 ...

党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明 确提出"把农业建成现代化大产业"，这一战略部署深刻把握了农业发展新阶段的核心特征，为新时代农 业农村现代化指明了方向。农业作为关系国计民生的基础产业，其现代化转型不仅是乡村全面振兴的重 中之重，更是构建现代化产业体系、保障国家粮食安全的关键支撑。金融作为现代经济的血脉，在农业 从传统要素驱动向创新驱动转型、从单一生产功能向多元价值拓展、从分散经营向集群发展跨越的过程 中，肩负着不可替代的使命。当前，农业现代化大产业建设已进入全链条升级、多业态融合、系统性推 进的关键阶段，金融服务"三农"的内涵、边界和方式正在发生深刻变革。立足金融视角，破解农业现代 化大产业建设中的资金配置、风险防控、要素整合等难题，既是金融行业回归本源、服务实体经济的必 然要求，也是实现自身高质量发展的重要机遇。 将农业建成现代化大产业是金融服务"三农"的新任务 （一）国家战略导向下的金融责任具象化。"十五五"时期是农业农村现代化夯实基础、全面发力的 关键阶段，把农业建成现代化大产业已成为保障国家粮食安全、畅通城乡经济循环、应对全球风险挑战 的战略举措。 ...

促进有效投资，必须凝聚各方合力。会议明确要求，要更好发挥央国企扩投资作用，加大力度支持民间 投资发展，形成促进有效投资的合力。央国企作为国民经济的"压舱石"，在重大项目建设、关键领域突 破中具有不可替代的引领作用，在基础设施、国家战略项目等领域，央国企应主动担当、积极作为，带 动产业链上下游协同发展，为有效投资筑牢根基。民间投资则是稳增长、调结构、促就业的重要支撑力 量。当前，已有一系列政策助力民企破解投融资难题，下一步更需在扩大准入、打通堵点、强化保障等 方面着力优化民企投资环境。例如，加强对民间投资项目的要素和融资支持、加大中央预算内投资等对 符合条件的民间投资项目支持力度、破除民间资本进入的隐性壁垒，保障民间资本在招投标中一视同仁 等，让民营企业敢投资、有回报、能发展，形成"政府引导、市场主导、社会参与"的投资格局，让各类 资本在有效投资中实现价值。 有效投资从来不是简单的资金投入，而是要"把钱花在刀刃上"，让投资成为撬动经济增长的"杠杆"，补 齐发展短板的"钥匙"。 当前，我国经济发展面临着复杂的内外环境，有效投资作为稳定增长、培育新动能的重要抓手，其重要 性愈发凸显。接下来，各地各部门要深入贯彻落实 ...

Core Viewpoint - The recently released "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" aims to enhance service consumption across various sectors, focusing on innovative measures and pilot programs to stimulate economic growth and consumer spending [1]. Group 1: Transportation Service Consumption Growth Points - The plan includes the development of self-driving travel services, with a goal to build over 10,000 charging stations on national highways, ensuring at least 25% are high-power chargers [5]. - It aims to improve the quality of small and micro car rental services by facilitating free or low-cost returns in different locations and enhancing vehicle supply during peak times [5]. - The initiative seeks to expand the night cruise economy and is formulating measures to promote high-quality development in this area [6]. - There is a focus on increasing yacht consumption, with a significant rise in yacht registrations, and measures are being developed to enhance supply and promote mass consumption [5]. - The plan also includes expanding cruise consumption by supporting local development of cruise services and enhancing the overall cruise tourism experience [6]. Group 2: New Consumption Models and Pilot Programs - The "Three New" pilot program, initiated by the Ministry of Commerce and the Ministry of Finance, has selected 50 cities to explore new consumption models, with an initial funding of 8.6 billion yuan allocated [2][3]. - These pilot cities, with a combined population of over 480 million, account for more than half of the national retail sales, providing a substantial market for testing new growth paths [3]. - The program emphasizes cross-departmental coordination to create a conducive environment for emerging service consumption models, including travel, automotive aftermarkets, and online audiovisual sectors [3]. Group 3: Enhancing Inbound Consumption - The Ministry of Commerce plans to strengthen policies to attract and expand inbound consumption, including promoting travel service exports and enhancing the "Buy in China" brand [8]. - Specific initiatives include organizing international consumption events and improving the international consumption environment in major cities like Shanghai and Beijing [8]. - The strategy also focuses on developing tax refund services to attract foreign tourists, enhancing the shopping experience for inbound consumers [9]. Group 4: Promoting Micro-Short Dramas and Audiovisual Consumption - The State Administration of Radio and Television is pushing for the development of micro-short dramas to stimulate service consumption and economic growth, with a focus on policy support and market competition [11]. - The initiative aims to integrate micro-short dramas with various industries, enhancing service consumption through innovative content and technology [11]. - The audiovisual sector is experiencing significant growth, with nearly half of users engaging in consumption due to viewing programs, indicating a strong potential for further development [12]. Group 5: Automotive Aftermarket Development - The automotive market in China is expanding, with over 366 million vehicles, leading to increased demand for aftermarket services such as modifications and rentals [13]. - The Ministry of Commerce is exploring new models for the automotive aftermarket, focusing on regulatory reforms and enhancing service quality [14]. - Efforts will be made to establish standards for vehicle modifications and improve the rental service network to better meet diverse consumer needs [14]. Group 6: Home Service Industry and Credit Platforms - The home service sector is recognized as a growing necessity, with plans to enhance support for service providers and improve service quality through training and innovation [15]. - A comprehensive credit information platform for home services is being developed to ensure consumer trust and enhance service delivery [15].