思辨特色金融文化，筑基国民金融素养。 9 月 15 日至 21 日，金融监管总局、中国人民银行、中国证监会联合开展以 " 保障金融权益，助力美好生活 " 为主题的金融教育宣传周活动。 9月19日， 为积极响应监管号召，清华五道口联合中邮保险主办，《清华金融评论》编辑部承办的第二届 " 中邮保 险 · 紫荆杯 " 全国高校金融普及教育辩论赛，在中邮保险玖安广场圆满落幕。本次活动自 8 月推出以来，共收到全国 48 所高校报名参赛，最终 4 支队 伍进入半决赛。 经过激烈角逐，北京交通大学辩论队和中央财经大学辩论队两支队伍成功晋级总决赛，南京大学辩论队和四川大学辩论队荣获本届大 赛季军。 首届"紫荆杯"辩论赛冠军及最佳辩手叶铖浩主持本场大赛。 清华大学五道口金融学院党委委员、院长助理、《清华金融评论》执行主编张伟 代表主办方对四支进入半决赛的队伍表示祝贺！ 张伟表示：习近平总 书记在中央金融工作会议上，深刻阐释了中国特色金融发展之路的基本要义。 坚持以人民为中心的价值取向，是金融工作的根本遵循之一。 通过教育 手段向公众传授金融知识和技能，提高公众对金融事务的认知水平和理解能力，是践行金融为民的内在要求，更是金融 ...

Core Insights - The white paper on the risk protection system for Chinese families highlights that the insurance industry in China is at a critical transformation point, transitioning from institutional-driven growth to economy-driven growth, with significant opportunities ahead as the per capita GDP is around $13,500, close to the elasticity peak of $10,000 [2][4]. Industry Overview - As of the end of 2024, China has 239 insurance institutions with total assets of 359,058 billion yuan and net assets of 33,247 billion yuan. The total insurance premium income for 2024 is projected to reach 56,963 billion yuan, with a financial return rate of 3.43% and a comprehensive return rate of 7.21% [4]. - The comprehensive solvency adequacy ratio of insurance companies is 199.4%, and the core solvency adequacy ratio is 139.1%, indicating a solid foundation for sustainable development [4]. Policy Environment - The Chinese government has introduced several policies to support the insurance industry's development, including the strategic goal of building a multi-level social security system, which creates a favorable environment for high-quality development [5]. - The recent "Opinions on Strengthening Supervision and Preventing Risks to Promote High-Quality Development of the Insurance Industry" outlines development goals for 2029 and 2035, serving as a guiding document for the next five to ten years [5]. Changing Family Risk Structure - Families in China are facing challenges such as slowing income growth, increased employment and debt risks, currency asset depreciation, and reduced investment returns, leading to a shift in risk perception [7]. - A survey indicates that modern families are increasingly concerned about health, retirement planning, children's education, wealth security, and inheritance, reflecting a strong demand for certainty and sustainability [8]. Supply-Demand Mismatch - The insurance industry has not adequately adjusted to changing consumer needs, resulting in four key mismatches: 1. Individualized needs versus standardized supply [9]. 2. Insufficient health coverage despite high demand [9]. 3. Short-term supply versus long-term wealth management needs [9]. 4. Diverse retirement needs versus weak collaborative supply [9]. Recommendations for Improvement - The white paper suggests several strategies to enhance the insurance industry's service capabilities: 1. **Precise Risk Identification**: Shift from a product-oriented approach to a family needs-oriented approach, identifying risks based on family lifecycle and wealth levels [12]. 2. **Scientific Risk Assessment**: Utilize a "Family Risk Defense Index Model" to balance adequate coverage with cost, allowing families to anticipate uncertainties [13]. 3. **Efficient Risk Solutions**: Develop a comprehensive product system that addresses the full lifecycle of family risks, including health, retirement, wealth preservation, and inheritance [14]. 4. **Long-term Risk Management**: Integrate resources to create a high-quality service ecosystem that addresses the growing demand for elderly care and health management [16].

Core Viewpoint - The article quantitatively assesses the mechanism of U.S. Treasury bond sell-off and rising interest rates, evaluates the medium to long-term debt pressure in the U.S., and analyzes the structural reasons behind the failure of the "negative beta" property of U.S. Treasuries. It also discusses the historical logic and current support for the status of U.S. Treasuries as a global safe asset, and explores the medium to long-term impacts of foreign official reductions in U.S. Treasuries and the decline of the dollar's reserve status, while seeking alternatives for global safe assets to escape the "dollar trap" and accelerate the diversification of the international monetary system [2]. Assessment of Short-term Impact of Treasury Sell-off and U.S. Debt Pressure - The U.S. has historically achieved debt self-circulation through the "dollar circulation mechanism," but the "reciprocal tariff" policy may disrupt this mechanism, raising market concerns. The concentrated sell-off of U.S. Treasuries in early April 2025 reached approximately $40 billion, causing a short-term impact of about 50 basis points on the 10-year Treasury yield, marking the largest single-day increase since the 2008 financial crisis [4][6]. - The sell-off by foreign investors, particularly private investors, has shifted the demand structure for U.S. Treasuries from official dominance to a trend led by high trading activity and risk sensitivity [4][6]. Concerns Over U.S. Government Debt Sustainability - Foreign investors' sell-off behavior is driven by concerns over the sustainability of U.S. government debt. The federal debt-to-GDP ratio has risen from an average of 36% (1975-2005) to 100% in 2025, with projections indicating it could reach 156% by 2055. This increase in debt will lead to net interest payments rising from 3.2% of GDP in 2025 to 5.4% in 2055 [6][7]. - Moody's downgraded the U.S. long-term issuer and senior unsecured bond rating from Aaa to Aa1, reflecting concerns over the growing debt burden and the potential for a vicious cycle of deficit expansion and interest crowding out [7][8]. Long-term Debt and Interest Rate Relationship - The Congressional Budget Office (CBO) predicts a slight increase in interest rates, with the 10-year Treasury yield expected to be 4.1% in 2025 and rise to 3.8% by 2055. However, the CBO warns that if debt growth exceeds expectations or if international demand for U.S. Treasuries declines, interest rates and costs may be higher than currently predicted [7][8]. - Estimates suggest that a 1% increase in the debt-to-GDP ratio could lead to a 3.2 basis point rise in the 5-year Treasury yield, with a more significant impact from deficits [8]. Geopolitical Adjustments and Central Bank Behavior - The geopolitical landscape has prompted central banks to diversify their asset allocations away from a singular reliance on the dollar, with 96% of surveyed central banks viewing U.S. tariff policies as a significant geopolitical risk. This shift reflects a defensive adjustment to geopolitical risks and global economic uncertainties [9]. - Central banks are expected to gradually reduce their dollar holdings while increasing allocations to corporate bonds and equities, indicating a long-term trend away from dollar dependency [9]. Evolution of U.S. Treasury's Safe Asset Status - The U.S. Treasury's status as a safe asset has been reinforced during crises, such as the 2008 financial crisis, where demand for safe assets surged, solidifying the "dollar trap" phenomenon. Historically, U.S. Treasuries have exhibited a negative beta characteristic, with yields declining during periods of market turmoil [10][12]. - The 2008 financial crisis highlighted the deep binding of the international financial system to the dollar and U.S. Treasuries, as investors sought high liquidity and low credit risk during times of instability [12].

很高兴参加2025中国-东盟金融合作与发展论坛，就人工智能与金融发展同大家作一交流。 9月18日，国家金融监管总局副局长肖远企出席2025中国-东盟金融合作 与发展论坛并致辞。他表示， 人工智能给金融行业带来的影响很可能是 全方位的，不仅会大大优化金融服务与决策流程，精算成本、提升效率， 或将重塑金融机构的核心竞争力，大幅扩张金融生产最大可能性边界。 金融监管总局鼓励金融 机构利用人工智能加快数字化转型，积极推动人 工智能技术在金融业融合应用创新；加强规范引导，促进金融机构强化数 字治理，加快建立适配人工智能发展形势的风险管理体系； 并 密 切关注 人工智能应用对金融运行底层逻辑可能带来的影响。 以下是肖远企的致辞内容： 习近平总书记高度重视人工智能、金融高质量发展。金融监管总局认真学习领会，抓好贯彻落实。我们知道，在人类历史上，特别是近代以来，金融与科 技从来就是相互促进相互发展。从电话电报、电子计算机，到互联网、大数据为代表的科技革命都极大重塑了金融业务运行的方式和场景，大幅降低了营 运成本、提高了经营效率。同时，科技成果在金融领域的广泛应用也反过来强力催化和促进了科技的新飞跃。此轮以人工智能为代表的科技 ...

Core Viewpoint - The article emphasizes the importance of financial education and literacy, highlighting a campaign aimed at enhancing public understanding of financial rights and services, while also promoting recommended readings to improve financial knowledge and investment thinking [1]. Financial Education Campaign - The National Financial Regulatory Administration, People's Bank of China, and China Securities Regulatory Commission jointly launched a "Financial Education Promotion Week" from September 15 to 21, focusing on "Protecting Financial Rights to Support a Better Life" [1]. - The campaign aims to enhance financial literacy, improve the quality of financial services, and help the public recognize risks and protect their legal rights [1]. Recommended Reading List - A curated list of financial education books is provided, featuring works by authoritative experts in finance and economics, aimed at helping readers improve their financial literacy and investment strategies [1]. Featured Books - "The Simplest Financial Literacy Course: From the Origin of Money to Wealthy Life" by Zhang Wei discusses the importance of understanding financial concepts and managing personal cash flow, transitioning to corporate finance and the roles of various financial entities [4]. - "The Path to Happiness through Financial Management" by Xiao Gang offers a framework for young people to achieve financial freedom, addressing common misconceptions and providing practical advice on wealth management [7][8]. - "Unexpected Economics" by Timothy Taylor presents economic principles in an accessible manner, illustrating how economic thinking applies to everyday decisions and behaviors [11][12]. - "Money Smart: 9 Mindsets for Investment, Decision-Making, and Wealth Growth" by Ilia Streblaev and Alex Deng outlines key investment principles derived from venture capital practices, aimed at helping readers navigate complex market environments [16][19].

文/深圳证券交易所上市审核中心经理 高振翔 IPO非公开审核缩短了发行人信息公开时间，降低了商业秘密泄露的风险 和发行上市的不确定性，成为美国等市场的通行做法。本文在梳理IPO非 公开审核制度的内涵与依据基础上，比较分析了美国IPO秘密递交制度和 我国香港地区IPO秘密申报制度的异同，探析了近期我国资本市场推出的 预先审阅制度的优化方向。 IPO非公开审核制度是指发行人以非公开方式向证券监管机构递交发行上市申请，接受证券监管机构的非公开审核，直至正式启动IPO申报或证券发行 前，才公开披露其发行上市文件的制度安排。IPO非公开审核缩短了发行人信息公开时间，降低了商业秘密泄露的风险和发行上市的不确定性，成为美国 等市场的通行做法。本文在梳理IPO非公开审核制度的内涵与依据基础上，比较分析了美国IPO秘密递交制度和我国香港地区IPO秘密申报制度的异同，探 析了近期我国资本市场推出的预先审阅制度的优化方向。 IPO非公开审核制度的内涵与依据 基本内涵 制度本质：通过保密方式改进发行人信息披露质量 一是削弱市场监督。公开透明的发行上市审核机制对于约束发行人行为、改进信息披露质量具有重要意义，但IPO非公开审核客观上延 ...

Core Viewpoint - The article discusses the impact of the Trump administration's policies on the purchasing power of the U.S. resident sector, highlighting the ineffective execution of these policies and suggesting that China should focus on technological breakthroughs and the internationalization of the RMB to reduce reliance on the dollar and alleviate the "Triffin dilemma" affecting the global economy [1]. Group 1: Evolution of U.S. Resident Sector Purchasing Power - The purchasing power of the U.S. resident sector has evolved from continuous expansion during globalization to structural decline due to factors such as slowing natural growth rates, debt expansion, and reshaping global demand [3]. - The core demand of the U.S. resident sector is to enhance purchasing power, which has been a driving force behind the trade war, leading to a mismatch between high pricing in the high-consumption market and declining purchasing power [3]. Group 2: Globalization and Purchasing Power Expansion - In the early stages of globalization, the U.S. resident sector benefited from low-priced imports due to China's labor cost advantages, which allowed multinational manufacturers to lower production costs and prices [6]. - The dollar's hegemony provided benefits to the U.S. resident sector by keeping interest rates low, which facilitated debt expansion and maintained low inflation, thus supporting purchasing power [7]. Group 3: Decline of Purchasing Power in Later Stages of Globalization - Post-2008, the U.S. economy's growth rate slowed, leading to a decline in corporate profits and further stagnation in wage growth for the U.S. resident sector [9]. - China's rise and shift from an export-driven economy to one driven by investment and consumption have increased competition for profit shares, thereby reducing the purchasing power subsidy previously enjoyed by the U.S. resident sector [9]. - The diversification of global central bank reserves has reduced the rigid reliance on the dollar, leading to increased volatility in the dollar's value and diminishing the purchasing power of U.S. residents when exchanging currencies [9]. Group 4: Debt Issues and Purchasing Power - The article emphasizes the importance of the non-Ponzi condition in discussing debt, noting that debt growth must not exceed the natural return rate of the economy [10]. - Post-2008, the lack of technological advancement and persistent low-interest rates have raised concerns about the sustainability of U.S. debt, leading to cuts in welfare programs that directly impact resident purchasing power [10].

Core Viewpoint - The evolution of currency forms is driven by technological advancements and economic development, with a historical competition between official and private currencies. The issuance of central bank digital currency (CBDC) is seen as a necessary upgrade to maintain currency stability and financial system security in the context of digital economy growth [3][4][6]. Group 1: Historical Context and Evolution of Currency - Historical changes in currency forms have transitioned from barter to shells, metal currency, and the world's first paper currency, the Jiaozi, during the Northern Song Dynasty. This was followed by banknotes based on commercial bank credit, eventually replaced by central bank-issued legal tender [4]. - The competition between official and private currencies has always existed, with the absence of central bank currency issuance increasing the fragility of the financial system. Multiple currency issuers can lead to differences in asset quality and currency value, raising transaction costs and reducing stability [4][6]. Group 2: Role of Central Banks - Central banks act as the lender of last resort, providing liquidity to banks in need and ensuring the safety of collateral assets through strict regulation and deposit insurance mechanisms. This supports a stable and secure monetary environment [5]. - The establishment of a legal currency system is a natural selection due to the superiority of national credit over private credit, ensuring currency stability, liquidity, and a fair, secure, efficient, and inclusive payment system [6]. Group 3: Digital Currency Development - The blurring lines between commercial bank currency and central bank currency necessitate the issuance of legal digital currency, or digital renminbi, to ensure the single currency nature of the RMB and maintain financial and monetary system security [6][7]. - The digital renminbi has undergone three phases: theoretical research, closed pilot testing, and open pilot testing, and is being gradually applied in various sectors such as retail, dining, education, and public services [7]. Group 4: Macro and Micro Considerations - On a macro level, the digital renminbi is directly liabilities of the central bank, requiring consideration of enhancing its currency derivation capacity as the economy develops. On a micro level, commercial banks are responsible for wallet management and payment services, necessitating alignment of responsibilities and rights [8]. - Upgrading the measurement framework of the digital renminbi is essential to ensure that the currency supply aligns with economic growth and price expectations, while also enhancing the engagement of commercial banks and users [8].

Core Viewpoint - The article emphasizes the importance of financial education in enhancing public financial literacy and protecting consumer rights, particularly in the context of China's financial development and the need for improved risk awareness among the general population [2][3][4]. Group 1: Financial Education Initiatives - The Financial Education Promotion Week, held from September 15 to 21, aims to enhance public understanding of financial rights and risks, contributing to a healthier financial ecosystem [2]. - The article highlights the need for increased efforts in financial knowledge dissemination to improve the public's financial literacy, which currently lags behind the development of the financial industry [3]. Group 2: Consumer Rights Protection - There have been positive developments in protecting financial consumer rights, including the establishment of dedicated departments within regulatory bodies and the implementation of various consumer protection mechanisms [4]. - Future efforts should focus on enhancing financial consumer education and risk awareness, utilizing digital technologies and innovative outreach methods to ensure comprehensive financial knowledge delivery [4]. Group 3: Targeting Vulnerable Groups - The "new citizens" have emerged as a key focus in the inclusive finance sector, with education being crucial for their self-development and empowerment [7]. - It is essential to accelerate financial education for new citizens during urbanization, ensuring they benefit from the digital economy and public cultural resources [7]. Group 4: Collaborative Efforts in Financial Education - Various stakeholders, including financial institutions and educational organizations, are actively participating in financial education initiatives, expanding from traditional to digital formats [8]. - Schools are integrating basic financial knowledge into their curricula, reflecting a broader commitment to enhancing financial literacy among students [8].

Core Viewpoint - The article emphasizes the growing importance of stablecoins in the digital finance landscape, highlighting their advantages over traditional cryptocurrencies due to their price stability and regulatory compliance, which makes them increasingly integrated into the mainstream financial system [3][4][5]. Summary by Sections Current Status and Characteristics of Stablecoins - Stablecoins are digital assets based on blockchain technology that maintain price stability through a "anchoring mechanism" to fiat currencies. They have evolved from being used primarily in cryptocurrency exchanges to being integral in decentralized finance (DeFi) activities such as lending and staking, as well as in cross-border payments and trade settlements due to their fast settlement speeds and low transaction costs [5][6]. Development History of Stablecoins - The development of stablecoins has transitioned from exploration to regulation. The launch of USDT in 2014 marked the introduction of fiat-collateralized stablecoins, which quickly gained traction. The introduction of DAI in 2017 pioneered decentralized stablecoins. The demand for stablecoins surged during the DeFi boom in 2020, but the collapse of algorithmic stablecoin UST in 2022 raised regulatory concerns. Recent regulations, such as the U.S. GENIUS Act and Hong Kong's Stablecoin Regulation, have laid a foundation for compliant development [6][7]. Market Characteristics - The stablecoin market is characterized by concentration, with the total market cap exceeding $280 billion as of August 2025, where USDT holds about 60% market share. The majority of stablecoin transactions occur on major public blockchains like Ethereum, Tron, and Solana, with Ethereum alone accounting for over $137 billion in stablecoin market cap [7]. Technical Principles of Stablecoins - The stability and security of stablecoins rely on blockchain and smart contract technologies. They can be categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins. Each type has distinct technical implementations, with fiat-collateralized stablecoins like USDT and USDC relying on off-chain reserves, while crypto-collateralized stablecoins like DAI use over-collateralization and automated liquidation mechanisms [10][11]. Trust Logic of Stablecoins - The core competitive advantage of stablecoins lies in trust, which is built on reliable anchoring and reserve mechanisms, verifiable technology, and regulatory frameworks. The trust in fiat-collateralized stablecoins is derived from the transparency and liquidity of their reserves, while crypto-collateralized stablecoins depend on over-collateralization and automated liquidation for stability. Algorithmic stablecoins face structural challenges due to their reliance on supply-demand algorithms without actual asset backing [15][16]. Challenges and Future Outlook - Stablecoins face challenges in regulatory technology, price stability, and governance. The lack of a global regulatory framework for stablecoins and blockchain transactions complicates compliance. Additionally, past incidents of reserve opacity have led to market instability. However, the future of stablecoins looks promising, with potential growth in cross-border payments and tokenization of real-world assets, supported by evolving regulatory environments and technological innovations [17][18][19].