Group 1 - The core employment data from the U.S. Labor Statistics Bureau indicates that non-farm employment increased by 119,000 in September, significantly surpassing the market expectation of 52,000 and the previous value of 22,000 [2][3] - The unemployment rate rose slightly to 4.4%, marking the highest level since October 2021, up from 4.3% in August [3] - Average hourly earnings increased by 0.2% month-on-month and 3.8% year-on-year, compared to the expected increases of 0.3% and 3.7% respectively [2][3] Group 2 - The unexpected rebound in the labor market complicates the Federal Reserve's decision-making regarding potential interest rate cuts next month [3] - The report is the first economic health indicator released since the record government shutdown, which interrupted the publication of official data [3] - The mixed signals from the labor market have led to internal divisions within the Federal Reserve regarding the pace of interest rate cuts, with some members advocating for continued cuts to support the labor market while others express concerns about inflation risks [3]

文/ 中国上市公司协会学术顾问委员会委员、中关村国睿金融与产业发展研究会 会长 程凤朝 借鉴国际经验，本文提出，科创板未来可从 "融资导向"转向"治理与信披 导向"，通过强化以董事会为核心的内部治理、完善多层次外部制衡、推 行差异化信披，尽快筑牢创新资本循环的基石，孕育出具有全球竞争力的 科技企业。 作为中国资本市场改革的 "试验田"，科创板自2018年宣布设立以来，已成为推动经济向创新驱动转型的重要引擎。然而，随着市场进入深水区，其上市 公司在公司治理与信息披露方面面临的一些深层次课题，正成为推动高质量发展的关键节点。本文剖析了科创板企业治理结构的特殊性及挑战，探讨了信 息披露在创新资本定价中的核心作用与可提升的空间。借鉴国际经验，本文提出，科创板未来可以从"融资导向"转向"治理与信披导向"，通过强化以董事 会为核心的内部治理、完善多层次外部制衡、推行"实质重于形式"的差异化信披，筑牢创新资本循环的基石，孕育出具有全球竞争力的科技企业。 引言：从 "试验田"到"主阵地"的时代命题 2019年7月22日，科创板正式开市。这不仅是中国资本市场的一次制度性突破，更承载着推动科技自立自强、引领经济发展范式变革的战略 ...

Core Viewpoint - The article emphasizes the accelerated development and application of digital currencies globally, particularly focusing on the importance of establishing a self-controlled cross-border payment system for the Renminbi (RMB) to enhance financial security and support the internationalization of the RMB [2][4]. Summary by Sections Global Digital Currency Landscape - The global development and application of digital currencies have entered a fast track, with major economies accelerating their Central Bank Digital Currency (CBDC) layouts [4]. - The evolving international geopolitical landscape has made financial infrastructure security a crucial component of national security [4]. RMB Internationalization and Cross-Border Payment System - The 20th National Congress report of the Communist Party of China calls for the orderly promotion of RMB internationalization, while the 14th Five-Year Plan suggests enhancing capital account openness and building a self-controlled cross-border payment system for the RMB [4]. - A multi-channel and widely covered RMB cross-border payment system has been largely established, highlighting its strategic significance for financial security and international financial discourse [4]. Challenges in Cross-Border Payments - Cross-border payments face challenges such as high costs, low efficiency, lack of transparency, and limited access, primarily due to long payment chains, high compliance costs, and insufficient trust among entities [4]. - Ongoing geopolitical tensions further increase uncertainties in cross-border payments [4]. Strategic Importance of Self-Controlled Payment Systems - Establishing a self-controlled RMB cross-border payment system is crucial for ensuring financial security, supporting RMB internationalization, and enhancing international financial influence [4]. - In the context of global payment systems facing geopolitical risks, a self-controlled RMB cross-border payment system can inject new vitality into RMB internationalization [4]. Call for Contributions - The editorial team of Tsinghua Financial Review has initiated a call for papers to explore the strategic positioning, technological pathways, and institutional arrangements of digital RMB in the cross-border payment system [5]. - The aim is to provide forward-looking insights and policy recommendations for the stable and long-term internationalization of the RMB and participation in global financial governance reform [5]. Submission Guidelines - The submission should be original and unpublished, with a suggested word count of 4,000 to 6,000 words, including charts and graphs [8]. - The deadline for submission is December 15, 2025, with specific formatting and content requirements outlined [10].

中国人民银行授权全国银行间同业拆借中心公布，2025年11月20日贷款市场报价利率（LPR）为： 1年期LPR为3.0% ， 5年期以上LPR为 3.5% ， 连续六个月保持不变。 以上LPR在下一次发布LPR之前有效。 来源丨中国人民银行 编辑丨兰银帆 审核丨许晨辉 往期回顾 在风格上 Review of Past Articles - 郑栅洁主任主持召开民营企业座谈会 就"十五五"时期服务业发展听取意见建议 01 02 等你来投！《清华金融评论》12月刊 " 黄金投资逻辑：历史周期与趋势演变 " 征稿启事 小媒求你加·3 标 TSINGHUA PBCSF TSINGHUA Financial Revi 清华五道厂 明年终的未来 《清华金融评论》专注于经济会融 政策解读与建言,设置一个封面专 题以及宏观经济、政策与监管、 银行与保险、资本市场、财富与资 管、金融与科技、论文故事汇、道 口研究、国际九个专业栏目,所有 栏目都期待这样的来稿: 既可以是分析研判式的文稿,也可以是解读评论型的文稿, 既可以建言献策经济金融理论与实践,也可以归纳总结新经 济金融模式与案例。 在形式上 无需复杂的理论与计量模型,无需过 ...

Core Viewpoint - The article emphasizes the importance of the "15th Five-Year Plan" as a critical year for consolidating economic recovery and achieving high-quality development, highlighting the need for a balance between short-term growth and long-term sustainable development [4][5]. Group 1: Economic Context - 2026 marks the beginning of the "15th Five-Year Plan," which aims to ensure significant progress in achieving socialist modernization [4]. - The current economic environment is characterized by strong resilience, potential, and vitality, despite facing complex external challenges and domestic issues such as insufficient effective demand and weak social expectations [4]. Group 2: Policy Focus - The article calls for a focus on macro policy frameworks that promote long-term and short-term coordination, effective financial services for the real economy, and strategies to drive growth through expanded domestic demand [5]. - It outlines the necessity of addressing key questions regarding the dynamic balance between short-term stability and long-term high-quality development during the initial phase of the "15th Five-Year Plan" [4]. Group 3: Call for Contributions - The editorial team of "Tsinghua Financial Review" is inviting submissions on various topics related to the "15th Five-Year Plan," aiming to gather insights from regulatory authorities, financial institutions, and industry experts [5]. - The submission topics include mechanisms for macro policy coordination, the effectiveness of moderately loose monetary policy, and the financial support system for new productive forces [9].

文/ 资本市场学院研究员 徐雅婷 ，中国人民大学深圳研究生院专职研究员 邢洋 为促进健全因地制宜发展新质生产力体制机制，支持构建同科技创新相适 应的科技金融体制，本文从产业金融供给、产业政策支持、产业生态构建 三个 维度对比 分析了 北 上 深津 常 以科 技金 融赋 能合 成生 物产 业发 展 的做 法，认为目前仍存在早期企业股权融资不足、银行信贷支持额小期短等问 题，建议下一步可在采取多维金融赋能方式、推动政策供给实施、完善产 业生态建设等方面支持合成生物产业发展。 习近平总书记强调，"要做好科技金融这篇文章，引导金融资本投早、投小、投长期、投硬科技"。《中共中央关于进一步全面深化改革、推进中国式现代 化的决定》提出要"建立未来产业投入增长机制"。目前，我国已初步建成了包括创业投资、银行信贷、保险、股票市场和债券市场等在内的多层次科技金 融服务体系，为新质生产力的形成与发展提供着强劲动力。然而，目前对科技金融赋能未来产业发展的逻辑和实践相关总结较为缺乏，本文基于合成生物 产业的特点，梳理科技金融赋能未来产业的逻辑与实践，在总结相关经验基础上提出政策建议。 科技金融赋能未来产业的逻辑 科技金融赋能未来产业的 ...

Core Viewpoint - The article emphasizes the importance of the "15th Five-Year Plan" period as a critical phase for achieving decisive progress in socialist modernization, highlighting the need for high-quality development and strategic planning to navigate complex domestic and international challenges [2][4][8]. Summary by Sections Historical Positioning of the "15th Five-Year Plan" - The "15th Five-Year Plan" is positioned as a crucial transitional phase in the historical process of achieving socialist modernization, building on the achievements of the "14th Five-Year Plan" [5][6]. - The article notes that the "14th Five-Year Plan" has laid a solid foundation for high-quality development, with expectations for the economy to reach 140 trillion yuan by 2025, reflecting an average annual growth of 5.4% [5][6]. Guiding Principles and Major Goals - The guiding principles for the "15th Five-Year Plan" include a focus on high-quality development, reform and innovation, and meeting the growing needs of the people [9][10]. - The major goals outlined for this period include significant improvements in high-quality development, technological self-reliance, deepening reforms, enhancing social civilization, improving living standards, advancing ecological progress, and strengthening national security [11]. Strategic Tasks for Development - The article identifies key strategic tasks for the "15th Five-Year Plan," emphasizing the need to promote high-quality development, enhance technological independence, build a strong domestic market, and achieve a comprehensive green transition [12][13]. - Specific actions include constructing a modern industrial system, accelerating technological breakthroughs, and fostering a robust domestic market driven by consumption [12][13]. Focus on Common Prosperity - The article stresses the importance of common prosperity as a guiding principle, with initiatives aimed at rural revitalization, regional coordinated development, and improving public welfare [14][15]. - It highlights the need for policies that enhance the quality of life for all citizens, ensuring equitable access to resources and opportunities [14][15]. Enhancing Economic Vitality - The article discusses the role of reform in driving economic growth, advocating for a high-level socialist market economy and expanding openness to international markets [16][17]. - It emphasizes the importance of balancing development and security, ensuring that economic growth does not compromise national safety [17]. Strengthening Party Leadership - The article concludes by underscoring the necessity of strong party leadership as a fundamental guarantee for advancing modernization, with a focus on improving governance and mobilizing societal participation [18].

Core Viewpoint - The article outlines a comprehensive plan by the People's Bank of China and 12 other departments to enhance financial support for consumption in Beijing, aiming for significant improvements in financial services by 2030, particularly in sectors like accommodation, dining, cultural tourism, education, and elder care [5][6]. Summary by Sections Overall Goals - The plan aims to elevate the financial service level in Beijing's consumption sector by 2030, focusing on increasing loan balances and credit support in key areas such as accommodation, dining, cultural tourism, education, and elder care [6]. Key Areas of Financial Support - **Consumer Credit Support**: Emphasis on increasing auto loans, optimizing financial products for various purchasing scenarios, and promoting green consumption through financial incentives [7]. - **Cultural and Sports Consumption**: Financial institutions are encouraged to innovate financing models and increase credit for cultural and sports events, leveraging Beijing's status as a cultural center [8]. - **Accommodation and Dining Services**: Support for creating unique dining and cultural experiences, with financial incentives for businesses to enhance consumer engagement [9]. - **Elder Care and Domestic Services**: Financial institutions are urged to collaborate with service providers to offer tailored financial services for domestic workers and elder care facilities [9]. - **Infrastructure and Trade Systems**: Financial support for upgrading commercial infrastructure and optimizing loan conditions for businesses in the consumption sector [10]. Supporting Consumer Demand - **Employment and Income Support**: Initiatives to lower financing costs for small and micro enterprises, enhancing their capacity to create jobs [10]. - **Services for the Elderly**: Financial institutions are encouraged to develop services tailored to the elderly population, including payment solutions and dedicated financial products [11]. - **Foreign Consumer Services**: Enhancements in payment services for foreign visitors, including expanding the use of foreign cards and optimizing payment processes [11]. Enhancing Financial Institution Services - **Credit Support**: Financial institutions are urged to provide differentiated and convenient financial services, focusing on the consumption sector's diverse needs [12]. - **Bond Market Financing**: Encouragement for companies in cultural, tourism, and education sectors to issue bonds to raise funds [12]. - **Equity Financing**: Support for quality enterprises in the consumption industry to raise funds through equity markets [12]. Policy Coordination - **Monetary Policy**: Implementation of supportive monetary policies to encourage lending in key consumption sectors [13]. - **Fiscal Policy**: Introduction of interest subsidy policies to lower financing costs for consumers and service providers [14]. - **Insurance System**: Development of insurance products tailored to the needs of the elderly and low-income groups [14]. Financial Environment Optimization - **Payment Environment**: Initiatives to enhance the payment experience for consumers, including the promotion of digital currency [15]. - **Consumer Rights Protection**: Establishment of mechanisms to protect consumer rights and enhance financial literacy [16]. Organizational Support - **Coordination and Evaluation**: Strengthening collaboration among financial departments and relevant authorities to ensure effective implementation of the plan [17]. - **Experience Sharing**: Financial institutions are encouraged to share best practices and promote awareness of financial support policies [17].

Core Viewpoint - The article emphasizes the importance of effectively combining a market-driven economy with proactive government intervention to enhance the socialist market economy in China, as outlined in the 15th Five-Year Plan [2][4]. Group 1: Economic System Reform - The reform of the economic system is a key focus, aiming to enhance the advantages of the socialist market economy. The 20th Central Committee has prioritized the construction of a high-level socialist market economy system, addressing issues that hinder market competition and government function [5]. - There is a need to clarify the boundaries between government and market roles to maximize the advantages of the socialist market economy, thereby liberating and developing productive forces [5]. Group 2: High-Quality Development - High-quality development is identified as the primary task for building a modern socialist country. The 15th Five-Year Plan aims for qualitative improvements and reasonable quantitative growth, emphasizing the need for both market and government collaboration [6]. - The article outlines that innovation, coordination, green development, openness, and sharing are essential components of the new development philosophy that must be fully integrated into economic and social development [6]. Group 3: Domestic Circulation and External Challenges - Strengthening domestic circulation is crucial to counteract external uncertainties and shocks. The article highlights the importance of leveraging both government and market forces to facilitate resource flow and efficient allocation within the domestic market [7]. - With a population of over 1.4 billion and a growing middle-income group, breaking down barriers to resource allocation can unleash significant development potential and enhance domestic economic stability [7]. Group 4: Market System Construction - The article stresses the need to build a unified, open, competitive, and orderly market system, which is essential for optimizing resource allocation and enhancing market vitality [9][10]. - It calls for the establishment of a nationwide unified market that promotes fair competition and reduces transaction costs, thereby fostering a conducive environment for technological innovation and enterprise development [10]. Group 5: Fair Competition and Legal Framework - Fair competition is highlighted as a fundamental principle of the market economy, with ongoing efforts to strengthen competition policies and eliminate barriers to market entry [11]. - The establishment of a legal economy and credit economy is essential, with a focus on creating a unified social credit system that enhances trust and accountability among market participants [12]. Group 6: Business Environment Optimization - The article advocates for the continuous improvement of the business environment to stimulate market vitality and internal development momentum, aligning with international standards [13]. - It emphasizes the need for a transparent and efficient market access system, as well as the protection of foreign investment rights to encourage more foreign enterprises to invest in China [13]. Group 7: Government Role and Efficiency - The government is tasked with balancing market vitality and order, ensuring effective macroeconomic governance and regulatory oversight [15][16]. - Enhancing government service levels is crucial for creating a service-oriented government that meets the needs of citizens and businesses, thereby improving overall satisfaction and efficiency [18].

Core Viewpoint - The article emphasizes the importance of integrating technology, industry, and finance to support high-quality economic development in China, as highlighted by the 20th Central Committee's Fourth Plenary Session and the 2025 Government Work Report [1]. Group 1: Event Overview - The 2025 Tengchong Scientist Forum will be held on December 7, 2025, in Yunnan, focusing on the theme "AI + Finance: Technology Empowerment and Value Creation" [2]. - The forum is organized by Tsinghua University Wudaokou School of Finance and aims to provide a high-end communication platform for technological financial innovation [1][2]. Group 2: Agenda Highlights - The event will feature a series of activities including keynote speeches, high-level dialogues, and roundtable discussions focusing on AI's impact on the financial ecosystem [2][6]. - The agenda includes a session on exploring the dual paths of technology empowerment and value creation, as well as discussions on AI's role in reshaping financial ecosystems [6]. Group 3: Invited Guests - The forum will host leaders from policy regulatory bodies, experts from the technology and finance sectors, and representatives from major financial institutions and enterprises [3][4]. Group 4: Forum Highlights - The forum will gather top experts, including academicians and industry leaders, to provide insights and innovative guidance [5]. - It aims to explore the reconstruction of the financial ecosystem through AI and discuss relevant hot topics such as data elements and financial innovation [6].