2025年5月17日上午，2025清华五道口全球金融论坛在广东省深圳市盛大开幕。 2001年诺贝尔经济学奖得主迈克尔·斯宾塞通过视频连线形式发表主旨演讲。他指 出，全球贸易体系方面，贸易战是互相伤害，必须纠正，未来最有可能的情形是建 立多边体系，欧洲、中国及其他主要新兴经济体支持建立相对合理、可行的多边体 系。从货币政策来看，美联储的货币政策是当前不确定性的来源之一。美联储的首 要任务是稳定就业、管理好通货膨胀，其货币政策会根据不同的情况进行反应，这 是当前不确定的来源。技术方面，中美之间差距在迅速缩小，De epSe ek等一些大模 型在中国出现，未来人工智能（AI）的包容性、普惠性越来越强。 图为迈克尔·斯宾塞 迈克尔·斯宾塞： 非常感谢，很高兴见到各位，也希望下一次会议我可以在现场参加。 提问： 我们是在深圳召开本次会议，聚焦全球经济金融系统创新等话题。想先请教您一个关于贸易战 的问题。中美部分关税在90天内临时暂停执行，我们看到全球股市都在回升，这一举措得到全球市场的 欢迎。这是一个大的进步，但这仅仅是一个开始。我猜测所有人心里都有一些疑问：最差和最好的状况 会是怎样的？未来我们的方向到底是什么？所以 ...

大家上午好！ 图为焦捷 尊敬的周小川行长，尊敬的贝尔卡总理， 女士们，先生们，朋友们： 2025年5月17日上午，2025清华五道口全球金融论坛在广东省深圳市盛大开幕。 在开幕式上，清华大学五道口金融学院院长焦捷发表开幕致辞。焦捷表示，在世界 百年变局加速演进、全球经济面临增速放缓的结构性困境的背景下，构建开放包容 的经济金融体系至关重要。焦捷指出，中国正逐步从全球治理的规则追随者，转变 为制度改革者，通过发展新质生产力和做好"五篇大文章"，推进实现高质量发展。 他强调，五道口金融学院作为国内领先、国际一流的金融教育平台，搭建全球对话 桥梁，构建金融教育全球伙伴体系。本次论坛汇聚全球政商学界精英，共同探讨全 球经济金融治理新路径，为推动可持续发展、实现共同繁荣贡献智慧力量。 今天，我们在深圳隆重举办2025清华五道口全球金融论坛。我谨代表清华大学五道口金融学院，向出 席论坛的各位嘉宾，致以热烈的欢迎！向为论坛顺利举办给予鼎力支持的各界伙伴，致以最诚挚的感 谢！ 清华大学五道口金融学院，前身是创办于1981年的中国人民银行研究生部，2012年由中国人民银行与 清华大学合作，在研究生部的基础上建设而成。今年是五道 ...

2025年5月17日上午，2025清华五道口全球金融论坛在广东省深圳市盛大开幕。 第十二届全国政协副主席、中国人民银行前行长周小川出席开幕式，清华大学党委副书记过勇、清华大 学五道口金融学院院长焦捷分别发表开幕致辞。波兰前总理马雷克·贝尔卡、2001年诺贝尔经济学奖得 主迈克尔·斯宾塞发表主旨演讲。清华大学五道口金融学院副院长张晓燕担任开幕式主持人。 图为会议现场 迈克尔·斯宾塞通过视频连线形式发表主旨演讲。他指出，全球贸易体系方面，贸易战是互相伤害，必 须纠正，未来最有可能的情形是建立多边体系，欧洲、中国及其他主要新兴经济体支持建立相对合理、 可行的多边体系。从货币政策来看，美联储的货币政策是当前不确定性的来源之一。美联储的首要任务 是稳定就业、管理好通货膨胀，其货币政策会根据不同的情况进行反应，这是当前不确定的来源。技术 方面，中美之间差距在迅速缩小，DeepSeek等一些大模型在中国出现，未来人工智能（AI）的包容 性、普惠性越来越强。 图为迈克尔·斯宾塞 图为过勇 以"中国特色、世界一流"为目标锻造"金融重器"。本届论坛以"共享未来：构建开放包容的经济与金融 体系"为主题，他期待与会嘉宾深入交流，为促 ...

2025年5月17日上午，2025清华五道口全球金融论坛在广东省深圳市盛大开幕。 波兰前总理马雷克·贝尔卡出席开幕式并发表主旨演讲。他指出，从全球视角看，世 界面临新局势、新变化，全球面临的最大挑战是不平衡、不稳定，尤其是美国社会 和经济结构出现了很大的不平衡。究其原因，美国慢性贸易赤字来自国内经济的不 平衡，特别是美国民众的低储蓄率以及消费型经济所致，因此美国推出的关税并不 会带来太多帮助。 他表示，从欧洲视角看，欧洲在不稳定的世界里显得更加脆弱。应对这些挑战，一 方面，欧洲需要直面美国新政府带来的挑战，利用好关税同盟的内部优势；另一方 面，欧洲应允许市场进行多样化调整。 在他看来，中国已成为全球科技的重要制造 者和出口者，新形势下，欧洲公司希望可以更多地进入中国市场。 图为马雷克·贝尔卡 以下为马雷克·贝尔卡在论坛上的发言： 女士们、先生们上午好，非常感谢各位能够来到这个卓越的论坛，非常荣幸能够有机会来到中国与国内 外重量级嘉宾共聚一堂，探讨全球范围内非常重量级的大事。 就接下来要讨论的内容，我会从欧洲视角下提供一些观点。当然，每次谈到国际大事的时候必须从美国 谈起，同时不得不提到美国的新政府，因为这给全 ...

Core Viewpoint - The article discusses the recent financial policies implemented in China, particularly the "5·07" incremental policy, which aims to stabilize the market and expectations amid external uncertainties and economic transitions. The response from the financial markets, especially the A-share market, has been more restrained compared to the previous "9·24" policy [1][4]. Summary by Sections Financial Policy Overview - On May 7, China announced a comprehensive set of financial policies to stabilize the market, which included a 0.1 percentage point reduction in policy rates and a 0.5 percentage point cut in the reserve requirement ratio [4][9]. - The "5·07" policy is characterized by its broad scope, multiple measures, and rapid implementation, comparable to or exceeding the "9·24" policy [2][4]. Market Reactions - Following the "9·24" policy, the Shanghai Composite Index experienced a significant rally, gaining 27% over a two-week period. In contrast, the response to the "5·07" policy was more muted, with only a 2% increase over three trading days [4][6]. - The market's restrained reaction to the "5·07" policy is attributed to the fact that many of the measures were anticipated by investors [4][6]. Economic Context - The article highlights the ongoing economic challenges, including a decline in the GDP deflator index and a prolonged decrease in the Producer Price Index (PPI), which has raised concerns about the effectiveness of monetary policy [9][10]. - The need for a balance between supporting the real economy and maintaining the health of the banking system is emphasized, as low interest rates face constraints from insufficient market demand and bank credit supply [11][12]. Fiscal Policy Measures - The article outlines the government's commitment to a more proactive fiscal policy, with a projected deficit rate of around 4% and an increase in new government debt to support economic stability [13][15]. - Specific measures include enhancing financial support for foreign trade enterprises affected by tariffs and promoting domestic consumption [14][15]. Trade and External Relations - Despite challenges in exports to the U.S., overall Chinese exports have shown resilience, with significant growth in exports to non-U.S. markets [16]. - The article suggests that ongoing trade negotiations between China and the U.S. may lead to a reduction in tariffs, which could further support economic stability [16].

Core Viewpoint - The Chinese bond market has significant room for growth, particularly in supporting technology innovation enterprises, which requires a reform to enhance its capabilities and optimize its structure [1][2]. Group 1: Current State of the Bond Market - The bond market's ability to serve technology innovation enterprises is currently limited and requires optimization [2][3]. - The market is dominated by state-owned and large enterprises, lacking a high-yield bond market that could directly support small and medium-sized technology enterprises [2][3]. - The investor structure is concentrated, primarily involving commercial banks, which lack motivation to invest in convertible bonds due to regulatory constraints [3][4]. Group 2: Information Disclosure and Risk Management - The bond market's information disclosure mechanisms and credit risk management systems need significant improvement [4][5]. - Current risk management tools are limited and lack flexibility, with the credit risk mitigation contracts being underdeveloped [4][5]. - The credit rating system is overly simplistic, with 85% of issuers rated AA or above, leading to issues of credibility and differentiation [5]. Group 3: Policy Recommendations for Improvement - There is a need to accelerate the development of a high-yield bond market to diversify financing channels for technology innovation enterprises [8][10]. - Establishing a specialized evaluation system for technology enterprises is crucial to identify those with innovative potential [9][10]. - The bond market should implement a registration system reform to create a more transparent and predictable financing environment for technology innovation enterprises [12][13]. Group 4: Enhancing Investor Participation - Expanding the investor base and encouraging risk-oriented investment strategies are essential for matching supply and demand in the high-yield bond market [10][14]. - Developing targeted bond financing tools, such as asset securitization, can provide stable funding for technology innovation enterprises [11][12]. - Strengthening investor protection mechanisms and establishing strict default clauses will enhance market fairness and transparency [10][14].

2 0 2 5清华五道口全球金融论坛 论坛议程 I TTJ =V · 09:30-10:30 主演讲 · 10:45-12:00 主题讨论一:面向未来的全球货币体系 0 05月17日(周六)下午 平行论坛 · 14:00-15:15 主题讨论二:新形势下的国际贸易与投资 · 15:30-16:45 主题讨论三:全球经济碎片化的挑战 · 16:45-18:00 主题讨论四:粤港澳大湾区建设与发展 · 14:00-15:15 主题讨论五:绿色发展的机遇与挑战 · 15:30-16:45 主题讨论方:新兴市场债务危机与金融治理 · 16:45-17:45 IMF专题报告:全球金融稳定 005月18日（周日）上午 平行论坛 · 09:00-10:15 主题讨论七:2025中国经济展望暨 《中国金融政策报告2025》发布 10:30-11:45 . 主题讨论八: 金融赋能科技创新与发展 · 09:00-10:15 主题讨论九:人工智能时代下的数字金融 · 10:30-11:45 主题讨论十:全球资本市场展望与发展 · UY:UU-11:UU 闭门会一:加强金融安全 防范系统性金融风险 005月18日(周日)下午 平行论 ...

以下文章来源于清华五道口 ，作者小融 清华五道口 . 清华大学五道口金融学院（原中国人民银行研究生部）以"培养金融领袖、引领金融实践、贡献民族复兴、促进世界和谐"为使 命，现开设金融学博士、金融专业硕士、技术转移硕士、双学位金融MBA、金融EMBA、高管教育等项目。 ⏰ 倒计时2天！ 这场决定未来金融格局的盛会 你准备好了吗？ 5月1 7日- 1 8日 2 0 2 5清华五道口全球金融论坛 中国·深圳 精英荟萃 巅峰聚首 2 0余位中外高级别政经领袖 近1 0 0位国际重磅嘉宾出席 大咖来了！ 闭门主旨演讲 召开时间： 5月1 6日晚 论坛开幕式（闭门） 召开时间： 5月1 7日 9 : 0 0 - 11 : 1 0 主题讨论一（直播） 主题： 面向未来的全球货币体系 召开/播出时间： 5月1 7日 11 : 1 0 - 1 2 : 2 5 主题讨论三（直播） 主题： 全球经济碎片化的挑战 召开/播出时间： 5月1 7日 1 5 : 3 0 - 1 6 : 4 5 主题讨论二（直播） 主题： 新形势下的国际贸易与投资 召开/播出时间： 5月1 7日 1 4 : 0 0 - 1 5 : 1 5 主题讨论四（直播 ...

Core Viewpoint - Recent strong performance of bank stocks is primarily driven by new public fund management regulations that encourage increased allocation to bank stocks, which are inherently attractive due to low valuations and high dividend yields [1][2][4]. Group 1: Public Fund Management Regulations - The China Securities Regulatory Commission (CSRC) introduced new public fund management measures on May 7, 2025, emphasizing long-term performance in fund manager assessments, with at least 50% weight on investment returns for executives and 80% for fund managers [4]. - The new performance evaluation method ties fund managers' compensation closely to their performance relative to benchmarks, such as the CSI 300 Index, which has a significant weight in bank stocks [4]. - Currently, public funds have a low allocation to bank stocks, with less than 4% in 2024, while bank stocks represent over 13% of the CSI 300 Index, indicating a need for increased investment in bank stocks to align with benchmarks [4]. Group 2: Valuation and Dividend Yield - Bank stocks are considered severely undervalued, often trading below book value, with price-to-earnings ratios around six to seven times, while many offer dividend yields exceeding 4%, making them attractive compared to the current one-year deposit rate below 2% [6][7]. - A hypothetical scenario suggests that to reduce a 4% dividend yield to 2%, bank stock prices would need to double, highlighting their stability and appeal in a low-interest-rate environment [7]. Group 3: Market Trends and Supportive Factors - Bank stocks have experienced a bull market over the past two years, with this trend continuing [8]. - In times of market intervention, large banks are prioritized for support due to their role in stabilizing indices, as seen during the market rescue around the 2024 Spring Festival [10]. - Ongoing initiatives, such as the orderly progress of "debt reduction" and government support for state-owned banks to bolster core capital, are favorable for the banking sector [10].

Group 1 - The core viewpoint of the article emphasizes the importance of establishing financial law as a crucial step in advancing China's financial modernization and ensuring high-quality financial development [1][2]. - The decision to formulate financial law is seen as a necessary requirement for implementing major decisions made by the Central Committee in the financial sector, further deepening reforms, and enhancing national financial stability [1][3]. - The article highlights the significance of financial law in preventing and mitigating financial risks, thereby maintaining the stability and security of the national financial system [1][3]. Group 2 - The series of articles titled "Formulating Financial Law to Ensure High-Quality Financial Development" aims to explore effective paths for financial law formulation from various perspectives, including theoretical support, practical needs, legislative positioning, and legislative models [2][3]. - The article discusses the collaborative effort required to gather legal synergies for the formulation of financial law, emphasizing the role of whole-process people's democracy in this process [1][3].