Group 1 - The core viewpoint of the article emphasizes the importance of formulating the "15th Five-Year Plan" to ensure sustainable and healthy economic and social development in China, laying a solid foundation for achieving socialist modernization by 2035 [5][11]. - The drafting process of the "15th Five-Year Plan" involved extensive research and consultation, including soliciting opinions from various sectors and conducting field studies across 12 provinces, resulting in over 1,500 suggestions being incorporated into the draft [6][8]. - The draft highlights the dual challenges and opportunities facing China's development, calling for a clear overall strategy, key principles, main objectives, strategic tasks, and significant measures for high-quality development during the "15th Five-Year" period [6][11]. Group 2 - The draft outlines the overall considerations for the "15th Five-Year Plan," focusing on problem-oriented and goal-oriented approaches to strengthen the foundation for achieving socialist modernization [12][15]. - It consists of 15 sections divided into three main parts: the general overview, specific strategic tasks across various sectors, and concluding remarks on governance and leadership [13]. - Key issues addressed include the importance of high-quality development, the need for technological innovation, and the establishment of a robust domestic economic cycle to counteract external uncertainties [17][19]. Group 3 - The draft sets clear economic and social development goals for the "15th Five-Year" period, including maintaining reasonable economic growth, improving productivity, and enhancing residents' income in line with economic growth [16][20]. - It emphasizes the theme of high-quality development, advocating for a focus on technological self-reliance and innovation to drive economic transformation [17][18]. - The plan also stresses the importance of common prosperity, aiming to improve living standards and reduce regional disparities through targeted policies [20][21].

Core Viewpoint - The "15th Five-Year Plan" period is crucial for achieving basic socialist modernization, building on the significant achievements of the "14th Five-Year Plan" period, and addressing complex domestic and international challenges [3][4][5][6]. Group 1: Achievements and Challenges - The "14th Five-Year Plan" period saw major achievements in economic stability, high-quality development, technological innovation, and social governance despite facing severe challenges such as the pandemic [4]. - The "15th Five-Year Plan" period is positioned as a key phase for consolidating these achievements and addressing bottlenecks to ensure strategic advantages in international competition [5][6]. Group 2: Economic and Social Development Goals - The guiding principles for the "15th Five-Year Plan" include adhering to Marxism, promoting high-quality development, and ensuring that the benefits of modernization reach all citizens [10][11][12]. - Key goals include significant improvements in high-quality development, technological self-reliance, and social welfare, with a focus on enhancing the quality of life for citizens [13][14][15]. Group 3: Modern Industrial System - The establishment of a modern industrial system is essential, emphasizing the development of advanced manufacturing and the optimization of traditional industries [17][18]. - New and emerging industries will be cultivated, focusing on strategic sectors such as renewable energy and advanced materials [18][19]. Group 4: Technological Innovation - The "15th Five-Year Plan" emphasizes the importance of technological modernization, with a focus on original innovation and the integration of technology with industry [20][21]. - Strengthening the national innovation system and enhancing the role of enterprises in technological development are key strategies [22][23]. Group 5: Domestic Market Development - A strong domestic market is identified as a strategic foundation for modernization, with initiatives aimed at boosting consumption and investment [26][27]. - Efforts will be made to eliminate barriers to market integration and enhance the efficiency of resource allocation [29]. Group 6: High-Level Opening Up - The plan advocates for expanding international cooperation and trade, with a focus on high-standard trade agreements and investment facilitation [34][35]. - The "Belt and Road" initiative will be further developed to enhance connectivity and economic collaboration with partner countries [36]. Group 7: Agricultural Modernization - Agricultural modernization is crucial for overall development, with strategies aimed at improving production capacity and rural living conditions [37][38]. - Policies will focus on enhancing agricultural productivity and ensuring sustainable rural development [39][40]. Group 8: Regional Economic Coordination - The plan emphasizes the need for regional economic coordination to promote balanced development across different areas of the country [41][42]. - Infrastructure connectivity and collaborative development among urban and rural areas will be prioritized [43]. Group 9: Cultural Development - Cultural prosperity is highlighted as a key aspect of modernization, with initiatives aimed at promoting core socialist values and enhancing cultural innovation [45][46]. - The development of a robust cultural industry and the promotion of traditional culture are essential components of the strategy [47][48]. Group 10: Social Welfare and Equity - The plan aims to improve social welfare systems and ensure equitable access to resources, focusing on employment, income distribution, and education [49][50]. - Policies will be implemented to enhance the quality of life for all citizens and promote common prosperity [51][52].

以"创新、变革、重塑下的全球金融发展"为主题的 2025金融街论坛年会 27日在京开幕。围绕年会主题，与会嘉宾深入交流、凝聚共识。 央行将恢复公开市场国债买卖操作 中国人民银行行长 潘功胜表示，今年初，考虑到债券市场供求不平衡压力较大、市场风险有所累积，中国人民银行暂停了国债买卖。 目前， 债市整体运行良好，中国人民银行将恢复公开市场国债买卖操作。 潘功胜表示，一年多来，面对复杂严峻的国内外形势，中国人民银行坚持 支持性的货币政策立场，为我国经济回升向好和金融市场稳定运行创造了良好的货币金融环境。未来，中国人民银行将实施好适度宽松的货 币政策，保持社会融资条件相对宽松。同时，加快构建覆盖全面的宏观审慎管理体系，并从强化系统性金融风险的监测和评估体系等方面重 点推进相关工作。 进一步优化数字人民币管理体系 打击境内虚拟货币经营和炒作 潘功胜表示，未来， 人民银行将进一步优化数字人民币管理体系 ，研究优化数字人民币在货币层次之中的定位，支持更多商业银行成为数字 人民币业务运营机构。自2017年以来，人民银行会同相关部门先后发布了多项防范和处置境内虚拟货币交易炒作风险的政策文件，目前这些 政策文件仍然有效。下一步， ...

热点聚焦 FOCUS ◎ 日本首位女首相出炉,其经济政策以延续并强化"安倍经济学" 为核心 MEETINGS 热点 聚焦 01 日本首位女首相出炉，其经济政策以延续并强化"安倍经济学"为核心 日本首位女首相高市早苗于2025年10月21日当选，其经济政策以延续并强化"安倍经济学"为核心，主张通过大规模货币宽松、 积极财政政策及重点投资半导体、人工智能、国防等战略性产业，推动经济转型。 圆 al 领 奖 实 TSINGHUA Financial Review 清华金融评论 242 | 日本首位女首相出炉，经济政策 | 延续并强化"安倍经济学" 央行: 动态完善 货币政策框架 Financial Weekly 母周登融评论 Financial Weeklv 每周金融评论 | 目录 CONTENTS 《清华金融评论》观察 市场预期，高市早苗的政策立场，短期将刺激经济增长，推高日股并改善企业盈利预期，但可能加剧日元贬值压力。与此同时， 长期风险较为明显。债务风险加剧。截至2024财年末，日本国家债务总额达1323.7万亿日元，连续九年刷新历史纪录。持续宽松 政策可能进一步扩大财政赤字，增加主权债务压力。通胀与日元贬值 ...

Group 1 - The core viewpoint of the article emphasizes the importance of the "14th Five-Year Plan" as a crucial step towards achieving the second centenary goal by 2035, focusing on high-quality economic development and the balance between qualitative improvement and reasonable quantitative growth [2][3]. - The plan sets a target for maintaining an average annual GDP growth rate of over 4.5% over the next decade, aiming for a per capita GDP exceeding $20,000 by 2035 [3]. - The article highlights the significance of innovation-driven economic development, particularly through the integration of technological and industrial innovation, with a focus on enhancing the productive service sector [5][6]. Group 2 - The article discusses the need for a virtuous cycle between consumption and investment to expand domestic demand, marking a significant shift in macroeconomic policy towards boosting consumption and improving investment efficiency [8][9]. - It suggests that effective consumption can stimulate total demand and promote high-quality investment, advocating for a balanced interaction between consumption and investment [8][9]. - The article also mentions the importance of tax reforms to enhance local government incentives for promoting consumption, such as optimizing the VAT distribution mechanism [9]. Group 3 - The article addresses the internationalization of the RMB and the need for exchange rate policies to adapt to new circumstances, highlighting China's dual investment strategy of "bringing in" and "going out" [10][11]. - It notes that China's direct investment outflow has surpassed foreign direct investment inflow since 2015, with a diversification of trade partners and a decrease in trade concentration among the top three partners [11]. - The article suggests that the RMB could be considered a quasi-safe-haven currency, which would enhance its role in global investment portfolios and mitigate capital outflow pressures [12].

《清华金融评论》 2025 年第 12 期专题 前瞻美债与美元 : 长周期视角 截至 2025 年 10 月，美国国债规模已超过 37.86 万亿美元。 2025 财年美国联邦预算赤字达 1.8 万亿美元， 与 2024 财年 持平 ，仍处于历史高位 。更值得 注意的是 , 美国公共债务净利息成本首次突破 1 万亿美元大关 , 比 2024 财年增长约 8% 。债务利息的飙升是国家债务不断增长和高利率环境下的必然结果 , 短期内政府难以应对这一结构性挑战。 美国政府的关税政策和财政政策的不确定性，动摇了投资者对美债美元的信心。未来，美债收益率可能维持高位震荡，美元的强势地位可能逐渐被削弱。 投资者需密切关注美国政府的政策动态、经济数据以及全球市场变化，谨慎评估风险，做好投资决策。《清华金融评论》编 辑部 特地展开 征稿活 动，就 前瞻美债与美元 : 长周期视角 展开征稿。 以"顶天、立地、学术、政策"为原则，以"分析研究经济金融形势、解读评论经济金融政策、建言献策经济金融实践"为内容，旨在为政策制定者提供智囊 服务，为经营决策者提供咨询服务，为教学研 究者搭建交流平台，为广大投资者提供投资建议。围绕 以下 1 ...

10天前，在华盛顿召开的IMF/世界银行年会上，稳定币及其可能产生的金融风险成为各国财长、央行行长讨论最多的话题之一，比较普遍的观点主要集 中在，稳定币作为一种金融活动，现阶段无法有效满足客户身份识别、反洗钱等方面的基本要求，放大了全球金融监管的漏洞，如洗钱、违规跨境转移资 金、恐怖融资等，市场炒作投机的氛围浓厚，增加了全球金融系统的脆弱性，并对一些欠发达经济体的货币主权产生冲击。 2017年以来，人民银行会同相关部门先后发布了多项防范和处置境内虚拟货币交易炒作风险的政策文件，目前这些政策文件仍然有效。下一步，人民银行 将会同执法部门继续打击境内虚拟货币的经营和炒作，维护经济金融秩序，同时密切跟踪、动态评估境外稳定币的发展。 潘功胜表示，人民银行将进一步优化数字人民币管理体系，研究优化数字人民币在货币层次之中的定位，支持更多商业银行成为数字人民币业务运营机 构。人民银行已经在上海设立数字人民币国际运营中心，负责数字人民币跨境合作和使用；在北京设立数字人民币运营管理中心，负责数字人民币系统的 建设、运行和维护，促进数字人民币发展，助力首都国家金融管理中心建设。 | 来源 金融时报 | | --- | | 编辑 ...

支付 本质上是 货币的 转 移 ，而 这 种转 移本 身又 与商 品和 交换 的需 要 分不 开。本文认为，支付发端于货币，最先的支付就是货币的交接和转移。支 付的第二次重大变革是信息化和数字化，主要推动力量是计算机和互联网 的发展和应用。支付的第三次变革将是支付与数字世界融合的变革。相信 央行数字货币会成为推动第三次支付变革的重要力量。 支付的发展方向近来成为热门话题。支付之所以受到关注，一方面因为它与人类经济活动密不可分；另一方面也由于科技的不断发展，近来支付发生了翻 天覆地的变化。自从有了商品和交换，人类的生产生活就和交易紧密联系在一起。交易的一方提供货物或者是劳务，另一方交付货币作为交换。支付本质 上是货币的转移，而这种转移本身又与商品和交换的需要分不开。 文/ 中国建设银行数字人民币推进工作办公室副主任 汪下烟 中国古代支付曾经发达，到了清代发展出钱庄和票号，创造出全球范围内当时先进的支付工具。但由于未能跟上近现代支付工具支票、信用卡等的发展， 20世纪中国的支付一度落后。近20年来中国在移动支付领域异军突起，重新走在了世界的前面。当前支付相关的热点话题，再次引发很多人的讨论：支付 的下一步是什么， ...

日 前 ， 国 际 货 币 基 金 组 织 （ IMF ） 披 露 了 最 新 全 球 外 汇 储 备 币 种 构 成 （COFER）数据。截至二季度末，在全球披露币种构成的外汇储备中， 美元占比由上季末的57. 79%降至5 6.3 2%，回落1. 47个百分点，其储备份 额连续11个季度低于60%，进一步创30年来新低。尽管这与当季美元指 数贬值7.1%的负估值效应有关，但难掩国际储备货币体系加速多极化的 发展趋势。 美元储备份额下降不仅是汇率估值损失 披露COFER数据当日，或许是为预防市场炒作，IMF配发了一篇文章，题为"经汇率调整后，美元储备份额在第二季度保持稳定"，副标题是"汇率因素几 乎贡献了美元储备份额的所有降幅"。 文中指出，今年上半年美元指数下跌超过10%，创下1973年以来的最大跌幅。如果保持汇率不变，第二季度，美元储备份额仅略有下降至57.67%，回落 0.13个百分点。文中还特别指明第二季度的最大赢家欧元有点"胜之不武"。原始数据显示，当季，欧元储备份额从3个月前的20%升至21.13%，上升了1.13 个百分点，但欧元当季对美元升值9%，汇率的正估值效应贡献了1.17个百分点。如果 ...

20 23 年9月，习近平总书记在黑龙江考察时首次提出 "加快形成新质生产 力"。20 25 年政府工作报告提出，"因地制宜发展新质生产力，加快建设 现代化产业体系"。我国高度重视新质生产力的发展，新质生产力已成为 新形势下提高我国核心竞争力的重要战略支撑。在新质生产力的培育和发 展中，金融起到了关键的支持和推动作用。未来我国金融工作重点任务之 一，就是引导金融资本更多地投入到科技创新领域，助力新质生产力加速 形成，推动经济转型和升级，实现经济高质量发展。 金融支持新质生产力发展的逻辑 从金融功能维度看，金融在支持新质生产力发展中发挥重要功能。金融功能具有客观性和稳定性，而且在金融发展过程中金融功能不断演进。随着经济不 断发展，金融功能拓展为"公司治理、信息揭示和风险管理"等，以更好地满足实体经济的需求，促进金融与实体经济的良性循环。在服务新质生产力方 面，一是金融能够发挥中介功能，实现资金的融通。金融能够发挥连通器作用，通过连通现在和未来，将现在的储蓄转化为未来的投资，为技术研发投入 资源；二是金融能够发挥资源配置功能，引导资金流向最有效率的领域。金融体系把社会上的闲散资金聚集起来，投入到新产业、新模式、新 ...