Core Viewpoint - The article emphasizes the importance of rural finance in the context of rural revitalization, highlighting its role in addressing fundamental challenges and providing a framework for sustainable development in rural areas [2][6]. Summary by Sections Part One: Reassessing Rural Development - Rural revitalization focuses on what specifically needs to be revitalized, addressing ongoing challenges and questioning the existence of a "one-size-fits-all" solution [7]. - The concept of "rural" is distinguished from "countryside," with counties identified as crucial for implementing rural revitalization strategies [8]. Part Two: Viewing Rural Finance as an Ecosystem - The book defines rural finance and its ecosystem, moving from "rural finance" to "rural finance" and recognizing the complexities involved [8]. - It discusses the potential of "Payment+" services and the need for improved rural payment systems to enhance access to financial services [8]. - The resilience of rural areas is explored, emphasizing the importance of inclusive insurance over loans to protect families from risks [8]. - Wealth management services tailored for rural areas are proposed, suggesting the concept of "rural private banking" [8]. - The role of capital markets in rural finance is examined, including equity markets, bond issuance, and derivatives [8]. Part Three: The Challenges and Techniques of Rural Finance - The "last mile" problem in rural finance is identified, with discussions on service delivery models and the significance of physical outlets in the digital age [9]. - The article questions whether lower interest rates on rural loans are always beneficial, considering the balance between affordability and market sustainability [9]. - It explores how rural finance can achieve scale effects through various supply aggregation models [9]. - The necessity of a dual objective in rural finance is highlighted, advocating for a model that transcends profit maximization to meet rural development needs [9]. - Strategies for creating a high-quality rural finance ecosystem are outlined, including infrastructure development and capacity-building mechanisms [9].

新产业 新技术 新模式 新动能 ——数智金融助力高质量发展 第14届中国（广州）国际金融交易 · 博览会 主旨会议 6月27日 期待您的到来！ 基本信息 会议时间 6月27日（星期五） 09:30-16:30 会议地点 广州·中国进出口商品交易会展馆A区二层4.2馆 主办单位 清华大学五道口金融学院 承办单位 北京清控金媒文化科技有限公司 广州金交会投资管理有限公司 报名参会 扫描二维码或点击文末"阅读原文"报名 论坛实行"预先实名登记"和"一人一码"原则，主办方于 6月26日（周四）12:00之前 ，审核报名信 息，审核通过后将发送确认短信， 请凭确认短信中的链接点击获取入场二维码 "一人一码"有序 入场。 请携带身份证原件备查，门票二维码严禁转让或给予他人使用。 会议议程 09:30 会议开始 主持人： 吴 荻 广东卫视主持人 09:30-10:00 开幕式 《清华金融评论》编辑部 ·主办方致辞 ·领导致辞 ·领导讲话 10:00-10:50 主旨演讲 欧阳卫民 中国金融学会副会长，广东省原副省长，国家开发银行原行长 王忠民 全国社保基金理事会原副理事长 10:50-11:20 高端对话 对话嘉宾： 欧阳 ...

Core Viewpoint - Tsinghua Financial Review is a think tank media platform focused on economic and financial policy interpretation and recommendations, aiming to provide advisory services to policymakers and consulting services to business decision-makers [12][14]. Group 1: Company Overview - Tsinghua Financial Review is managed by the Ministry of Education and hosted by Tsinghua University, specifically by the Tsinghua University Wudaokou School of Finance [12]. - The platform was officially launched in November 2013 and publishes monthly on the 5th [12]. - The publication adheres to principles of being academically rigorous and policy-oriented, focusing on analyzing economic and financial situations, interpreting policies, and providing practical recommendations [12]. Group 2: Core Business Functions - The company operates the Tsinghua Financial Review magazine, aiming to create an internationally influential academic exchange platform in finance [14]. - It conducts financial policy research and industry consulting, providing professional decision-making support to government departments and market entities [14]. - The company organizes high-end financial conferences and industry exchange meetings to promote collaboration within the financial sector [14]. Group 3: Recruitment Information - The company is seeking to hire financial research editors, meeting activity supervisors, and financial research editor assistants, emphasizing the need for candidates with relevant educational backgrounds and experience in finance and media [5][7][9]. - The positions require strong writing skills, political sensitivity, and a deep understanding of economic and financial issues [7][11]. - Competitive compensation packages are offered, including project commissions with no upper limit [12].

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Opinions" by the China Securities Regulatory Commission (CSRC) aims to address the long-standing issue of unprofitable technology companies being forced to list abroad, potentially allowing A-shares to cultivate their own high-tech "unicorns" [1][2]. Summary by Sections Policy Introduction - The CSRC has formulated the "Opinions on Setting Up a Science and Technology Innovation Growth Tier," which opens the door for unprofitable hard technology companies to go public [2]. - The key aspect of the policy is the establishment of a growth tier that permits companies with technological breakthroughs and high R&D investments, but without profits, to list [2]. Market Dynamics - The policy addresses the dilemma faced by A-shares, where high-potential tech companies often choose to list in Hong Kong or the U.S. due to the lack of suitable pathways in the domestic market [2]. - The introduction of the growth tier is seen as a solution to the challenge of allowing innovative companies to access capital while managing the inherent risks associated with technology investments [2]. Investment Opportunities - Companies in the growth tier will initially carry a "U" designation, indicating they are unprofitable, but can still raise funds through public offerings [3]. - Investors who buy shares in these "U" companies may see substantial returns if the companies achieve profitability and graduate from the growth tier [4]. Implementation Timeline - The consultation period for the "Science and Technology Innovation Board Opinions" is set for just seven days, from June 18 to June 25, 2025, with plans for implementation by early July [4]. Historical Context - The article references previous discussions and analyses regarding the development of the Science and Technology Innovation Board since its inception in June 2019, highlighting its role in promoting technological innovation and capital market inclusivity [5].

在政策加持下，A股并购重组活跃度上升，资本市场主渠道功能凸显，推动产业整合升级，助力 新质生产力发展。 政策驱动下A股并购市场持续升温 并购重组作为上市公司注入优质资产、提升价值的重要工具，在政策优化与产业转型推动下市场 显著升温。2024年证监会发布"并购六条"和"科创板八条"，2025年5月修订《上市公司重大资产重 组管理办法》，简化审核程序、创新交易工具、提升监管包容度。在政策支持下，沪深并购案例 同比明显增多，产业协同和新质生产力成为主线，有效引导上市公司通过并购实现产业链整合和 转型升级。 中金公司研究指出，自2024年9月24日到2025年5月23日，A股市场新公告并购重组交易1076例， 同比增长9.6%，其中科创板和创业板并购重组359例，同比增长12.9%。 并购重组与IPO双轮驱动 银华基金管理股份有限公司董事长王珠林在2024腾冲科学家论坛中表示，要充分发挥资本市场服 务实体经济的主渠道作用，特别是并购重组这个重要手段，支持科技创新和产业升级。IPO具有 杠杆效应，能够吸引更多创业资本进入早期市场，因此资本市场始终是扶持科创企业发展的主渠 道。同时，当前阶段需要充分发挥并购重组这一重要手 ...

文/《清华金融评论》 王茅 美 联 储 可 能 按 兵 不 动 ， 继 续 维 持 基 准 利 率 在 4.25%—4 . 5% 不 变 ， 担 心 美 国特朗普政府挑起的关税战会带来通货膨胀上行风险。也有观点认为，关 税政策对通胀带来的影响将是一次性的，但美联储不会冒这种风险。 美联储将于北京时间6月19日（周四）凌晨公布最新的利率决定，市场普遍预计，美联储将继续按兵不 动，将基准的联邦基金利率维持在4.25%—4.5%不变。届时，美联储还将公布最新的经济预测摘要。 而今，美国特朗普政府的关税政策反复，这使得美国的通货膨胀局势更趋复杂。亚特兰大联储主席博斯 蒂克（Raphael Bostic）指出，连续不断的关税谈判和实施会在市场中引发"心理反应"。 与此同时，美联储理事克里斯托弗·沃勒（Christopher Waller）则认为，关税带来的通货膨胀上升可能是 一次性的，不足以造成持续性的通胀压力。 确实，物价数据也并未出现令人担忧的迹象。2025年5月份核心通胀连续第四个月涨幅低于预期。 不过，尽管沃勒的上述观点言之凿凿，但是这不由得让人联想到，2021年美联储对美国通胀为"暂时 性"的误判，当时的误判 ...

Core Views - The 2025 Lujiazui Forum focuses on "Financial Opening Cooperation and High-Quality Development in the Context of Global Economic Changes" [2] - Key speeches were delivered by prominent financial leaders, emphasizing the importance of financial cooperation and reform in response to global economic challenges [19][43] Group 1: Global Financial Governance - The evolution of the international monetary system reflects deep changes in global dynamics, with historical shifts in dominant currencies indicating the need for reform [6][8] - Discussions on the international monetary system are increasingly driven by geopolitical factors, with a focus on reducing reliance on a single sovereign currency and promoting a multipolar currency system [7][8] - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign currency is acknowledged, but challenges remain in achieving international consensus and expanding its use [8] Group 2: Cross-Border Payment Systems - The cross-border payment system is crucial for global financial stability and is evolving towards greater diversification due to technological advancements [9][10] - Traditional cross-border payment methods face challenges such as inefficiency and high costs, prompting calls for improvement and international cooperation [10] - Emerging technologies like blockchain are reshaping cross-border payments, enhancing efficiency while posing regulatory challenges [11] Group 3: Global Financial Stability - The global financial stability framework has been strengthened post-2008 financial crisis, with enhanced crisis response mechanisms and regulatory reforms [12][13] - New challenges include fragmented regulatory frameworks and insufficient oversight of emerging financial sectors, necessitating improved global coordination [14][15] - The importance of a robust IMF in maintaining global financial stability and governance is emphasized, with calls for reform to reflect the changing global economic landscape [16][17] Group 4: Financial Opening and Cooperation - Financial opening is seen as a key driver for China's financial reform and development, with significant foreign investment in the Chinese financial sector [20][21] - China's financial market is positioned as a vital opportunity for global investors, with a growing share of foreign assets and increasing market participation [21][22] - The expansion of financial services and products in China is expected to continue, driven by consumer demand and technological advancements [23][24] Group 5: Capital Market Development - The capital market in China is undergoing structural changes that support the integration of technology and industry, enhancing the financing environment for innovative enterprises [32][34] - The role of the capital market in facilitating technology innovation and industry transformation is highlighted, with a focus on improving service offerings for different stages of enterprise development [33][35] - Continued reforms in the capital market are necessary to enhance its attractiveness and competitiveness, particularly in supporting high-quality development [36][40]

普惠金融作为中央金融工作会议提出的"五篇大文章"之一，是服务实体经济的重要领域。 什么是成功的普惠金融？ 中国人民银行信贷市场司司长彭立峰在2025清华五道口全球金融论坛中指出，成功的普惠金融应 在基础金融服务更加普及、经营主体融资更加便利、金融服务乡村发展更加有力、金融消费者教 育和保护机制更加健全、金融风险防控更加有效以及普惠金融配套机制更加完善等六方面取得明 显进展。 中国人民银行金融研究所《中国金融年鉴》编辑部主任唐晓雪曾在《清华金融评论》撰文指出， 数字科技在普惠金融领域应用前景广阔，特别是针对普惠客户散、小、多、弱的特点，金融科技 手段有助于解决信息不对称、数据基础差、信用风险高等"最后一公里"问题。 当前我国普惠金融发展已进入深化服务质效的阶段，数智化发展成为突破传统服务边界的主要路 径，大数据、人工智能等技术正重塑风险评估、精准获客等核心业务流程。 第14届广州金交会主旨会议前瞻 在普惠金融发展进入提质增效关键阶段的当下，亟需搭建高层次交流平台凝聚各方智慧。值此背 景下，清华大学五道口金融学院受邀于2025年6月27日在广州琶洲举办第14届中国（广州）国际 金融交易·博览会主旨会议，会议的主题 ...

Core Viewpoint - The article emphasizes the urgent need to address the challenges posed by global population aging, highlighting the importance of developing pension finance and services to ensure financial security for the elderly [2]. Group 1: Pension Financial Product Design - The primary risk in pension planning is not the amount of assets but the stability and availability of cash flow, necessitating products that ensure long-term secure cash flow [3]. - Products should be designed based on the client's age and future needs, offering various payment terms and withdrawal ages to accommodate different life stages [3][5]. - A one-time retirement payout product can be introduced to meet clients' needs for a lump sum at retirement, focusing on long-term accumulation and immediate access [5]. Group 2: Technology in Pension Financial Needs Assessment - Advanced technology tools are essential for accurately identifying family pension financial needs, requiring deep trust between clients and service providers [6]. - A specialized online assessment tool developed by the company allows for personalized evaluations based on various factors, including city, family situation, and income level [6]. Group 3: Enhancing Awareness and Trust in Pension Products - Creating experiential opportunities, such as client workshops, can help clients visualize their retirement needs and understand the importance of pension planning [8]. - Promoting tax benefits associated with personal pensions can enhance knowledge and encourage proactive engagement in pension planning [8]. Group 4: Insights on Pension Planning - Pension planning is a family matter, not just an individual concern, as many individuals are influenced by their parents' retirement needs [11]. - Preparation for retirement should begin well before retirement age, encompassing financial, health, and lifestyle planning [11]. - Comprehensive cash flow planning throughout the life cycle is crucial for effective pension preparation [11]. Group 5: Characteristics of Chinese Pension System - The aging population in China is growing rapidly, with projections indicating that by 2024, 15.6% of the population will be over 65 years old [13]. - Life expectancy in China is increasing, with an average lifespan of 78 years, which is higher than the global average [13]. - The combination of rapid aging and declining birth rates poses significant future challenges for pension financing and services [14]. Group 6: Integrated Solutions in the Pension Industry - Elderly individuals require a comprehensive range of services, including health management, medical care, home safety, and social activities [15]. - The company focuses on home-based elderly care as a key differentiator, linking with various service providers to offer a complete solution [15]. Group 7: Financial Technology in Pension Development - The rapid advancement of hardware and software in China supports the development of smart home care solutions, enhancing safety and companionship for the elderly [16]. Group 8: Key Considerations in Pension Planning - Long-term stable cash flow is essential for effective pension planning, as many individuals face challenges in asset liquidity during retirement [18]. - Early planning for pension services is crucial due to the rigid nature of retirement needs, especially in the context of China's demographic changes [18]. - Pension planning should be a dynamic process, requiring regular adjustments based on inflation, income changes, and family circumstances [18]. Group 9: Income Level Considerations in Pension Planning - Low-income individuals may struggle to prioritize pension planning despite its necessity, while middle-income families should balance daily financial needs with future cash flow [19]. - High-income individuals can explore diverse investment options but must ensure that their assets can generate sustainable cash flow during retirement [19].

Core Viewpoint - The article emphasizes the necessity of supply-side structural reforms in China to address the dual issues of structural overcapacity and insufficient supply, which arise from the lagging supply structure compared to the changing demand structure due to high-quality economic development [2][5]. Group 1: Economic Indicators and Trends - As of May this year, the Producer Price Index (PPI) has experienced negative growth for 32 months, with no immediate signs of recovery, marking a historical duration that surpasses previous economic crises [3]. - The GDP deflator has also turned negative for eight consecutive quarters, indicating a broad-based price decline that has transmitted from the supply side to the demand side [3]. - The Consumer Price Index (CPI) target was lowered from 3% to 2% in the government work report, reflecting a shift from a restrictive to a more result-oriented target [4]. Group 2: Supply-Side Reform Necessity - There is a consensus among policymakers and market investors that a new round of supply-side reforms is imperative, yet the definition of this reform remains vague among analysts [6]. - The previous supply-side reform was initiated in response to significant economic pressures and aimed at addressing structural issues, but the current context requires a more nuanced approach to reform [6][7]. Group 3: Real Estate Market Dynamics - The article highlights the urgent need to accelerate the de-inventory process in the real estate sector to prevent a potential deflationary trap, which could dampen consumption and investment [11]. - The real estate market is still in a phase of adjustment, with significant inventory levels persisting despite government efforts to stabilize the market [13][14]. - The challenges of de-inventory are compounded by the high proportion of real estate in household assets, which is significantly higher than in developed economies [15]. Group 4: Structural Overcapacity and Competition - The article discusses the issue of structural overcapacity and the phenomenon of "involution" in various industries, which has led to intensified competition and reduced profitability [18][19]. - The government is increasingly focused on addressing "involution" through regulatory measures to maintain fair competition and prevent market distortions [22][21]. Group 5: Policy Recommendations - The article suggests that the new supply-side reform should not merely replicate previous efforts but should adapt to the current economic landscape, emphasizing green transformation and technological innovation [28][29]. - It advocates for the establishment of a unified national market to eliminate local protectionism and enhance resource allocation efficiency [32][33]. - The article also highlights the importance of supporting enterprises in expanding into international markets to mitigate domestic competition pressures [34][35].