文/中国人民银行科技司相关课题组 金融数字化、智能化背景下提升央行履职能力应以建设强大的中央银行为 目标，以数字央行建设为抓手，以运用数字化智能化手段提升央行履职能 力为主线，为建设具有高度适应性、竞争力、普惠性的中国特色现代金融 体系贡献科技力量。 金融信息化事业加速迈进数字化智能化新阶段 金融业是典型的技术密集型和创新驱动型行业。一部金融发展史，也是一部金融与科技不断融合创新的演进史。改革开放以来，随着信息技术持续迭代发 展，我国金融信息化事业已先后历经电子化、网络化阶段，为迈进数字化、智能化新阶段奠定坚实基础。金融电子化阶段，我国金融业主要依托电子计算 机、卫星通讯网络等技术，实现金融业务"从手工到电子、从单机到联网"的历史性突破，行业整体电子化、自动化水平显著提升。金融网络化阶段，我国 金融业运用互联网、移动通信、数据库等技术，将传统金融业务迁移至互联网和移动终端，推动金融数据集中和信息系统互联互通，支撑央行履职的国 库、支付、征信、反洗钱、会计核算等信息化基础设施体系逐步建立健全，金融服务和管理信息化水平实现全面跃升。 近年来，随着新一轮科技革命和产业变革深入发展，人工智能、大数据、云计算、区块链、 ...

TSINGHUA Financial Review 清华金融坪论 "十五五"开局保险专栏 TSINGHUA Financial Review 清华全部评论 日总经 C 中意人 人寿保险有限 1.5 "高质量发展"是"十五五"规划的鲜明主题，恰与保险业长期主义的内核深度契合。这不仅为行业的未来指明了方向，也为坚守长期价值的机构 注入了更强的战略定力。 本期《清华金融评论》"保险家论道"专栏，特邀中意人寿总经理刘炳发先生进行深度对话。 作为公司筹备与发展的核心参与者和领导者，刘炳发先生已服务中意人寿二十余年，兼具精算专业背景与国际化管理视野。访谈中，他立足行 业长期规律与全球实践，系统阐释了保险公司如何在复杂周期中构建可持续经营能力、重塑资产负债管理体系，并在服务国家战略中实现自身 高质量发展。其观点既体现精算思维下的风险驾驭能力，也展现战略与治理层面的深层思考，为行业长期经营与价值创造带来重要启示。 《清华金融评论》：国家"十五五"规划将"高质量发展"确立为核心战略导向，这对秉持长期主义的寿险行业而言，意味着更高层次的发展要求。那 么，寿险公司应如何将国家"高质量发展"的战略要求，系统性地内化为自身"穿越周期" ...

Core Viewpoint - The article emphasizes the importance of integrating forest reform and financial reform in Chongqing to address the financing difficulties faced by the forestry sector, which include challenges in asset confirmation, valuation, collateralization, and financing [4][31][33]. Group 1: Financing Difficulties in Forestry - The inherent difficulties in forestry financing stem from the traditional credit system's inability to adapt to the unique characteristics of forestry assets, which include long cycles, diverse values, and complex ownership [8]. - The challenges of asset confirmation arise from unclear asset boundaries and difficulties in accurately identifying ownership, particularly in collective forest rights [9]. - Valuation issues are primarily due to the lack of standardized metrics for assessing ecological benefits, leading to significant underestimation of forest asset values [10]. - Collateralization is hindered by limited disposal channels and a lack of risk mitigation mechanisms, making financial institutions hesitant to lend against forestry assets [11]. - The culmination of these issues results in a significant financing gap, particularly affecting small and medium-sized forestry operators who struggle to access adequate funding through conventional credit channels [12]. Group 2: Systematic Solutions in Chongqing - Chongqing has adopted a systematic approach to address these financing challenges by leveraging its dual role as a pilot area for collective forest rights reform and green financial innovation [5][6]. - The city has implemented a comprehensive policy framework that includes top-level design, digital infrastructure, a financial product matrix, and a value transformation system to enhance forestry financial services [15]. - Specific policies have been developed at both the municipal and district levels to ensure effective implementation, such as asset evaluation management guidelines and collective forest rights mortgage loan business guides [16][17]. Group 3: Digital Infrastructure and Value System - The establishment of a digital platform for forest rights aims to resolve asset confirmation issues by creating a reliable database for forest land, facilitating smoother transactions and financing processes [18][19]. - Chongqing has developed a value transformation system that includes standardized valuation metrics for ecological benefits, enabling better integration of ecological value into financial assessments [20]. - Innovative financial products have been created to match the characteristics of forestry assets, including carbon credit loans and composite mortgage models that incorporate ecological product values [22][23]. Group 4: Future Directions for Integration - The article outlines future efforts to deepen the integration of forest and financial reforms, focusing on expanding the application of ecological value assessment standards and enhancing the digital forest rights platform [25][26]. - There is a commitment to developing tailored financial services that align with the specific needs of forestry projects, ensuring that financial support is both effective and sustainable [28]. - The ongoing enhancement of risk-sharing mechanisms and the introduction of long-term financing products are crucial for addressing the unique challenges of the forestry sector [29].

Core Viewpoint - The article discusses the transformation of China's real estate industry, emphasizing a shift from expansion to improving existing assets and efficiency, highlighting the need for a new understanding of the market dynamics and expectations [5]. Market Expectations - As of the end of 2025, surveyed institutions have a conservative outlook for the real estate industry in 2026, with macroeconomic expectations being more optimistic than those for the real estate sector [7]. - Following the publication of an article in early 2026, over 40% of surveyed institutions reported an improvement in their expectations for both the macro economy and the real estate industry compared to the end of 2025 [9]. Policy Expectations - The assessment of policies implemented in 2025 aimed at stabilizing the real estate market is neutral, with macro fiscal and monetary policies being viewed as more effective than supply-demand policies [10]. - For 2026, there is a strong expectation for residential policies focused on demand-side measures, including lifting purchase restrictions, increasing mortgage interest tax deductions, and implementing mortgage interest subsidies to lower housing costs [11]. - Expectations for commercial real estate policies center on optimizing land policies, particularly clarifying rules for land renewal and encouraging the conversion of existing land uses to enhance market liquidity [11]. Business Development Directions - Real estate companies in 2026 are expected to focus on building quality housing, urban renewal, and revitalizing existing commercial real estate, reflecting a consensus on returning to the essence of housing and transitioning from new development to existing asset management [15]. - Financial institutions are anticipated to concentrate their investments in asset categories such as data centers, rental housing, and logistics warehousing, indicating a preference for assets with policy support, strong demand, and stable cash flows [16].

文/中欧国际工商学院教授、中国首席经济学家论坛研究院院长 盛松成 考虑到货币政策与财政政策的协同，以及我国消费和投资利率弹性有限， 降准 的适配性 或优于 降 息 。未 来 货币 政策 面临 的内 外约 束有 望进 一 步缓 解，我国降准、降息仍有空间，但需等待更有利的时机。 在1月15日国务院新闻办召开的新闻发布会上，中国人民银行宣布了货币金融政策支持实体经济高质量发展的增量政策措施，包括以结构性"降息"和定向 工具扩容为核心，引导金融机构降低对实体经济重点领域的融资成本。央行降低结构性货币政策工具利率，与典型意义上的降息有明显区别，但就目前经 济形势所需要的政策支持来说，是更为精准和适宜的。 根据传统理论和各国操作，货币政策基本是总量调控工具，但长期以来在我国，货币政策实际上大都是总量调控和结构性调控相互配合。尤其是近年来， 我国结构性货币政策工具不断创新，发挥重要作用，是支持经济薄弱环节和重点领域、推动经济高质量发展的有效手段。 在结构性货币政策工具的运用中，我们一般更加关注对特定领域的激励作用。其中，既有"量"的投放，也有"价"的激励。过去我们更多通过调整额度， 从"量"的方面引导银行信贷投放方向，而 ...

Core Viewpoint - The forum titled "Integrating New Momentum of the Silk Road, Co-creating a New Future for Hong Kong" aims to enhance financial collaboration between mainland China and Hong Kong, supporting the development of the Greater Bay Area and solidifying Hong Kong's status as an international financial center [6][18]. Group 1: Forum Objectives and Themes - The forum focuses on the financial strategy of becoming a financial powerhouse, emphasizing the construction of five major financial initiatives to deepen cooperation between mainland China and Hong Kong [6]. - It aims to create a high-end platform for intellectual exchange and collaboration, particularly in areas such as financial security and the internationalization of the Renminbi [6][18]. Group 2: Key Speakers and Their Insights - Dr. Huang Yuanshan highlighted the need for Hong Kong to collaborate with the mainland to serve the national "14th Five-Year Plan" for financial strength, suggesting that Hong Kong could become a global capital "command tower" [7]. - Andrew Karolyi from Cornell University emphasized the importance of the partnership with Tsinghua University in cultivating globally-minded financial talent through their dual-degree MBA program [9]. - Zhu Min discussed the paradigm shift in artificial intelligence (AI), noting China's advantages in energy infrastructure and model reasoning capabilities, while suggesting that Hong Kong should transition from being a window for "bringing in" to a platform for "going out" in AI [14]. - Shen Xiangyang analyzed the exponential growth in computing power driving chip innovation and suggested that Hong Kong should leverage its educational advantages to foster local applications while collaborating with the mainland [16]. Group 3: Sub-forums and Discussions - The forum included five thematic sub-forums addressing topics such as global economic outlook, financial technology's impact on Hong Kong's competitiveness, and new opportunities from the Belt and Road Initiative [18]. - These discussions aim to promote cooperation in the financial industry between mainland China and Hong Kong, contributing to the overall development of the Greater Bay Area and supporting the Belt and Road Initiative [18].

Core Viewpoint - The forum highlighted the transformative impact of artificial intelligence (AI) on the asset management industry, while also addressing the challenges that lie ahead in its implementation and integration [3][5][17]. Group 1: Key Insights from Keynote Speakers - Liang Dingbang emphasized that different asset management firms are leveraging AI in varied ways, with large firms using proprietary AI platforms for risk analysis, while smaller funds utilize third-party tools to enhance investment insights [3]. - Yang Qiang discussed the evolution of AI towards multi-modal integration and intelligent systems, stressing the need for decentralized models to address challenges in various sectors, including finance [5]. - Wu Chao pointed out the symbiotic relationship between quantitative trading and AI, highlighting the shift from linear models to end-to-end AI models that enhance data processing capabilities [7][8]. Group 2: Roundtable Discussions - Zhang Wei noted that the asset management industry is transitioning from experience-based decision-making to data-driven approaches, driven by advancements in AI technology [10]. - Gao Bin argued that AI cannot fully replace human judgment in investment activities due to the inherent complexities and unpredictability of the market [12]. - Zhong Hong highlighted the importance of human-machine collaboration in the future of asset management, where AI's computational efficiency complements human insight and judgment [17]. - Xia Chun pointed out that even as AI becomes more integrated into investment processes, human oversight will remain crucial for accountability and regulatory compliance [19].

难以适配林业资产。该体系围绕标准化、易变现的工业与城市资产构建，其风险评估和审批逻辑无法有效兼容林业所特有的"长周期、多元价值、复杂权 属"等特性，从而形成了结构性的融资困境。 确权难：资产边界模糊，精准权属认定困难 文/重庆市林业局局长 曹春华 ，重庆市林业局改革处处长 刘洪平 ，重庆市林业 规划设计院高级工程师 田亚微 本文在剖析该困境根源的基础上，系统梳理了重庆在推动两大改革协同的 顶层制度设计、以数字化夯实林权根基、以市场化手段重塑价值体系、创 新联 动式金融 产品矩 阵 等 方面 的 实践 经验 ，并 提出 深化 改革 的政 策 着力 点，以期为全国层面推动林业金融改革、畅通"两山"转化通道提供有益借 鉴。 习近平总书记提出的森林"四库"论述，为新时代林业高质量发展指明了方向 。然而，林业资产固有的"确权难、评估难、抵押难、融资难"等融资困境， 长期制约着金融资本向林业领域的有效传导。作为全国绿色金融改革创新试验区与深化集体林权制度改革先行区，重庆市通过推动"两区"深度融合，正在 探索一条以林改为基础、以金改为动力，系统性破解林业融资困境的协同创新路径。本文在剖析该困境根源的基础上，系统梳理了重庆在 ...

党的二十届四中全会通过的"十五五"规划建议，系统擘画了全面建成社会 主义现代化强国的发展蓝图，金融强国首次纳入五年规划，成为国家中长 期发展战略。建设金融强国的战略定位，在推动我国经济发展的实践中不 断强化和深化。 "国家兴衰，金融有责。"从历史经验看，大国崛起离不开强大金融体系的关键支撑，世界强国必然是金融强国。2023年10月，习近平总 书记在中央金融工作会议上明确提出加快建设金融强国的战略目标；2024年1月，总书记在省部级主要领导干部推动金融高质量发展专题 研讨班开班式上系统阐释金融强国的核心内涵；党的二十届四中全会通过的"十五五"规划建议，系统擘画了全面建成社会主义现代化强 国的发展蓝图，金融强国首次纳入五年规划，成为国家中长期发展战略。建设金融强国的战略定位，在推动我国经济发展的实践中不断 强化和深化。 改革开放以来，随着经济体制改革和社会主义市场经济的发展，我国金融业从高度集中的"大一统"模式出发，逐渐发展出功能完备的包 括金融调控、金融市场、金融机构、金融监管、金融产品和服务、金融基础设施在内的现代金融体系，没有发生阻断经济发展的金融危 机，牢牢守住了不发生系统性风险的底线，这在世界大国中是独 ...

256 | 证监会召开资本市场 五五"规划上市公司座谈 Financia 母周金融斗论 .. Financial Weekly 每周金融评论 | 目录 CONTENTS 热点聚焦 FOCUS ◎ 全球贵金属迎来"史诗级"暴跌,但金价演变逻辑未变 热点 聚焦 1月30日，证监会主席吴清在资本市场"十五五"规划上市公司座谈会上表示，证监会将全面、深刻、准确领会和把握党的二十届 四中全会重要部署，加强对"十五五"时期资本市场改革发展稳定重大问题的研究，把战略需要和实践可能统一起来，把市场所需 和监管所谋统一起来，高质量编制和实施好资本市场"十五五"规划。吴清强调，要紧紧围绕防风险、强监管、促高质量发展的工 作主线，全力巩固资本市场稳中向好势头，聚焦持续深化资本市场投融资综合改革、提高制度包容性适应性，抓紧推出深化创业 板改革，持续推动科创板改革落实落地，提高再融资制度便利性、灵活性和吸引力，促进北交所、新三板一体化高质量发展，增 强多层次市场覆盖面和辐射力，更加有力有效支持现代化产业体系建设和新质生产力发展，积极服务"十五五"发展目标和金融强 国建设。 《清华金融评论》观察 此次会议主要聚焦五个方面：一是优化发行上 ...