文/中央财办分管日常工作的副主任、中央农办主任 韩文秀 要按照习近平总书记一以贯之的战略部署，真抓实干、埋头苦干，持续推 进实实在在的发展，以中国式现代化全面推进强国建设、民族复兴伟业。 因此，需要坚持把发展经济的着力点放在实体经济上，因地制宜发展新质 生产力；深入实施扩大内需战略，加快构建新发展格局；接续推进脱贫攻 坚和乡村振兴，扎实推动共同富裕；全面推进美丽中国建设，促进人与自 然和谐共生；坚持求真务实，反对形式主义官僚主义；坚持因地制宜，防 止一哄而上；坚持跟踪问效，防止做表面文章；坚持与时俱进，防止刻舟 求剑。 习近平总书记指出，"想发展就要靠自己苦干实干，不能寄托于别人的恩赐，世界上也没有谁有这样的能力"，"要立足提高质量和效益来推动经济 持续健康发展，追求实实在在、没有水分的生产总值，追求有效益、有质量、可持续的经济发展"。我们要按照习近平总书记一以贯之的战略部 署，真抓实干、埋头苦干，持续推进实实在在的发展，以中国式现代化全面推进强国建设、民族复兴伟业。 明确"实"的目标 党的十八大以来，习近平总书记站在党和国家事业发展全局高度，深刻把握世界发展大势和中 国发展实际，洞察时代潮流，对进入新时代后 ...

Core Viewpoint - The People's Bank of China (PBOC) has made a significant adjustment to the 14-day reverse repurchase operation mechanism, introducing a new model of "fixed quantity, interest rate bidding, and multiple price bidding," marking a key step in the transition to a price-oriented monetary policy framework [2][3]. Summary by Sections Adjustment of Reverse Repo Operations - The PBOC's announcement on September 19, 2025, states that the 14-day reverse repo operation will now be conducted using a fixed quantity, interest rate bidding, and multiple price bidding method to better meet the differentiated funding needs of various participating institutions [3]. - This adjustment enhances the policy signaling function of the 14-day reverse repo rate, which previously had limited practical implications as it was typically priced at the 7-day repo rate plus 15 basis points [3]. Flexibility in Liquidity Management - The new rules increase the flexibility of the 14-day reverse repo operation, allowing the PBOC to make more precise arrangements regarding the timing and scale of operations based on liquidity management needs, rather than only using it before long holidays [4]. Continuous Optimization of Monetary Policy Framework - The PBOC has been continuously optimizing its monetary policy operation framework, introducing several important reforms since 2024, including new tools like government bond trading and various types of repos, which enhance its liquidity management capabilities [5]. - Future efforts should focus on improving the price-oriented monetary policy framework, ensuring the core position of policy rates in monetary policy transmission, and enhancing the market-oriented pricing ability of short-term interest rates [5].

Core Viewpoint - The Chinese financial market is experiencing rapid growth in product scale, with significant increases in bank wealth management and public funds, indicating a deep integration of finance into everyday life and the economy [3]. Group 1: Financial Education Initiatives - The complexity of financial products has increased, necessitating higher levels of financial literacy among consumers to protect against fraudulent activities [4]. - The Chinese government has initiated several policies since 2015 to incorporate financial literacy into the national education system, aiming to enhance the financial knowledge of citizens [5]. - Financial institutions, including Everbright Securities, have actively engaged in financial education, particularly targeting youth in schools [5]. Group 2: Differentiation of Financial Education - There is a clear distinction between "financial literacy education" and "financial professional education," with the former aimed at all youth and the latter focused on training professionals [6][7]. - Financial literacy education is essential for all young people to navigate financial situations and prevent financial crimes, not just for those pursuing finance as a career [8]. Group 3: Content Quality Improvement - Current financial education efforts often lack depth and rigor, with many institutions outsourcing content creation to third parties lacking financial expertise [9]. - There is a tendency to prioritize presentation over substance, leading to superficial educational materials that fail to convey essential financial knowledge [9]. - The curriculum often lacks coverage of emerging financial topics such as digital currencies and ESG, resulting in outdated content [9]. Group 4: Recommendations for Enhancing Financial Education - It is suggested that industry associations should lead the development of standardized educational content and frameworks to ensure consistency and coherence in financial literacy education [10]. - Financial institutions should provide training for educators to enhance their expertise in delivering financial education [10]. - Collaboration between financial institutions and educational institutions should be strengthened to create practical learning experiences for students [10]. Group 5: Evaluation of Financial Education Effectiveness - A mechanism for evaluating the effectiveness of financial education initiatives should be established to ensure ongoing improvement and accountability [11]. - Positive feedback from regulatory bodies can incentivize financial institutions to engage more actively in educational activities [12]. - Standardized evaluation metrics should be developed to assess the impact of financial education on students, incorporating feedback mechanisms to gauge quality [13][14]. Group 6: Adapting to Modern Educational Needs - Financial education for youth should incorporate engaging formats, such as multimedia and interactive content, to align with their preferences [16]. - The integration of artificial intelligence in developing educational materials can enhance engagement and effectiveness in teaching financial concepts [16]. - Overall, financial literacy education is crucial for safeguarding public assets and fostering a stable financial market, promoting rational investment behaviors among the youth [16].

Core Viewpoint - The article emphasizes the accelerating global carbon neutrality process and the increasing demand for critical minerals driven by the transition to clean energy technologies, highlighting the complex geopolitical competition among major countries in securing these resources [2][3]. Group 1: Importance of Critical Minerals - Critical minerals play an irreplaceable role in high-tech industries, clean energy technologies, and national defense, making supply security a key strategic consideration for countries [5]. - The global energy transition heavily relies on critical minerals, which are essential for ensuring energy security and supporting economic development [6]. Group 2: Demand and Supply Dynamics - The demand for critical minerals is surging, with lithium demand projected to grow nearly 30% in 2024, significantly exceeding the 10% annual growth rate seen in the 2010s [3]. - The demand for nickel, cobalt, graphite, and rare earth elements is expected to increase by 6% to 8% in 2024, primarily driven by applications in electric vehicles, battery storage, renewable energy, and power grids [3]. - The rapid expansion of investments in electric grids in China has been a major factor in the recent growth of copper demand [15]. Group 3: Geopolitical Strategies - Countries are increasingly focusing on critical mineral supply chain security as a core policy issue, employing legislation, policy guidance, and international cooperation to ensure stable supplies [10]. - The U.S. has implemented several legislative actions to enhance domestic supply chain resilience, including the establishment of the Critical Minerals Security Strategy [10]. - The European Union has introduced the Critical Raw Materials Act to ensure the security and sustainability of critical mineral supplies [10]. Group 4: Geographic Distribution and Market Characteristics - The geographical distribution of critical mineral reserves is highly concentrated, with significant shares located in specific regions, such as lithium in the "Lithium Triangle" of South America [13]. - The production of certain critical minerals, like cobalt, is dominated by a few countries, with the Democratic Republic of Congo accounting for 86% of cobalt production [13]. - Western multinational mining companies dominate the ownership of critical mineral resources, leveraging their technological and experiential advantages over developing countries [14]. Group 5: Price Trends - Despite the rapid increase in demand, the supply of critical minerals has also surged, leading to downward pressure on prices, particularly for battery metals [15]. - Lithium prices soared eightfold between 2021 and 2022 but have since dropped by over 80% in 2023 [15]. - Prices for graphite, cobalt, and nickel are expected to decline by 10% to 20% in 2024 [15].

文/ 安徽大学马克思主义学院副教授、中国经济体制改革研究会博士后 罗玉辉 ，安 徽大学马克思主义学院硕士研究生 石璐瑶 作 为 打 通 科 技 创 新 、 产 业 转 型 与 金 融 资 源 的 关 键 桥 梁 ， 耐 心 资 本 对 建 立"科技—产业—金融"协同发展机制、加快培育新质生产力具有重要影 响。基于此，培育和壮大耐心资本规模现已成为推进金融供给侧改革、增 强金融服务实体经济能力的重要战略方向。本文探讨耐心资本的内涵与特 征，分析当前耐心资本服务新质生产力面临的主要挑战，并提出科学探索 耐心资本服务新质生产力的路径。 金融是实体经济的血脉，服务实体经济是金融的天职。2024年4月30日，中共中央政治局会议在研究部署"因地制宜发展新质生产力"时，首次明确要求"积 极发展风险投资，壮大耐心资本"。这一重要论述不仅为新质生产力发展指明了方向，也为金融高质量发展提供了行动指南。作为推动高质量发展的核心 引擎，新质生产力代表了当代先进生产力的演进方向。 当前，技术迭代持续加速叠加全球经济不确定性上升，这对企业的可持续发展与长期价值创造构成严重威胁。特别是在生物医药、半导体、新能源等高技 术壁垒行业，传统资本 ...

Core Viewpoint - The article discusses the recent monetary policy decisions made by major central banks, highlighting the divergence in their approaches, which may lead to increased volatility in global financial markets and a new phase in economic dynamics [2]. Group 1: Federal Reserve - The Federal Reserve announced a 25 basis point rate cut, lowering the federal funds rate target range to 4.00% to 4.25%, marking its first rate cut in nine months [4]. - The Fed's decision reflects a cautious balance between employment and inflation goals, with indications of a cooling labor market and rising inflation levels [4]. - The updated dot plot suggests an additional 50 basis points cut by the end of the year, followed by 25 basis points cuts in each of the next two years [4]. Group 2: Bank of Canada - The Bank of Canada also cut its overnight rate by 25 basis points to 2.5%, its first reduction in six months, following a cumulative decrease of 225 basis points since June 2024 [6]. - The decision was driven by a weakening economy, with a 1.5% decline in GDP and ongoing job market challenges, while inflation risks have diminished [6]. - The Bank will closely monitor export conditions and the overall economic impact of these trends [6]. Group 3: Bank of England - The Bank of England decided to maintain its benchmark interest rate at 4%, pausing its previous rate cuts [8]. - The UK labor market is showing signs of slowdown, with inflation remaining high at 3.8% in August, expected to rise to around 4% in September [8]. - The Bank plans to reduce its holdings of UK government bonds by £70 billion over the next 12 months as part of its monetary policy adjustments [8]. Group 4: Bank of Japan - The Bank of Japan kept its benchmark rate unchanged at 0.5%, while indicating potential future rate increases depending on economic and inflation forecasts [10]. - Japan's economy is gradually recovering, but short-term growth may be pressured by global economic slowdowns [10]. - Current inflation rates are between 2.5% and 2.9%, with expectations for gradual increases supported by improving economic conditions [10]. Group 5: Market Reactions - The decisions from the Federal Reserve, Bank of Canada, Bank of England, and Bank of Japan align with market expectations, indicating that the market has already priced in the anticipated rate cuts and policy stances [10].

Core Viewpoint - The article discusses the significant achievements of China's financial sector during the "14th Five-Year Plan" period, highlighting reforms, risk management, and the enhancement of financial services to support the real economy. Group 1: Financial Sector Achievements - China's financial sector has made substantial progress, with total banking assets reaching nearly 470 trillion yuan, ranking first globally, and stock and bond market sizes ranking second worldwide [4] - The financial system has seen a comprehensive deepening of reforms, with improved governance and a more robust financial service framework, leading to enhanced quality, efficiency, and inclusiveness of financial services [4][5] - The average annual growth rate of loans to technology-based small and medium-sized enterprises, inclusive micro-enterprises, and green loans exceeded 20% during the "14th Five-Year Plan" [5] Group 2: Financial Risk Management - Significant progress has been made in preventing and resolving financial risks, with a focus on orderly handling of key risk areas and maintaining the stability of the financial system [6][14] - The financial system remains generally stable, with financial institutions in good health and the market operating smoothly [6][14] - The article emphasizes the importance of a unified leadership from the central government in managing financial risks effectively [15] Group 3: Financial Market Development - The capital market has seen a notable increase in the proportion of technology sector market capitalization, now exceeding 25%, which is significantly higher than the combined market capitalization of banking, non-banking financial, and real estate sectors [26][27] - The regulatory framework for capital markets has been strengthened, with the implementation of new securities laws and the establishment of a more comprehensive market system [26][28] - The article highlights the improvement in market transparency and fairness, with increased enforcement against financial misconduct [27] Group 4: Future Directions - The People's Bank of China plans to continue deepening reforms and enhancing the central bank's macro-prudential and financial stability functions to support high-quality economic development [10][16] - There is a commitment to maintaining a balance between growth and risk prevention, ensuring the stability of the financial market and the renminbi exchange rate [11][17] - The focus will be on further enhancing the openness of the financial sector and improving the regulatory framework to support a higher level of financial security [22][33]

Core Viewpoint - The introduction of the "Financial Institutions Product Suitability Management Measures" marks a new phase in protecting financial consumers' rights, emphasizing a core focus on suitability and a baseline of responsibility for financial institutions [2][3]. Group 1: Importance of Suitability Management - Suitability management serves as a "firewall" for financial consumers, helping them make informed decisions based on their financial needs and risk tolerance, thereby reducing excessive spending and risk losses [3]. - For financial institutions, suitability management is essential for compliance and long-term development, optimizing resource allocation, and enhancing service levels [3][5]. Group 2: Implementation of New Regulations - Financial institutions must improve their information systems, marketing behaviors, and customer-product matching to fulfill their responsibilities under the new suitability management regulations [3]. - A comprehensive suitability management system should be established, covering product entry, risk assessment, sales management, and post-sale tracking to ensure appropriate products are sold to suitable consumers [4]. Group 3: Tools and Training for Suitability Management - Financial institutions are encouraged to develop digital tools for customer profiling, risk assessment, and matching algorithms to enhance the intelligence of suitability management [6]. - Training and ethical education for marketing personnel are crucial to shift their focus from short-term profits to matching products with customer needs [6]. Group 4: Consumer Responsibilities - Financial consumers are urged to actively learn about suitability management, provide accurate information, and assess their risk tolerance before purchasing financial products [7]. - Consumers should thoroughly understand financial products, including their operational models and risk-return characteristics, to make rational investment decisions [7]. Group 5: Rights Protection - In the event of investment losses, consumers should analyze the causes and seek to protect their rights if losses result from the financial institution's failure to meet suitability obligations [8]. - The new regulations emphasize that protecting consumer rights is a shared responsibility among consumers, financial institutions, and regulatory bodies [9].

Core Viewpoint - The article discusses recent developments in China-US relations, regulatory changes in the banking sector, adjustments in housing policies, and economic measures aimed at supporting families and the real estate market, highlighting the importance of cooperation between the two largest economies and the implications of domestic policies on economic stability and growth [4][6][8][12]. Group 1: China-US Relations - On September 19, Chinese President Xi Jinping and US President Trump held a phone call to discuss the current state of China-US relations, emphasizing the importance of cooperation for mutual prosperity and global stability [4]. - This call followed four rounds of economic talks, indicating a commitment to addressing outstanding issues and fostering a constructive relationship [5]. Group 2: Banking Sector Regulation - The State Council, led by Premier Li Qiang, approved the draft revision of the "Banking Supervision Law of the People's Republic of China," aimed at enhancing the regulatory framework for the banking sector [6]. - The revision is intended to address market irregularities and financial risks, ensuring the healthy development of the banking industry [6]. Group 3: Housing Policies - On September 18, new regulations for housing provident fund contributions were announced in Beijing and Shanghai, adjusting the contribution limits to support housing affordability [9][11]. - The adjustments include a maximum contribution base of 35,811 yuan in Beijing and 37,302 yuan in Shanghai, with minimums set at 2,540 yuan and 2,690 yuan respectively [9]. Group 4: Economic Measures - The introduction of a new childcare subsidy management regulation aims to streamline the application process and enhance support for families, indicating a shift towards a more structured national policy [7][8]. - The Federal Reserve's decision to lower interest rates by 25 basis points to a range of 4.00%-4.25% is seen as a response to economic concerns, potentially benefiting the Chinese market through increased foreign investment [12]. Group 5: Market Developments - Four A-share companies were flagged for financial misconduct, reflecting a stringent regulatory stance against fraud in the capital markets [13]. - The latest Loan Prime Rate (LPR) remains unchanged at 3.0% for one year and 3.5% for five years, indicating stability in lending rates amidst market expectations for potential future adjustments [14].

Core Viewpoint - The report emphasizes the need for a stable yet progressive approach to economic work in the second half of the year, focusing on maintaining employment, supporting enterprises, and stabilizing market expectations while promoting domestic and international economic circulation [2][3][13]. Economic Performance - In the first half of the year, China's GDP grew by 5.3% year-on-year, an increase of 0.3 percentage points compared to the previous year. Urban employment increased by 8.2 million, achieving 68% of the annual target, with an average urban unemployment rate of 5.2% [6][11]. - The total value of goods imports and exports in RMB increased by 3.5%, with exports rising by 7.3%. Foreign exchange reserves remained stable at over $3.2 trillion [6][11]. Policy Implementation - The government is committed to implementing proactive fiscal policies and moderately loose monetary policies to enhance policy effectiveness. Key areas of spending, such as social security and education, saw increases of 9.8% and 5.7%, respectively, in the first seven months [7][10]. - The report highlights the importance of evaluating policy implementation and optimizing measures based on assessment results to enhance policy effectiveness [3][14]. Domestic Demand and Consumption - The report outlines efforts to boost domestic demand, including the introduction of consumption stimulus measures and the promotion of effective investment. By the end of July, over 670,000 vehicles were replaced under the old-for-new policy [7][10]. - Infrastructure investment and manufacturing investment grew by 3.2% and 6.2%, respectively, in the first seven months [7][10]. Industrial Development - The report notes significant advancements in technology and industrial innovation, with high-tech manufacturing output increasing by 9.5% in the first seven months. The production of industrial robots surged by 32.9%, and the production and sales of new energy vehicles approached a 40% increase [8][10]. Reform and Opening Up - The government is focused on deepening reforms and expanding high-level opening up, with the establishment of a unified national market framework and the implementation of the Private Economy Promotion Law [8][10]. - The report mentions that the number of countries with visa-free access has increased to 46, and the number of countries with mutual visa exemptions has reached 29 [8][10]. Regional and Urban-Rural Development - The report emphasizes the importance of regional coordination and urban-rural integration, with significant economic growth in provinces like Jiangsu, Shandong, and Zhejiang, which saw GDP growth rates of 5.7%, 5.6%, and 5.8%, respectively [9][10]. - Efforts to consolidate poverty alleviation achievements and promote rural revitalization are ongoing, with a focus on improving living conditions and infrastructure in rural areas [9][10]. Social Welfare and Safety - The report highlights measures to improve social welfare, including employment support and public service enhancements. The unemployment rate for migrant agricultural workers was reported at 4.9% in July [10][11]. - Safety measures in food production and energy supply are being strengthened to ensure stability and security in these critical areas [10][11].