Core Viewpoint - The speech by Li Yunzhe emphasizes the need to enhance the adaptability of the financial system to the economy, promote a new model of financial services that balances direct and indirect financing, and ensure systemic financial risk prevention [1][4][11]. Group 1: Financial Service Model - The focus is on constructing a new financial service model that coordinates direct and indirect financing, balances investment in physical assets and human capital, aligns financing terms with industry development, and links domestic and international markets [4][5]. - The financial system should shift from prioritizing investments in hard assets like infrastructure to supporting human capital accumulation, including vocational training and talent development in technology [5]. Group 2: Financial Institution Development - Four large banks have established financial asset investment companies (AIC) in Beijing, with Postal Savings Bank also in the process of establishing one, aimed at converting bank funds into long-term capital for technology innovation and industrial upgrades [6][7]. - The National Financial Supervision Administration plans to continue promoting financial policies in Beijing to attract quality financial resources to support high-quality economic development [6]. Group 3: Financial Opening and Reform - Financial opening is entering a new stage characterized by comprehensive, multi-level, and wide-ranging reforms, which are essential for enhancing the vitality and dynamism of the financial sector [8][9]. - The administration aims to deepen supply-side structural reforms in finance, improve institutional layouts, and enhance the quality and resilience of financial development [8][9]. Group 4: Risk Management and Institutional Restructuring - The administration is committed to risk prevention and will promote the merger and restructuring of small and medium-sized financial institutions to enhance their operational efficiency and competitiveness [11][12]. - There is a focus on improving corporate governance and management capabilities of small banks, especially in economically weaker regions, to address issues like asset quality deterioration and credit risk [11][12].

Core Viewpoint - The People's Bank of China (PBOC) is set to resume open market operations for government bonds, which is seen as a significant step to enhance monetary policy tools and stabilize the bond market, while also addressing various recent market concerns [1][5][6]. Monetary Policy and Financial Stability - The PBOC has maintained a supportive monetary policy stance, with key macro-financial indicators reflecting a moderately loose monetary environment, including an 8.7% year-on-year increase in social financing scale and an 8.4% increase in M2 as of September [3][4]. - The resumption of government bond trading is expected to alleviate supply-demand imbalances in the bond market and lower financing costs for the real economy [4][6]. Credit Repair Policies - The PBOC is researching policies to support personal credit repair, particularly for individuals who have defaulted due to the pandemic but have since repaid their debts [7][8]. - This initiative aims to improve the credit ecosystem, reduce friction costs between consumers and financial institutions, and promote economic recovery by restoring credit eligibility for affected individuals [9]. Virtual Currency Regulation - The PBOC reiterated its commitment to combat the operation and speculation of virtual currencies, emphasizing the need for strict regulation to maintain financial order and mitigate risks associated with stablecoins and other digital currencies [10][11]. - The central bank's stance reflects a long-standing high-pressure regulatory environment against virtual currencies, aiming to prevent potential financial risks and maintain monetary sovereignty [12]. Macro-Prudential Management Framework - The PBOC outlined its focus on building a comprehensive macro-prudential management system, which includes monitoring systemic financial risks and enhancing the regulatory framework for key financial institutions [13][14]. - Future efforts will involve improving the assessment of macro-prudential policies and ensuring better coordination between monetary policy and fiscal measures to strengthen financial stability [15][16].

Group 1: Insurance Sector Development - The 2025 Financial Street Forum highlighted the direction for the insurance sector during the 14th Five-Year Plan, focusing on optimizing trade financing and export credit insurance to enhance cross-border services and promote domestic and international dual circulation [1] - The government has increased support for export credit insurance as part of policies to stabilize foreign trade, emphasizing its role in mitigating risks for exporters and contractors [3] - Export credit insurance is recognized as a tool for promoting foreign trade, covering political risks and commercial risks, ultimately safeguarding the interests of domestic exporters and overseas investors [3] Group 2: Financial Services for Livelihoods - The insurance sector is urged to meet financial needs in education, health, and other livelihood areas, with a focus on developing pension and health insurance products to address the growing demand due to aging populations [4] - There is a shift in pension and health insurance from optional to essential, prompting insurers to innovate products and services that cater to these needs [4] - Insurers are encouraged to integrate health management with insurance offerings, creating a comprehensive health ecosystem to better serve the aging population [4] Group 3: Disaster Risk Management - The insurance industry's role as a stabilizer in response to natural disasters has become increasingly important, with significant losses reported from recent weather events [5] - Policies are being developed to enhance the catastrophe insurance system, aiming to create a robust risk management framework for natural disasters [5] - Collaboration among government, market, and society is essential to establish an effective disaster risk management system that can improve societal resilience to climate uncertainties [5]

Group 1: Monetary Policy and Financial Stability - The People's Bank of China (PBOC) has maintained a supportive monetary policy stance, utilizing various tools to ensure ample liquidity in the financial system, which has contributed to economic recovery and market stability [3][5] - The PBOC has implemented bond trading operations in the secondary market to enhance the functionality of government bonds and improve the transmission of monetary policy [6] - The PBOC plans to resume government bond trading operations in the open market, as the bond market is currently operating well [6] Group 2: Financial Regulation and Development - The Financial Regulatory Administration aims to enhance the adaptability of the financial system to better support sustainable economic development and deepen reforms [8][10] - The administration will promote a new financial service model that balances direct and indirect financing, supports key sectors, and enhances financial resource allocation for traditional and emerging industries [10] - The administration will also focus on inclusive finance, ensuring that financial services reach small and micro enterprises, rural areas, and underserved communities [10] Group 3: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) emphasizes Beijing's role as a key hub for capital market reforms and will implement policies to attract quality financial resources to the capital [12][14] - The CSRC plans to deepen reforms in the ChiNext market and enhance the attractiveness and competitiveness of the capital market [14] - The CSRC has launched an optimized scheme for Qualified Foreign Institutional Investors (QFII), aiming to provide a more transparent and efficient environment for foreign investors [14] Group 4: Trade and Foreign Exchange Policies - The State Administration of Foreign Exchange (SAFE) will introduce new policies to promote trade innovation and facilitate cross-border trade [16][17] - China is expected to maintain a strong global trade presence, with the total global trade volume projected to exceed $33 trillion this year [17] - SAFE will continue to deepen reforms in the foreign exchange sector, aiming to create a more convenient, open, and secure foreign exchange management system [18]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to implement reforms to the ChiNext board, aiming to establish listing standards that better align with the characteristics of innovative enterprises in emerging fields and future industries [1][2]. Group 1: Deepening Board Reforms - The CSRC will launch the first batch of newly registered companies on the Sci-Tech Innovation Board on October 28 [1]. - The commission aims to maintain its role as a service platform for innovative small and medium-sized enterprises (SMEs) and will continue to promote the high-quality development of the Beijing Stock Exchange [1]. - There will be improvements to the New Third Board's listing, information disclosure, and trading systems, as well as mechanisms to facilitate connections between the third and fourth boards [1]. Group 2: Enhancing Investor Protection - The CSRC has introduced a series of practical measures to strengthen the protection of small and medium investors, including 23 specific initiatives aimed at addressing their key concerns [2]. - The commission emphasizes the importance of a robust safety net for investor protection in the capital market [2]. Group 3: Expanding Foreign Investment - The CSRC has officially launched the "Qualified Foreign Investor System Optimization Work Plan," which includes optimizing access management, improving investment operation efficiency, and expanding investment scope [2]. - The goal is to provide a more transparent, convenient, and efficient institutional environment for various foreign investors [2].

"我们将推动构建直接融资与间接融资协同、投资于物与投资于人并重、融资期限与产业发展匹配、国 内市场与国际市场联动的金融服务新模式，强化对重大战略、重点领域和薄弱环节的支持，助力经济实 现质的有效提升和量的合理增长。"李云泽表示，将聚焦智能化、绿色化、融合化方向，为传统产业优 化提升、新兴产业和未来产业培育壮大提供更多金融资源。锚定高水平科技自立自强，完善长期资本投 早、投小、投长期、投硬科技的支持政策。 新华财经北京10月27日电（记者刘玉龙、董道勇）27日下午，以"创新、变革、重塑下的全球金融发 展"为主题的2025金融街论坛年会在北京开幕。当天，来自金融监管部门、国际金融组织的嘉宾围绕优 化金融机构体系、建强金融基础设施、加强金融监管、稳步扩大高水平制度型对外开放等展开研讨，探 究在新起点上推进金融高质量发展的新路径。 中国人民银行行长潘功胜回应了市场近期关注的热点问题，强调人民银行将继续坚持支持性的货币政策 立场，保持社会融资条件相对宽松。会上，他表示人民银行将恢复公开市场国债买卖操作，并探索在特 定情景下向非银机构提供流动性机制安排。人民银行将进一步优化数字人民币管理体系，支持更多商业 银行成为数字人 ...

Core Insights - The 2025 Financial Street Forum, held in Beijing from October 27 to 30, focuses on promoting high-quality global financial development and calls for innovation consensus, transformative momentum, and collaborative actions to build a more resilient, inclusive, and sustainable global financial system [1][2] Group 1: Key Financial Reforms - The People's Bank of China aims to enhance the macro-prudential management system by strengthening the monitoring and assessment of systemic financial risks and improving risk prevention measures for key institutions and sectors [1] - The National Financial Regulatory Administration emphasizes improving economic and financial adaptability to promote sustainable economic and social development while deepening reforms and expanding openness in the financial sector [1][2] Group 2: Capital Market Development - The China Securities Regulatory Commission focuses on risk prevention, strong regulation, and promoting high-quality development, enhancing the inclusiveness, adaptability, and competitiveness of China's capital market [2] - The foreign exchange management system will be improved to be more convenient, open, secure, and intelligent, with policies aimed at trade facilitation and high-level institutional opening in the foreign exchange sector [2] Group 3: Forum Significance - The Financial Street Forum, established in 2012, is recognized as a barometer for China's financial reform and development, attracting over 400 guests from more than 30 countries and regions, marking the highest participation in its history [2]

北京商报讯（记者 刘四红）10月27日，在2025金融街论坛年会上，中国人民银行副行长、国家外汇管 理局局长朱鹤新就"全球经贸韧性与中国贡献"主题发表演讲。 朱鹤新指出，提高开放条件下外汇监管和风险防控能力。加强外汇市场"宏观审慎+微观监管"两位一体 管理，运用人工智能、大数据等赋能智慧监管，强化跨境资金流动监测预警，提升打击违法违规活动效 能，有效防范外部风险冲击，为促进开放合作、提升经贸韧性提供更多稳定性和确定性。 ...

Core Viewpoint - The speech by the Deputy Governor of the People's Bank of China emphasizes the importance of high-level institutional opening in the foreign exchange sector and the promotion of the internationalization of the Renminbi alongside high-quality capital account opening [1] Group 1: Foreign Exchange Management Reforms - The focus is on enhancing overall planning for reforms in the foreign exchange sector, particularly in direct investment, cross-border financing, and securities investment [1] - A comprehensive policy package for cross-border investment and financing was launched in September, indicating proactive measures to facilitate international financial activities [1] Group 2: Upcoming Policies - Upcoming policies include the implementation of integrated currency pools for multinational companies and management of funds for domestic enterprises listed overseas, aimed at streamlining foreign exchange management [1] - The integration of innovative foreign exchange management reforms will be piloted in free trade zones to foster a new landscape of autonomous opening [1]

Core Viewpoint - The speech by the Deputy Governor of the People's Bank of China emphasizes the commitment to deepen reforms in the foreign exchange sector while ensuring systemic risk prevention, aiming to create a more convenient, open, secure, and intelligent foreign exchange management system [1] Group 1: Foreign Exchange Reform - Continuous deepening of foreign exchange reform and opening up is highlighted, with a focus on maintaining systemic risk prevention [1] - The establishment of a foreign exchange policy system that rewards integrity with convenience is being pursued [1] Group 2: Banking and Trade Facilitation - The reform of bank foreign exchange operations and the enhancement of trade and investment facilitation are prioritized, with the number of enterprises able to conduct business with instructions increasing more than fivefold since the end of 2020 [1] - Nine new policy measures will be introduced to enhance trade facilitation, including expanding the scope of high-level cross-border trade openness and optimizing foreign exchange fund settlement for new trade entities [1]