（原标题：时报图说丨潘功胜、李云泽、吴清出席2025金融街论坛年会最新发声） ...

Core Viewpoint - The Director of the Financial Regulatory Bureau, Li Yunze, emphasized the need to optimize cross-border services such as trade financing and export credit insurance, aiming to accelerate the integration of domestic and international trade and enhance the smooth flow of the domestic and international dual circulation [1] Group 1 - The focus is on optimizing trade financing and export credit insurance to support cross-border services [1] - There is a strategic push to promote the integration of domestic and international trade [1] - The initiative aims to strengthen the domestic and international dual circulation system [1]

Core Points - The head of the Financial Regulatory Administration, Li Yunze, emphasized the importance of effectively meeting the financial needs in the fields of education, culture, health, and other public welfare sectors [1] - There is a focus on enriching pension and health insurance products to better serve the population [1] - The administration aims to improve the disaster insurance protection system to enhance overall financial security [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing outlined key tasks and reform directions for the capital market during the 2025 Financial Street Forum, emphasizing the need for deepening reforms and enhancing investor protection measures [1]. Group 1: Capital Market Reforms - The CSRC will implement deep reforms in the ChiNext board, establishing listing standards that better align with the characteristics of innovative enterprises in emerging fields [2]. - Continuous efforts will be made to promote the high-quality development of the Beijing Stock Exchange (BSE) and improve the connection mechanisms between the third and fourth boards [3]. - The CSRC plans to introduce a refinancing framework to support mergers and acquisitions, encouraging listed companies to enhance their systems and increase shareholder returns through dividends and buybacks [4]. Group 2: Investor Protection - The CSRC will launch the "Qualified Foreign Institutional Investor (QFII) System Optimization Work Plan," aimed at improving access and operational efficiency for foreign investors [6]. - A new set of opinions on strengthening the protection of small and medium investors will be released, focusing on enhancing investor protection during the issuance and delisting processes, and introducing 23 practical measures to create a safer investment environment [7]. Group 3: Market Stability and Long-term Investment - The CSRC aims to leverage long-term funds as stabilizers in the market, promoting reforms in public funds and ensuring that pension and insurance funds are aligned with long-term investment strategies [5]. - The re-evaluation of Chinese assets, including A-shares and Hong Kong stocks, is becoming more apparent, highlighting their value in the context of risk re-pricing and asset rebalancing [8]. Group 4: Regulatory Enforcement - The CSRC emphasizes a "zero tolerance" approach to financial fraud and other illegal activities, aiming to enhance investor trust and confidence through strict enforcement measures [10].

畅通投融资循环 资本市场重点任务和改革方向进一步明确。 10月27日，在2025金融街论坛年会上，证监会主席吴清发表重要讲话，为资本市场当前和下一阶段的任 务"划重点"，包括证监会将纵深推进板块改革，启动实施深化创业板改革，择机推出再融资储架发行制 度等多方面。 同时他宣布，证监会将推出《合格境外投资者制度优化工作方案》和《加强资本市场中小投资者保护的 若干意见》两个文件。 第一财经记者梳理8大看点如下。 将启动实施深化创业板改革 吴清表示，纵深推进板块改革，增强多层次市场体系的包容性和覆盖面，将启动实施深化创业板改革， 设置更加契合新兴领域和未来产业创新创业企业特征的上市标准，为新产业、新业态、新技术企业提供 更加精准、包容的金融服务。 持续推动北交所高质量发展，畅通三、四板对接机制 吴清表示，将坚持打造服务创新型中小企业主阵地的定位，持续推动新三板、北交所高质量发展，健全 新三板市场差异化的挂牌、信披、交易制度，畅通三、四板对接机制，夯实多层次资本市场的塔基和底 座。 择机推出再融资储架发行制度 吴清表示，进一步固本培元，夯实市场稳定的内在基础。高质量的上市公司是资本市场稳定运行的基 石，将择机推出再融资 ...

Core Viewpoint - The 2025 Financial Street Forum highlights the resilience of global trade amidst challenges such as the pandemic, geopolitical tensions, and rising protectionism, driven by technological advancements and open cooperation [1][2]. Group 1: Global Trade Growth - Global trade is projected to grow at an average annual rate of 5.4% from 2019 to 2024, an increase of 4.6 percentage points compared to the previous five years [1]. - The United Nations forecasts global trade to exceed $33 trillion in 2023, marking a historical high [1]. - The semiconductor trade has seen significant growth, with annual trade in integrated circuits surpassing $1 trillion [1]. Group 2: Technological and Economic Drivers - The new wave of technological revolution and industrial transformation is injecting new momentum into global trade, with AI and digital economy playing crucial roles [1]. - Green trade has rapidly emerged, with annual trade in new energy increasing from $10 billion a decade ago to nearly $100 billion in recent years [1]. Group 3: China's Role in Global Trade - China, as the world's second-largest economy and largest goods trader, contributes significantly to global economic resilience and trade rules [2]. - The country maintains stability in global supply chains and actively shares market opportunities [2]. - China's foreign exchange market transactions are projected to grow by 37% in 2024 compared to 2020, with foreign-related income and expenditure increasing by 64% [3]. Group 4: Foreign Exchange Policy and Reforms - The State Administration of Foreign Exchange (SAFE) plans to introduce nine new policy measures to enhance trade facilitation and expand cross-border trade [4]. - SAFE aims to deepen reforms in foreign exchange management, focusing on direct investment, cross-border financing, and securities investment [4]. - The implementation of a comprehensive foreign exchange management reform in pilot free trade zones is expected to promote new levels of openness [4]. Group 5: Risk Management and Regulatory Enhancements - SAFE emphasizes improving foreign exchange regulatory capabilities and risk prevention through a dual management approach combining macro-prudential and micro-regulation [5]. - The use of AI and big data will enhance monitoring and early warning systems for cross-border capital flows, aiming to mitigate external risks [5].

Group 1: Key Points from the Financial Street Forum - The China Securities Regulatory Commission (CSRC) will initiate reforms to the Growth Enterprise Market, establishing listing standards that better align with the characteristics of innovative enterprises in emerging fields [1] - The value of asset allocation in Chinese assets, including A-shares and H-shares, is becoming more apparent amid risk repricing and asset rebalancing, with a focus on stability and balance [1][5] - 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] Group 2: Regulatory and Market Developments - A refinancing framework will be introduced to broaden support channels for mergers and acquisitions, while urging listed companies to enhance governance and increase shareholder returns through dividends and buybacks [3] - The CSRC aims to promote the high-quality development of the Beijing Stock Exchange and improve the connection mechanisms between the third and fourth boards, reinforcing the multi-tiered capital market [4] - New measures to strengthen the protection of small investors in the capital market will be released, focusing on enhancing investor protection during the issuance and delisting processes [6] Group 3: Enforcement and Policy Initiatives - The CSRC will adopt a "zero tolerance" approach to financial fraud and other illegal activities, aiming to enhance investor trust and confidence through strict enforcement [7] - Beijing will continue to serve as a key window for capital market reform and opening up, facilitating the implementation of pioneering policies [8] - The effects of the Sci-Tech Innovation Board reforms are accelerating, with the first batch of newly registered companies set to be listed [9][10]

目前，债市整体运行良好，人民银行将恢复公开市场国债买卖操作。 10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜重磅发声，释放一揽子政策信号，包括 恢复国债买卖、研究优化数字人民币在货币层次之中的定位、稳定币、货币政策取向等。 党的十九大提出，健全货币政策和宏观审慎政策双支柱调控框架。近年来，人民银行有序推进，取得重 要进展。在去年6月的陆家嘴论坛上，潘功胜对中国未来货币政策框架的演进作了比较系统的介绍。此 次金融街论坛，潘功胜演讲的主题是《中国宏观审慎管理体系的建设实践与未来演进》。 第一财经记者梳理重点如下： 1、人民银行将继续坚持支持性的货币政策立场，实施好适度宽松的货币政策，综合运用多种货币政策 工具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。同时，继续完善货币政策框 架，强化货币政策执行和传导。 2、去年，人民银行落实中央金融工作会议部署，在二级市场开始国债买卖操作。这是丰富货币政策工 具箱、增强国债金融功能、发挥国债收益率曲线定价基准作用、增进货币政策与财政政策相互协同的重 要举措，也有利于我国债券市场改革发展和金融机构提升做市定价能力。实践中，人民银行根据基础货 币 ...

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the increasing importance of stability and balance in asset allocation during the risk repricing and asset rebalancing process, highlighting the growing consensus among international investors to diversify investments [1] Group 1 - The concept of "putting eggs in different baskets" is becoming a common strategy among international investors [1] - The value of Chinese assets, including A-shares and Hong Kong stocks, is being continuously reassessed, revealing their investment potential [1]

Core Insights - Beijing Financial Street serves as a national financial management center, significantly contributing to the financial sector's growth in China, with its financial institutions holding approximately one-third of the national asset scale and over 70% of Beijing's financial tax revenue [1][2][3]. Group 1: Economic Contribution - The financial institutions in the Financial Street area account for over one-third of the city's financial value added and approximately 70% of its financial tax revenue, highlighting its role as a core area for financial institutions and talent aggregation [3][4]. - The Financial Street occupies only 0.02% of Beijing's land area but generates substantial economic value, showcasing its efficiency and importance in the national financial landscape [2][3]. Group 2: International Influence and Innovation - Financial Street has become a preferred location for foreign institutions, with over 120 foreign financial entities established, including major international investment banks and financial groups [3][4]. - The area has seen numerous innovative practices, such as the establishment of the first foreign-funded securities firm and the first cross-border transfer of non-performing assets, indicating its role as a hub for financial innovation [3][4]. Group 3: Asset Management - By the end of 2024, asset management institutions in the Financial Street area are expected to manage over 20 trillion yuan, accounting for about 50% of Beijing's total and 12.5% of the national total, establishing it as a leading asset management hub [4][5]. Group 4: Service Mechanisms - Financial Street has developed a "four-in-one" service mechanism and a "6R" service system to enhance service capabilities, focusing on regulatory support, institutional operation, and professional research [5][12]. - The establishment of various platforms, such as the Financial Street Research Institute and the Financial Street Forum, aims to strengthen service support and facilitate dialogue among stakeholders [5][12]. Group 5: Sectoral Development - The Financial Street is actively engaged in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, driving high-quality financial services [7][11]. - The technology finance sector has seen significant growth, with a notable increase in loans to technology enterprises and a substantial issuance of technology innovation bonds [8][9]. Group 6: Future Directions - The Financial Street aims to enhance its global financial resource aggregation capabilities and strengthen its international cooperation, focusing on creating a resilient and modern financial system [14]. - The upcoming 2025 Financial Street Forum will serve as a platform for international dialogue, featuring participation from major global financial organizations and institutions [13][14].