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]

中国人民银行行长潘功胜在会上发表讲话。他表示，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投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展国 债买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。今年初，考虑到债券市场供求不平衡压力较大、市场风险有所累积，人民银行暂 停了国债买卖。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。 央行将恢复公开市场国债买卖操作 10月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。中国人民银行行长潘功胜、金融监管总局局 长李云泽、中国证监会主席吴清出席论坛，并发布一系列重要消息。 潘功胜指出，研究实施支持个人修复信用的政策措施。人民银行运营的征信系统是一项重要的金融基础设施，对企业和个人的金融违约行为进行 记录，并供金融机构在开展业务时进行查询和风险评估，20多年来，对我国社会信用 ...

Group 1 - The core announcement is the initiation of deep reforms for the ChiNext board, aimed at enhancing the inclusiveness and coverage of the multi-tiered market system [1][4] - The reforms will establish listing standards that better align with the characteristics of emerging industries and innovative enterprises, providing more precise and inclusive financial services [4] - The ChiNext market currently has 1,389 stocks with a total market capitalization approaching 18 trillion yuan [5] Group 2 - The first batch of new registered companies will be listed on the Sci-Tech Innovation Board (STAR Market) on October 28, indicating the accelerating effects of recent reforms [6][8] - The STAR Market has seen significant growth, with a total market capitalization nearing 10 trillion yuan and notable companies like SMIC and Cambrian leading in market value [7][8] Group 3 - The North Exchange (北交所) aims to continuously promote high-quality development, focusing on serving innovative small and medium-sized enterprises [9][10] - The multi-tiered capital market system in China includes the main board, STAR Market, ChiNext, North Exchange, New Third Board, and regional equity trading markets, showcasing a clear hierarchical structure [9][10] Group 4 - The release of the "23 Opinions" on strengthening the protection of small and medium investors aims to create a fairer trading environment and enhance investor protection throughout the capital market reform process [12][13] - Key measures include optimizing the new stock issuance pricing mechanism and enhancing the regulation of margin trading [12][13] Group 5 - The value of Chinese assets is becoming more apparent, with international funds flowing into emerging markets exceeding 150 billion USD in the first nine months of the year [14] - The new industries and business models, such as artificial intelligence and biomedicine, are driving significant changes in production methods and resource allocation [14]

Core Viewpoint - The 2025 Financial Street Forum focuses on the theme of "change," addressing the unprecedented global shifts and the need for a resilient, inclusive, and sustainable global financial system [1] Group 1: Global Financial Governance - The forum highlights the acceleration of a significant global transformation, driven by a new round of technological and industrial revolutions [1] - It emphasizes the profound adjustments in the global economic landscape and changes in human production and lifestyle [1] - The event gathers representatives from central banks and multilateral institutions, including the People's Bank of China, the Bank for International Settlements, the European Central Bank, and the Bank of England, to discuss international financial governance and cooperation [1] Group 2: High-Quality Financial Development - The forum calls for a collective effort to foster innovative consensus, stimulate transformative momentum, and advance restructuring actions to promote high-quality global financial development [1] - The closing theme of the forum will focus on "resilient cooperation in international trade and economy under global changes," indicating a strong emphasis on collaboration amidst evolving global dynamics [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a work plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance its attractiveness to foreign long-term capital and promote a new open pattern of interaction between domestic and foreign financial institutions [1] Group 1: Policy Background - The optimization of the QFII system is part of the broader strategy outlined in the 20th National Congress of the Communist Party of China, emphasizing the importance of financial openness while ensuring security [1] - The QFII system has been a key channel for foreign investors to allocate assets in China, contributing positively to the opening up of the capital market [1] Group 2: Implementation Goals - The work plan aims to implement reforms within approximately two years, focusing on optimizing access management and facilitating investment operations [1] - The goal is to create a balanced development between onshore and offshore channels, as well as between allocation-type and trading-type funds [1] Group 3: Future Actions - The CSRC will expedite the implementation of the proposed optimization measures and further deepen research on the QFII system [1] - Continuous efforts will be made to enrich and enhance the attractiveness of the foreign investment system through reform measures [1]

Core Insights - The 2025 Financial Street Forum has commenced in Beijing, focusing on "Innovation, Transformation, and Reshaping Global Financial Development" with over 400 guests from more than 30 countries [1] - Beijing's financial sector has shown significant growth, with a value-added of 670 billion yuan in the first three quarters of 2025, marking a 9% year-on-year increase [1][9] Policy Framework - The "Five Major Articles" policy framework, established during the 2023 Central Financial Work Conference, aims to direct financial resources towards key areas of the real economy [3] - Beijing is among the first cities to incorporate the "Five Major Articles" into its local financial development plan, with a comprehensive policy framework established by various financial authorities [3][4] Financial Performance - As of June 2025, loans in the "Five Major Articles" sectors reached 6.8 trillion yuan, growing at a rate 5.2 percentage points higher than overall loan growth [4] - In the technology finance sector, loans exceeded 4 trillion yuan, with a 30.9% year-on-year increase in loans to technology SMEs [4][5] Green Finance Initiatives - The establishment of the National Green Technology Trading Center and significant trading volumes in carbon markets highlight Beijing's commitment to green finance [5] - The city has implemented policies to enhance access to financing for innovative SMEs, including a 40% interest subsidy for first-time loans [5] High-Level Opening and International Cooperation - Beijing's financial sector is undergoing a transformation towards high-level opening, aligning with national strategies to attract global capital [6][7] - Since the initiation of the "Two Zones" strategy, nearly 200 foreign and domestic financial institutions have been introduced to Beijing [6] Cross-Border Financial Developments - The integration of onshore and offshore currency pools has simplified cross-border transactions for 1,700 enterprises, with a total cross-border payment volume exceeding 150 billion USD [7] - The city's foreign exchange revenue grew by 67.4% in 2024, reaching 2.4 trillion USD, accounting for 16.9% of the national total [7] Technological Innovation in Financial Services - Beijing is leveraging digital technology to enhance financial services, with nearly 20 million digital yuan wallets opened and transactions amounting to nearly 300 billion yuan [8] - The city has implemented various pilot projects for digital currency applications, including a digital yuan-backed loan for technology enterprises [8][9] Financial Ecosystem Development - The upgrade of the Zhongguancun Sci-Tech Financial Service Center has expanded its support to over 30,000 enterprises, enhancing the ecosystem for innovation [9] - The financial sector's value-added contribution to Beijing's GDP reached 17.4%, driving overall economic growth by 1.5 percentage points [9]

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, at the 2025 Financial Street Forum emphasizes the need for deepening reforms in the capital market to navigate uncertainties and seize future opportunities [1][3]. Group 1: Capital Market Reform Initiatives - The next phase of capital market reform will focus on four key initiatives, with several substantial benefits expected to be implemented soon [3]. - The Science and Technology Innovation Board (STAR Market) will see the first batch of newly registered companies listed on October 28, following the successful implementation of the "1+6" policy [4]. - The reform of the Growth Enterprise Market (GEM) will soon commence, introducing listing standards that better align with the characteristics of emerging industries and innovative enterprises [4]. - The Beijing Stock Exchange (BSE) will continue to develop high-quality, enhancing the differentiated listing, information disclosure, and trading systems of the New Third Board [5]. Group 2: Strengthening Market Foundations - The CSRC plans to introduce a refinancing framework to broaden merger and acquisition channels, promoting the integration and strengthening of listed companies [6]. - Wu Qing has called for listed companies to increase dividend payouts and share buybacks, emphasizing the importance of returning value to shareholders [7]. - Reforms in public funds will be advanced, aiming to enhance long-term investment products and risk management tools [7]. Group 3: Opening Up to Foreign Investment - The "Qualified Foreign Institutional Investor (QFII) System Optimization Work Plan" was officially launched on October 27, aiming to streamline qualification approval and account opening processes for foreign investors [8]. - Two ETFs for Chinese investments in overseas markets will soon announce fundraising, with plans to optimize the connectivity mechanism between domestic and foreign markets [9]. Group 4: Enhancing Investor Protection - A significant document will be released to strengthen the protection of small and medium investors, introducing 23 practical measures to create a fairer trading environment [10]. - Wu Qing emphasized the need for strict enforcement against financial fraud and market manipulation to enhance investor trust and confidence [11]. - The CSRC aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and attractiveness of the capital market to better serve the construction of a financial powerhouse [11].