中国金融棋局再落重子：看2025政策组合拳如何重塑全球经济版图

Core Viewpoint - China's financial management authorities have introduced a series of "policy measures" to stabilize the market and expectations, showcasing a significant evolution in its financial governance system during the "second centenary" journey [3][4]. Group 1: Monetary Policy Tools - The People's Bank of China has implemented a historic reduction in the reserve requirement ratio to 6.5%, marking a significant low [4]. - Credit growth has maintained double-digit increases for 24 consecutive months, with M2 money supply expected to exceed 350 trillion yuan by February 2025 [4]. - China's monetary policy employs a "three-dimensional control" approach, combining total volume, structure, and expectation management to stabilize the bond market amid global volatility [4]. Group 2: Capital Market Reforms - The China Securities Regulatory Commission's white paper reveals deep reforms in the capital market, with an average R&D intensity of over 15% for companies listed on the Sci-Tech Innovation Board [5]. - Institutional investors now hold 65% of shares, and foreign capital has net purchased over 4.5 trillion yuan through the Stock Connect programs [5]. - New regulations allow hard tech companies to exceed traditional PE valuation frameworks, facilitating strategic restructuring for 37 unicorns [5]. Group 3: Global Financial Governance - China's cross-border payment system (CIPS) now covers 135 countries, and the digital yuan's cross-border clearing pilot has expanded to 27 countries along the Belt and Road [6]. - The introduction of 500 billion yuan in pension loans and 300 billion yuan in innovation loans addresses funding challenges in an aging society while supporting global green transitions [6]. - China's renewable energy fund has surpassed 8 trillion yuan, contributing to a 12% increase in global clean technology investments [6].