金融监管“掌门人”齐亮相，回顾“十四五”金融发展得失

Group 1: Financial Industry Overview - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally; stock and bond market sizes are second in the world; foreign exchange reserves have been the largest for 20 consecutive years [1] - In August 2023, the total market capitalization of the A-share market surpassed 100 trillion yuan for the first time, with the Shanghai Composite Index's annualized volatility at 15.9%, a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" [1] Group 2: Financial Risk Management - During the "14th Five-Year Plan" period, significant progress has been made in preventing and resolving financial risks, with a focus on high-risk small financial institutions, real estate, and local government debt [2] - Financial regulatory authorities have effectively reduced the number and scale of high-risk institutions, achieving a dynamic clearance of high-risk small institutions in several provinces [2][3] - Financial support for affordable housing and related projects exceeded 1.6 trillion yuan, with over 7 trillion yuan in loans for "white list" projects, aiding nearly 20 million housing units [2] Group 3: Currency and Exchange Rate Stability - The external environment has become increasingly complex, yet China has maintained basic stability in the RMB exchange rate, with cross-border receipts and payments projected at 14 trillion USD in 2024, a 64% increase from 2020 [4] - The RMB's share in cross-border trade has risen from 16% to nearly 30%, reflecting its strengthened role as a stabilizer in macroeconomics and international payments [4] Group 4: Capital Market Regulation - The capital market has faced significant challenges, with the CSRC focusing on controlling new risks and stabilizing existing ones, maintaining a bond default rate around 1% [6] - Over 7,000 zombie private equity firms have been cleared, and all problematic financial institutions have been dealt with, including the issuance of record fines against Evergrande and its auditing firm [6][11] Group 5: Monetary Policy Response - In response to the recent 25 basis point rate cut by the Federal Reserve, the People's Bank of China emphasized a policy of "self-determination," maintaining a supportive monetary stance to foster economic recovery [7][8]