金融供给侧结构性改革成果：从“通道式”开放向“制度型”开放的跨越

Core Insights - The Chinese government is focusing on high-quality completion of the "14th Five-Year Plan" with significant achievements in the financial sector [1][2] - Financial supply-side structural reform is being emphasized, extending from the real economy to the financial sector [1][2] Group 1: Financial Sector Developments - The People's Bank of China is promoting financial supply-side structural reforms, enhancing the financial system's structure and collaboration [1] - There has been a notable shift from "channel-based" to "institutional" openness in the financial sector during the "14th Five-Year Plan" [2] - Key areas such as securities, funds, futures, and life insurance have seen the complete removal of foreign ownership limits [2] Group 2: International Financial Integration - Major international investment banks like JPMorgan, Goldman Sachs, Standard Chartered, and Société Générale have been approved to establish wholly-owned brokerages in China [2] - Global asset management giants such as Robeco and BlackRock have set up wholly-owned public funds in China [2] - The cross-border investment channels have been continuously expanded, starting from the Shanghai-Hong Kong Stock Connect to the Bond Connect and Swap Connect [2] Group 3: Risk Management and Financial Stability - The central bank has optimized the macro-prudential framework to prevent and mitigate systemic financial risks [2] - A targeted approach is being taken to address prominent risks in high-risk small and medium-sized financial institutions through market-oriented and legal measures [2] - The deposit insurance system is playing a crucial role in protecting the interests of depositors and small investors [2]