推动金融市场高质量发展和高水平开放——《金融时报》访中国人民银行金融市场司负责人

Core Insights - During the "14th Five-Year Plan" period, China is committed to building a modern financial market system with Chinese characteristics, achieving breakthroughs in the breadth and depth of various financial markets, and enhancing the precision of services to the real economy [1] Financial Market Development - A multi-tiered financial market system is increasingly complete, with the bond market becoming a fully functional, open, and vibrant system, while the money market supports macroeconomic regulation and policy transmission [2] - The depth, resilience, and liquidity of financial markets continue to improve, with significant increases in trading volumes: bond market transactions reached 161.18 trillion yuan, bond repurchase and interbank lending totaled 95.553 trillion yuan, and interbank market derivatives transactions were approximately 15.2 trillion yuan, reflecting growth rates of 102.7%, 86.8%, and 79.9% respectively compared to the previous five-year period [2] Financial Infrastructure - Financial infrastructure construction is being advanced, with the introduction of the "Financial Infrastructure Supervision and Management Measures" to strengthen daily supervision and establish a preliminary regulatory framework [3] - A unified national market is being developed, promoting interconnectivity in the bond market infrastructure and facilitating the free flow of market elements [3] Support for the Real Economy - The financing scale of the bond market has been steadily expanded, with a total bond market custody balance of 192 trillion yuan as of August 2025, a 64.2% increase from the end of 2020, making it the second largest globally [4] - The issuance of green bonds has consistently exceeded 600 billion yuan annually, placing China among the top three globally [4] Regulatory and Institutional Framework - The central financial work conference emphasizes the need to strengthen market rules and create a unified regulatory framework, with efforts to enhance risk monitoring and regulatory enforcement [5] - The establishment of a macro-prudential management framework covering various financial sub-markets is underway, with a focus on maintaining market stability and low default rates [6] Internationalization and Openness - China is promoting high-level openness in financial markets, enhancing interconnectivity with global financial markets through mechanisms like "Bond Connect" and "Swap Connect," with nearly 1,170 foreign investors from around 80 countries participating in the bond market [7] - The weight of Chinese bonds in global indices is gradually increasing, enhancing their international influence and competitiveness [7] Future Directions - The next phase will focus on strengthening financial market infrastructure and deepening high-level openness, aiming to build a modern financial market system that is adaptable, competitive, and inclusive, better serving high-quality development and modernization efforts [8]