推动金融市场高质量发展和高水平开放

Core Insights - The People's Bank of China (PBOC) is advancing the construction of a modern financial market system with Chinese characteristics during the 14th Five-Year Plan period, focusing on market-oriented, legal, and international reforms [2][3] Financial Market Development - A multi-layered financial market system is increasingly complete, with the bond market becoming a fully functional, open, and vibrant market. The money market supports macroeconomic regulation and policy transmission effectively [3] - The depth, resilience, and liquidity of financial markets have improved, with bond market transactions reaching 161.18 trillion yuan, a 102.7% increase from the previous five-year period [3] - Financial infrastructure construction is being advanced, with a regulatory framework for financial infrastructure being established to enhance daily supervision and promote market element mobility [4] Support for the Real Economy - The PBOC is committed to serving the real economy, with bond market financing scale expanding steadily. As of August 2025, the bond market custody balance reached 192 trillion yuan, a 64.2% increase since the end of 2020 [5][6] - The issuance of green bonds has remained above 600 billion yuan annually, positioning China among the top three globally [5] - Government bond issuance has also seen rapid growth, with a total of 50.1 trillion yuan in national bonds issued during the 14th Five-Year Plan, marking a significant increase from the previous period [6] Regulatory and Institutional Enhancements - The PBOC is enhancing market rules and regulatory coordination, focusing on unifying basic institutional rules for corporate bonds to improve market transparency [7][8] - A macro-prudential management framework covering various financial sub-markets is being established to maintain market stability and safety [8] Internationalization and Openness - The PBOC is promoting high-level openness in financial markets, enhancing connectivity with global financial markets through mechanisms like Bond Connect and Swap Connect [9][10] - As of August 2025, nearly 1,170 foreign investors from around 80 countries have entered the Chinese bond market, with total holdings reaching approximately 3.9 trillion yuan, a nearly fourfold increase since the launch of Bond Connect [9] - The PBOC is also working to align domestic financial market rules with international standards to enhance the international competitiveness of Chinese bonds [10][11]