2 1 Shi Ji Jing Ji Bao Dao·2025-10-27 08:55Core Viewpoint - The report (2025) outlines the achievements of the financial system in supporting the real economy, enhancing financial regulation, deepening reform and opening up, and preventing and mitigating risks since November 2024, while also specifying six key work directions for the next phase [3] Group 1: Monetary Policy - The report emphasizes the need to implement a moderately loose monetary policy to create a suitable monetary and financial environment for consolidating and expanding economic recovery [5] - The People's Bank of China (PBOC) has been injecting liquidity into the banking system, with a recent announcement of a 900 billion yuan medium-term lending facility (MLF) operation scheduled for October 27, aiming to support government bond issuance and bank credit [5][6] - Analysts expect that the PBOC will continue to maintain a high level of liquidity injection to support credit expansion and government bond issuance [6] Group 2: Financial Regulation - The report highlights the importance of further strengthening and improving financial regulation to enhance regulatory quality and effectiveness [8] - Major banks have adopted a common principle of "preventing risks, strengthening regulation, and promoting high-quality development," indicating a deepened risk awareness and compliance culture within the banking sector [9] Group 3: Financial Supply-Side Structural Reform - The report stresses the need to focus on providing high-quality financial services to the real economy and to continue deepening financial supply-side structural reform [11] - From November 2024 to September 2025, 98 companies in the A-share market raised 91.8 billion yuan through initial public offerings, with 86% being private enterprises and 92% in strategic emerging industries [11] - Major banks are committed to enhancing their financial services to support the real economy, with specific initiatives aimed at modernizing the industrial system and promoting sustainable financial solutions [12] Group 4: Risk Prevention - The report emphasizes the need to prevent and mitigate financial risks in key areas while maintaining the bottom line of avoiding systemic financial risks [14] - Banks are focusing on comprehensive risk management and ensuring that development and safety are well-coordinated [14] - The banking sector has seen a reduction in the number of banking institutions and an improvement in asset quality, with the non-performing loan ratio decreasing to 1.49% [14]