潘功胜：健全货币政策和宏观审慎政策双支柱调控框架取得重要进展

Core Viewpoint - The speech by the Governor of the People's Bank of China emphasizes the importance of a dual-pillar framework for monetary policy and macroprudential policy, highlighting significant progress made in recent years [1] Group 1: Monetary Policy Framework - The evolution of China's monetary policy framework has been systematically introduced, with a focus on the dual-pillar approach established by the 19th National Congress of the Communist Party [1] - The framework aims to enhance the stability of the financial system by addressing both macroeconomic management and the health of individual financial institutions [1] Group 2: Macroprudential Management - The international financial crisis of 2008 prompted a reevaluation of financial stability, leading to a recognition that the stability of individual financial institutions does not guarantee overall system stability [1] - Macroprudential policies are designed to prevent the accumulation of financial risks and mitigate cross-institutional, cross-market, and cross-border contagion [1] Group 3: Policy Interactions - There is an intersection among monetary policy, macroprudential management, and microprudential regulation, each with distinct focuses yet complementary roles [1] - Monetary policy primarily targets macroeconomic and aggregate demand management, while microprudential regulation focuses on the sound operation of individual financial institutions [1]