潘功胜：当金融市场发生较大幅度波动时主动发声，及时校正市场“羊群效应”

Core Viewpoint - The 2025 Financial Street Forum highlights China's proactive approach in establishing a macro-prudential policy framework post-2008 financial crisis, emphasizing the unique practices and governance mechanisms developed by the People's Bank of China (PBOC) [1][2] Group 1: Macro-Prudential Management Framework - The PBOC has strengthened centralized leadership and expanded its macro-prudential management functions [1] - In 2021, the PBOC released the "Macro-Prudential Policy Guidelines," outlining the management philosophy and policy framework [1] - The differentiated reserve requirement system was established in 2003, with a dynamic adjustment mechanism introduced in 2010, evolving into the Macro-Prudential Assessment (MPA) in 2016 to support stable growth in monetary credit [1] Group 2: Regulatory Framework and Tools - A comprehensive regulatory framework for systemically important financial institutions has been established, including guidelines and assessment methods for systemically important banks and insurance companies [1] - Tools for macro-prudential adjustment of cross-border financing have been set up to manage capital flows counter-cyclically [1] - The PBOC is exploring macro-prudential management in financial markets, focusing on monitoring bond market operations and enhancing risk alerts for financial institutions [2] Group 3: Real Estate and Market Stability - The PBOC is refining macro-prudential management in the real estate sector by dynamically adjusting mortgage down payment ratios and interest rates [2] - A regulatory framework for financial holding companies is being developed, now under the Financial Regulatory Bureau [2] - The PBOC emphasizes managing market expectations and intervening during significant market fluctuations to stabilize financial markets [2]