国务院：金融市场顶住高强度外部冲击，将研究新货币政策举措

Core Insights - The People's Bank of China reported on the financial work since November 2024, highlighting reasonable growth in financial volume and historically low social financing costs [2][3] - The Shanghai Composite Index rose 18.4%, reaching a ten-year high, indicating improved market expectations and confidence [3][4] Financial Market Performance - As of September 2025, total assets of financial institutions exceeded 520 trillion yuan, with commercial banks' capital adequacy ratio at 15.36% and non-performing loan ratio at 1.52% [3] - The average daily trading volume in the Shanghai and Shenzhen stock markets was approximately 2.3 trillion yuan, significantly higher than the previous year's average of 700 billion yuan [3] - The yield on 10-year government bonds remained stable between 1.75% and 1.85%, reversing the downward trend observed in 2024 [3] Financing and Economic Support - From November 2024 to September 2025, 98 companies in the A-share market conducted initial public offerings, raising 91.8 billion yuan, with 86% being private enterprises [4] - Loans for technology, green projects, inclusive finance, elderly care, and digital economy sectors grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all exceeding the overall loan growth rate [5] Risk Management and Regulatory Actions - The report noted a significant reduction in the number of financing platforms and the scale of operating financial debt, down 71% and 62% respectively since March 2023 [5] - The People's Bank of China imposed penalties on 1,978 entities, while the China Securities Regulatory Commission penalized 1,423 entities for regulatory violations [3] Future Policy Directions - The central bank plans to implement moderately loose monetary policies and strengthen financial regulation to curb irrational competition among financial institutions [6][7] - Emphasis will be placed on providing high-quality financial services to support key sectors such as technology innovation and small enterprises [6][7] - The report outlines a commitment to prevent systemic financial risks and enhance the financing system for the real estate sector [7]