潘功胜：落实落细适度宽松的货币政策、推进金融高水平双向开放

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining financial stability and supporting the real economy through a series of monetary policy measures and financial reforms, as outlined by Governor Pan Gongsheng in a recent report to the State Council [3][4]. Monetary Policy - The PBOC plans to implement a package of substantial monetary policy measures starting from September 2024, focusing on moderate easing to support economic recovery [4][5]. - Specific measures include further reductions in reserve requirements and interest rates, along with increased structural monetary policy support for technology innovation, consumption, small and micro enterprises, and stabilizing foreign trade [4][5]. - By September 2025, loans in sectors such as technology, green finance, inclusive finance, elderly care, and digital economy are expected to grow significantly, with year-on-year increases of 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all surpassing the overall loan growth rate [4]. Financial Regulation - The PBOC emphasizes the need for enhanced financial regulation and the establishment of a comprehensive macro-prudential management system to ensure effective monetary policy transmission [6]. - Financial services will be directed towards key areas such as technology innovation, consumption, small and micro enterprises, and foreign trade, with a focus on improving service quality [6]. Financial Opening - The PBOC is advancing high-level financial openness, with a well-established cross-border payment system for the renminbi (RMB) and ongoing efforts to enhance the internationalization of the RMB [7][8]. - The RMB has become the largest currency for cross-border payments in China and ranks among the top three currencies for trade financing globally [7]. Risk Management - The PBOC has successfully mitigated financial risks, particularly in small and medium-sized financial institutions, through measures such as mergers, market exits, and timely liquidity support [9][10]. - By September 2025, the number of financing platforms and the scale of operating financial debt are projected to decrease significantly, indicating a reduction in financial risk [9].