潘功胜最新发文 详解“双支柱体系”主要任务
Zheng Quan Shi Bao·2025-10-31 06:54

Core Viewpoint - The article emphasizes the importance of constructing a scientific and robust monetary policy system and a comprehensive macro-prudential management system to better combine currency stability and financial stability, which is crucial for supporting the construction of a financial powerhouse [1][6]. Monetary Policy System - The monetary policy system is described as the "first pillar" and is relatively mature, focusing on optimizing the base currency issuance mechanism and maintaining reasonable growth in financial totals [1][3]. - There is a need to enhance the role of central bank policy rates, narrow the width of the short-term interest rate corridor, and improve the transmission from central bank policy rates to market benchmark rates [3][4]. - The system aims to achieve a dynamic balance among currency stability, economic growth, full employment, and international balance of payments [3][4]. Macro-Prudential Management System - The macro-prudential management system is referred to as the "second pillar," which requires gradual improvement and close coordination with monetary policy [1][2]. - It aims to observe, assess, and respond to financial risks from a macro, counter-cyclical, and contagion perspective, preventing systemic financial risks that could disrupt macro stability [6][7]. - Key tasks include strengthening the monitoring and assessment of systemic financial risks, implementing risk prevention measures in critical areas, and enriching the policy toolbox for macro-prudential management [6][7][8]. Policy Tools and Framework - The article highlights the need to enrich the policy toolbox for macro-prudential management, focusing on areas such as systemically important financial institutions, broad credit, real estate finance, and cross-border capital flows [2][5][7]. - A standardized and systematic framework for macro-prudential monitoring and assessment is essential to identify and evaluate representative risks and weaknesses [6][7]. - The construction of a financial stability guarantee system is crucial, emphasizing the importance of corporate governance and risk management within financial institutions [8].