覆盖全面的宏观审慎管理体系加速构建

Core Viewpoint - The construction of a comprehensive macro-prudential management system is crucial during the "14th Five-Year Plan" period to enhance risk monitoring and prevention capabilities in the financial sector [2][3]. Group 1: Macro-Prudential Management System - The People's Bank of China (PBOC) is focusing on strengthening the monitoring and assessment of systemic financial risks, improving risk prevention measures for key institutions and sectors, and expanding the macro-prudential management toolbox [3][4]. - The macro-prudential management system aims to address structural risks such as real estate and local government debt, as well as risks associated with small and medium-sized financial institutions [3][4]. - The PBOC plans to split the Macro-Prudential Assessment (MPA) framework into two parts: one focusing on monetary policy execution and the other on macro-prudential and financial stability assessments [4]. Group 2: Tools and Mechanisms - There is a potential exploration of providing liquidity support mechanisms to non-bank financial institutions under specific scenarios, which could enhance financial stability [4][5]. - Future developments may include dynamic leverage ratio tools based on risk exposure, cross-border capital flow adjustment taxes, and dynamic adjustments to mortgage prudential coefficients [5]. - The introduction of new tools such as climate-related financial risk assessments and cybersecurity stress tests is anticipated to be integrated into the broader macro-prudential framework [5].