Shang Hai Zheng Quan Bao·2025-11-12 17:51Core Viewpoint - The "15th Five-Year Plan" period is crucial for achieving socialist modernization and promoting high-quality financial development in China, necessitating a transformation in financial services to meet new demands from emerging factors, industries, and business models [1][2][3] Financial System Reform - The financial system must deepen reforms to enhance its effectiveness in serving the real economy, addressing structural contradictions such as excess funds but difficulty in investment and financing [2][5] - Five breakthroughs are needed to improve financial service efficiency: building a national credit market, enhancing service capabilities for new factors, adapting to new industry types, improving overall service integration, and forming a correct financial service concept [2][3][4] Achievements During the "14th Five-Year Plan" - Significant progress was made in financial service to the real economy, with improvements in the financial institutional framework and market scale [5][6] - By September 2025, China became the world's largest credit market with a credit balance exceeding 270 trillion yuan, and the bond market's scale surpassed 190 trillion yuan [6][7] Financial Institutions Development - Major state-owned financial institutions have strengthened, with the asset scale of the banking sector nearing 470 trillion yuan, and the securities industry rapidly developing [7][8] - Public funds have become the largest public investment product, with assets under management exceeding 36 trillion yuan, generating significant returns for investors [7][8] Financial Services for Innovation and Green Transition - Financial institutions are increasingly supporting technological innovation, with venture capital funds reaching 14.4 trillion yuan and supporting over 36,000 tech startups [8][9] - China has become the largest green credit market globally, with a significant increase in ESG investment practices among listed companies [8][9] Financial Market Opening - The financial system is expanding its openness, with over 160 licensed foreign financial institutions and significant foreign investment in domestic bonds and stocks [9][10] - Financial institutions are enhancing services for Chinese companies going abroad, facilitating cross-border transactions and listings [9][10] Enhancing Financial Service Capabilities - Financial institutions need to adapt to new economic dynamics by improving their service capabilities for new factors like data and technology, transitioning from real estate-focused services to those that support intangible assets [12][13] - There is a need for better valuation and pricing mechanisms for new asset types, with a focus on technology and data-driven investments [12][13] Addressing New Industry Types and Business Models - The shift towards new consumption and technology-driven industries requires financial institutions to innovate their service offerings, focusing on consumer experience and emotional value [15][16] - Financial services must evolve to support the unique characteristics of new technology firms, including high R&D costs and long development cycles [15][16] Improving Overall Financial Service Integration - Financial products need to be more integrated and adaptable to meet the diverse needs of enterprises, particularly in terms of flexible financing options [17][18] - There is a challenge in aligning financial services with the operational realities of businesses, especially for SMEs facing high entry barriers [17][18] Forming a Correct Financial Service Concept - A clear understanding of the relationship between finance and the real economy is essential, emphasizing that finance should serve as a tool for value creation [20][21] - The financial sector must balance profitability with its role in supporting national strategic goals and local economic needs [20][21]