扎实做好金融“五篇大文章” 深化金融供给侧结构性改革

Core Viewpoint - The development of a strong financial system is essential for the rise of major powers, and deepening financial supply-side structural reforms is crucial for promoting high-quality financial development and enhancing financial services for the real economy [1] Group 1: Financial Supply-Side Structural Reforms - Experts at the recent China Financial Society Academic Annual Meeting emphasized the importance of solidifying the "Five Major Articles" of finance to support high-quality development of the real economy [1] - The current economic growth model in China has shifted to an innovation-driven and quality-efficiency-oriented approach, necessitating higher levels of financial service supply in five key areas: technology, green finance, inclusive finance, pension finance, and digital finance [1] - The People's Bank of China (PBOC) is collaborating with relevant departments to strengthen the institutional and market system construction related to the "Five Major Articles" of finance, enhancing financial support and accelerating policy transmission [1] Group 2: Implementation Strategies - A "1+5" institutional framework for the "Five Major Articles" has been established, with the State Council issuing guiding opinions to enhance policy coordination across various fields [2] - The PBOC has introduced structural monetary policy tools, including re-loans for technological innovation and consumption services, to cover all areas of the "Five Major Articles" [2] - A statistical and evaluation mechanism for the "Five Major Articles" has been established to guide financial institutions in identifying their focus areas and forming a closed-loop for policy implementation and optimization [2] Group 3: Financial Support for Technology Innovation - The PBOC has set up structural monetary policy tools to support technology innovation and has optimized financial regulatory policies to encourage financial institutions to invest in this area [4] - Over the past five years, medium- and long-term loans for high-tech manufacturing have grown at an average annual rate of over 30%, with more than 70% of specialized and innovative enterprises receiving loans [5] - As of November 2025, technology innovation bonds have been issued totaling 1.6 trillion yuan, with insurance funds playing a significant role in supporting technology innovation due to their long-term investment characteristics [5] Group 4: Green and Inclusive Finance - The integration of biodiversity finance and inclusive finance is being promoted, with a focus on developing a natural asset value assessment mechanism and exploring differentiated support [6] - The financial supply to the areas related to the "Five Major Articles" has significantly increased, with a loan balance of 107.5 trillion yuan as of September 2025, accounting for 39.2% of total loans [7]