专访杨涛：金融“五篇大文章”不能“各写各的”

Core Viewpoint - In 2025, China's financial market is expected to navigate a unique rhythm amidst internal and external changes, with monetary policy maintaining a "moderately loose" tone and a series of financial policies aimed at stimulating consumption and optimizing financial supply [1] Group 1: Financial Policies and Economic Environment - The financial policies in 2025 will focus on promoting consumption through a combination of financial support, scene integration, and subsidies to activate consumer demand [1] - The "Five Major Articles" in finance will systematically advance measures to enhance economic circulation, stimulate domestic demand, and optimize financial supply [1] - The core contradiction affecting consumer spending is the challenge of disposable income, which needs to be addressed for sustainable long-term growth in consumption [1][7] Group 2: Service Consumption as a Core Focus - Service consumption should be prioritized as it has greater potential for growth compared to goods consumption, with a notable expansion in the service consumption market over the past two years [5] - The structure of service consumption includes basic, developmental, and enjoyment types, with a need to enhance the share of cultural, entertainment, and financial services [5] - Future policies should target the pain points in promoting service consumption, such as increasing disposable income, improving consumption capacity, and optimizing product quality and pricing [6] Group 3: Digital Finance and Innovation - Digital finance is identified as the main thread in the "Five Major Articles," focusing on financial digital transformation to achieve high-quality development [2][10] - The integration of digital finance with other financial areas is crucial for innovation, with an emphasis on supporting small and micro enterprises [10] - The development of a supportive environment for digital finance, including credit services and risk management, is essential for the success of the "Five Major Articles" [10][11] Group 4: Support for Small and Medium Banks - Small and medium banks face multiple constraints in digital transformation, necessitating support from regulatory bodies and industry associations [12] - Key measures include differentiated regulatory support, building open ecosystems, and optimizing local financial technology environments to facilitate digital transformation [12][13] Group 5: Data as an Asset - The upgrade of data elements to asset status presents a significant opportunity, allowing for innovative financing solutions based on data assets [16] - Data can enhance credit evaluation and risk management in technology finance, addressing challenges faced by light-asset enterprises [16] Group 6: Cross-Border Payment Systems - The need for interconnected cross-border payment systems is urgent, driven by the challenges of high costs and low efficiency in current global payment networks [17][18] - New technologies and standards are essential for transforming the cross-border payment landscape, with a focus on creating a new ecosystem that accommodates emerging payment models [17][18]