央行：做好房地产金融宏观审慎管理，牢牢守住不发生系统性金融风险的底线

Core Viewpoint - The People's Bank of China (PBOC) released the "China Financial Stability Report (2025)", highlighting that in 2024, the country will effectively manage the complex external environment and achieve key economic and social development goals, with a GDP of 134.9 trillion yuan, a 5% year-on-year growth, and a stable social environment [1][5]. Financial System Support - The financial system will enhance support for the real economy, including two reductions in the reserve requirement ratio by a total of 1 percentage point and two policy interest rate cuts totaling 0.3 percentage points to lower financing costs [2][6]. - A comprehensive financial support policy system will be established for sectors such as technology, green finance, inclusive finance, pension finance, and digital finance [2][6]. - Measures will be taken to support the stable development of the real estate market, including lowering the minimum down payment ratio for housing loans and canceling the nationwide lower limit on housing loan interest rates [2][6]. Risk Management and Financial Stability - The PBOC will strengthen its role in maintaining financial market stability by creating new tools for securities, funds, and insurance companies, and enhancing communication regarding long-term government bond yield risks [2][6]. - A systematic approach will be adopted for monitoring and managing risks in small and medium-sized financial institutions, with a focus on reducing the number of high-risk small banks [2][6]. - The financial stability guarantee system will be advanced, including legislative efforts and the establishment of a financial stability guarantee fund to support high-risk institutions [2][6]. Future Outlook - The development environment during the "14th Five-Year Plan" period will face profound changes, with both strategic opportunities and risks [3][7]. - The financial system will adhere to the principles of the new development philosophy and implement proactive macro policies to prevent and mitigate risks in key areas [3][7]. - Efforts will be made to maintain liquidity, align social financing scale and money supply growth with economic growth, and ensure the stability of the RMB exchange rate [3][7].