中国人民银行发布《中国金融稳定报告》

Core Viewpoint - The People's Bank of China released the "China Financial Stability Report (2025)", highlighting the complex changes in the development environment during the "14th Five-Year Plan" period, characterized by both strategic opportunities and risks, with increasing uncertainties [1] Economic Environment - China's economic foundation is stable, with multiple advantages, strong resilience, and significant potential, maintaining long-term positive support conditions and trends [1] - The advantages of the socialist system with Chinese characteristics, large-scale market, complete industrial system, and abundant human resources are becoming more prominent [1] Financial System Outlook - The financial system will maintain ample liquidity, aligning the growth of social financing scale and money supply with economic growth and price level expectations [1] - Continuous efforts will be made to create a conducive monetary and financial environment, aiming to reduce the comprehensive financing costs for society [1] Exchange Rate Management - The market will play a decisive role in the formation of the exchange rate, maintaining exchange rate flexibility and strengthening expectation guidance to prevent excessive fluctuations [1] - The goal is to keep the RMB exchange rate stable at a reasonable and balanced level [1] Financial Development Focus - Emphasis on developing five key areas of finance: technology finance, green finance, inclusive finance, pension finance, and digital finance, to support major national strategies and key areas of economic and social development [1] Risk Management - A comprehensive macro-prudential management system will be established to enhance monitoring and assessment of systemic financial risks [1] - Focus on preventing and resolving financial risks in key areas, including supporting the resolution of financing platform debt risks and managing risks in small and medium-sized financial institutions [1] - Ensuring macro-prudential management in real estate finance to firmly maintain the bottom line of preventing systemic financial risks [1]