央行发布重磅报告！

Core Insights - The People's Bank of China released the "China Financial Stability Report (2025)", highlighting that in 2024, the country aims to achieve its economic and social development goals amidst a complex external environment [1] - The report projects a GDP of 134.9 trillion yuan, with a year-on-year growth of 5%, stable employment and prices, and a record high in foreign trade [1] - The financial system will focus on maintaining stability while promoting progress, implementing proactive macro policies, and preventing financial risks [3] Group 1 - The report emphasizes the importance of balancing effective markets and proactive government roles, as well as managing supply and demand dynamics to foster new growth drivers while optimizing existing ones [1] - It notes that the financial system will adhere to the centralized leadership of the Party, ensuring stability and security in financial operations [1][3] - The report indicates that the international balance of payments is stable, with foreign exchange reserves exceeding 3.2 trillion USD [1] Group 2 - The upcoming "15th Five-Year Plan" period is characterized by both strategic opportunities and risks, with increasing uncertainties in the development environment [2] - The financial system will maintain ample liquidity, aligning social financing scale and money supply growth with economic growth and price level expectations [3] - There will be a strong emphasis on developing various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, to support key national strategies and address weaknesses [3]