央行：加大逆周期和跨周期调节力度 持续防范化解重点领域风险

Core Insights - 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, with both strategic opportunities and risks present [1] - The report emphasizes the resilience and potential of China's economy, supported by the advantages of the socialist system, large market size, complete industrial system, and abundant human resources [1] Group 1: Economic Policy and Financial Stability - The monetary policy will focus on promoting stable economic growth and reasonable price recovery, maintaining ample liquidity, and keeping social financing costs low [2] - The report stresses the importance of market determination in exchange rate formation, maintaining exchange rate flexibility, and preventing excessive fluctuations while ensuring the RMB remains stable at a reasonable level [2] - It outlines the development of five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to support major national strategies and address key areas of economic development [2] Group 2: Risk Management and Financial Oversight - A comprehensive macro-prudential management system will be established to enhance monitoring and assessment of systemic financial risks, with a focus on key areas [2] - The report emphasizes the need to prevent and resolve financial risks in critical sectors, including supporting the resolution of financing platform debt risks and managing risks in small financial institutions [2] - It highlights the importance of maintaining macro-prudential management in the real estate finance sector to avoid systemic financial risks [2]