央行发布2025金融稳定报告 金融风险整体收敛、总体可控

Core Viewpoint - The People's Bank of China released the "China Financial Stability Report (2025)", summarizing the economic and financial development in 2024 and outlining systematic deployments for the "14th Five-Year Plan" period [1] Economic Performance - In 2024, China's GDP reached 134.9 trillion yuan, growing by 5% year-on-year, with steady development of new productivity and enhanced economic strength [1] - Employment and prices remained stable, with international balance of payments roughly balanced and foreign trade reaching a historical high [1] - Foreign exchange reserves exceeded 3.2 trillion USD, indicating a robust financial system [1] Monetary Policy - The monetary policy was precisely targeted, with two reductions in the reserve requirement ratio totaling 1 percentage point and two cuts in policy interest rates totaling 0.3 percentage points [1] - These measures effectively guided the downward trend in deposit and loan rates, reducing financing burdens for market entities [1] - Support policies were enhanced in key areas such as technology, green finance, inclusive finance, elderly care, and digital finance [1] Real Estate Market - A series of measures were introduced to address issues in the real estate market, including lowering down payment ratios and canceling the national mortgage rate floor [2] - The establishment of a financial policy system for housing rental and the promotion of a new development model for the real estate industry were also highlighted [2] Financial Stability and Risk Management - The central and local governments collaborated to reform small financial institutions, significantly reducing the number of high-risk institutions [2] - The deposit insurance fund and financial stability guarantee fund were continuously strengthened, with legislative progress on financial stability laws [2] - In the first half of 2025, the central bank rated 3,529 banking institutions, showing overall stability and controllable financial risks [2] Banking Sector Performance - By the end of 2024, the total assets of the banking sector reached 444.57 trillion yuan, growing by 6.54% year-on-year, with a non-performing loan ratio of 1.50% [2] - The capital adequacy ratio remained at a reasonable level of 15.74%, with large commercial banks enhancing their loss absorption capacity through various measures [2] Financial Market Overview - The financial market operated smoothly, with a significant increase in the level of openness [3] - In 2024, various bonds worth 79.3 trillion yuan were issued, a year-on-year increase of 11.7% [3] - The stock market rebounded with the Shanghai Composite Index rising by 12.7% [3] - The foreign exchange market showed resilience, with the hedging ratio increasing to 26.8% [3] - The gold market was active, with prices rising by 28.2% year-on-year, reflecting a balance between risk aversion and market diversification [3] Future Outlook - The central bank aims to maintain a stable growth trajectory and implement proactive macro policies during the "14th Five-Year Plan" period [3] - Emphasis will be placed on promoting stable economic growth and reasonable price recovery as key considerations for monetary policy [3]