我国金融业运行总体稳健

Core Viewpoint - The People's Bank of China (PBOC) released the "China Financial Stability Report (2025)", indicating that in 2024, China aims to achieve its economic and social development goals amidst a complex external environment, with GDP projected to reach 134.9 trillion yuan, a 5% year-on-year growth [1] Group 1: Economic Growth and Stability - The report anticipates a stable overall employment and price level, with international trade reaching a historical high and foreign exchange reserves exceeding 3.2 trillion USD [1] - Financial systems will enhance counter-cyclical adjustments to effectively maintain financial stability and security [1] Group 2: Financial Support for the Real Economy - The PBOC plans to increase financial support for the real economy by lowering the reserve requirement ratio by 1 percentage point and reducing policy interest rates by a total of 0.3 percentage points [2] - A comprehensive financial support policy system will be established for sectors such as technology, green finance, and digital finance [1][2] Group 3: Real Estate Market Support - Measures to support the real estate market include lowering the minimum down payment ratio for mortgages, canceling the nationwide lower limit on mortgage rates, and establishing a financial policy framework for housing rentals [2] Group 4: Financial Market Stability - The PBOC will expand its role in maintaining financial market stability by creating tools for securities, funds, and insurance companies, and enhancing the macro-prudential management framework for the foreign exchange market [2][3] Group 5: Risk Management and Financial Stability - The report emphasizes the need for coordinated efforts in risk management, with a focus on local small financial institutions and the implementation of market-based solutions for risk resolution [2][3] - The establishment of a financial stability guarantee system is underway, including legislative efforts and the collection of insurance fund premiums [3] Group 6: Future Policy Directions - The financial system will adopt more proactive macro policies, focusing on stabilizing economic growth and ensuring reasonable price recovery while maintaining liquidity [3] - The report highlights the importance of preventing systemic financial risks and ensuring the stability of the RMB exchange rate [3]