安永报告：改革与开放双轮驱动 中国金融体系迈向高质量发展新阶段

Core Insights - The report by Ernst & Young highlights significant achievements in China's financial reform and opening-up by 2025, injecting new vitality into global economic growth and financial market prosperity [1][2]. Group 1: Financial Reform and Opening-up - By 2025, China's financial reform and opening-up have entered a new phase characterized by systematic deepening and accelerated institutional opening [1][2]. - The focus has shifted from "factor openness" to "institutional openness," emphasizing rules, systems, and infrastructure development [2]. - The capital market has seen steady progress in institutional dual-directional opening, with Hong Kong's new stock financing ranking first globally in 2025 [2]. Group 2: Market Dynamics and Foreign Investment - The pace of opening in banking, insurance, securities, and asset management has accelerated, with foreign financial institutions experiencing growth in asset scale and business revenue [3]. - The number of foreign institutions operating in China has reached new highs, fostering a complementary and competitive relationship with domestic institutions [3]. - The development environment in China remains vibrant and stable, enhancing the attractiveness and inclusiveness of the capital market [3]. Group 3: Asset Management Industry - As of Q3 2025, China's asset management industry reached approximately 179.33 trillion yuan, with foreign public funds increasing their investments and product offerings [4]. - The industry is evolving under regulatory norms and open policies, entering a phase of high-quality development [4]. - The combination of global experience from foreign institutions with local market insights is expected to further stimulate innovation within the industry [4].