“十五五”深度研究系列报告（七）：如何建立“金融强国”？

Group 1: Central Bank Objectives - The "14th Five-Year Plan" emphasizes the need to "improve the modern central banking system," with a notable shift to explicitly include "economic growth" as a primary goal alongside currency stability and financial stability[1] - The dual-pillar framework will provide tools and institutional support for both currency stability and financial stability, marking a significant evolution in the central bank's objectives[3] - The adjustment in primary objectives reflects a structural recalibration, aligning legal requirements with modern central banking discourse, enhancing consistency between law and practice[19] Group 2: Macro-Prudential Management - The macro-prudential framework is expected to evolve along three main lines: objectives, tools, and mechanisms, focusing on systemic stability rather than individual risk management[3] - The macro-prudential toolbox will be systematized, with increased attention to stock, bond, and foreign exchange markets, enhancing the central bank's ability to manage systemic risks[3] - The central bank's focus will shift from temporary crisis management to regular expectation management and emergency arrangements, improving its crisis response capabilities[26] Group 3: Interest Rate Marketization - China's interest rate marketization has progressed through three stages: price liberalization, establishment of a rate transmission system, and refined price control[31] - The future evolution of the interest rate corridor is expected to tilt operational target rates from DR007 towards DR001, enhancing liquidity management and tool innovation[38] - The central bank is likely to explore conditional liquidity tools for non-bank institutions to provide support during extreme market fluctuations, preventing irrational spikes in short-term rates[5] Group 4: Capital Market Development - The "Five Major Articles" will shift focus towards three main lines: from tool coverage to institutional construction, from credit-led to a balanced approach between equity and debt financing, and from central bank-led initiatives to collaborative efforts across multiple policies[8] - The emphasis on direct financing through equity and bond markets aims to enhance the capital market's functionality, aligning it with the needs of the real economy[9] - The development of a direct financing system centered on technology enterprises will focus on deepening equity financing and thickening bond markets[9]