国务院关于金融工作情况的报告

Core Viewpoint - The report emphasizes the importance of financial work in supporting economic stability and high-quality development, guided by the principles set forth by Xi Jinping and the central leadership [2][3]. Monetary Policy Execution - The financial system has implemented a series of monetary policy measures, including a new round of reductions in reserve requirements and interest rates, aimed at supporting innovation, consumption, small and micro enterprises, and stabilizing foreign trade [4]. - By the end of September 2025, the social financing scale and broad money supply increased by 8.7% and 8.4% year-on-year, respectively, with the average interest rate on new corporate loans at 3.14% [4]. Financial Industry Operation and Regulation - As of September 2025, total assets of financial institutions exceeded 520 trillion yuan, with commercial banks' capital adequacy ratio at 15.36% and non-performing loan ratio at 1.52% [5]. - The Shanghai Composite Index rose by 18.4% from November 2024 to September 2025, reaching a ten-year high of over 3900 points [5][6]. Financial Support for the Real Economy - From November 2024 to September 2025, 98 companies in the A-share market raised 91.8 billion yuan through initial public offerings, with 86% being private enterprises [7]. - Loans for technology, green, inclusive, elderly, and digital economy sectors grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% year-on-year, respectively, significantly outpacing overall loan growth [7]. Financial Reform and Opening Up - The report highlights the deepening reform of financial institutions, including a 520 billion yuan capital increase for state-owned banks and the expansion of the bond market [8][9]. - The RMB has become the largest currency for cross-border payments in China and ranks third in the IMF's Special Drawing Rights basket [9]. Risk Prevention and Mitigation - The report outlines measures to address risks in small and medium-sized financial institutions, with a 71% decrease in the number of financing platforms and a 62% reduction in operating financial debt by September 2025 compared to March 2023 [10]. - The establishment of a macro-prudential and financial stability committee aims to enhance risk monitoring and prevention mechanisms [10]. Future Work Considerations - The focus will be on maintaining a suitable monetary environment to support economic recovery, enhancing financial regulation, and providing high-quality financial services to key sectors [13][14]. - Continued efforts will be made to deepen financial supply-side structural reforms and promote the internationalization of the RMB [15].