潘功胜作关于金融工作情况的报告｜宏观经济

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 government [3][4]. Financial Work Progress and Achievements - Since November 2024, the financial system has focused on stabilizing and improving support for the real economy, enhancing financial regulation, and deepening financial reform and opening up, achieving significant results [5]. - Monetary policy measures have been implemented, including a series of adjustments in interest rates and reserve requirements, leading to a year-on-year increase of 8.7% in social financing scale and 8.4% in broad money supply by September [5]. 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% [6]. - The Shanghai Composite Index rose by 18.4% from November 2024 to September 2025, with average daily trading volume significantly increasing [6]. Financial Support for the Real Economy - From November 2024 to September 2025, A-share IPOs raised 91.8 billion yuan, with 86% from private enterprises and 92% from strategic emerging industries [7]. - Loans for technology, green, inclusive, elderly, and digital economy sectors grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all exceeding the overall loan growth rate [7]. Financial Reform and Opening Up - The report highlights the deepening of financial institution reforms, including a 520 billion yuan capital increase for state-owned banks and the expansion of the bond market [8]. - The RMB has become the largest currency for cross-border payments in China, with significant progress in internationalization and cross-border payment systems [8]. Risk Prevention and Mitigation - Measures have been taken 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 [9]. - The report outlines efforts to support the real estate market and combat illegal financial activities, with a focus on maintaining financial stability [9]. Centralized Leadership in Financial Work - The report stresses the importance of adhering to the centralized leadership of the Party in financial work, enhancing the supervision and regulation of financial activities [10]. Future Work Considerations - The focus will be on implementing a moderately loose monetary policy, enhancing financial regulation, and providing high-quality financial services to support key sectors [11][12]. - Continued efforts will be made to deepen financial supply-side structural reforms and promote high-level financial openness while safeguarding national financial security [13].