Group 1 - The People's Bank of China (PBOC) has established a supportive monetary policy stance during the 14th Five-Year Plan period, with a preliminary formation of a modern monetary policy framework with Chinese characteristics [1][3] - Financial system reforms have deepened, significantly improving the quality and efficiency of financial services to the real economy, while also advancing financial openness and risk prevention [1][2] - As of the end of June, the total assets of China's banking sector reached nearly 470 trillion yuan, ranking first in the world, with stock and bond market sizes ranking second globally [1] Group 2 - The PBOC has facilitated the transformation of local government financing platforms into market-oriented entities, resulting in a reduction of over 60% in the number of financing platforms and over 50% in financial debt scale compared to early 2023 [2] - The PBOC is exploring monetary policy tools to maintain capital market stability, including the creation of swap facilities and stock repurchase loans, while supporting the Central Huijin Investment Ltd. to act as a stabilizing fund [2] - Overall, financial risks are deemed controllable, with a robust financial system in operation, emphasizing the importance of comprehensive financial regulation as the first line of defense against financial risks [2] Group 3 - The modern monetary policy framework has effectively promoted reasonable growth in financial aggregates, steady decline in financing costs, and optimization of credit structure, while maintaining currency stability [3] - The current monetary policy stance is supportive and moderately accommodative, creating a favorable environment for economic recovery and stable financial market operations [3] - The PBOC will adjust monetary policy based on macroeconomic data, ensuring ample liquidity and supporting consumption and effective investment to enhance economic recovery [3]

Core Viewpoint - The press conference highlighted the significant achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the enhanced international competitiveness and the improved quality of financial services to the real economy [1][2]. Group 1: Industry Strength - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally; the stock and bond market sizes ranked second globally; and foreign exchange reserves have maintained the top position for 20 consecutive years [2]. - Under the leadership of the central government, China's financial sector has made substantial progress, with comprehensive reforms and improved governance systems [2]. - The capital market has seen a steady increase in direct financing, with the total market capitalization of A-shares surpassing 100 trillion yuan for the first time in August 2023 [2]. Group 2: Financial Services to the Real Economy - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy through various financing methods [3]. - The direct financing ratio has increased by 2.8 percentage points compared to the end of the "13th Five-Year Plan," reaching 31.6% [3]. - The balance of inclusive loans to small and micro enterprises has reached 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [3]. Group 3: Risk Prevention and Resolution - The financial system remains generally stable, with significant reductions in the number of high-risk institutions and assets, making risks manageable [5]. - As of June 2023, the number of financing platforms has decreased by over 60% compared to the beginning of the year, and policies have been optimized to reduce interest payments for over 50 million households by approximately 300 billion yuan annually [5]. - The A-share market has shown enhanced resilience and risk resistance, with the annualized volatility of the Shanghai Composite Index at 15.9%, down 2.8 percentage points from the "13th Five-Year Plan" period [5]. Group 4: Ongoing Financial Reform and Opening-up - The financial supply-side structural reform continues, with significant progress in the reform of the Sci-Tech Innovation Board and the Growth Enterprise Market [6]. - By the end of August 2023, various long-term funds held approximately 21.4 trillion yuan in A-share market capitalization, a 32% increase from the end of the "13th Five-Year Plan" [6]. - The financial sector has seen substantial foreign participation, with 43 of the world's top 50 banks establishing operations in China and over 10 trillion yuan held by foreign institutions and individuals in domestic stocks, bonds, and deposits [6].

记者丨 唐婧 编辑丨曾芳 视频丨 许婷婷 王学权 9月22日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，中国人民银行 行长潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中国人民银行副行长、国家外 汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并答记者问。 潘功胜介绍，五年来，在党中央坚强领导下，我国金融事业取得新的重大成就。金融体制改革 全面深化，顶层设计更加完善，我国金融治理体系和治理能力现代化迈上新台阶；种类齐全、 竞争充分的金融机构、市场、产品体系更加健全，金融服务的质量、效率、普惠性大幅提升； 重点领域金融风险有序化解，守住了不发生系统性金融风险的底线；金融对外开放步伐加快， 我国金融业的国际竞争力和影响力显著增强。 截至今年6月末，中国银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位居世 界第二；外汇储备规模连续20年位居世界第一。我国在绿色金融、普惠金融、数字金融等方面 走在世界前列，基本建成多渠道、广覆盖、安全高效的人民币跨境支付清算网络，移动支付处 于国际领先水平。"十四五"时期，科技型中小企业贷款、普惠小微、绿色贷款年均增速超过 20%。 潘功胜表 ...

Core Insights - The number of financing platforms in China has decreased by over 60% compared to the beginning of 2023, and the scale of financial debt has dropped by over 50% as of June 2023 [1] - The People's Bank of China (PBOC) has implemented various policies to support risk resolution in the real estate sector, including optimizing down payment ratios and mortgage rates, which could reduce interest expenses by approximately 300 billion yuan for over 50 million households annually [1] - The PBOC emphasizes that during the 14th Five-Year Plan period, financial risks are generally controllable, and the financial system is operating steadily, providing strong support for high-quality economic development [1] Group 1 - The PBOC is focused on balancing economic growth and financial risk prevention, recognizing the interconnection between economic issues and financial risks [2] - The PBOC is actively working to resolve key area risks, including the debt risks of financing platforms, by promoting local governments to manage funds and assets effectively [2] - The PBOC has achieved significant progress in reducing the number of high-risk small and medium-sized banks through various measures such as online repairs and mergers [2] Group 2 - The PBOC is committed to maintaining stable financial markets, ensuring the basic stability of the RMB exchange rate amid changing external environments [2] - The bond market is being closely monitored by the PBOC, which has implemented measures to mitigate risk accumulation and maintain a low default rate [2] - The PBOC is exploring monetary policy tools to stabilize the capital market, collaborating with the China Securities Regulatory Commission to create mechanisms that support market stability [2][3] Group 3 - The PBOC is enhancing the financial stability guarantee system through legislative efforts and the establishment of a financial stability guarantee fund [3] - Continuous improvement of financial risk monitoring, assessment, and early warning systems is a priority for the PBOC [3]

Core Viewpoint - The press conference highlighted the significant achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the enhanced comprehensive strength and improved service quality of the financial sector [1]. Group 1: Industry Strength - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world; the stock and bond market sizes ranked second globally; and foreign exchange reserves have maintained the world's largest position for 20 consecutive years [2]. - Under the strong leadership of the Party Central Committee, China's financial sector has made major achievements, with comprehensive reforms and improved governance systems [2]. - The capital market has seen a steady increase in direct financing, with the total market capitalization of A-shares surpassing 100 trillion yuan for the first time in August 2023 [2]. Group 2: Financial Services to the Real Economy - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy through various financing methods [3]. - The total financing from the exchange market for stocks and bonds reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% compared to the end of the "13th Five-Year Plan" [3]. - The balance of inclusive loans to small and micro enterprises reached 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [3]. Group 3: Risk Prevention and Resolution - The financial system remains generally stable, with significant reductions in the number of high-risk institutions and assets, making risks manageable [5]. - As of June 2023, the number of financing platforms has decreased by over 60% compared to the beginning of the year, and policies have been optimized to reduce interest payments for over 50 million households by approximately 300 billion yuan annually [5]. - The resilience and risk resistance of the A-share market have improved, with the annualized volatility of the Shanghai Composite Index at 15.9%, down 2.8 percentage points from the "13th Five-Year Plan" period [5]. Group 4: Ongoing Financial Reform and Opening Up - Continuous promotion of supply-side structural reforms in finance and deepening reforms of the Sci-Tech Innovation Board and Growth Enterprise Market are underway [6]. - By the end of August 2023, various long-term funds held approximately 21.4 trillion yuan in A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [6]. - The financial sector has seen significant foreign participation, with 43 of the world's top 50 banks establishing operations in China and foreign institutions holding over 10 trillion yuan in domestic stocks, bonds, and deposits by the end of July 2023 [6].

Core Insights - The financial industry in China has achieved significant milestones during the "14th Five-Year Plan" period, with the banking sector's total assets reaching nearly 470 trillion yuan, ranking first globally [3][4] - China maintains the world's largest foreign exchange reserves for 20 consecutive years and ranks second in stock and bond market sizes [3][4] - The People's Bank of China (PBOC) emphasizes a supportive monetary policy stance, focusing on balancing internal and external factors while enhancing financial support for the real economy [5][6] Financial Achievements - As of June 2025, China's banking assets are approximately 470 trillion yuan, leading globally [3] - The stock and bond markets are the second largest in the world, showcasing robust financial market development [3] - China is at the forefront of green finance, inclusive finance, and digital finance, with a well-established cross-border payment network [3][4] Monetary Policy - The PBOC's monetary policy is characterized by a focus on domestic priorities while considering global economic conditions [5][6] - The current loan market interest rates (LPR) remain stable, with the one-year LPR at 3% and the five-year LPR at 3.5% [5] - The PBOC aims to ensure liquidity and support economic recovery through various monetary policy tools [6] Risk Management - The PBOC highlights the importance of preventing and mitigating financial risks, particularly in local government financing and real estate sectors [7][8] - There has been a significant reduction in the number of financing platforms and overall financial debt levels, indicating improved risk management [7] - The PBOC is committed to maintaining financial stability and preventing systemic financial risks through macro-prudential measures [8]

Core Viewpoint - The People's Bank of China (PBOC) is committed to integrating the rectification of issues identified in the recent inspection into the implementation of the Central Committee's decisions, aiming to create a favorable monetary and financial environment for sustained economic recovery [1][18]. Group 1: Rectification Measures - The PBOC has established a leadership group to oversee the rectification work, ensuring comprehensive coordination and supervision [4]. - A mechanism for regular progress reporting and accountability has been implemented, including weekly updates and a three-step verification process for rectification measures [4][5]. - The PBOC is focusing on both comprehensive and specialized rectification efforts, with a clear plan and ongoing adjustments based on feedback [5]. Group 2: Financial Infrastructure and Risk Management - The PBOC is advancing the construction of a secure and efficient financial infrastructure, including the development of cybersecurity management systems and the establishment of a financial stability guarantee fund [2][15]. - There is a strong emphasis on monitoring and preventing financial risks, with the establishment of a macro-prudential and financial stability committee to assess systemic risks [11]. - The PBOC is enhancing its legal framework, including the revision of key financial laws and the introduction of new regulations to improve financial stability [16]. Group 3: Political and Organizational Responsibility - The PBOC is reinforcing its political responsibility by ensuring that all levels of the organization align with the Central Committee's directives and maintain a high standard of governance [7][12]. - Continuous training and evaluation of leadership are being conducted to strengthen the political awareness and accountability of PBOC officials [13]. - The PBOC is committed to a long-term rectification strategy, focusing on deep-rooted issues and ensuring that improvements are sustainable [14].

Core Viewpoint - The article emphasizes the importance of enhancing financial regulation quality and effectiveness while maintaining a focus on risk prevention, strong regulation, and promoting high-quality development in the financial sector [1] Group 1: Financial Regulation - The financial regulatory authority aims to improve the quality and effectiveness of financial supervision [1] - The focus is on risk prevention, strong regulation, and promoting high-quality development as the main line of financial work [1] - There is a commitment to deepen the reform of small and medium-sized financial institutions to mitigate risks [1] Group 2: Risk Management - The authority plans to effectively respond to various financial risk challenges [1] - A comprehensive strengthening of the "five major regulations" is proposed to enhance the foresight, precision, effectiveness, and coordination of supervision [1] - There is a strong emphasis on safeguarding the legitimate rights and interests of financial consumers and rigorously preventing and combating illegal financial activities [1] Group 3: Economic Support - The financial sector is tasked with supporting high-quality economic and social development through the implementation of five major financial initiatives [1]

Core Viewpoint - The report from the Central Financial Supervision Administration emphasizes the importance of continuous rectification and improvement in financial regulation, aiming to enhance the quality and effectiveness of financial supervision [1] Group 1: Rectification Progress - The administration will maintain its goals, standards, and efforts in rectification, ensuring accountability and addressing key tasks [1] - Completed rectification tasks will be reviewed to prevent issues from resurfacing, while ongoing tasks will be closely monitored until resolved [1] Group 2: Financial Regulation Enhancement - The focus is on risk prevention, strong regulation, and promoting high-quality financial development, particularly in small and medium-sized financial institutions [1] - The administration aims to strengthen the five major regulatory areas, enhancing the foresight, precision, effectiveness, and coordination of supervision [1] Group 3: Consumer Protection and Illegal Activities - There is a commitment to safeguarding the legitimate rights of financial consumers and rigorously preventing and combating illegal financial activities [1] - The administration will support high-quality economic and social development through comprehensive financial strategies [1]

Core Points - The Central Third Inspection Team conducted a routine inspection of the People's Bank of China (PBOC) from April 15 to July 20, 2024, and provided feedback on October 19, 2024 [1] Group 1: Responsibility and Mechanisms - The PBOC's Party Committee emphasized the importance of deep understanding and implementation of central requirements, unifying thoughts and actions to promote high-quality financial development [2] - A leadership group was established to oversee the implementation of the inspection rectification work, with various mechanisms set up for supervision, reporting, and evaluation of progress [3] - The Party Committee members are responsible for rectifying issues in their respective areas, ensuring that the rectification is integrated with daily work [5] Group 2: Key Issues and Rectification - The PBOC is committed to strengthening political construction and ensuring adherence to the "two safeguards," enhancing the political consciousness of all levels [6] - The PBOC is working on improving policies and systems to better serve the real economy, including the establishment of various financial policy frameworks [6] - A comprehensive review of existing regulations and normative documents is underway to enhance the timeliness and relevance of institutional construction [7] Group 3: Management and Supervision - The PBOC is optimizing the management and supervision of its affiliated enterprises, including reducing the number of enterprises and enhancing oversight mechanisms [8] - Financial management practices are being strengthened, with a focus on accountability for violations and improving procurement management [9] Group 4: Risk Management - The PBOC is enhancing financial risk monitoring and prevention mechanisms, establishing a macro-prudential and financial stability committee to assess systemic risks [10] - The PBOC is also improving administrative enforcement effectiveness and refining the regulatory framework for financial institutions [10] Group 5: Party Governance and Accountability - The PBOC is committed to deepening the implementation of strict party governance, with a focus on accountability and integrity within its ranks [11] - The PBOC is enhancing the selection and training of cadres, ensuring a robust pipeline of talent for the organization [13] Group 6: Long-term Rectification and Future Plans - The PBOC is focused on long-term rectification tasks, setting phased goals to address deep-rooted and common issues [14] - Future plans include reinforcing political awareness, consolidating rectification results, and promoting high-quality development in the financial sector [17][18]