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 Viewpoint - The article discusses the challenges and opportunities for financial institutions in a low-interest-rate environment, emphasizing the need for strategic restructuring, risk management, and innovation to navigate the new economic cycle [4][5]. Group 1: Formation and Trends of Low Interest Rates - Low interest rates are primarily formed due to the asset-liability dynamics between financial and non-financial sectors, with a lack of willingness to incur debt leading to an asset shortage in the financial sector [5]. - Since 2015, China's interest rates have been on a downward trend, influenced by demographic changes, high investment rates, low consumption rates, and subdued inflation [5]. - The aging population and structural issues in the economy are key factors contributing to the decline in capital marginal returns [5][6]. Group 2: Strategies for Surviving the Low Interest Rate Era - Financial institutions can learn from Japan's experience by increasing equity asset allocations, restructuring, and expanding into international markets to enhance revenue [5][6]. - The real estate market plays a crucial role in influencing household leverage and is closely tied to demographic changes, such as the rise of single-person households in major cities [6][8]. - The emergence of the digital economy and digital finance, including concepts like asset tokenization, is expected to reshape the manufacturing sector and financial services [7][9]. Group 3: Financial Institutions' Development Trends - The future development trends for financial institutions include a focus on pension finance, technology finance, and digital finance, with an emphasis on providing financial services for the aging population and supporting innovation in various sectors [9][19]. - The "fixed income plus" fund strategy is highlighted as a significant direction for asset management firms to adapt to the low-interest-rate environment [11][12]. Group 4: Risk Management and Asset Allocation - Effective risk management is essential, with a focus on pre-emptive research and ongoing adjustments to investment strategies in response to market changes [12]. - The insurance sector faces challenges due to declining interest margins, necessitating a linkage between asset and liability management to mitigate risks [18][19]. Group 5: Financing and Leasing Industry Adaptation - The financing and leasing industry must leverage its unique "financing + leasing" advantage to differentiate itself from traditional banks and support emerging industries [16][17]. - The industry is encouraged to focus on its core competencies and avoid price competition to thrive in a low-interest-rate environment [17]. Group 6: Long-term Strategic Planning - Financial institutions are advised to adopt a long-term strategic approach to diversify revenue sources and mitigate the impact of interest rate fluctuations [15]. - Emphasizing the importance of flexibility and adaptability in strategy execution is crucial for maintaining resilience in uncertain economic conditions [15].

Core Viewpoint - The press conference highlighted the achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the stability and growth of the financial system, as well as the advancements in various financial sectors such as green finance and digital finance [1][4]. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world [3]. - The scale of China's stock and bond markets ranks second globally [4]. - The average annual growth rate of loans to technology-based SMEs, inclusive small micro loans, and green loans exceeded 20% during the "14th Five-Year Plan" [4]. Regulatory Developments - The financial regulatory environment has improved, with a total of 2,000 institutions penalized and 36,000 individuals held accountable since the beginning of the "14th Five-Year Plan" [6]. - The number of high-risk institutions and the scale of high-risk assets have significantly decreased, indicating that risks are under control [6]. - The regulatory framework has been enhanced, with 171 regulations issued over the past five years [7]. Capital Market Enhancements - The market capitalization of technology companies in the A-share market has increased, with the number of tech firms in the top 50 by market value rising from 18 to 24 [8]. - The total market value of the A-share market surpassed 100 trillion yuan for the first time in August 2023 [9]. - Direct financing's proportion has steadily increased, reaching 31.6%, up by 2.8 percentage points compared to the previous five-year period [8]. Future Outlook - The financial sector is expected to continue its supportive monetary policy stance, with a focus on enhancing the adaptability and inclusiveness of the financial system [11]. - The ongoing reforms aim to improve the quality and investment value of listed companies, fostering a more resilient capital market [11].

Core Viewpoint - The press conference highlighted the achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the stability and growth of the financial system, as well as the ongoing reforms and regulatory improvements. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond market sizes ranking second worldwide [3] - The average annual growth rate for loans to technology-based SMEs, inclusive small micro loans, and green loans exceeded 20% during the "14th Five-Year Plan" [3] - The People's Bank of China is committed to enhancing the central bank system and maintaining a supportive monetary policy stance [3] Regulatory Improvements - The banking and insurance sectors' total assets surpassed 500 trillion yuan, with an average growth rate exceeding 9% over the past five years [6] - The financial regulatory authority has imposed penalties on 20,000 institutions and 36,000 individuals since the beginning of the "14th Five-Year Plan" [6][9] - The number of high-risk institutions and the scale of high-risk assets have significantly decreased, indicating that risks are under control [6] Capital Market Developments - The capital market's basic systems and regulatory logic have been comprehensively restructured, with the market capitalization of technology companies in A-shares increasing to over 25% [10] - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in August 2023 [10] - The direct financing ratio has steadily increased, reaching 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [10] Cross-Border Financial Activities - The use of the renminbi in cross-border trade has risen to nearly 30%, reflecting its growing significance as a trade financing and payment currency [4][17] - China's cross-border receipts and payments are projected to reach 14 trillion dollars in 2024, a 64% increase compared to 2020 [17] - The foreign exchange reserves have remained stable at over 3 trillion dollars throughout the "14th Five-Year Plan" [17]

Core Viewpoint - The article discusses the achievements and developments in China's financial sector during the "14th Five-Year Plan" period, highlighting the stability and growth of the financial system, as well as the advancements in various financial services and regulatory measures. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond market sizes ranking second [4] - The average annual growth rate for loans to technology-based SMEs, inclusive microloans, and green loans exceeded 20% during the "14th Five-Year Plan" [4] - The participation and influence of China in international financial governance have significantly increased [4] Regulatory Developments - The financial regulatory authority has intensified efforts to combat financial corruption, with 20,000 institutions penalized and 36,000 individuals held accountable since the beginning of the "14th Five-Year Plan" [8] - The number of high-risk institutions and assets has been significantly reduced, ensuring that risks are manageable [10] - The financial regulatory authority has published 171 regulations over the past five years, enhancing the regulatory framework [10] Capital Market Reforms - The capital market's basic systems and regulatory logic have been comprehensively restructured, with the market's technology sector now accounting for over 25% of the A-share market capitalization [11] - The total market capitalization of the A-share market surpassed 100 trillion yuan for the first time in August 2023 [12] - The introduction of a registration-based IPO system has been fully implemented, with 230 major asset restructuring cases disclosed since the "Merger Six Guidelines" were released [12] Cross-Border Financial Activities - As of July 2023, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits [15] - The scale of cross-border receipts and payments is projected to reach 14 trillion dollars in 2024, reflecting a 64% increase compared to 2020 [15] - The use of the renminbi in cross-border trade has risen to nearly 30%, indicating enhanced resilience in the foreign exchange market [15]

Core Insights - The financial sector in China has achieved significant milestones during the "14th Five-Year Plan" period, showcasing advancements in various areas such as green finance, inclusive finance, and digital finance [2][4]. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally; the stock and bond market sizes are second in the world; and foreign exchange reserves have maintained the top position for 20 consecutive years [4]. - The average annual growth rate for loans to technology-based small and medium-sized enterprises (SMEs), inclusive micro-loans, and green loans has exceeded 20% during the "14th Five-Year Plan" [6]. Funding and Investment - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy, effectively playing a key role in financing [7]. - The average annual growth rates for loans in scientific research and technology, medium to long-term loans for manufacturing, and infrastructure loans are 27.2%, 21.7%, and 10.1%, respectively [9]. Market Dynamics - The market capitalization of the technology sector in A-shares now accounts for over one-fourth of the total market, with the number of technology companies among the top 50 by market cap increasing from 18 to 24 since the end of the "13th Five-Year Plan" [11]. - By the end of August 2023, various types of long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase from the end of the "13th Five-Year Plan" [14]. Foreign Exchange Reserves - Since the beginning of the "14th Five-Year Plan," China's foreign exchange reserves have remained stable above 3 trillion USD, with the past two years exceeding 3.2 trillion USD, serving as a crucial stabilizer for the national economy [16].

Group 1: Low Interest Rate Environment - The low interest rate environment is characterized by a decline in rates since 2015, influenced by factors such as demographic changes and structural economic issues [2][3] - The marginal product of capital (MPK) has decreased due to a peak in the labor-age population and high investment rates coupled with low consumption rates [2] - Inflation remains low, with factors like falling housing prices and manufacturing overcapacity contributing to this trend [2] Group 2: Strategies for Financial Institutions - Financial institutions are advised to adopt a "1+N" multi-asset management model to manage segmented assets effectively [8][9] - The development of "fixed income plus" funds is seen as a crucial strategy for high-quality growth in a low interest rate environment [8][9] - Risk management is emphasized, with a focus on preemptive research and ongoing adjustments to asset portfolios [10] Group 3: Real Estate and Economic Trends - Real estate is identified as a critical factor in navigating the low interest rate era, with single-person households driving demand in major cities [3][4] - The future of the real estate market is expected to favor smaller residential units, particularly in cities like Shanghai [4] Group 4: Digital Economy and Financial Innovation - The rise of digital economy and digital finance is highlighted, with asset tokenization being a key trend [4][6] - The integration of AI and Web3.0 is anticipated to transform manufacturing into an intelligent and automated process [3][4] Group 5: Insurance and Risk Management - The insurance sector faces challenges due to declining interest rates affecting profit margins, necessitating a linkage between asset and liability management [17][18] - Long-term strategies are recommended, including diversifying investment portfolios and exploring alternative assets to mitigate interest rate sensitivity [18] Group 6: Financing and Leasing Industry - The financing and leasing industry is urged to leverage its unique "financing + leasing" advantage to differentiate itself from traditional banks [14][16] - The industry must adapt to the low interest rate environment by focusing on supporting emerging sectors like renewable energy [14][16]

Core Insights - The People's Bank of China Governor Pan Gongsheng highlighted significant achievements in the financial sector during the "14th Five-Year Plan" period [1] Group 1: Financial Sector Achievements - As of the end of June this year, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world [1] - The scale of China's stock and bond markets ranks second globally [1] - China's foreign exchange reserves have maintained the world's largest position for 20 consecutive years [1] Group 2: Innovations in Financial Services - China is at the forefront of green finance, inclusive finance, and digital finance [1] - A comprehensive, multi-channel, widely covered, safe, and efficient cross-border payment and clearing network for the renminbi has been established [1] - Mobile payment systems in China are leading internationally [1]

Core Insights - The article highlights significant achievements in China's financial sector during the "14th Five-Year Plan" period, emphasizing reforms, risk management, and international competitiveness [2][3][4]. Financial Sector Achievements - China's banking sector total assets reached nearly 470 trillion yuan by mid-2023, ranking first globally, with stock and bond market sizes also holding the second position worldwide [2]. - The banking and insurance sectors' total assets exceeded 500 trillion yuan, with an average annual growth rate of 9% over the past five years [3]. - The financial services provided 17 trillion yuan in new funds to the real economy through various channels, with significant growth in loans for research, manufacturing, and infrastructure [4]. Capital Market Developments - The capital market saw steady growth, with total financing through stock and bond markets reaching 57.5 trillion yuan over the past five years, and the direct financing ratio increasing to 31.6% [5]. - The A-share market's total market value surpassed 100 trillion yuan in August 2023, indicating a robust and complementary multi-tiered equity market [6]. Foreign Exchange Market Resilience - China's cross-border receipts reached 14 trillion dollars in 2024, a 64% increase from 2020, with a 10% year-on-year growth in the first eight months of 2023 [7]. - The foreign exchange market's trading volume was 41 trillion dollars in 2024, a 37% increase from 2020, with a diverse range of participants enhancing market depth [8]. - The RMB's share in cross-border trade rose from 16% to nearly 30%, reflecting increased market stability and rational trading behavior [8][9].

Core Insights - The press conference highlighted significant achievements in China's financial sector during the "14th Five-Year Plan" period, emphasizing the leadership of the Communist Party and the progress made in various financial reforms and services [1] Group 1: Financial Sector Achievements - 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 are second globally; and foreign exchange reserves have maintained the top position for 20 consecutive years [3] - China is at the forefront of green finance, inclusive finance, and digital finance, having established a comprehensive and efficient cross-border payment and clearing network for the renminbi, with mobile payments leading internationally [3] Group 2: Financial Reforms and Policies - Financial system reforms have deepened, with the establishment of the Central Financial Committee and the Central Financial Work Committee, enhancing centralized leadership and governance effectiveness in the financial sector [4] - The quality and efficiency of financial services to the real economy have significantly improved, with a supportive monetary policy framework aiding in achieving key economic and social development goals during the "14th Five-Year Plan" [4] - The annual growth rates for loans to technology-based SMEs, inclusive micro-enterprises, and green loans have exceeded 20% during this period [4] Group 3: Financial Opening and Risk Management - Continuous progress in financial reform and opening-up has been made, with structural reforms in financial supply and the development of multi-tiered financial markets [5] - Important achievements have been made in preventing and mitigating financial risks, with effective measures taken to address prominent risk points and protect the interests of depositors and small investors [6] - The overall stability of the financial system has been maintained, with healthy financial institutions and smooth market operations [6]