Core Insights - The 2025 Financial Street Forum focuses on "Innovation, Transformation, and Reshaping of Global Financial Development" [1] - Li Yunzhe emphasizes the importance of financial support for high-quality economic and social development during the "14th Five-Year Plan" and outlines goals for the "15th Five-Year Plan" [1][4] Group 1: Financial Adaptability - The need to create a new financial service model that balances direct and indirect financing, investment in goods and people, and aligns financing terms with industry development [3] - Support for major strategies and key areas to enhance the quality and reasonable growth of the economy [3] Group 2: Modern Industrial System and New Productivity - Focus on intelligent, green, and integrated directions to provide more financial resources for traditional industries and emerging sectors [4] - As of September 2025, loans in key areas like technology, green initiatives, and digital economy are growing significantly faster than overall loan levels, with green loans leading at a 22.9% growth rate [4] Group 3: Reform and Opening Up - Emphasis on deepening financial supply-side structural reforms to enhance institutional layout and international influence [6] - Encouragement for financial institutions to focus on their core businesses and engage in differentiated competition to build a healthy financial ecosystem [6] Group 4: Financial Development and Security - Commitment to risk prevention and maintaining systemic financial stability amid global economic uncertainties [8] - As of October 15, 2025, 326 banks have exited the market through dissolution, merger, or cancellation, indicating a significant increase in the consolidation of local banks [9] Group 5: Regulatory Framework - Continuous improvement of financial regulatory effectiveness and the establishment of a tiered regulatory framework [9] - Call for enhanced global cooperation to strengthen the global financial safety net and improve crisis management efficiency [9]

Group 1 - The core viewpoint emphasizes the need to provide more financial resources for traditional industries' optimization and the cultivation of emerging and future industries, focusing on intelligent, green, and integrated directions [1] - During the 2025 Financial Street Forum Annual Meeting, the focus will be on enhancing economic and financial adaptability during the "14th Five-Year Plan" period [1] - The new financial service model will promote the synergy of direct and indirect financing, balance investment in goods and people, align financing terms with industry development, and link domestic and international markets [1] Group 2 - The financial regulatory department aims to strengthen risk prevention measures and consolidate risk disposal achievements [2] - There will be a focus on the orderly merger and restructuring of small and medium financial institutions, as well as enhancing the quality of financial services [2] - A new financing system will be developed to align with the new model of real estate development, helping to mitigate local government debt risks [2]

金融监管总局还将进一步深化金融供给侧结构性改革，促进机构布局更加合理，发展质量和韧性持续增 强，国际影响力明显提升，推动金融制度型开放向更宽领域、更深层次迈进，全面落实准入前国民待遇 加负面清单管理制度。不断提高中资机构跨国经营管理能力，有力保障高质量共建"一带一路"。积极参 与国际金融治理改革，为完善国际金融监管规则和行业标准贡献更多中国智慧。 金融监管总局还将更好统筹金融发展和安全，以新安全格局保障新发展格局，坚定履行防风险首位主 责，积极识变应变求变，牢牢守住不发生系统性金融风险底线。 李云泽表示，下一步，金融监管总局将一如既往推动更多金融政策在京先行先试，引导更多优质金融资 源汇聚首都，助力首都经济社会高质量发展再上新台阶。 10月27日，金融监管总局局长李云泽在2025金融街论坛年会上表示，金融监管总局将着力提升经济金融 适配性，更好促进经济社会持续健康发展，同时坚定不移深化改革扩大开放，不断增强金融业发展动力 和活力。 着力提升经济金融适配性方面，金融监管总局将推动构建直接融资与间接融资协同、投资于物与投资于 人并重、融资期限与产业发展匹配、国内市场与国际市场联动的金融服务新模式，强化对重大战略、 ...

【导读】 国家金融监督管理总局局长 李云泽：提升经济金融适配性，更好促进经济社会持续健 康发展 中国基金报记者 晨曦 10 月 27 日，国家金融监督管理总局局长李云泽出席 2025 金融街论坛年会开幕式，并发表 演讲。李云泽的演讲主题为 " 强化金融支撑 守牢风险底线 全力服务 ' 十五五 ' 经济社会高 质量发展 " 。 来看此次演讲的重点内容： 着力提升经济金融适配性 更好促进经济社会持续健康发展 李云泽表示，金融监管总局将推动构建直接融资与间接融资协同、投资于物与投资于人并 重、融资期限与产业发展匹配、国内市场与国际市场联动的金融服务新模式，强化对重大战 略、重点领域和薄弱环节的支持，助力经济实现质的有效提升和量的合理增长。 高效服务现代化产业体系建设和新质生产力发展。聚焦智能化、绿色化、融合化方向，为传 统产业优化提升、新兴产业和未来产业培育壮大提供更多金融资源。锚定高水平科技自立自 强，完善长期资本投早、投小、投长期、投硬科技的支持政策，强化全周期综合金融保障， 推动科技创新和产业创新深度融合。 有力支持构建新发展格局。围绕扩大内需这个战略基点，强化重大项目资金供给，助推消费 扩容升级。优化贸易融 ...

为速度和交易而生 上海报业集团主管主办 C 刚联社 2025金融街论坛年会 潘功胜、李云泽、吴清、朱鹤新 重磅步声 | 中国人民银行行长 潘功胜 l 央行探索在特定情景下向非银机构提供流动性的 机制安排。 | 金融监管总局局长 李云降 l 围绕扩大内需战略,强化重大项目资金供给,助推 消费扩容升级。 【稳妥有序推进中小会融机构兼并重组,减量提质。 l 目前债市整体运行良好,人民银行将恢复公开市 场国债买卖操作。 】继续完善货币政策框架，强化货币政策执行和传导。 l 人民银行将会同执法部门继续打击境内虚拟货币 的经营和炒作。 【研究实施支持个人修复信用的政策措施,计划在明 年初执行。 】要构建覆盖全面的宏观审慎管理体系,人民银行主 要有四个重点工作方向。第一，更好覆盖宏观经济 运行和金融风险的关联性。第二,更好覆盖金融市 场的运行。第三,更好覆盖系统重要性金融机构。第 四. 更好覆盖国际经济和金融市场风险的跨境传播。 】强化系统性金融风险的监测和评估体系,目前已形 成初步方案。 【进一步深化金融供给侧结构性改革,促进机构布 局更加合理。 【 加大不良资产处置和资本补充力度,丰富处置资 源和手段。 | 中国证监会 ...

Core Viewpoint - The National Financial Regulatory Administration emphasizes the need for problem-oriented approaches to deepen financial supply-side structural reforms, aiming for high-quality industry development and a healthy financial ecosystem [1] Group 1: Financial Reform and Development - The administration will guide various types and scales of institutions to identify their positioning, focus on their main businesses, and engage in differentiated competition [1] - The goal is to achieve specialized operations and differentiated development, contributing to a diverse, orderly, and sustainable financial ecosystem [1] Group 2: Institutional Improvement - There is a push to accelerate the establishment of a modern financial enterprise system with Chinese characteristics [1] - Financial institutions are encouraged to adopt correct views on operations, performance, and risk management, focusing on internal improvements and cost reduction [1] Group 3: Competition and Order - The administration aims to rectify disorderly competition behaviors to maintain a healthy and fair financial order [1]

Group 1 - The core message emphasizes enhancing the adaptability of the financial system to better support sustainable economic and social development [2] - The financial regulatory authority aims to create a new financial service model that balances direct and indirect financing, investment in goods and people, and aligns financing terms with industrial development [2] - There is a focus on supporting the construction of a modern industrial system and the development of new productive forces, particularly in smart, green, and integrated industries [2] Group 2 - The regulatory body will deepen structural reforms in financial supply, improve the quality and resilience of financial development, and enhance international influence [3] - It aims to promote high-quality development in the financial sector by correcting disorderly competition and maintaining a healthy financial order [3] - The authority plans to expand financial openness and improve the management capabilities of Chinese institutions in international operations [3] Group 3 - The financial regulatory authority is committed to risk prevention and maintaining systemic financial stability amid global economic challenges [4] - It will strengthen risk control measures, including the orderly consolidation of small financial institutions and the management of non-performing assets [4] - A new financing system will be developed to align with the evolving real estate market, addressing local government debt risks [4] Group 4 - The authority will enhance regulatory efficiency by reforming financial laws and regulations, establishing a precise and effective tiered supervision framework [5] - There will be a focus on international cooperation to strengthen the global financial safety net and improve crisis management efficiency [5] - The financial regulatory body aims to lead more financial policies in Beijing, attracting quality financial resources to support high-quality economic development in the capital [5]

Core Viewpoint - The 2025 Financial Street Forum Annual Meeting is being held in Beijing, focusing on "Global Financial Development under Innovation, Transformation, and Restructuring" [2] Group 1: Central Bank Policies - The People's Bank of China (PBOC) will resume open market operations for government bonds, which is crucial for enhancing monetary policy tools and supporting bond market reforms [3] - The PBOC plans to further optimize the digital RMB management system, supporting more commercial banks to operate digital RMB services [4] - The PBOC will explore mechanisms to provide liquidity to non-bank institutions under specific circumstances, balancing market stability and risk prevention [5] Group 2: Credit Repair and Risk Management - The PBOC is researching policies to support personal credit repair, particularly for individuals who have defaulted due to uncontrollable circumstances like the pandemic [7] - The PBOC will continue to combat the operation and speculation of virtual currencies to maintain economic and financial order [8] Group 3: Financial Regulatory Reforms - The Financial Regulatory Administration will deepen supply-side structural reforms in finance, promoting a more reasonable institutional layout and enhancing the quality and resilience of development [9] - The administration will increase efforts in disposing of non-performing assets and capital replenishment, ensuring the stability of the financial system [10][13] - The administration aims to correct disorderly competition and maintain a healthy and fair financial order [11][12] Group 4: Investor Protection and Market Stability - The China Securities Regulatory Commission (CSRC) will release opinions to strengthen the protection of small and medium investors in the capital market, introducing 23 practical measures [15] - The CSRC will optimize the interconnection mechanism to enhance the quality of overseas listing filings and deepen cooperation between mainland and Hong Kong markets [16] Group 5: International Financial Cooperation - The National Foreign Exchange Administration will introduce policies to facilitate trade and enhance the management of cross-border capital flows, focusing on high-level openness [22][24] - The administration reported that the scale of foreign-related receipts and payments reached $11.6 trillion in the first three quarters, a historical high for the same period [22]

今日下午，以"创新、变革、重塑下的全球金融发展"为主题的2025金融街论坛年会在京开幕。会上，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 外汇管理局局长朱鹤新等发表讲话。 潘功胜： 目前债市整体运行良好 人民银行将恢复公开市场国债买卖操作 中国人民银行行长潘功胜表示，去年，人民银行落实中央金融工作会议部署，在二级市场开始国债买卖 操作。这是丰富货币政策工具箱、增强国债金融功能、发挥国债收益率曲线定价基准作用、增进货币政 策与财政政策相互协同的重要举措，也有利于我国债券市场改革发展和金融机构提升做市定价能力。实 践中，人民银行根据基础货币投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展国 债买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。今年初，考虑到债券市场供求不平衡压 力较大、市场风险有所累积，人民银行暂停了国债买卖。目前，债市整体运行良好，人民银行将恢复公 开市场国债买卖操作。 继续完善货币政策框架 强化货币政策执行和传导 潘功胜表示，一年多来，面对复杂严峻的国内外形势，人民银行按照中央决策部署，坚持支持性的货币 政策立场，综合运用数 ...

Core Viewpoint - The 2025 Financial Street Forum aims to discuss new financial service models that align financing with industrial development, enhance financial supply-side structural reforms, and strengthen cross-border risk monitoring and response mechanisms [2][3][5]. Group 1: New Financial Service Models - The Financial Regulatory Administration will promote a new financial service model that combines direct and indirect financing, balances investment in goods and people, aligns financing terms with industrial development, and links domestic and international markets [2]. - The focus will be on supporting major strategies, key areas, and weak links to achieve qualitative and quantitative economic growth, while providing more financial resources for traditional and emerging industries [2]. Group 2: Financial Supply-Side Structural Reforms - The Financial Regulatory Administration will deepen financial supply-side structural reforms to enhance the rational layout of institutions, improve development quality and resilience, and increase international influence [3]. - Different types and scales of institutions will be guided to find their positioning, focus on their main businesses, and achieve differentiated development to foster a healthy financial ecosystem [3]. Group 3: Risk Management and Institutional Restructuring - The Financial Regulatory Administration will prioritize risk prevention, promoting the merger and restructuring of small financial institutions while enhancing asset disposal and capital replenishment efforts [4]. - A new financing system will be developed to align with the evolving real estate development model, addressing local government debt risks [4]. Group 4: Cross-Border Risk Monitoring - The Financial Regulatory Administration will enhance regulatory capabilities through collaboration and coordination, focusing on building a global financial safety net and improving cross-border risk monitoring and response mechanisms [5]. - International regulatory cooperation and crisis management efficiency will be strengthened to collectively address major risks and challenges [5].