Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a scientific and stable monetary policy system to maintain the stability of financial markets, including the stock, bond, and foreign exchange markets, as part of the broader strategy outlined in the recent Party Congress [1][2]. Group 1: Monetary Policy Framework - The PBOC aims to balance short-term and long-term goals, support economic growth while ensuring the health of the financial sector, and manage internal and external relationships effectively [2]. - The monetary policy framework will be dynamically improved to enhance execution and transmission, with a focus on maintaining the RMB exchange rate at a reasonable and balanced level [2]. Group 2: Financial Risk Management - A comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution will be established, focusing on monitoring, assessing, and warning against systemic financial risks [2][3]. - The PBOC will work with relevant departments to support local small financial institutions and manage risks associated with local government financing platforms and the real estate market [2][3]. Group 3: Financial Supply-Side Structural Reform - The PBOC will deepen financial supply-side structural reforms, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance financial services for the real economy [3]. - Efforts will be made to improve the financial support for technological innovation and ensure a more reasonable scale, structure, and regional distribution of financial institutions [3]. Group 4: Financial Opening and Security - The PBOC will promote high-level financial openness while safeguarding national financial security, advancing the internationalization of the RMB, and enhancing the use of RMB in trade [3]. - Initiatives will include the development of a cross-border payment system for the RMB that is self-controlled, multi-channel, and widely accessible [3].

Core Insights - The meeting emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on the strategic design for the next five years and the significance of the "14th Five-Year Plan" [1][2] Group 1: Economic and Financial Stability - The People's Bank of China (PBOC) has introduced a series of monetary policy measures to maintain liquidity and support the stability of financial markets, including the stock, bond, and foreign exchange markets [1][2] - Over the past five years, China's economy has maintained strategic stability and high-quality development despite complex international conditions, achieving significant historical accomplishments [1][2] Group 2: Financial System Reforms - The meeting highlighted the deepening of financial system reforms under the strong leadership of the Central Committee, enhancing the financial service quality to the real economy and improving the international competitiveness of the financial sector [2][3] - A scientific and prudent monetary policy framework will be established, balancing short-term and long-term goals, and ensuring the health of the financial sector while supporting economic growth [3][4] Group 3: Risk Management and Financial Stability - A comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution will be developed, focusing on monitoring, assessment, and early warning of systemic risks [4] - The PBOC will work with relevant departments to support local small financial institutions and manage risks in local government financing platforms and the real estate market [4][5] Group 4: Financial Sector Development - The meeting called for the continuous deepening of supply-side structural reforms in finance, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance the adaptability of financial services to the real economy [4] - The PBOC aims to promote high-level financial openness while safeguarding national financial security, including advancing the internationalization of the Renminbi and enhancing cross-border payment systems [5]

Core Viewpoint - The People's Bank of China emphasizes the importance of financial work as a key component of the Party and national development, highlighting significant advancements in financial system reform and international competitiveness over the past five years [1] Group 1: Financial Governance and Leadership - The meeting underscores the need for centralized leadership in financial work, promoting strict adherence to the Party's directives and continuous evaluation of work strategies [2] - A focus on building a high-quality talent pool that is loyal, clean, and responsible is emphasized to foster a positive political environment [2] Group 2: Monetary Policy Framework - The establishment of a scientific and stable monetary policy system is prioritized, balancing short-term and long-term goals while supporting economic growth and maintaining the health of the financial sector [2] - The need for dynamic adjustments to the monetary policy framework is highlighted, with an emphasis on enhancing the effectiveness of monetary policy to support stable economic growth [2] Group 3: Risk Management and Financial Stability - A comprehensive macro-prudential management system is to be developed to monitor and prevent systemic financial risks, with a focus on maintaining stability in various financial markets [3] - The importance of adhering to financial discipline and regulatory rules to mitigate moral hazards is stressed [3] Group 4: Financial Supply-Side Structural Reform - Continuous deepening of financial supply-side structural reforms is essential, with a focus on technology finance, green finance, inclusive finance, pension finance, and digital finance to better serve the real economy [3] - The development of a transparent and resilient financial market system is a key goal, alongside the advancement of digital currency initiatives [3] Group 5: Financial Openness and International Cooperation - The promotion of high-level financial openness and the safeguarding of national financial security are critical, including efforts to internationalize the Renminbi and enhance cross-border payment systems [4] - Active participation in global financial governance reforms and bilateral financial cooperation is encouraged to strengthen international financial ties [4]

Core Viewpoint - The meeting emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on financial stability and supporting economic growth through effective monetary policies [1][2]. Group 1: Economic and Financial Policies - The People's Bank of China (PBOC) has introduced a series of monetary policy measures to maintain liquidity and support the stability of financial markets, including the stock, bond, and foreign exchange markets [1][2]. - The meeting highlighted the achievements of the past five years under the leadership of the Central Committee, noting that China's economy has maintained strategic stability and high-quality development despite complex international challenges [1][2]. Group 2: Financial System Reforms - The meeting outlined the need for a comprehensive financial system reform, enhancing the governance capabilities and competitiveness of the financial sector, and improving financial services for the real economy [2][3]. - A scientific and prudent monetary policy framework is to be established, balancing short-term and long-term goals while ensuring the health of the financial sector [3][4]. Group 3: Risk Management and Financial Stability - The PBOC aims to strengthen macro-prudential management and systemic financial risk prevention mechanisms, enhancing monitoring and early warning systems for financial risks [4][5]. - The meeting stressed the importance of maintaining discipline in financial markets and preventing moral hazards, while also supporting local financial institutions and addressing risks in the real estate market [4][5]. Group 4: Financial Innovation and Development - The meeting called for the deepening of structural reforms in the financial supply side, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to better serve the economy [4][5]. - The PBOC is set to promote the internationalization of the Renminbi and enhance the development of a cross-border payment system, contributing to global financial governance [5].

Core Viewpoint - The meeting of the People's Bank of China (PBOC) emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on financial stability and supporting economic growth through effective monetary policies [1][2]. Group 1: Economic and Financial Stability - The PBOC has introduced a series of monetary policy measures to maintain liquidity and support the stability of financial markets, including the stock, bond, and foreign exchange markets [1][2]. - The past five years have seen China maintain strategic determination in economic development, achieving significant historical accomplishments and contrasting sharply with other major economies [1][2]. Group 2: Financial System Reform and Development - The meeting highlighted the need for a comprehensive financial system reform, enhancing the governance capabilities of the financial sector and improving the quality of financial services to the real economy [2][3]. - The PBOC aims to construct a scientific and stable monetary policy system, balancing short-term and long-term goals while ensuring the health of the financial sector [3][4]. Group 3: Risk Management and Financial Innovation - A robust macro-prudential management system and mechanisms for systemic financial risk prevention and resolution are to be established, focusing on monitoring and assessing systemic risks [4][5]. - The PBOC plans to deepen structural reforms in financial supply, emphasizing technology finance, green finance, and digital finance to better serve the economy [4][5]. Group 4: International Financial Cooperation - The meeting called for steady progress in financial openness and the maintenance of national financial security, promoting the internationalization of the Renminbi and enhancing cross-border payment systems [5]. - The PBOC is committed to participating in global financial governance reforms and fostering bilateral and multilateral financial cooperation [5].

Core Points - The People's Bank of China emphasizes the importance of a scientific and robust monetary policy system, balancing short-term and long-term goals, supporting real economic growth while maintaining the health of the financial sector, and managing internal and external relationships [2] - The meeting highlights the need to dynamically improve the monetary policy framework, enhance execution and transmission, and reform the RMB exchange rate formation mechanism to maintain basic stability at a reasonable and balanced level [2] - There is a focus on establishing a comprehensive macro-prudential management system and a mechanism for systemic financial risk prevention and resolution, with an emphasis on monitoring, assessing, and warning against systemic financial risks [2][3] Financial Sector Development - The meeting discusses the continuous deepening of financial supply-side structural reforms, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance financial services for the real economy [3] - It aims to improve the financial support for technological innovation and promote a more reasonable scale, structure, and regional layout of financial institutions [3] - The construction of a safe and efficient financial infrastructure system is also a priority, along with the steady advancement of digital RMB research and application [3] Financial Market Opening - The meeting stresses the importance of maintaining national financial security while promoting high-level financial openness [3] - It aims to advance the internationalization of the RMB, expand its use in trade, and deepen the two-way opening of financial markets in an orderly manner [3] - The development of a cross-border payment system for the RMB that is self-controllable, multi-channel, and widely covered is also highlighted [3]

Core Viewpoint - The meeting of the People's Bank of China emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on financial stability and supporting economic growth through effective monetary policies [1][2]. Group 1: Financial Policy and Economic Stability - The People's Bank of China has introduced a series of monetary policy measures to maintain liquidity and support the stability of financial markets, including the stock, bond, and foreign exchange markets [1][2]. - The meeting highlighted the achievements of the past five years under the leadership of the Central Committee, noting that China's economy has maintained strategic stability and high-quality development despite complex international challenges [1][2]. Group 2: Strategic Planning and Financial Reform - The 20th Central Committee's Fourth Plenary Session provided a strategic framework for the next five years, focusing on building a modern socialist country and achieving the second centenary goal [2]. - The meeting underscored the importance of financial work as a key component of national development, with a commitment to deepening financial reforms and enhancing the financial system's ability to serve the real economy [2][3]. Group 3: Monetary Policy Framework - A scientific and stable monetary policy framework will be established, balancing short-term and long-term goals, and ensuring the health of the financial sector while supporting economic growth [3]. - The meeting called for dynamic improvements to the monetary policy framework and emphasized the need for a stable exchange rate for the Renminbi [3]. Group 4: Risk Management and Financial Stability - The meeting stressed the importance of a comprehensive macro-prudential management system to monitor and prevent systemic financial risks, ensuring the stability of financial markets [4]. - It was noted that collaboration with relevant departments is essential for addressing risks in local financial institutions and the real estate market [4]. Group 5: Financial Supply-Side Structural Reform - The focus will be on deepening financial supply-side structural reforms, including advancements in technology finance, green finance, and digital finance to better serve the real economy [5]. - The meeting highlighted the need for a transparent and resilient financial market system, along with the steady advancement of digital currency initiatives [5]. Group 6: Financial Openness and Security - The meeting outlined plans for promoting high-level financial openness while safeguarding national financial security, including the internationalization of the Renminbi and enhancing cross-border payment systems [5]. - The importance of participating in global financial governance and fostering bilateral monetary cooperation was also emphasized [5].

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of maintaining stability in financial markets, including the stock, bond, and foreign exchange markets, while implementing the spirit of the 20th Central Committee of the Communist Party of China [3][5][6]. Group 1: Financial Policy and Governance - The PBOC will enhance the central bank system and promote key work initiatives to support economic stability and high-quality development [3][4]. - A scientific and prudent monetary policy framework will be established, balancing short-term and long-term goals, and ensuring the health of the financial sector while supporting economic growth [4][5]. - The PBOC aims to strengthen macro-prudential management and systemic financial risk prevention mechanisms, ensuring the smooth operation of financial markets [5][6]. Group 2: Capital Market Development - The China Securities Regulatory Commission (CSRC) is focused on enhancing the resilience and risk resistance of the capital market by fostering high-quality listed companies and improving market stability mechanisms [9][10]. - The CSRC will deepen reforms in various market segments, including the Sci-Tech Innovation Board and the Growth Enterprise Market, to enhance the inclusiveness and adaptability of capital market systems [9][10]. - The CSRC aims to promote deeper and higher-level capital market openness while ensuring regulatory effectiveness and investor protection [9][10]. Group 3: Financial Supervision and Risk Management - The National Financial Regulatory Administration emphasizes the need for strong regulatory measures to prevent systemic financial risks and enhance the effectiveness of financial supervision [11][12]. - The administration will focus on the integration of financial services with economic development goals, ensuring that financial systems support the national economic strategy [11][12]. - Continuous efforts will be made to promote a clean and transparent financial political environment, reinforcing the implementation of central policies [11][12].

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session in shaping China's economic and financial policies, highlighting the need for a unified approach to financial work and the implementation of strategic measures for sustainable development [2][3]. Group 1: Financial Policy and Economic Stability - The People's Bank of China (PBOC) has implemented a series of monetary policy measures to maintain liquidity and support the stability of financial markets, contributing to economic growth [2]. - The PBOC's actions are aligned with the central government's directives to ensure employment, business stability, and market expectations during critical economic periods [2][3]. Group 2: Strategic Planning and Financial Reform - The Fourth Plenary Session outlines a strategic framework for the next five years, focusing on the construction of a modern socialist country and the importance of the 15th Five-Year Plan [3]. - Financial work is deemed crucial for national development, with significant advancements in financial system reform and governance capabilities over the past five years [3][4]. Group 3: Monetary Policy Framework - The PBOC aims to establish a scientific and robust monetary policy system that balances short-term and long-term goals while supporting real economic growth [4]. - The central bank will enhance the effectiveness of monetary policy and maintain the stability of the Renminbi exchange rate [4]. Group 4: Risk Management and Financial Stability - A comprehensive macro-prudential management system will be developed to monitor and mitigate systemic financial risks, ensuring the stability of financial markets [5]. - The PBOC will collaborate with relevant departments to address risks in local financial institutions and the real estate market [5]. Group 5: Financial Sector Reforms - The article highlights the need for structural reforms in the financial supply side, focusing on technology, green finance, inclusive finance, and digital finance to better serve the economy [5]. - The PBOC will promote the development of a transparent and resilient financial market system while advancing the research and application of digital currency [5]. Group 6: International Financial Cooperation - The PBOC is committed to advancing the internationalization of the Renminbi and enhancing cross-border payment systems while maintaining national financial security [6]. - Efforts will be made to deepen financial market openness and promote trade and investment facilitation [6]. Group 7: Implementation and Education - The PBOC will prioritize the dissemination of the Fourth Plenary Session's spirit within its system, ensuring alignment with central directives to foster high-quality financial development [6].

10月24日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习习近平总书记在党的二十届 四中全会上的重要讲话和全会精神，落实主要金融单位学习贯彻党的二十届四中全会精神会议要求，研究 部署贯彻落实举措。 中国人民银行党委召开会议，传达学习党的二十届四中全会精神。 三是健全覆盖全面的宏观审慎管理体系和系统性金融风险防范处置机制。 从宏观、逆周期和防传染的视 角，强化系统性金融风险的监测、评估和预警，不断拓展宏观审慎管理覆盖范围。 拓展丰富中央银行宏观 审慎和金融稳定功能，维护股市、债市、汇市等金融市场平稳运行。 继续会同有关部门做好支持地方中小 金融机构、地方政府融资平台债务、房地产市场风险化解工作。健全金融稳定保障体系，加快推进金融立 法。 四是持续深化金融供给侧结构性改革。 做好金融"五篇大文章"，提高金融服务实体经济的适配性，支持国 民经济的重点领域和薄弱环节。健全科技金融政策框架，提升金融支持科技创新的能力、强度和水平。推 动各类金融机构在规模、结构、区域布局上更加合理。建设规范、透明、开放、有活力、有韧性的金融市 场体系。建设安全高效的金融基础设施体系。稳步推进数字人民币研发和应用。 五是稳步 ...