Core Viewpoint - The report (2025) outlines the achievements of the financial system in supporting the real economy, enhancing financial regulation, deepening reform and opening up, and preventing and mitigating risks since November 2024, while also specifying six key work directions for the next phase [3] Group 1: Monetary Policy - The report emphasizes the need to implement a moderately loose monetary policy to create a suitable monetary and financial environment for consolidating and expanding economic recovery [5] - The People's Bank of China (PBOC) has been injecting liquidity into the banking system, with a recent announcement of a 900 billion yuan medium-term lending facility (MLF) operation scheduled for October 27, aiming to support government bond issuance and bank credit [5][6] - Analysts expect that the PBOC will continue to maintain a high level of liquidity injection to support credit expansion and government bond issuance [6] Group 2: Financial Regulation - The report highlights the importance of further strengthening and improving financial regulation to enhance regulatory quality and effectiveness [8] - Major banks have adopted a common principle of "preventing risks, strengthening regulation, and promoting high-quality development," indicating a deepened risk awareness and compliance culture within the banking sector [9] Group 3: Financial Supply-Side Structural Reform - The report stresses the need to focus on providing high-quality financial services to the real economy and to continue deepening financial supply-side structural reform [11] - From November 2024 to September 2025, 98 companies in the A-share market raised 91.8 billion yuan through initial public offerings, with 86% being private enterprises and 92% in strategic emerging industries [11] - Major banks are committed to enhancing their financial services to support the real economy, with specific initiatives aimed at modernizing the industrial system and promoting sustainable financial solutions [12] Group 4: Risk Prevention - The report emphasizes the need to prevent and mitigate financial risks in key areas while maintaining the bottom line of avoiding systemic financial risks [14] - Banks are focusing on comprehensive risk management and ensuring that development and safety are well-coordinated [14] - The banking sector has seen a reduction in the number of banking institutions and an improvement in asset quality, with the non-performing loan ratio decreasing to 1.49% [14]

Core Insights - The report emphasizes the importance of implementing a moderately loose monetary policy to support economic recovery and create a suitable financial environment [1][2] - It outlines six key work directions for the next phase, including enhancing financial regulation, providing high-quality financial services, and preventing systemic financial risks [1][6] Monetary Policy - The People's Bank of China (PBOC) has committed to maintaining liquidity in the banking system, with a recent announcement of a 900 billion yuan medium-term lending facility (MLF) operation [2][3] - The PBOC aims to align social financing scale and money supply growth with economic growth and price level expectations [2][3] Financial Regulation - The report highlights the need to strengthen and improve financial regulation, enhancing regulatory quality and effectiveness [3][4] - Major banks have expressed a commitment to risk management and compliance, indicating a shift towards a more robust risk control framework [4][7] Support for the Real Economy - The report indicates that from November 2024 to September 2025, 98 companies raised 91.8 billion yuan through initial public offerings, with 86% being private enterprises [5] - Loans in sectors such as technology, green finance, and digital economy have seen significant year-on-year growth, indicating a focus on supporting strategic industries [5] Financial Risk Management - The report stresses the importance of preventing and mitigating financial risks in key areas, aiming to avoid systemic financial risks [6][7] - Banks are increasingly prioritizing comprehensive risk management and compliance in their operations [4][7] Financial Opening and Internationalization - Chinese banks are actively pursuing international competitiveness and enhancing global service capabilities, contributing to the internationalization of the yuan [9] - The emphasis on high-level financial openness reflects a commitment to both "going out" and "bringing in" strategies in the financial sector [9]

Core Points - The meeting emphasized the importance of the 20th Central Committee's Fourth Plenary Session, which is a significant mobilization for advancing Chinese-style modernization and will have a profound impact on the development of the Party and the country [1] - The session approved the proposal for the 15th Five-Year Plan, which aims to ensure decisive progress in achieving socialist modernization and reflects the leadership of the Party under Xi Jinping [1] Group 1 - The meeting highlighted the need to adhere to the centralized and unified leadership of the Party on financial work and to accelerate the construction of a financial power, contributing more to the decisive progress in achieving socialist modernization [2] - It was stressed that the primary responsibility for risk prevention must be fulfilled, with a focus on improving mechanisms to prevent and resolve risks in key areas, ensuring that systemic financial risks are avoided [2] - The meeting called for a strong regulatory approach, enhancing the forward-looking, precise, effective, and coordinated nature of financial supervision [2] Group 2 - Learning and implementing the spirit of the 20th Central Committee's Fourth Plenary Session is a major political task for the entire system in the current and future periods [3] - The meeting urged for high standards in promoting the learning and implementation of the session's spirit, ensuring that the outcomes of this learning translate into effective regulatory practices [3] - It emphasized the need to align with the key goals and tasks set at the beginning of the year, ensuring the completion of this year's and the 14th Five-Year Plan's work while planning for the next year's and the 15th Five-Year Plan's initiatives [3]

Core Viewpoint - The meeting emphasized the importance of adhering to the centralized and unified leadership of the Party Central Committee in financial work, aiming to accelerate the construction of a strong financial nation and contribute to the decisive progress in achieving socialist modernization [1] Group 1: Financial Regulation and Risk Management - The meeting highlighted the primary responsibility of risk prevention, focusing on improving the system and mechanisms for preventing and resolving risks in key areas to effectively guard against systemic financial risks [1] - There is a commitment to strengthen regulatory responsibilities, enhancing the "five major regulations" to improve the foresight, precision, effectiveness, and coordination of financial supervision [1] Group 2: Economic and Financial Alignment - The meeting aims to align financial strategies with the economic and social development goals set for the "14th Five-Year Plan" period, continuously improving the adaptability of the economy and finance [1] Group 3: Party Governance and Integrity - The meeting stressed the need for deepening the comprehensive and strict governance of the Party, maintaining a clean and upright financial political ecology, and ensuring the implementation of the Party Central Committee's decisions and deployments [1]

Core Viewpoint - The People's Bank of China (PBOC) has made significant progress in preventing and resolving financial risks during the "14th Five-Year Plan" period, ensuring the stability of the financial system and protecting the interests of depositors and small investors [1][4]. Group 1: Financial Stability Measures - The PBOC has implemented a coordinated approach to tackle major financial risks, focusing on stabilizing the overall situation, coordinating efforts, and applying targeted measures [1][2]. - Key actions include the precise handling of high-risk groups, cleaning up shadow banking risks, and enhancing financial regulation to curb financial irregularities [2][6]. - The establishment of a macro-prudential and financial stability committee aims to improve risk monitoring, assessment, and early warning systems [3][8]. Group 2: Legislative and Institutional Developments - The Financial Stability Law draft has been reviewed by the National People's Congress, marking significant progress in financial stability legislation [3]. - The deposit insurance system has been operating smoothly since 2015, with a high protection level that covers over 99% of depositors [3]. - The Financial Stability Guarantee Fund has been established to provide backup funding for major financial risks, with ongoing accumulation of resources [3][6]. Group 3: Risk Prevention and Early Warning - The PBOC emphasizes early identification and warning of financial risks, utilizing central bank ratings and stress tests to detect anomalies [5][6]. - A mechanism for early correction of high-risk institutions has been established, promoting timely remediation to prevent risk escalation [6][7]. - The number of high-risk small and medium-sized banks has significantly decreased since its peak in 2019, reflecting effective risk management [6][7]. Group 4: Balancing Development and Risk Management - The PBOC aims to balance economic growth and risk prevention, recognizing the interconnection between economic issues and financial risks [7][8]. - The focus is on maintaining a dynamic equilibrium between economic growth, structural adjustments, and financial risk prevention [7]. - The PBOC is exploring ways to enhance macro-prudential management and improve the toolkit for maintaining financial stability [8].

Core Insights - The People's Bank of China has achieved significant results in preventing and mitigating financial risks since the start of the 14th Five-Year Plan, ensuring the overall stability of the financial system and protecting the interests of depositors and small investors [1][2] Financial Stability Measures - The People's Bank of China has implemented a series of measures to strengthen the financial stability guarantee system, focusing on risk prevention and management, which is crucial for building a strong financial nation [2] - The approach includes precise handling of major financial risks, cleaning up shadow banking risks, and enhancing financial regulation and governance [2][3] Legislative and Institutional Developments - Significant progress has been made in financial stability legislation, with the draft Financial Stability Law under review by the National People's Congress [3] - The establishment of the Macro-Prudential and Financial Stability Committee aims to improve risk monitoring, assessment, and early warning systems [3] Deposit Insurance and Risk Management - The deposit insurance system has been operating smoothly since 2015, with a high protection level that covers over 99% of depositors with a compensation limit of 500,000 yuan [3] - The introduction of a risk-differentiated premium system encourages prudent management among financial institutions [3] Future Challenges and Strategies - The financial sector faces complex challenges, and the focus will be on reinforcing the financial stability guarantee system and expanding the sources of risk disposal funds [4][6] - The implementation of the "early identification, early warning, early exposure, and early disposal" strategy is crucial for effective risk management [5][6] Balancing Growth and Risk - The relationship between economic growth and financial risk is emphasized, with a need for a dynamic balance between economic development and risk prevention [7][8] - The central bank aims to enhance macro-prudential management and improve the toolkit for maintaining financial stability [8]

中国经济在风浪中成长、在磨砺中壮大。 脱贫攻坚、供给侧结构性改革、建设统一大市场、污染防治、防范化解重大风险、应对复杂国际环 境……新时代以来，一场场大战大考，无一不是在攻坚克难、考验韧劲。 踏平坎坷成大道。以习近平同志为核心的党中央以洞若观火的眼光与坚如磐石的定力，引领中国经济在 变局中开新局，在危机中育新机，在闯关夺隘中破阻前行。 面对严峻挑战，"抢"字成为最有力的回击。 在安徽、山东、河北、河南等地，一辆辆收割机快速"吞吐"谷物、农机大院内烘干作业正酣……抢收抢 烘，一片忙碌景象。各地争分夺秒，坚决克服连阴雨不利影响，全力以赴抗灾夺秋粮丰收。 农业是稳定经济社会的"压舱石"，关系发展大局。 统筹发展和安全，必须勇于和善于应对各种风险挑战。习近平总书记深刻指出，"既要打好防范和抵御 风险的有准备之战，也要打好化险为夷、转危为机的战略主动战"。 新时代以来，党和国家面临的形势之复杂、斗争之严峻、改革发展稳定任务之艰巨，世所罕见、史所罕 见。 在世界经济格局深刻变革、风险挑战交织叠加的时代背景中，如何驾驭好中国经济这艘大船？ 习近平总书记号召全党——"必须清醒认识前进道路上进行伟大斗争的长期性、复杂性、艰巨性 ...

Core Insights - The article emphasizes the significance of Xi Jinping's financial theories and practices during his tenure in Fujian, highlighting their foundational role in developing a unique Chinese financial development path [1][6][14] Historical, Cultural, and Contextual Background - Fujian's financial history is deeply rooted, with early forms of finance emerging during the Tang and Ming dynasties, and the region's unique "overseas Chinese" resources contributing to its financial evolution [2][3] - The transition from a planned economy to a socialist market economy during Xi's time in Fujian raised critical questions about the direction and principles of China's financial development [2] Financial Practices and Innovations - Xi Jinping's tenure saw the establishment of various financial institutions, including the first red bank and credit cooperatives, laying the groundwork for modern financial practices in the region [3][4] - Fujian was a pioneer in financial reforms during China's opening up, with significant projects and institutions established to support economic growth [4][10] Key Financial Principles and Strategies - The article outlines several key principles from Xi's financial practices, including the importance of party leadership in financial governance, the necessity of serving the real economy, and the focus on preventing financial risks [7][8][9] - Financial support for the real economy has been emphasized, with significant increases in deposits and loans in Fujian, reflecting a commitment to enhancing financial services for businesses and individuals [8] Financial Risk Management - Xi's approach to financial risk management involved proactive measures to address financial irregularities and establish a stable financial environment, which has resulted in a low non-performing loan rate in Fujian [9][18] Financial Reform and Innovation - The article discusses the importance of combining top-level design with grassroots exploration in advancing financial reforms, highlighting Fujian's role in financial innovation and cross-strait financial cooperation [10][11] Future Directions and Goals - The Fujian financial system aims to align with national strategies, enhance financial services, and promote sustainable economic growth while ensuring financial stability and risk management [15][18][19]

防范化解金融风险是金融工作的永恒主题。从一定程度上看，金融是经济的镜像，经济领域的很多问题 往往通过金融的端口显现并向外溢出，与金融风险相互交织、彼此传导。因此，防范化解金融风险既是 维护国家金融安全的应有之义，也是实现经济高质量发展的重要一环。 目前，我国金融体系总体稳健，金融机构整体健康，金融市场运行平稳。中国人民银行行长潘功胜9月 22日在国务院新闻办公室举行的新闻发布会上表示，按照中央部署，要有序处置金融领域一批突出风险 点，有效防范化解外部风险对我国金融市场的外溢和冲击，有力保护广大储户、中小投资者利益。 完善公司治理机制是化解重点领域风险、整治金融乱象的关键抓手。观察个别金融机构此前的出险案例 不难发现，公司治理机制不完善是主因。与个人独资、合伙企业相比，公司制企业的一个普遍特征是所 有权与控制权分离，股东将部分经营决策权授予管理者，二者形成委托代理关系。但由于二者信息不对 称，后者可能为了自身利益作出有损股东与公司利益的决策。代理问题也普遍存在于大股东与中小股东 之间，后者难以对前者开展有效监督。由此，大股东操纵、内部人员控制等问题便产生了，引发诸多金 融乱象。公司治理机制就是为了防范、缓解上述 ...

张乐夫一行实地考察省文投集团、南京扬子国投集团，深入了解相关工作情况。督办会上，南京扬子国 投集团介绍企业改革转型情况，提案者介绍提案核心关切，省财政厅、省委金融办、省发展改革委、省 国资委、省数据局等单位介绍提案办理情况，与会委员就加快推动平台公司市场化转型和债务风险化解 提出意见建议。 张乐夫表示，要深入学习贯彻习近平总书记关于金融工作的重要论述，深刻认识防范化解金融风险是金 融工作的永恒主题，按照中央部署及省委要求，坚持在发展中化债、在化债中发展。要充分发挥政协专 门协商机构作用，围绕分类推动融资平台改革转型、加快压降融资平台债务规模、强化融资平台投资项 目管理等方面深入调研、积极建言，有力有序有效助推地方融资平台出清，为巩固拓展经济回升向好势 头、扛好经济大省挑大梁责任作出积极贡献。 本报讯(记者方思伟)9月24日，省政协副主席张乐夫就"江苏省地方政府平台公司产业转型升级"重点提 案开展专题督办调研。 ...