■吕诚伦 高质量发展是全面建设社会主义现代化国家的首要任务，金融要为经济社会发展提供高质量服务。党的 二十届三中全会对进一步全面深化改革作出系统部署，明确提出"深化金融体制改革"，强调"完善金融 机构定位和治理，健全服务实体经济的激励约束机制。发展多元股权融资，加快多层次债券市场发展， 提高直接融资比重"。这与2023年中央金融工作会议所强调的"坚持深化金融供给侧结构性改革"要求一 脉相承。由此可见，推进金融供给侧结构性改革仍是未来深化金融体制改革的重点内容，需要着力打造 现代金融机构和市场体系，疏通资金进入实体经济的渠道，更好地服务构建新发展格局和实现经济高质 量发展。 为更好深入理解与把握金融结构演变规律和服务实体经济发展逻辑，中共天津市委党校（天津行政学 院）郭贝贝博士撰写的《金融结构演变与实体经济发展：理论与实证》一书，由经济管理出版社出版发 行。该书从理论与实践双重维度、金融与实体双重视角，尝试构建金融中介、金融市场、实体部门"三 部门"金融服务实体经济增长内生模型，系统阐释了金融结构演变的理论路径、传导机制与渠道作用， 以及实体基础与均衡形态，旨在探索走出一条符合中国国情的金融结构优化之路，对准确 ...

Group 1 - The article emphasizes the importance of adapting to changing global trade conditions and highlights the proactive measures taken by companies in regions like Dongguan and Jinjiang to maintain competitiveness and innovation [1][4] - Companies are encouraged to diversify their markets, innovate products, and enhance brand recognition to navigate external challenges effectively [1][4] - The Chinese government is focusing on stabilizing enterprises as a key strategy for economic growth, with initiatives aimed at providing support and alleviating difficulties faced by businesses [2][5] Group 2 - The article discusses the need for precise policies to address the specific challenges faced by different foreign trade enterprises, such as standardization and sales channel development [3] - It highlights the importance of integrating domestic and foreign trade to allow companies to adapt to market changes smoothly, as outlined in government measures from 2023 [4] - Financial reforms are being implemented to improve the financing environment for small and private enterprises, with significant loan disbursements reported [5] Group 3 - The experience of a Sichuan company illustrates the resilience of foreign trade enterprises in the face of external pressures, emphasizing the need for innovation and strategic adjustments [6][7] - Companies are encouraged to enhance their research and development efforts, leading to significant improvements in production efficiency and cost reduction [7]

■苏向杲 民营企业在推动经济增长、促进技术创新、增加就业、改善民生等方面发挥了不可替代的作用。当前， 进一步加大对民营企业的金融支持力度对促进我国经济高质量发展意义重大。2月17日召开的民营企业 座谈会提出，继续下大气力解决民营企业融资难融资贵问题。 其二，金融机构需持续完善激励考核机制。 民营企业中小微企业占绝大多数，这类企业普遍存在抵押物不足、违约成本低等特征。银行对这类企业 贷款时要求担保介入的一大原因是信贷员头顶追责机制的达摩克利斯之剑。因此，完善激励考核机制对 降低非息融资成本也至关重要。当然，完善激励考核机制不是忽略商业可持续性，而是在不放松风控的 前提下，不断提升容错纠错机制。当银行从业者在放贷时既能获得正当激励，也能确保尽职免责，民营 企业的非利息融资成本有望持续压缩。 其三，强化监管，形成政策合力。 5月20日起正式实施的《中华人民共和国民营经济促进法》提到，金融机构在依法合规前提下，按照市 场化、可持续发展原则开发和提供适合民营经济特点的金融产品和服务，为资信良好的民营经济组织融 资提供便利条件，增强信贷供给、贷款周期与民营经济组织融资需求、资金使用周期的适配性，提升金 融服务可获得性和便 ...

Core Viewpoint - The recent "Q1 2025 China Monetary Policy Implementation Report" emphasizes the dual function of monetary policy tools to support consumption expansion and address structural issues in the economy [1][2] Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) announced a comprehensive set of ten financial policies aimed at stabilizing the market and expectations, including a 500 billion yuan "service consumption and elderly re-loan" at a low interest rate of 1.5% to encourage banks to increase credit support for service consumption and elderly care [1][2] - The PBOC's current monetary policy focuses on three aspects: total liquidity policies through reserve requirement ratio (RRR) and interest rate cuts, targeted structural financial tools, and continuous improvement of market mechanisms to boost consumption [2][3] Group 2: Economic Indicators - In Q1, China's retail sales of consumer goods increased by 4.6% year-on-year, an improvement of 1.1 percentage points compared to the previous year, while per capita consumption expenditure rose by 5.3% year-on-year [2] - Despite the recovery in consumption, challenges remain, such as slowing growth in traditional goods consumption and structural gaps in service consumption, particularly in high-quality and personalized services [2] Group 3: Financial Innovation and Support - The PBOC is developing innovative financial tools to lower funding costs and support key consumption areas, including extending credit support for traditional goods and enhancing financial backing for service sectors like accommodation, entertainment, and elderly care [4] - The establishment of a multi-tiered consumption finance system is underway, which includes supporting auto finance and consumer finance companies to issue bonds and enhancing the transparency of financing costs for consumers [5] Group 4: Future Directions - The focus is on how financial innovation can transition consumption from "restorative growth" to "sustainable expansion," with an emphasis on managing external uncertainties and ensuring consistency in domestic macro policy coordination [6]

Core Viewpoint - Recent personnel changes at AVIC Fund have sparked discussions in the financial sector, particularly the resignation of economist Deng Haiqing as the manager of the AVIC Mixed Reform Selected Fund (004936), which will now be managed solely by Fang Cen [1][4]. Group 1: Personnel Changes - Deng Haiqing served as the fund manager for 1.5 years, having taken the position on December 4, 2023 [2]. - Deng will continue to hold the positions of Deputy General Manager and Chief Investment Officer at AVIC Fund, but he will no longer manage any funds [1][4]. - The change was attributed to internal adjustments within the company [4]. Group 2: Fund Performance - Under Deng's management, the AVIC Mixed Reform Selected Fund experienced a decline of 5.71% year-to-date as of May 6, with a nearly 21.94% drop over the past six months [4]. - The fund recorded a total loss of 12.90% during Deng's 1.5-year tenure [4]. - The fund's heavy investment in the real estate sector led to criticism, with investors referring to it as a "real estate industry fund," failing to reflect the intended "mixed reform" theme [5][8]. Group 3: Market Context and Reforms - Speculation arose regarding the timing of Deng's departure in relation to a new policy from the China Securities Regulatory Commission (CSRC) that ties fund manager compensation to long-term performance, announced just one day after his resignation [6][7]. - Deng commented on the CSRC's action plan, suggesting it aims to reform the public fund industry by addressing profit models and restructuring income sources, which he believes will have a profound impact on the financial ecosystem [7].

Core Viewpoint - The People's Bank of China and other departments have issued an action plan to enhance cross-border financial services in Shanghai, focusing on improving efficiency, optimizing services, and supporting enterprises in international competition and cooperation [1][2][3]. Group 1: Key Measures - The action plan proposes five key measures: improving cross-border settlement efficiency, optimizing foreign exchange management, strengthening financing services, enhancing insurance protection, and refining comprehensive financial services [1][2]. - Measures to improve cross-border settlement efficiency and optimize foreign exchange management will reduce time and costs for enterprises engaged in cross-border transactions, thereby enhancing their funding management efficiency and expanding financing channels [2][3]. Group 2: Impact on Enterprises - As more Chinese enterprises expand internationally, there is a growing demand for integrated financial solutions that encompass investment, financing, risk management, and consulting tailored to specific market and industry characteristics [1][3]. - Enhanced foreign exchange risk management and insurance services will help enterprises better cope with risks associated with cross-border operations, boosting their confidence and capability in international economic cooperation [2][3]. Group 3: Financial Institutions' Opportunities - The facilitation of cross-border financial services presents significant development opportunities for Chinese financial institutions, enabling them to provide more efficient services to enterprises going global and to innovate financial products [3]. - The action plan aims to attract more international financial institutions to participate in the construction of Shanghai as an international financial center, thereby enhancing the openness of Shanghai's financial services and promoting financial cooperation with other countries and regions [2][3]. Group 4: Implementation and Future Outlook - The implementation of the action plan is seen as a crucial step in deepening high-level financial openness and promoting structural reforms in the financial supply side, which is essential for expanding international trade cooperation and supporting high-quality economic development [3]. - Financial regulatory authorities and local governments are urged to ensure that the measures translate into tangible benefits for enterprises, thereby injecting more financial resources into their global development [3].

Core Viewpoint - Tianfeng Securities has received approval from the Shanghai Stock Exchange for its non-public stock issuance, marking a significant breakthrough in its efforts to deepen state-owned enterprise reform and optimize its capital structure [1][2]. Group 1: Company Developments - The approval of the non-public stock issuance is seen as a reinforcement of Tianfeng Securities' strategic foundation as a state-controlled entity, indicating a new phase in the reform process of state-owned enterprises [1]. - The company is focusing on enhancing its capital strength and risk resistance through this capital injection, which will also support its strategic layout in the financial services sector [1][2]. - Tianfeng Securities is committed to deepening its reform efforts, improving corporate governance, and enhancing operational efficiency through various measures, including establishing a research procedure led by the party committee and strengthening internal supervision [2]. Group 2: Strategic Focus - The company aims to align its operations with the strategic goals of the Hubei provincial government, which emphasizes the transformation towards a market-oriented and securities-based model by 2025 [1]. - Tianfeng Securities is pursuing three main strategies: focusing on its core responsibilities, enhancing services for the real economy and wealth growth for residents, and expanding its influence from Hubei to the entire nation [2]. - The company plans to leverage the approval of the stock issuance to further its role as a new type of securities firm with strong management, excellent performance, and extensive service capabilities [2].

Core Viewpoint - The Chinese government is implementing a series of structural monetary policy tools to support economic recovery and stabilize market expectations, with a focus on enhancing financial support for key sectors and improving the overall financial environment [1][2]. Monetary Policy Tools - The People's Bank of China (PBOC) has introduced various structural monetary policy tools, with a total of nine tools currently in use, focusing on key areas of the national economy, major strategies, and weak links, with a total balance of approximately 5.9 trillion yuan, accounting for 13% of the PBOC's balance sheet [1][2]. - A reduction in the interest rates of several structural monetary policy tools by 0.25 percentage points, lowering rates from 1.75% to 1.5% for specific loans, and from 2.25% to 2% for policy financial institutions' pledged supplementary loans (PSL) [2][3]. - Establishment of a 500 billion yuan service consumption and elderly care re-loan to enhance financial support for key service sectors and the elderly care industry [2]. Support for Key Sectors - The quota for technology innovation and technological transformation re-loans has been increased from 500 billion yuan to 800 billion yuan to support the expansion of the "two new" policies [3]. - An additional 300 billion yuan has been allocated to the agricultural and small business re-loans, bringing the total quota for these loans to 3 trillion yuan [3]. Real Estate and Stock Market Stability - The government is actively working to stabilize the real estate and stock markets, which are crucial for boosting social expectations and facilitating domestic demand [3][4]. - As of now, the approved "white list" loans from commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units [3]. - In the first quarter of this year, the balance of real estate loans increased by over 750 billion yuan, with new personal housing loans reaching the largest quarterly increase since 2022, and housing rental loans growing by 28% year-on-year [3]. Capital Market Performance - The capital market is showing signs of stability, with the Shanghai Composite Index maintaining around 3,300 points and the bond market self-correcting due to improved economic confidence [4]. - The onshore and offshore RMB has appreciated by approximately 1% against the US dollar since the end of last year, indicating balanced cross-border capital flows [4]. Technological Innovation Financing - The establishment of a technology innovation bond risk-sharing tool is aimed at supporting the issuance of low-cost, long-term bonds for technology innovation enterprises and equity investment institutions [5].

文/《清华金融评论》 周茗一 2 0 25年5月7日9时，国务院新闻办公室举行新闻发布会。中国人民银行、 国家金融监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金 融政策支持稳市场稳预期"有关情况，并答记者问。 央行发布3类10项措施 中国人民银行行长潘功胜介绍到， 今年以来各项宏观金融数据都比较不错，货币信贷呈现出"数量增加、价格下降、结构优化"的运行特 征。一季度末，社会融资规模同比增长8.4%、贷款同比增长7.4%（在贷款数据中，如果把地方专项债 置换地方融资平台贷款的影响进行还原，贷款同比增速将超过8%），广义货币供应量（M2）保持在 7%左右平稳增长，明显高于名义经济增速。同时，社会融资成本保持低位，普惠小微、制造业中长 期、科技型中小企业等贷款增速均快于全部贷款增速，信贷结构进一步优化。 从金融市场看，一季度表现良好。股市运行总体平稳，交易较为活跃，上证指数保持在3300点左右。债 券市场在经济信心提升的带动下自我校正。在岸、离岸人民币对美元汇率较去年末小幅升值1%左右， 跨境资本流动相对均衡。 4月份以来，尽管面临比较大的外部冲击，国内金融体系仍然保持稳健，金融市场展现出较强韧性。上 证 ...

Core Viewpoint - Guangdong's rural credit system is undergoing significant reform, focusing on financial supply-side structural reform and the establishment of rural commercial banks through a joint banking model [1][2]. Group 1: Reform Direction - The Guangdong Provincial Association has disclosed its specific reform direction for 2024, emphasizing the need for management system reforms and the promotion of joint banking models [1]. - The reform aims to address the uneven economic development within Guangdong, particularly the financial capacity disparities between the Pearl River Delta and the eastern and northern regions [1][2]. Group 2: Historical Context - The reform initiative began in 2017, with the goal of transforming rural credit cooperatives into rural commercial banks, which was completed by 2020 with 64 cooperatives restructured [2]. - Several rural commercial banks, including those in Shenzhen and Guangzhou, have separated from the provincial association and are now directly managed by local governments [2]. Group 3: Current Financial Status - As of the end of 2024, Guangdong's 81 rural commercial banks reported total assets of 4.80 trillion yuan, a year-on-year increase of 3.79%, while financial income and profits have declined for two consecutive years [3]. Group 4: Joint Banking Model - The joint banking model is currently the predominant reform approach, allowing for the retention of independent legal status for local credit institutions while minimizing restructuring costs [4][5]. - This model is seen as beneficial for enhancing the development of individual banks and is characterized by lower resistance to reform [5]. Group 5: Future Considerations - The specific structure and operational focus of the Guangdong joint banking model remain to be clarified, particularly regarding management coordination and financial service innovation [5].