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]

Core Points - The 2025 Financial Street Forum Annual Meeting was held in Beijing, attended by leaders from the central bank and the securities regulatory commission, who announced several important messages [1] Group 1: Central Bank Announcements - The People's Bank of China (PBOC) will resume open market operations for government bonds, indicating a stable performance in the bond market [2] - The PBOC is researching and implementing policy measures to support personal credit repair, including a one-time personal credit relief policy for individuals with minor defaults who have repaid their loans, set to be executed early next year [4] - The PBOC plans to further optimize the digital RMB management system and support more commercial banks to become operational entities for digital RMB [5] - The PBOC will continue to combat domestic virtual currency operations and speculation, maintaining existing policies since 2017 and closely monitoring the development of overseas stablecoins [6] Group 2: Securities Regulatory Commission Announcements - The China Securities Regulatory Commission (CSRC) will initiate reforms to deepen the Growth Enterprise Market (GEM), establishing listing standards that better align with the characteristics of emerging industries and innovative enterprises [7] - The CSRC has officially launched the "Qualified Foreign Investor System Optimization Work Plan," which includes optimizing access management, improving investment operation efficiency, and expanding investment scope to provide a more transparent and efficient institutional environment for foreign investors [9]

Core Viewpoint - The 2025 Financial Street Forum highlighted the importance of monetary policy, digital currency management, and financial market stability in the context of China's economic recovery and reform efforts. Group 1: Monetary Policy and Financial Stability - The People's Bank of China (PBOC) plans to resume open market operations for government bonds, indicating a positive outlook for the bond market and a commitment to ensuring smooth monetary policy transmission [2][3] - PBOC aims to maintain a supportive monetary policy stance, utilizing various tools to ensure liquidity remains ample, which is crucial for economic recovery and financial market stability [3] - A comprehensive macro-prudential management system is being developed, focusing on the interconnection between macroeconomic performance and financial risks [8] Group 2: Digital Currency and Virtual Currency Regulation - PBOC is optimizing the digital yuan management system and supporting more commercial banks to operate digital yuan services, with international cooperation centers established in Shanghai and Beijing [4] - The central bank will continue to combat domestic virtual currency operations and speculation, emphasizing the risks associated with stablecoins and the need for effective regulatory measures [5] Group 3: Credit Repair and Financial Infrastructure - PBOC is researching policies to support individuals in repairing their credit, particularly for those who have defaulted due to uncontrollable circumstances like the pandemic [6][7] - The credit reporting system has played a significant role in maintaining financial order, and new measures are being considered to alleviate the impact of past defaults on individuals' economic lives [7] Group 4: Financial Services and Institutional Reform - The Financial Regulatory Administration is promoting a new financial service model that aligns financing terms with industry development, emphasizing support for strategic sectors and enhancing financial resources for emerging industries [12] - There is a focus on deepening financial supply-side structural reforms to improve the layout and resilience of financial institutions, ensuring a diverse and healthy financial ecosystem [13][15] Group 5: Capital Market Development - The China Securities Regulatory Commission (CSRC) is set to deepen reforms in the ChiNext board, aiming to create more suitable listing standards for innovative enterprises [18] - Initiatives to enhance the protection of small and medium investors in the capital market are being introduced, with 23 practical measures aimed at creating a fair trading environment [22] - The CSRC is also working on optimizing the Qualified Foreign Institutional Investor (QFII) system to provide a more transparent and efficient environment for foreign investors [21]

Core Viewpoint - The 2025 Financial Street Forum focuses on monetary policy, liquidity mechanisms for non-bank institutions, and the importance of maintaining financial stability while addressing credit issues for individuals affected by the pandemic [1][2][3][4]. Group 1: Monetary Policy and Liquidity - The People's Bank of China (PBOC) is exploring mechanisms to provide liquidity to non-bank institutions under specific circumstances to maintain market stability and prevent moral hazards [2]. - PBOC will continue to implement a supportive monetary policy stance, utilizing various tools to ensure short-term, medium-term, and long-term liquidity arrangements, thereby keeping social financing conditions relatively loose [3]. - The PBOC plans to resume open market operations for government bonds, which is seen as a crucial step to enhance the financial functions of government bonds and improve market stability [5]. Group 2: Credit Repair and Individual Support - PBOC is researching policies to support individuals in repairing their credit records, particularly for those who have defaulted due to uncontrollable circumstances like the pandemic but have since repaid their debts [4]. - A proposed one-time personal credit relief policy aims to prevent the display of certain default information in credit systems for individuals who meet specific criteria, with implementation expected early next year [4]. Group 3: Virtual Currency and Financial Regulation - PBOC will continue to combat domestic virtual currency operations and speculation while closely monitoring the development of foreign stablecoins, which pose potential financial risks [6][7]. - The central bank emphasizes the need for a comprehensive macro-prudential management system to better cover systemic financial institutions and assess risks from international economic and financial markets [8].

Group 1 - The 2025 Financial Street Forum opened in Beijing on October 27, with the People's Bank of China (PBOC) Governor Pan Gongsheng delivering a keynote speech [1] - Pan highlighted the implementation of government bond trading operations in the secondary market as a significant measure to enhance monetary policy tools and improve the pricing benchmark role of government bond yield curves [1] - The PBOC has temporarily suspended government bond trading due to imbalances in market supply and demand, but plans to resume operations as the bond market is currently performing well [1] Group 2 - Pan announced that the PBOC is researching policies to support personal credit repair, particularly for individuals affected by the COVID-19 pandemic who have overdue debts but have since repaid them [2] - The PBOC's credit reporting system has played a crucial role in building the social credit system and preventing financial risks over the past 20 years [2] - A one-time personal credit relief policy is being considered, which would exclude certain overdue records from the credit reporting system for individuals who have repaid loans, with plans to implement this policy in early next year [2]

【纠错】 【责任编辑:刘阳】 新华社快讯：中国人民银行行长潘功胜10月27日在2025金融街论坛年会上表示，中国人民银行正在 研究实施一次性的个人信用救济政策，对于新冠疫情以来违约在一定金额以下且已归还贷款的个人违约 信息，将在征信系统中不予展示，该措施计划在明年初执行。 ...

（文章来源：新华社） 中国人民银行行长潘功胜10月27日在2025金融街论坛年会上表示，中国人民银行正在研究实施一次性的 个人信用救济政策，对于新冠疫情以来违约在一定金额以下且已归还贷款的个人违约信息，将在征信系 统中不予展示，该措施计划在明年初执行。 ...

编辑 刘佳妮 人民财讯10月27日电，10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上表示，人民银行将 研究实施支持个人修复信用的政策措施。过去几年，受新冠疫情等不可抗力影响，一些个人发生了债务 逾期，虽然事后全额偿还，但相关信用记录仍持续影响其经济生活。为帮助个人加快修复信用记录，同 时发挥违约信用记录的约束效力，人民银行正在研究实施一次性的个人信用救济政策，对于疫情以来违 约在一定金额以下且已归还贷款的个人违约信息，将在征信系统中不予展示。这项措施将在履行相关的 程序后，由人民银行会同金融机构进行必要的技术准备，计划在明年初执行。 ...

10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜表示，研究实施支持个人修复信用的政 策措施。人民银行运营的征信系统是一项重要的金融基础设施，对企业和个人的金融违约行为进行记 录，并供金融机构在开展业务时进行查询和风险评估，20多年来，对我国社会信用体系建设、防范金融 风险发挥了重要作用。根据《征信业管理条例》，在征信系统中，违约记录的存续期为5年。 责编:史健 | 审核:李震 | 监审:古筝 （来源：第一财经） 过去几年，受新冠疫情等不可抗力影响，一些个人发生了债务逾期，虽然事后全额偿还，但相关信用记 录仍持续影响其经济生活。为帮助个人加快修复信用记录，同时发挥违约信用记录的约束效力，人民银 行正在研究实施一次性的个人信用救济政策，对于疫情以来违约在一定金额以下且已归还贷款的个人违 约信息，将在征信系统中不予展示。这项措施将在履行相关的程序后，由人民银行会同金融机构进行必 要的技术准备，计划在明年初执行。（第一财经记者 杜川） ...

人民财讯10月27日电，10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上表示，人民银行将 研究实施支持个人修复信用的政策措施。过去几年，受新冠疫情等不可抗力影响，一些个人发生了债务 逾期，虽然事后全额偿还，但相关信用记录仍持续影响其经济生活。为帮助个人加快修复信用记录，同 时发挥违约信用记录的约束效力，人民银行正在研究实施一次性的个人信用救济政策，对于疫情以来违 约在一定金额以下且已归还贷款的个人违约信息，将在征信系统中不予展示。这项措施将在履行相关的 程序后，由人民银行会同金融机构进行必要的技术准备，计划在明年初执行。 ...