对于未来如何持续深化金融体制改革，《报告》提出了五个方面的建议。 21世纪经济报道记者 周妙妙 深圳报道 5月18日，中国人民银行金融研究所所长丁志杰在2025清华五道口全球金融论坛发布《中国金融政策报 告2025》（以下简称《报告》）。《报告》由清华大学五道口金融学院与中国社会科学院金融政策研究 中心联合组织编写，主题为"持续深化金融体制改革 加快建设中国特色现代金融体系"。 "我国金融系统在内外部压力中要加快改革步伐，继续提升体系韧性。"丁志杰表示。《报告》详细总结 了2024年国内金融调控、金融市场、金融机构、金融监管、金融产品与服务、金融基础设施等金融体系 六大核心组成部分的建设情况，并从改革、监管、开放等方面对未来的金融体制改革做出展望。 三是筑牢金融稳定保障，加强监管。推动监管兜底机制与早期纠偏制度的建设，强化宏微观审慎协同， 依法将所有金融活动纳入监管，健全中央和地方监管责任划分。聚焦中小银行改革和风险处置，提升治 理能力和资本补充机制。 四是恪守金融本源，提升金融的服务质效。金融机构需要聚焦服务实体经济主责主业，提升资源配置效 率和专业能力，加强内部治理、风控与审计。防止脱实向虚，引导金融科技 ...

Group 1: Global Currency System and Dollar Status - The recent sell-off of dollar assets is viewed as a short-term phenomenon, and despite a decline in trust, the dollar's dominant position in the global currency system remains difficult to challenge [4] - New currencies like the euro, renminbi, and Special Drawing Rights (SDR) are unlikely to gain widespread acceptance in the short term, as the formation of reserve currencies requires long-term accumulation of national economic strength [4] - The transition from a unipolar to a multipolar global currency system requires significant changes in the economic field, which is still a distant goal [4] Group 2: Development of Digital Renminbi - Public acceptance of digital renminbi depends on its advantages over existing payment methods; without unique benefits, it may struggle to gain popularity [5] - The success of digital renminbi in international markets faces challenges similar to those in China, where entrenched payment methods like credit cards hinder the adoption of alternatives [5] - Market forces should drive the development of digital renminbi, with widespread adoption occurring only when businesses find it more convenient and cost-effective than traditional banking [5] Group 3: Internationalization of Renminbi - The path to renminbi internationalization is long and challenging, with non-convertibility and strict capital controls being the main obstacles [7] - Despite China's significant role in global trade, the current economic environment is not conducive to opening capital accounts and achieving full convertibility of the renminbi [7] - Long-term, as China's economy continues to develop, issues surrounding renminbi convertibility and capital flow will gradually be resolved, leading to its important position in the global currency system [7]

《中国金融政策报告2025》(下称"报告")18日在2025清华五道口全球金融论坛上发布，该论坛于17日至 18日在深圳举办。报告称，中国金融系统在内外部压力中要加快改革步伐，继续提升体系韧性，并提出 中国金融改革五项重点。 上述报告由中国央行金融研究所所长丁志杰代表《中国金融政策报告》课题组发布。关于中国金融体制 改革，报告提出五项重点。一是优化金融资源配置，最重要的是保持金融环境稳定。 五是着力推进金融高水平开放，加快建设金融强国。丁志杰在此重点强调了两方面，一方面是扎实推进 人民币国际化，另一方面是加快推进国际金融中心的建设。人民币国际化需要提升跨境结算、融资、投 资和储备功能，加强与境外市场互联互通，发展离岸人民币产品，推进国际金融中心建设。 丁志杰进一步说，人民币国际化需要有强大的国际金融中心支持，与中国离岸市场发展相比，境内金融 市场的开放更为关键，所以需要扩大金融市场开放的广度与深度，增强中国金融的话语权。 报告还称，当前中国金融改革处于新的重要关口。外部形势严峻复杂，全球经济波动加剧，国际贸易秩 序重构，地缘风险开始上升。此外，金融安全与监管领域也面临挑战，科技革命正在加速金融竞争格局 的重塑 ...

A 股策略周报 20250518 ➢ 当下主题投资活跃，但力度未来很难回到一季度。2025 年 Q1 的主题行业 具备诸多条件的共振：经济基本面预期企稳向上为科技制造业提供了盈利基本 面，而主题行业本身又存在催化，甚至引领了中国资产重估的叙事。当前贸易 冲击阶段平复，但是全球经济在关税冲突前就在放缓的趋势仍未改变，未来出 口有新的扰动，中小盘成长由于对出口的暴露更高，表现波动也会明显放大； 当下贸易和谈带来的信心修复，来源恰好是中国总量供给在全球的优势，而不 是单一科技行业的突破，反而核心科技主题当下缺乏新产业催化做进一步支 撑。总结来看，2025 年 Q1 是科技突破引领市场风险偏好，而现在是市场风险 偏好修复投资者风格阶段轮动科技主题，持续性资产较弱。 ➢ 未破未立的尴尬，但新秩序，新故事一直在孕育。第一，内需消费长效机 制的逐步建立下板块具备净利润增长、股息支付和估值提升三类收益来源，推 荐家电、食品饮料、化妆品、潮玩、旅游休闲、游戏、线上零售等；详细分析 可参考前期周报《修复之后，关注变化》。第二，中国对外贸易体系重塑下部分 提前完成出清供需格局相对良好的中国优势产业的产能价值有望逐渐体现（机 械设备 ...

Group 1 - The core viewpoint of the article emphasizes the future financial system reforms in China, focusing on optimizing financial resource allocation, enhancing the central bank system, ensuring financial stability, improving financial service quality, and promoting high-level financial openness [2][3][4] Group 2 - The importance of maintaining a stable financial environment is highlighted, with a call to improve multi-level capital markets and support long-term funding for strategic emerging industries and technological innovation [2] - The need for deepening interest rate marketization reform and enhancing the effectiveness of policy interest rates is discussed, aiming to optimize the design of structural monetary policy tools [3] - Strengthening regulatory frameworks and enhancing governance capabilities of small and medium-sized banks are emphasized to ensure financial stability [3] - Financial institutions are urged to focus on serving the real economy and improving resource allocation efficiency while preventing excessive speculation [3] - The strategic significance of advancing the internationalization of the Renminbi and developing offshore Renminbi products is noted, alongside the necessity for a robust international financial center [4]

北京商报讯（记者 岳品瑜 董晗萱）5月17日—18日，2025清华五道口全球金融论坛在深圳召开。会上， 中国人民银行金融研究所所长丁志杰发布《中国金融政策报告2025》（以下简称《报告》）。《报告》 分析了当前中国金融发展面临的挑战和机遇，全面梳理了2024年金融体系六大核心组成部分的建设情 况，并从改革、监管、开放等方面对未来的金融体制改革做展望。 其次是金融安全与监管领域的问题，包括各国监管改革尤其美国监管改革会对全球金融体系稳定的影 响。数字货币领域一系列进展也对传统金融体系构成挑战。丁志杰认为，这一轮挑战中也存在机遇，即 未来金融体系可能面临一系列深层次重构。 此外，科技革命正在加速金融竞争格局的重塑，包括AI技术在金融领域的广泛应用使得当前全球金融 体系进入技术更新迭代的周期。 从国内来看，一是内需依然不够稳固，群众就业、增收都面临压力，一部分企业生产经营面临困难，地 方财政"捉襟见肘"。二是新旧动能转换，需先立后破，防范新兴产业出现过剩或投资过热问题，警惕新 旧动能断档失速风险。三是金融风险问题依然存在，房地产和地方政府债务以及中小金融机构风险依然 是重点领域。 丁志杰指出，总体来看，我国的金融系 ...

国家外汇管理局副局长李红燕表示，国家外汇管理局紧紧围绕首都城市战略定位，全力支持 北京金融高质量发展，积极支持外汇管理创新政策率先落地北京，支持北京科创企业发展， 支持北京地区金融市场双向开放。下一步，将进一步加大工作力度， 支持北京对接国际高标 准经贸规则，先行先试更多首创性外汇政策，更好服务北京国家金融管理中心建设 。 来源：中国证券报 关注" 新华网财经 "视频号 更多财经资讯等你来看 潘功胜表示，中国人民银行积极支持北京市经济金融高质量发展，着力营造良好的货币金融 环境，支持重点经济领域发展，推动首都金融业平稳健康发展，优化北京金融营商环境。面 向"十五五"，中国人民银行将紧紧围绕金融强国建设，持续推动强大的中央银行与国家金融 管理中心建设互促共进， 支持完善首都金融功能布局，支持北京打造科技金融发展高地，推 动北京人民币国际化继续走在全国前列，不断提升北京国家金融管理中心的国际影响力 。 李云泽表示，金融监管总局全力支持加强北京国家金融管理中心功能建设，更好促进首都经 济社会高质量发展。进一步加强监管引领，强化金融机构功能定位，健全首都金融业态。 支 持金融政策先行先试，完善首都金融服务体系。深化金 ...

Group 1 - Hong Kong is positioned as a crucial bridge connecting mainland China and global markets, particularly in the promotion of the digital yuan and its cross-border settlement system [1][4] - The suggestion is made for Hong Kong to become a "pilot testing zone" for the cross-border use of the digital yuan, exploring various application scenarios to enhance its global influence and contribute to the internationalization of the yuan [1][4] - Hong Kong is a key participant in the multilateral central bank digital currency bridge project, with ongoing efforts to connect the mainland's rapid payment system with Hong Kong's Faster Payment System [4][5] Group 2 - The digital yuan's cross-border testing in Hong Kong has shown significant efficiency improvements, such as a 98% reduction in transaction fees when payments are made directly to suppliers without intermediary banks [3] - There is a proposal for establishing important financial infrastructure in Hong Kong to facilitate international access while ensuring national financial security [5] - The collaboration between the People's Bank of China and the Hong Kong Monetary Authority in the second phase of testing for digital yuan cross-border retail payments aims to enhance the value of digital yuan wallets through the Faster Payment System [5]

Group 1: Core Perspectives - The global financial system is undergoing profound changes since the establishment of the Bretton Woods system in 1944, transitioning from a unipolar to a multipolar governance model [3] - The dominance of the US dollar is being challenged by unilateral US policies, prompting a need for reform in international institutions to reflect the economic weight of emerging markets [3][4] - The internationalization of the Chinese yuan is progressing, but full convertibility will require more time [3][4] Group 2: Institutional Reform - The reduction of US funding to multilateral institutions is pushing organizations like the World Bank to adopt mixed financing models to address infrastructure gaps in developing countries [4] - The Asian Infrastructure Investment Bank (AIIB) has successfully implemented 132 projects across 47 countries, with 38% involving private sector investment [4] - Suggestions for the International Monetary Fund (IMF) include expanding the Special Drawing Rights (SDR) basket to enhance representation and developing a super-sovereign currency based on SDR [4] Group 3: Regional Practices - The Regional Comprehensive Economic Partnership (RCEP) has led to a 90% zero-tariff ratio on goods traded among member countries, solidifying Asia's role in the global supply chain [6] - AIIB is collaborating with ASEAN to establish a $10 billion green infrastructure fund, focusing on cross-border electricity and low-carbon technology transfer [6] - The introduction of digital currencies, such as China's digital yuan, is being tested in ASEAN countries, creating a "digital currency corridor" that may support a future multi-currency system [6]

Core Viewpoint - The article discusses the implications of the recent US-China trade negotiations and the impact of tariffs on China's exports and economy, emphasizing the need for comprehensive economic discussions beyond just tariffs [1][2][3]. Tariff Negotiations and Impacts - As of May 12, 2025, both the US and China had imposed tariffs of 125% and 145% respectively, but agreed to suspend 91% of these tariffs and delay 24% for 90 days for further negotiations [1][2]. - The "fentanyl tariffs" imposed by the US account for 30% of tariffs on Chinese goods, with a significant portion justified by claims of inadequate Chinese action against fentanyl [2][3]. - If negotiations do not yield results within 90 days, China could face an average tariff increase to 47.4%, significantly impacting trade relations [3][8]. Export Projections - The tariffs are projected to reduce China's exports by approximately 1.2 trillion RMB in 2025, leading to an estimated year-on-year decline of 4.5% [5][11]. - The average tariff on Chinese exports to the US is expected to rise by 32.6% if negotiations are successful, while a failure could see tariffs average 47.7% [8][9]. Economic Growth and GDP Impact - The increase in tariffs is estimated to reduce China's GDP growth by 0.6 percentage points in 2025, with potential further declines depending on the outcome of negotiations [12][13]. - The elasticity of China's GDP growth in response to US tariffs is estimated at -0.02, indicating that each percentage point increase in tariffs could reduce GDP growth by 0.02 percentage points [13]. Trade Dynamics and Strategies - The article highlights the importance of diversifying trade relationships, particularly with ASEAN and Mexico, as these regions have shown faster export growth compared to overall Chinese exports [10]. - The potential for increased re-export trade through these regions is noted, with estimates suggesting a significant rise in trade volumes in the short term [10]. Policy Recommendations - The article suggests that China should implement fiscal policies to stimulate domestic consumption, especially in light of expected declines in exports [14][15]. - It advocates for a shift in focus from investment-driven growth to consumption-driven growth, proposing measures such as expanding consumer subsidies and enhancing financial openness [14][17].