Group 1 - The 2025 Financial Street Forum released important policy signals regarding macroeconomic management and financial stability [2][3] - The People's Bank of China emphasized the need to strengthen systemic financial risk monitoring and assessment [4][6] - A supportive monetary policy stance will be maintained, with a focus on enhancing the execution and transmission of monetary policy [7][8] Group 2 - The National Financial Regulatory Administration aims to improve economic and financial adaptability by promoting a new financial service model that balances direct and indirect financing [9][10] - There will be a focus on long-term capital investment policies and the construction of a modern financial institution system [10][11] - Efforts will be made to consolidate risk disposal achievements and facilitate the restructuring of small and medium-sized financial institutions [11] Group 3 - The China Securities Regulatory Commission plans to deepen the reform of the ChiNext board and introduce new listing standards for innovative enterprises [12][13] - The introduction of a refinancing framework and the optimization of the Qualified Foreign Institutional Investor system are also on the agenda [13][14] - Enhancements in investor protection measures will be implemented to strengthen the safety net for small investors [14] Group 4 - The State Administration of Foreign Exchange is set to introduce new policies to facilitate trade and expand cross-border trade pilot programs [15][16] - A unified foreign exchange policy system will be developed to promote trade innovation and improve the management of funds for domestic companies listed abroad [16]

Core Insights - The 2025 Financial Street Forum highlighted significant policy signals from key financial management officials in China [3] Group 1: Monetary Policy and Financial Management - The People's Bank of China (PBOC) is accelerating the establishment of a comprehensive macro-prudential management system and maintaining a moderately loose monetary policy [4] - The PBOC plans to enhance the management system for digital currency and support more commercial banks to operate digital currency businesses [4] - A one-time personal credit relief policy is being studied, which will not display certain overdue information in credit systems for individuals who have repaid loans below a specified amount since the COVID-19 pandemic [5] Group 2: Financial Reform and Development - The head of the National Financial Supervision Administration emphasized the importance of improving economic and financial adaptability and deepening reforms [6][7] - The China Securities Regulatory Commission (CSRC) will initiate reforms in the Growth Enterprise Market to better align listing standards with the characteristics of emerging industries [9] - A new financial service model will be developed that balances direct and indirect financing, and aligns financing terms with industrial development [10] Group 3: Capital Market and Investor Protection - The first batch of newly registered companies in the Sci-Tech Innovation Board is expected to go public soon [11] - The CSRC plans to enhance the protection of small investors in the capital market through new policies [11] - The PBOC is set to introduce nine new policies to facilitate trade and expand the scope of high-level cross-border trade openness [12]

"我们将继续坚持支持性的货币政策立场，实施好适度宽松的货币政策，综合运用多种货币政策工具， 提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。同时，继续完善货币政策框架，强化 货币政策的执行和传导。"10月27日，中国人民银行党委书记、行长潘功胜在2025金融街论坛年会上的 主题演讲中表示。 针对金融市场，外汇市场有远期售汇业务风险准备金、跨境融资宏观审慎调节参数等工具。债券市场有 杠杆水平、期限错配管理和窗口指导等工具。股票市场有支持资本市场稳定发展的两项货币政策工具， 支持汇金公司发挥"类平准基金"作用。正在考虑的一个问题是，综合平衡维护金融市场稳定运行和防范 金融市场道德风险，探索在特定情景下向非银机构提供流动性的机制性安排。 针对房地产金融领域，主要有首付比、利率、房地产贷款风险权重、居民债务收入比等工具。 针对风险处置资源，有存款保险基金、金融稳定保障基金等，人民银行依法履行最后贷款人职责。将继 续拓展丰富宏观审慎管理的工具箱，动态评估优化。 "构建宏观审慎管理体系是一个持续推进的动态过程，也是需要各方推动、高效协同的系统工程。人民 银行将认真落实'十五五'规划要求，与各方共同努力，加快构建 ...

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五年。 从市场角度看，这一举措将直接改善信贷生态，减少消费者与银行、征信机构之间的摩擦成本。北京信 用学会副会长刘新海进一步称，部分本已归还贷款但仍被征信记录影响的个人，将重新获得信贷资格， 从而带动消费回暖，提振金融活力。对金融机构而言，也有助于降低不必要的信贷僵化与风险评估偏 差，使征信体系回归"服务金融、服务实体经济"的本源。 10月27日，2025金融街论坛年会在京举办，中国人民银行行长潘功胜作题为《中国宏观审慎管理体系的 建设实践与未来演进》的演讲。潘功胜不仅强调了人民银行在推进宏观审慎管理工作方面的部署，如重 点关注金融机构的杠杆水平和期限错配，探索在特定情景下向非银机构提供流动性的机制性安排等；更 对多个近期市场热议话题进行一一回应。 恢复公开市场国债买卖操作 "一年多来，面对复杂严峻的国内外形势，人民银行按照中央决策部署，坚持支持性的货币政策立 ...

Core Insights - The 2025 Financial Street Forum released significant policy signals regarding macroeconomic management and financial stability [2] Group 1: Macro Prudential Management - The People's Bank of China aims to accelerate the establishment of a comprehensive macro-prudential management system [3] - There will be a focus on enhancing the monitoring and assessment of systemic financial risks [4] - The central bank will continue to support a moderately accommodative monetary policy stance [7] Group 2: Digital Currency and Credit Policies - Efforts will be made to optimize the management system for digital renminbi [5] - The central bank is researching a one-time personal credit relief policy for individuals who have defaulted on loans below a certain amount since the COVID-19 pandemic, with plans to implement this by early next year [8] Group 3: Financial Adaptability and Reform - The National Financial Regulatory Administration emphasizes improving economic and financial adaptability [9] - There will be a push to create a new financial service model that balances direct and indirect financing, and aligns financing terms with industry development [10] - The administration will also focus on enhancing long-term capital investment policies and promoting the development of modern financial institutions [10] Group 4: Capital Market Reforms - The China Securities Regulatory Commission will deepen reforms in the ChiNext board, introducing listing standards that better fit emerging industries [12] - There are plans to launch a refinancing framework and expand support channels for mergers and acquisitions [13] Group 5: Foreign Exchange Policy - The State Administration of Foreign Exchange is set to introduce new policies to enhance trade facilitation, including expanding cross-border trade pilot programs [15] - Upcoming measures will include the implementation of a unified currency pool for multinational companies and integrated foreign exchange management reforms in free trade zones [16]

Group 1 - The 2025 Financial Street Forum opened in Beijing, focusing on "Innovation, Transformation, and Reshaping Global Financial Development" [1] - The People's Bank of China (PBOC) will maintain a supportive monetary policy stance to create a favorable financial environment for economic recovery and market stability [1] - The PBOC plans to implement moderately loose monetary policies and enhance the macro-prudential management system to monitor systemic financial risks [1] Group 2 - The National Financial Regulatory Administration aims to improve economic and financial adaptability, deepen reforms, and enhance the vitality of the financial sector [2] - The administration will focus on balancing financial development and security to contribute to the construction of a financial powerhouse [2] - The China Securities Regulatory Commission (CSRC) will advance sector reforms to enhance the inclusiveness and coverage of the multi-tiered market system [2] Group 3 - The State Administration of Foreign Exchange (SAFE) will deepen reforms in the foreign exchange sector while ensuring systemic risk prevention [3] - SAFE aims to create a more convenient, open, secure, and intelligent foreign exchange management system [3] - International financial leaders emphasized the importance of global cooperation to address challenges and enhance financial stability [3]

Core Viewpoint - The speech by the Governor of the People's Bank of China emphasizes the importance of establishing a comprehensive macro-prudential management system to enhance financial stability and prevent systemic risks in the financial sector [9][10]. Monetary Policy - The People's Bank of China has maintained a supportive monetary policy stance, with key indicators reflecting this approach: as of September, the social financing scale grew by 8.7% year-on-year, M2 increased by 8.4%, and loans rose by 6.6% [4]. - The central bank plans to continue implementing an appropriately loose monetary policy, utilizing various tools to ensure liquidity remains ample [4]. Government Bonds and Market Operations - The People's Bank of China has engaged in buying and selling government bonds in the secondary market to enhance monetary policy tools and support the bond market's development [5]. - Operations were paused earlier this year due to market imbalances but are set to resume as the bond market stabilizes [5]. Digital Currency and Virtual Currencies - The digital yuan, a legal digital currency issued by the People's Bank of China, has seen the establishment of an initial ecosystem, with plans for further optimization and support for more commercial banks to operate in this space [6]. - The central bank remains cautious about the development of virtual currencies, particularly stablecoins, due to their potential financial risks and regulatory challenges [7]. Credit Repair Policies - The People's Bank of China is researching policies to support individuals in repairing their credit records, particularly for those who have defaulted due to the pandemic but have since repaid their debts [8]. Macro-Prudential Management Framework - China has made significant progress in establishing a macro-prudential management framework since the 2008 financial crisis, focusing on systemic risk prevention and enhancing financial stability [10][12]. - The framework includes various measures such as differentiated reserve requirements and a macro-prudential assessment (MPA) system to link credit growth with financial stability [13]. Future Directions - The People's Bank of China aims to enhance the macro-prudential management system by improving the monitoring of systemic financial risks, reinforcing regulations for systemically important financial institutions, and addressing international financial market risks [14][15][16]. - The central bank plans to expand its toolkit for macro-prudential management, ensuring a comprehensive approach to financial stability [18]. Governance and Coordination - A macro-prudential and financial stability committee has been established to enhance coordination among various financial regulatory bodies, ensuring a unified approach to managing financial risks [19].

党的十九大提出，健全货币政策和宏观审慎政策双支柱调控框架。近年来，中国人民银行有序推进，取 得重要进展。刚刚召开的党的二十届四中全会进一步提出，构建科学稳健的货币政策体系和覆盖全面的 宏观审慎管理体系。 21世纪经济报道记者唐婧 10月27日下午，以"创新、变革、重塑下的全球金融发展"为主题的2025金融 街论坛年会在京开幕。会上，中国人民银行行长潘功胜以"中国宏观审慎管理体系的建设实践与未来演 进"发表演讲。 在去年6月份的陆家嘴论坛上，潘功胜对中国未来货币政策框架的演进作了比较系统的介绍。在2025金 融街论坛开幕式上，潘功胜对中国宏观审慎管理体系的演进方向进行了深入阐释。 潘功胜坦言，比较来看，货币政策是中央银行传统职责，制度框架比较清晰成熟；宏观审慎管理全球虽 然也有不少实践，但起步不久，仍处于不断探索和完善的过程中。在构建覆盖全面的宏观审慎管理体系 方面，人民银行主要有以下四大重点工作方向：一是更好覆盖宏观经济运行和金融风险的关联性；二是 更好覆盖金融市场的运行；三是更好覆盖系统重要性金融机构；四是更好覆盖国际经济和金融市场风险 的外溢影响。 记者了解到，夯实系统重要性金融机构附加监管将是央行完善宏 ...

Core Insights - The 2025 Financial Street Forum, held in Beijing from October 27 to 30, focuses on promoting high-quality global financial development and calls for innovation consensus, transformative momentum, and collaborative actions to build a more resilient, inclusive, and sustainable global financial system [1][2] Group 1: Key Financial Reforms - The People's Bank of China aims to enhance the macro-prudential management system by strengthening the monitoring and assessment of systemic financial risks and improving risk prevention measures for key institutions and sectors [1] - The National Financial Regulatory Administration emphasizes improving economic and financial adaptability to promote sustainable economic and social development while deepening reforms and expanding openness in the financial sector [1][2] Group 2: Capital Market Development - The China Securities Regulatory Commission focuses on risk prevention, strong regulation, and promoting high-quality development, enhancing the inclusiveness, adaptability, and competitiveness of China's capital market [2] - The foreign exchange management system will be improved to be more convenient, open, secure, and intelligent, with policies aimed at trade facilitation and high-level institutional opening in the foreign exchange sector [2] Group 3: Forum Significance - The Financial Street Forum, established in 2012, is recognized as a barometer for China's financial reform and development, attracting over 400 guests from more than 30 countries and regions, marking the highest participation in its history [2]

Core Viewpoint - The People's Bank of China (PBOC) will maintain a supportive monetary policy stance, implementing moderately loose monetary policies and enhancing the monetary policy framework to ensure liquidity arrangements across different time horizons [1][2]. Group 1: Monetary Policy and Market Operations - The PBOC plans to utilize various monetary policy tools to provide liquidity and maintain relatively loose social financing conditions [1]. - The initiation of government bond trading in the secondary market is seen as a significant measure to enhance the financial functions of government bonds and improve the pricing benchmark role of the yield curve [2]. - The PBOC will resume open market operations for government bonds, which had been paused earlier this year due to market imbalances and accumulated risks [2]. Group 2: Credit and Risk Management - The PBOC is researching policies to support individuals in repairing their credit records, particularly for those who have defaulted due to the pandemic but have since repaid their debts [1]. - A preliminary plan for monitoring and assessing systemic financial risks has been developed, with plans to release a list of systemically important insurance companies [2]. - The PBOC aims to establish a comprehensive macro-prudential management system that covers various aspects of economic and financial risk [2]. Group 3: Virtual Currency and Regulatory Measures - The PBOC acknowledges the rise of virtual currencies, especially stablecoins, and emphasizes the need for cautious regulation due to potential financial risks [3]. - The PBOC has been actively issuing policies to prevent and manage risks associated with domestic virtual currency trading since 2017, which remain in effect [3]. - Future efforts will focus on combating domestic virtual currency operations and closely monitoring the development of overseas stablecoins [3].