Core Viewpoint - The Financial Regulatory Administration emphasizes the importance of risk prevention and aims to enhance the adaptability of the financial economy while promoting a new financial service model that balances direct and indirect financing, investment in goods and people, and aligns financing terms with industrial development [1][2][3] Group 1: Financial Development and Risk Management - The Financial Regulatory Administration will focus on the primary responsibility of risk prevention and will steadily advance the merger and restructuring of small and medium-sized financial institutions while improving quality and reducing quantity [1][3] - There has been significant progress in the high-quality development of the financial industry during the "14th Five-Year Plan" period, with important achievements in the battle against financial risks [1] - The administration aims to strengthen the financial supply-side structural reform, enhance the quality and resilience of development, and improve international influence [2][3] Group 2: Support for Economic Growth - The administration plans to support major projects and enhance funding supply to boost consumption and upgrade demand, focusing on the strategic basis of expanding domestic demand [2] - There will be a push for a new financial service model that coordinates direct and indirect financing, emphasizes long-term capital investment in technology, and supports the integration of technological and industrial innovation [2] Group 3: Regulatory Enhancements - The Financial Regulatory Administration will enhance the effectiveness of financial regulation by improving legal and regulatory frameworks and establishing a clear, precise, and effective tiered regulatory system [3] - There will be an emphasis on strengthening cross-border risk monitoring and response mechanisms to improve international regulatory cooperation and crisis management efficiency [3]

Core Viewpoint - The speech by Li Yunzhe at the 2025 Financial Street Forum emphasizes the importance of strengthening financial support to ensure the high-quality development of the economy and society during the "14th Five-Year Plan" and moving forward into the "15th Five-Year Plan" period [1] Group 1: Economic and Financial Adaptability - The focus is on enhancing economic and financial adaptability to promote sustainable and healthy economic development, with a new financial service model that balances direct and indirect financing, investment in goods and people, and aligns financing terms with industrial development [2] - There is a commitment to support major strategies and key areas, particularly in smart, green, and integrated development, to provide more financial resources for traditional and emerging industries [2] - The strategy includes optimizing trade financing and export credit insurance to facilitate domestic and international trade integration, thereby enhancing domestic and international dual circulation [2] Group 2: Reform and Opening Up - The plan includes deepening reforms and expanding openness in the financial sector to enhance development momentum and vitality, focusing on structural reforms in financial supply [3] - There is an emphasis on building a modern financial institution system and promoting differentiated development among various financial institutions to create a healthy financial ecosystem [3] - The initiative aims to improve the international operational capabilities of Chinese financial institutions and actively participate in international financial governance reform [3] Group 3: Financial Development and Security - The need to balance financial development with security is highlighted, with a focus on preventing systemic financial risks and enhancing risk management frameworks [4] - Measures will be taken to improve the efficiency of financial regulation and to establish a clear and effective regulatory framework [4] - The strategy includes strengthening international cooperation in financial regulation to address major risks and challenges globally [4] Group 4: Financial Development in Beijing - The speech notes that during the "14th Five-Year Plan" period, Beijing has made significant progress in implementing the "Four Centers" strategic positioning, with a focus on attracting quality financial resources to support high-quality economic and social development [5] - The establishment of financial asset investment companies by major banks in Beijing is mentioned as part of the ongoing efforts to enhance the financial ecosystem in the capital [5]

Core Insights - The 2025 Financial Street Forum focuses on "Innovation, Transformation, and Reshaping of Global Financial Development" [1] - Li Yunzhe emphasizes the importance of financial support for high-quality economic and social development during the "14th Five-Year Plan" and outlines goals for the "15th Five-Year Plan" [1][4] Group 1: Financial Adaptability - The need to create a new financial service model that balances direct and indirect financing, investment in goods and people, and aligns financing terms with industry development [3] - Support for major strategies and key areas to enhance the quality and reasonable growth of the economy [3] Group 2: Modern Industrial System and New Productivity - Focus on intelligent, green, and integrated directions to provide more financial resources for traditional industries and emerging sectors [4] - As of September 2025, loans in key areas like technology, green initiatives, and digital economy are growing significantly faster than overall loan levels, with green loans leading at a 22.9% growth rate [4] Group 3: Reform and Opening Up - Emphasis on deepening financial supply-side structural reforms to enhance institutional layout and international influence [6] - Encouragement for financial institutions to focus on their core businesses and engage in differentiated competition to build a healthy financial ecosystem [6] Group 4: Financial Development and Security - Commitment to risk prevention and maintaining systemic financial stability amid global economic uncertainties [8] - As of October 15, 2025, 326 banks have exited the market through dissolution, merger, or cancellation, indicating a significant increase in the consolidation of local banks [9] Group 5: Regulatory Framework - Continuous improvement of financial regulatory effectiveness and the establishment of a tiered regulatory framework [9] - Call for enhanced global cooperation to strengthen the global financial safety net and improve crisis management efficiency [9]

Core Viewpoint - The National Financial Regulatory Administration emphasizes the need to accelerate the establishment of a modern financial enterprise system with Chinese characteristics, focusing on correct operational, performance, and risk perspectives [1] Group 1: Financial Institution Management - Financial institutions are encouraged to strengthen internal capabilities and improve cost efficiency [1] - There is a commitment to rectify disorderly competition and maintain a healthy and fair financial order [1] Group 2: Financial Sector Opening - The administration aims to promote a new level of high-level opening in the financial sector [1] - Efforts will be made to advance institutional opening in broader and deeper areas, implementing a national treatment before entry and a negative list management system [1] Group 3: International Engagement - There is a focus on enhancing the cross-border management capabilities of Chinese financial institutions to support high-quality Belt and Road Initiative construction [1] - The administration seeks to actively participate in international financial governance reform, contributing Chinese wisdom to improve international financial regulatory rules and industry standards [1]

10月27日，在2025金融街论坛年会开幕式上，国家金融监督管理总局党委书记、局长李云泽表示，将坚 持问题导向，进一步深化金融供给侧结构性改革。引导不同类型、不同规模的机构找准定位、专注主 业、错位竞争，实现特色化经营、差异化发展，共同构筑多元有序、健康持续的金融生态。力促行业高 质量发展迈上新台阶。加快健全中国特色现代金融企业制度，引导金融机构树牢正确的经营观、业绩 观、风险观，苦练内功、降本增效。坚决纠正无序竞争行为，切实维护健康公平的金融秩序。 ...

Core Viewpoint - The Chinese financial regulatory authority is committed to enhancing the financial regulatory system during the "14th Five-Year Plan" period, focusing on systemic reform and improvement of regulatory effectiveness [1][2][3] Group 1: Regulatory System Improvement - Significant progress has been made in revising important industry laws, with 171 regulatory documents issued over the past five years, establishing a comprehensive regulatory framework that integrates macro and micro prudential supervision [1] - The revision draft of the Banking Supervision Law has been discussed and approved by the State Council, while the Insurance Law revision is also advancing [1] Group 2: Enhanced Regulatory Effectiveness - The regulatory authority has implemented tiered supervision for 41 key institutions and delegated regulatory powers to 112 small and medium-sized insurance companies, focusing on critical risks and behaviors that threaten financial stability [2] - The "Golden Supervision Project" has been launched, utilizing big data and artificial intelligence to strengthen regulatory capabilities [2] Group 3: Consumer Protection Initiatives - A collaborative "big consumer protection" framework has been established, promoting better product suitability management and marketing practices to create a safer financial consumption environment [2] - The number of illegal fundraising cases has decreased by 50% compared to the "13th Five-Year Plan" period, enhancing the protection of consumers' financial assets [2] Group 4: Industry Reform and Efficiency - The integration of party leadership and corporate governance is being promoted, with a focus on differentiated and specialized development of financial institutions [3] - Insurance companies have reduced costs by 350 billion yuan since 2024, with the comprehensive cost ratio for property insurance companies reaching a ten-year low and expense ratios hitting a 20-year low, indicating sustained internal growth momentum in the industry [3]