格隆汇2月16日｜中央财办分管日常工作的副主任、中央农办主任韩文秀在《求是》发表文章《坚持稳 中求进、提质增效 努力实现"十五五"良好开局》，文章提到，要妥善做好重点领域风险化解，守住守 牢安全底线。从房地产市场供需两端发力，因城施策控增量、去库存、优供给，着力稳定房地产市场， 有序推动安全、舒适、绿色、智慧的"好房子"建设，以构建房地产发展新模式为牵引推动房地产高质量 发展。积极有序化解地方政府债务风险，督促各地主动化债，严防虚假化债，不得违规新增隐性债务。 优化债务重组和置换办法，多措并举化解地方政府融资平台经营性债务风险。稳妥推进地方中小金融机 构风险化解、减量提质，充实风险处置资源和手段，强化早期干预和处置，牢牢守住不发生系统性风险 的底线。 ...

Core Viewpoint - The National Financial Supervision Administration emphasizes the need to effectively manage risks in small and medium-sized financial institutions, focusing on resolving existing risks and preventing new ones, while maintaining a "no explosion" bottom line [1][2]. Group 1: Existing Risks - Existing risks in small and medium-sized financial institutions are primarily concentrated in four areas: non-performing assets, capital strength, corporate governance, and regional concentration [1]. - The quality of assets is a significant concern, particularly due to rising non-performing loan rates in real estate and local government financing, as well as increased default pressures on retail loans to small and micro enterprises [3][4]. - Issues such as complex ownership structures and weak internal controls exacerbate the risks, especially in economically underdeveloped regions [4]. Group 2: Potential Incremental Risks - Incremental risks are identified in three main areas: rough operating models, changes in the external environment, and moral hazards [1][5]. - Some institutions may engage in high-risk business practices or expand into complex financial derivatives due to pressure from narrowing interest margins [5]. - The ongoing low-interest-rate environment and structural disparities in economic recovery could lead to new credit risks, while competition from larger banks may force smaller institutions to lower risk standards [5]. Group 3: Regulatory Progress and Future Directions - The Financial Supervision Administration has made significant progress in risk management for small and medium-sized financial institutions, with a notable reduction in the number and scale of high-risk institutions [2]. - Future work will focus on a structured approach to risk resolution, emphasizing the responsibilities of various stakeholders and the establishment of a normalized risk disposal mechanism [2]. - The administration aims to enhance regulatory measures to prevent the accumulation of new risks through early correction mechanisms and strict enforcement against illegal activities [5].

Core Viewpoint - The resolution of risks and the healthy development of small and medium-sized financial institutions are crucial for financial security and the smooth operation of the real economy. The recent Central Economic Work Conference emphasized the need to "deeply promote the reduction and quality improvement of small and medium-sized financial institutions" [1]. Group 1: Risk Resolution and Development - The 2025 Government Work Report highlights the need to advance the risk disposal and transformation of local small and medium-sized financial institutions according to market-oriented and legal principles, employing methods such as capital replenishment, mergers and acquisitions, and market exit to categorize and resolve risks [1]. - A systematic legal framework for risk disposal and transformation is necessary, focusing on the establishment of a financial stability law that clarifies the conditions for triggering risk disposal, responsible parties, and available tools [1]. Group 2: Strengthening Deposit Insurance Functions - The role of deposit insurance institutions should shift from merely being a "payment box" to a "risk minimization" model, granting them stronger early corrective powers to address issues like capital depletion and governance failures in small and medium-sized financial institutions [2]. - Legal frameworks should provide clear guidance for market-based mergers and acquisitions of small and medium-sized financial institutions, ensuring fair asset and liability assessments and preventing moral hazards [2]. Group 3: Modern Financial Supervision - A modern regulatory system is required, integrating various forms of supervision, including institutional, behavioral, functional, and continuous oversight, to ensure all financial activities are regulated [3]. - Collaboration among central banks, financial regulatory authorities, deposit insurance institutions, local governments, and judicial departments is essential for effective risk disposal and transformation, preventing blind expansion and regulatory arbitrage [3].

Core Viewpoint - The 2026 financial regulatory work meeting emphasizes six key tasks, reflecting a shift in regulatory focus towards risk prevention and high-quality development in the financial sector, particularly concerning small and medium-sized financial institutions [1][2]. Group 1: Focus on Risk Mitigation - The meeting highlights the importance of addressing risks in small and medium-sized financial institutions, with a new emphasis on "firmly maintaining the bottom line of not having any defaults" [1][2]. - The regulatory approach has evolved from "accelerating reform and risk mitigation" to "effectively and orderly advancing risk resolution," indicating a shift from reactive to proactive risk management [2][3]. - The focus on "resolving existing risks and firmly curbing new risks" signifies a transition from emergency measures to systematic prevention, requiring financial institutions to establish comprehensive risk management mechanisms [2][3]. Group 2: Addressing Disorderly Competition - The meeting reiterates the need to "deeply rectify disorderly competition," marking a shift from spontaneous industry responses to regulatory-led governance [4][6]. - The emphasis on "encouraging banks and insurance institutions to focus on their main businesses and develop in a differentiated manner" aims to break the cycle of unhealthy competition and foster a healthier financial ecosystem [6][5]. - The regulatory logic has shifted from compliance oversight to behavioral regulation, indicating a more mature and confident regulatory framework [6]. Group 3: Investment in People and Material - The meeting stresses the importance of integrating investments in both material and human capital, aiming to enhance financial services' effectiveness in supporting economic and social development [7][8]. - Financial institutions are urged to make fundamental adjustments to their business logic, moving from a focus on tangible assets to valuing human capital and future potential [8][9]. - The transition from "investment in material" to "investment in people" represents a profound revolution in financial value concepts, marking a shift from being mere financial intermediaries to becoming value creators [9].

Core Viewpoint - The Financial Regulatory Administration has outlined five key tasks for 2026, with a primary focus on risk resolution for small and medium-sized financial institutions [1][2]. Group 1: Risk Management - The resolution of risks in small and medium-sized financial institutions remains the top priority, emphasizing the need to effectively manage existing risks and prevent new ones [2]. - The regulatory body has consistently prioritized the reform and risk resolution of small and medium-sized financial institutions for three consecutive years [2]. - The number of high-risk institutions and the scale of high-risk assets have significantly decreased from their peak levels, with many provinces achieving "dynamic zero" for high-risk small institutions [2]. Group 2: Real Estate and Local Government Debt - The meeting highlighted the importance of establishing a normalized urban real estate financing coordination mechanism to support the resolution of financing platform debt risks [3]. - The focus is on creating a new model for real estate development while ensuring compliance with legal frameworks [3]. Group 3: Financial Quality and Regulation - The meeting stressed the need for a coordinated approach to enhance the quality of financial services while reducing the number of institutions [3]. - There is a commitment to address disordered competition and to regulate industry practices effectively [3]. - The regulatory framework will focus on substantial risks and practical issues, enhancing the capacity for legal regulation and implementing tiered supervision [3]. Group 4: Financial Support for Economic Development - The "Five Major Articles" of finance remain a key task, emphasizing the integration of investments in both physical assets and human capital [4]. - There is a push to strengthen financial support for major strategies, key areas, and vulnerable sectors, particularly in promoting consumption and expanding investment [4]. - The financial sector aims to better support small and micro enterprises and optimize financial services for new employment groups [4].

Core Viewpoint - The article emphasizes the importance of risk resolution for small and medium-sized financial institutions, which has been prioritized in regulatory work for three consecutive years, highlighting the need for effective risk management and reform in the sector [3][4]. Group 1: Risk Management and Regulatory Focus - The Financial Regulatory Bureau has identified five key tasks for 2026, with the resolution of risks in small and medium-sized financial institutions being the top priority [3]. - The bureau aims to effectively manage existing risks while preventing new ones, ensuring that there are no major failures in the sector [3]. - The number of high-risk institutions and the scale of high-risk assets have significantly decreased from their peak levels, with many provinces achieving "dynamic zero" for high-risk small institutions [3]. Group 2: Financial Sector Development - The meeting highlighted the need for a coordinated approach to improve the quality of development in the financial sector, focusing on reducing and optimizing the structure of small financial institutions [5]. - There is a strong emphasis on enhancing regulatory capabilities and addressing substantive risks through comprehensive financial regulation [5]. - The introduction of the "Financial Supervision Project" marks a significant step towards the digital and intelligent transformation of financial regulation, utilizing big data and artificial intelligence [5]. Group 3: Economic Support and Investment - The article outlines the importance of supporting key strategic areas and weak links in the economy, with a focus on enhancing financial services for consumption and investment [6]. - There is a commitment to improving financial support for various sectors, including emergency disaster relief, health care, and rural revitalization [6]. - The financial sector is encouraged to better facilitate financing for small and micro enterprises, contributing to stability in employment and business operations [6].

会议在总结2025年工作时指出，有力有序防范化解重点风险等各项工作取得积极进展。其中，中小金融 机构改革化险取得重大进展。城市房地产融资协调机制扩围增效。积极支持融资平台经营性金融债务接 续置换重组。防非打非工作机制实现省市县三级全覆盖。 会议还提出，做好统筹规划，稳妥推进中小金融机构减量提质，合理优化机构布局。督促银行保险机构 专注主业、错位发展。强化促消费、扩投资的金融供给，高效服务扩大内需战略。优化科技金融服务， 积极培育耐心资本，助力新质生产力发展等。(完) （文章来源：中国新闻网） 对于2026年监管工作，会议要求严密防范化解相关领域风险。推动城市房地产融资协调机制常态化运 行，助力构建房地产发展新模式。依法合规支持融资平台债务风险化解。严防严打严处非法金融活动。 中新社北京1月15日电 (记者王恩博)中国国家金融监管总局15日召开2026年监管工作会议。针对推进中 小金融机构风险化解，会议强调，着力处置存量风险，坚决遏制增量风险，牢牢守住不"爆雷"底线。 ...

二是严密防范化解相关领域风险。推动城市房地产融资协调机制常态化运行，助力构建房地产发展新模 式。依法合规支持融资平台债务风险化解。严防严打严处非法金融活动。 记者今天(1月15日)从国家金融监督管理总局了解到，今年金融监管总局将有五大工作重点。 一是有力有序有效推进中小金融机构风险化解。着力处置存量风险，坚决遏制增量风险，牢牢守住 不"爆雷"底线。 三是切实提高行业高质量发展能力。做好统筹规划，稳妥推进中小金融机构减量提质，合理优化机构布 局。深入整治无序竞争，持续规范行业秩序。督促银行保险机构专注主业、错位发展。推进金融高水平 对外开放。 （文章来源：央视新闻客户端） 四是全面加强和完善金融监管。聚焦实质风险、解决实际问题，不断强化"五大监管"，提高依法监管能 力，做实分类分级监管。加快推进"金监工程"设计和建设。扎实履行统筹金融消费者保护职责。有效发 挥"四级垂管"整体效能。积极参与国际金融治理改革。 五是不断提升金融服务经济社会质效。做好金融"五篇大文章"，坚持投资于物和投资于人紧密结合，持 续加大对重大战略、重点领域和薄弱环节的支持力度。强化促消费、扩投资的金融供给，高效服务扩大 内需战略。优化科技金 ...

Group 1 - The core focus of the financial regulatory authority for 2026 is to address risks in small and medium-sized financial institutions, emphasizing the need to manage existing risks and prevent new ones, ensuring no systemic financial failures occur [1][2] - Significant progress has been made in risk prevention and resolution over the past year, particularly in reforming small financial institutions and enhancing the urban real estate financing coordination mechanism [1][2] - The regulatory authority has established a comprehensive mechanism to combat illegal financial activities, achieving full coverage at provincial, municipal, and county levels [1][2] Group 2 - The 2024 and 2025 regulatory meetings highlighted the importance of systematically advancing the reform and risk resolution of small financial institutions, focusing on structured and collaborative efforts to address high-risk entities [2] - There is a strong emphasis on preventing risks in related sectors, particularly in real estate financing, and supporting the resolution of financing platform debt risks [2] - The regulatory authority aims to enhance the quality of industry development by optimizing institutional layouts and addressing disordered competition, while promoting high-level financial openness [2][3] Group 3 - The regulatory framework will focus on practical risk management and enhancing the capacity for legal supervision, with an emphasis on the "five major regulations" and effective consumer protection [3] - Financial services will be aligned with economic and social needs, with increased support for strategic initiatives and sectors that require attention, such as emergency relief and rural revitalization [3] - The authority aims to improve financial support for small and micro enterprises and optimize financial services for new employment groups to stabilize businesses and employment [3]

Group 1 - The regulatory authority emphasizes the need to enhance political awareness and responsibility in advancing regulatory work for greater effectiveness [1] - There is a focus on effectively managing risks in small and medium-sized financial institutions, aiming to resolve existing risks and prevent new ones, ensuring no major failures occur [1] - The authority aims to prevent and mitigate risks in related sectors, particularly in real estate financing, and to combat illegal financial activities [1] Group 2 - The regulatory body seeks to improve the high-quality development capabilities of the financial industry by optimizing the structure of small and medium-sized financial institutions and addressing disordered competition [1] - There is a commitment to enhancing financial services for economic and social effectiveness, with a focus on supporting major strategies and key areas, while promoting consumption and investment [2] - The authority plans to strengthen financial support in areas such as emergency disaster relief, health care, and rural revitalization, while also improving financing mechanisms for small and micro enterprises [2]