Core Viewpoint - The press conference highlighted the significant achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing long-term development rather than short-term policy adjustments [2][4]. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, while the stock and bond markets ranked second [2]. - The average annual growth rate of loans to technology-based small and medium-sized enterprises exceeded 20% during the "14th Five-Year Plan" [3]. - The financial system remains generally stable, with healthy financial institutions and smooth market operations [5]. Monetary Policy and Financial Stability - A modern monetary policy framework with Chinese characteristics is gradually taking shape, enhancing policy transmission effectiveness [4]. - The dual objectives of currency stability and financial stability were achieved during the "14th Five-Year Plan" [8]. - The People's Bank of China aims to further explore and expand its macro-prudential and financial stability functions [12]. International Financial Cooperation - China's participation, influence, and voice in international financial governance have significantly increased [6]. - The issuance of Panda bonds by foreign institutions exceeded 1 trillion yuan, indicating growing international engagement [14]. Regulatory Developments - The total assets of the banking and insurance sectors surpassed 500 trillion yuan, with an average growth of over 9% in the past five years [16][17]. - The financial regulatory authority has issued 171 regulations over the past five years, enhancing the regulatory framework [26]. - The number of high-risk small and medium-sized institutions has significantly decreased, with many provinces achieving dynamic clearance of such institutions [19]. Capital Market Developments - The A-share market's annualized volatility decreased by 2.8 percentage points compared to the "13th Five-Year Plan" period, indicating improved market resilience [28]. - The total financing through stock and bond markets reached 57.5 trillion yuan over the past five years, with a steady increase in direct financing's share [32]. - The market capitalization of the technology sector in A-shares now accounts for over one-fourth of the total market [30]. Investor Protection and Market Confidence - The regulatory authority has implemented measures to enhance investor protection, including a comprehensive compensation system for investors [45]. - The confidence of investors and market expectations have significantly improved due to coordinated efforts to stabilize the market [41].