Core Viewpoint - The construction of a financial system that adapts to the development of future industries is a complex system engineering task, requiring a balance between effective markets and proactive government intervention, while breaking path dependence and institutional barriers [1][22]. Group 1: Future Industry Characteristics - Future industries are characterized by the deep integration of technological and industrial innovation, representing a shift towards disruptive innovation driven by cutting-edge technologies [4]. - These industries face fundamental differences in financing needs compared to traditional industries, primarily due to their inherent uncertainty and the lack of established market applications [4][3]. - The rise of future industries necessitates a profound structural reform of the financial supply side to create a modern financial ecosystem that effectively accommodates their unique risk-return characteristics [3][4]. Group 2: Financial System Requirements - The financial system must develop mechanisms for prudent management of uncertainty, flexible operational mechanisms, inclusive development mechanisms, and transparent regulatory mechanisms to adapt to the uncertainties of future industries [4]. - There is a need for a financial infrastructure that can price and manage innovation-related uncertainties, utilizing financial technology for real-time risk monitoring and developing diversified investment tools [9][10]. Group 3: Capital Market Development - The capital market must evolve to support a modern industrial system, focusing on maintaining a reasonable proportion of manufacturing and enhancing the service capabilities of various market segments [5][7]. - A multi-layered capital market system should be established to enhance the service capabilities for specialized small and medium enterprises, particularly those with high intangible asset ratios [7][12]. Group 4: Investment and Financing Coordination - A seamless and complementary financing ecosystem is required to support the growth trajectory of future industries, necessitating a diverse "toolbox" of financing options tailored to different stages of enterprise development [12]. - The financial system should transition from a focus on collateral-based lending to a value discovery approach, emphasizing the importance of intangible assets and future growth potential [6][13]. Group 5: Innovation in Financial Products - Financial products must be innovated to align with the characteristics of future industries, including the development of green finance, digital finance, and inclusive finance to support various sectors of the economy [17][20]. - The establishment of a comprehensive financial service standard system is essential to support the growth of future industries and ensure that financial resources are effectively allocated [18][19]. Group 6: Regulatory Framework - A modern regulatory framework is necessary to ensure that financial resources are effectively directed towards innovation while managing risks, requiring a shift towards functional and penetrating regulation [21]. - The financial system must be equipped to handle systemic risks while promoting a culture of investment in innovative sectors, ensuring that financial resources are available for long-term projects [21].

Group 1 - The core relationship between finance and the economy is one of mutual support, where economic vitality is essential for financial stability and vice versa [1] - Current tariff shocks pose significant challenges to economic development, necessitating a coordinated approach to banking development and safety to mitigate risks [1] Group 2 - In the first half of 2025, China's exports increased by 5.9% year-on-year, demonstrating resilience amid global trade uncertainties [2] - The current round of tariff shocks is characterized by rapid implementation and significant increases, shortening the "export rush" window for Chinese companies [2][3] - The U.S. has begun to impose punitive tariffs on goods suspected of being transshipped from China, complicating the external trade environment for Chinese exporters [3] Group 3 - Tariff shocks will indirectly impact the banking sector through mechanisms of passive pressure and active contraction, affecting credit availability and increasing default risks [4] - The interaction between the real economy and bank balance sheets can create a self-reinforcing feedback loop, amplifying the impact of tariff shocks on both the banking sector and the economy [4] Group 4 - Recommendations include enhancing regulatory tools to balance market confidence and long-term risk prevention, with a focus on temporary regulatory leniency and clear policy windows [5] - Utilizing export credit insurance and providing targeted loans to key industries can help mitigate risks for banks and stabilize cash flows for affected enterprises [6] - The integration of financial technology and data resources is essential for optimizing trade and financial data, thereby reducing transaction costs and enhancing risk-sharing among enterprises [7]

Group 1 - The article discusses the increasing geopolitical economic risks that pose systemic challenges to macroeconomic stability through various channels such as trade, investment, and financial markets, highlighting the importance of RMB internationalization as a strategic response to these uncertainties [1][11][14] - Since 2018, China's geopolitical economic risk has sharply increased, primarily due to the trade tensions initiated by the Trump administration, which has led to a fundamental shift in the international competitive landscape [5][6] - The article constructs a Geopolitical Economic Risk Index (GER) to reflect the dynamic evolution of geopolitical economic risks faced by China since 1979, showing a significant increase in risk levels post-2018 [3][5] Group 2 - The article identifies six key areas of geopolitical economic risk, including trade risk, investment risk, technology risk, financial risk, supply chain risk, and other risks, providing a detailed analysis of their evolution and relative importance [5][6][10] - Trade and investment risks have been significant drivers of the recent increase in geopolitical economic risks, with trade-related risks remaining at historically high levels since the onset of the US-China trade conflict [6][11] - The COVID-19 pandemic has exacerbated supply chain-related geopolitical economic risks, highlighting vulnerabilities in global production networks and prompting discussions on supply chain "decoupling" [7][11] Group 3 - Geopolitical economic risks have a profound impact on China's economy, suppressing foreign economic activities and altering corporate behavior towards prioritizing supply chain security over efficiency [11][12] - The rise in geopolitical economic risks leads to increased uncertainty in future cash flows for companies, resulting in higher equity risk premiums and lower stock prices, thereby affecting investor confidence [12][13] - The article emphasizes that geopolitical economic risks also influence domestic price levels, with supply chain disruptions and trade barriers contributing to inflationary pressures on consumer prices [13] Group 4 - RMB internationalization is positioned as a strategic measure to safeguard trade and supply chain security, reducing reliance on the US dollar and enhancing the resilience of China's economic framework [14][15] - A more internationalized RMB is expected to stabilize domestic financial markets and enhance the effectiveness of macroeconomic policies, providing a buffer against external shocks [16] - The article advocates for RMB internationalization as a means to participate in global economic governance and mitigate systemic risks associated with dollar hegemony, promoting a more balanced international monetary system [17][18]