Group 1 - The article emphasizes the importance of a multi-layered financial safety net that has been continuously improved at global, regional, and bilateral levels, with institutions like the IMF enhancing crisis response capabilities and various regional funds established to support financial stability [1][2] - The regulatory framework for crisis prevention has been significantly reformed post-2008 financial crisis, including the implementation of Basel III, which enhances the resilience of banking institutions and strengthens the oversight of systemically important financial institutions [2][3] - China has actively participated in the formulation and implementation of international financial regulatory standards, being one of the few economies to fully implement Basel III and establish a regulatory framework for systemically important financial institutions [2] Group 2 - Current challenges to the global financial stability system include fragmented regulatory frameworks and the risk of "race to the bottom" in regulatory standards, influenced by domestic political factors [3] - Insufficient regulation in emerging areas such as digital finance, including the rapidly expanding cryptocurrency market and climate risk-related frameworks, highlights the need for enhanced global regulatory coordination [3] - Weak regulation of non-bank intermediaries, which have significantly increased their share in global financing over the past 20 years, poses stability and transparency challenges that require stronger oversight [3]

Group 1 - The article emphasizes the importance of strengthening global financial governance and reforming the global financial safety net in response to challenges faced since the 2008 financial crisis [1][2] - It highlights the continuous improvement of a multi-layered financial safety net, including the enhancement of the International Monetary Fund's crisis response capabilities and the establishment of regional financial stability mechanisms [1] - The article notes that China has actively participated in the formulation and implementation of international financial regulatory standards, being one of the few economies to fully implement Basel III [2] Group 2 - The article identifies new challenges to the global financial stability system, including fragmented regulatory frameworks and the risk of regulatory arbitrage influenced by domestic political factors [3] - It points out the insufficient regulation in emerging areas such as digital finance, particularly in the rapidly expanding cryptocurrency market and climate risk-related frameworks [3] - The article stresses the need for stronger regulation of non-bank intermediaries, which have significantly increased their share in global financing over the past 20 years, highlighting their instability and lack of transparency [3]

Group 1: International Monetary System - The international monetary system has evolved over time, with the dominance of currencies reflecting changes in global power dynamics and national competitiveness [3] - The Euro, established in 1999, currently holds about 20% of global foreign exchange reserves, while the Renminbi has risen to become the second-largest trade financing currency and the third-largest payment currency globally [4] - Future discussions on the international monetary system may focus on reducing reliance on a single sovereign currency and exploring the potential of a super-sovereign currency like the IMF's Special Drawing Rights (SDR) [4][5] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for global financial stability and is evolving towards greater efficiency, security, and inclusivity [6] - There is a trend towards diversification in cross-border payments, with more countries using local currencies for settlements, thus reducing the dominance of a single sovereign currency [6][7] - Emerging technologies such as blockchain and digital currencies are reshaping the traditional payment system, enhancing efficiency while posing regulatory challenges [7] Group 3: Global Financial Stability - The global financial stability framework faces new challenges, including fragmented regulatory frameworks and insufficient oversight of emerging financial sectors like digital assets [8] - There is a need for stronger international cooperation to address regulatory gaps and enhance the stability of non-bank financial intermediaries, which have seen significant growth in recent years [8] - Strengthening the IMF's role as a core institution in the global financial safety net is essential for crisis prevention and resolution [9] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations like the IMF and World Bank are necessary to reflect the actual economic standing of emerging markets and developing countries [10][11] - The governance structure of these organizations should be updated to enhance the representation and voice of developing nations, promoting true multilateralism [11] - Strengthening the economic oversight functions of international financial organizations is crucial for assessing global risks and guiding countries towards supporting economic globalization [11]