● 本报记者 彭扬 中国人民银行11月11日发布的2025年第三季度中国货币政策执行报告提出，实施好适度宽松的货币政 策。综合运用多种工具，保持社会融资条件相对宽松，同时继续完善货币政策框架，强化货币政策的执 行和传导。深入推进利率市场化改革，畅通货币政策传导渠道。 做好逆周期和跨周期调节 在货币政策方面，报告明确，平衡好短期与长期、稳增长与防风险、内部均衡与外部均衡、支持实体经 济与保持银行体系自身健康性的关系，强化宏观政策取向一致性，做好逆周期和跨周期调节，提升宏观 经济治理效能，持续稳增长、稳就业、稳预期。 对于未来政策把握，专家表示，央行强调了短期与长期等四方面关系的平衡，同时，考虑到外部不稳定 不确定性因素较多、内需不足，下一步实施好适度宽松的货币政策，要抓好政策落实，充分释放政策效 应。在财政、货币、产业等宏观政策协同配合发力下，全年5%左右的经济发展目标有望顺利完成。 （上接A01版） 创新金融工具 围绕充分发挥货币信贷政策导向作用，报告提出，扎实做好金融"五篇大文章"，大力发展科技金融、绿 色金融、普惠金融、养老金融、数字金融，加力支持国家重大战略、经济社会发展的重点领域和薄弱环 节。持续优化 ...

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session in shaping China's economic and financial policies, highlighting the need for a unified approach to financial work and the implementation of strategic measures for sustainable development [2][3]. Group 1: Financial Policy and Economic Stability - The People's Bank of China (PBOC) has implemented a series of monetary policy measures to maintain liquidity and support the stability of financial markets, contributing to economic growth [2]. - The PBOC's actions are aligned with the central government's directives to ensure employment, business stability, and market expectations during critical economic periods [2][3]. Group 2: Strategic Planning and Financial Reform - The Fourth Plenary Session outlines a strategic framework for the next five years, focusing on the construction of a modern socialist country and the importance of the 15th Five-Year Plan [3]. - Financial work is deemed crucial for national development, with significant advancements in financial system reform and governance capabilities over the past five years [3][4]. Group 3: Monetary Policy Framework - The PBOC aims to establish a scientific and robust monetary policy system that balances short-term and long-term goals while supporting real economic growth [4]. - The central bank will enhance the effectiveness of monetary policy and maintain the stability of the Renminbi exchange rate [4]. Group 4: Risk Management and Financial Stability - A comprehensive macro-prudential management system will be developed to monitor and mitigate systemic financial risks, ensuring the stability of financial markets [5]. - The PBOC will collaborate with relevant departments to address risks in local financial institutions and the real estate market [5]. Group 5: Financial Sector Reforms - The article highlights the need for structural reforms in the financial supply side, focusing on technology, green finance, inclusive finance, and digital finance to better serve the economy [5]. - The PBOC will promote the development of a transparent and resilient financial market system while advancing the research and application of digital currency [5]. Group 6: International Financial Cooperation - The PBOC is committed to advancing the internationalization of the Renminbi and enhancing cross-border payment systems while maintaining national financial security [6]. - Efforts will be made to deepen financial market openness and promote trade and investment facilitation [6]. Group 7: Implementation and Education - The PBOC will prioritize the dissemination of the Fourth Plenary Session's spirit within its system, ensuring alignment with central directives to foster high-quality financial development [6].

Group 1 - The core theme of the press conference was to highlight the achievements of the financial sector during the "14th Five-Year Plan" period, emphasizing long-term perspectives rather than short-term policy adjustments [1] - 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 in the world [1] - China has maintained its position as the world's largest holder of foreign exchange reserves for 20 consecutive years, and has made significant advancements in green finance, inclusive finance, and digital finance [1][2] Group 2 - The modern monetary policy framework in China is gradually taking shape, with effective policy transmission supporting the real economy [2] - The average annual growth rate of loans to technology-based SMEs, inclusive micro-enterprises, and green loans exceeded 20% during the "14th Five-Year Plan" period [2] - The People's Bank of China has implemented a series of monetary policies since September 2024 to stabilize market expectations and boost confidence, contributing to economic recovery and high-quality development [2] Group 3 - Significant progress has been made in preventing and mitigating financial risks, with a focus on orderly handling of prominent risk points in the financial sector [3] - The financial system in China is overall stable, with financial institutions remaining healthy and the market operating smoothly [3] - The "14th Five-Year Plan" period saw five key advancements in financial sector openness, including deepening institutional openness and enhancing the international status of the renminbi [3] Group 4 - By the end of July 2023, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, with stock holdings exceeding 3 trillion yuan and bond holdings around 4 trillion yuan [4] Group 5 - The People's Bank of China is focused on improving the central bank system and enhancing financial security under open conditions, aiming to support high-quality economic development [5] - The central bank is working on a dual-pillar framework for monetary policy and macro-prudential policy to achieve currency stability and financial stability [5][6] Group 6 - The financial market infrastructure is being strengthened, with the introduction of a "technology board" in the bond market and a multi-layered bond market framework being established [6] - The central bank is committed to deepening high-level financial openness and promoting the internationalization of the renminbi [6] Group 7 - The balance between short-term and long-term goals, as well as the health of the financial system and support for the real economy, is crucial for maintaining financial stability [7] - The importance of market discipline and the need for a robust risk management framework are emphasized to prevent moral hazards [8] Group 8 - The regulatory authority has prioritized the prevention and resolution of financial risks, with significant achievements in managing risks associated with small and medium-sized financial institutions [9] - The number of high-risk institutions and the scale of high-risk assets have significantly decreased, indicating that financial risks are controllable [9]

Core Viewpoint - The People's Bank of China (PBOC) is focusing on establishing a dual-pillar framework for monetary policy and macro-prudential policy during the 14th Five-Year Plan period, aiming to achieve both currency stability and financial stability, while supporting high-quality economic development [1] Group 1 - The PBOC is constructing a scientific and robust monetary policy system, with a modern monetary policy framework that is continuously improving, effectively promoting reasonable growth in total financial volume, steady decline in financing costs, and optimization of credit structure, thereby maintaining currency stability [1] - The PBOC is enhancing the macro-prudential policy framework and the systemic financial risk prevention and disposal mechanism [1] - The PBOC is improving the financial market and financial market infrastructure system, having launched a "Technology Board" in the bond market and essentially established a multi-tiered bond market framework [1] Group 2 - The Chinese market is being orderly connected with global financial markets, with a steady increase in foreign capital participation [1] - The PBOC is building a higher-level open financial new system [1]

Core Viewpoint - The People's Bank of China (PBOC) is focused on establishing a dual-pillar regulatory framework for monetary policy and macroprudential policy during the 14th Five-Year Plan, aiming for currency stability and financial stability to support high-quality economic development [1] Group 1: Monetary Policy - A scientific and robust monetary policy system is being constructed, with a modern monetary policy framework that is continuously improving, effectively promoting reasonable growth in total financial volume, steadily decreasing financing costs, and optimizing credit structure to maintain currency stability [1] Group 2: Macroprudential Policy - The macroprudential policy framework and systemic financial risk prevention and disposal mechanisms are being enhanced [1] Group 3: Financial Market Infrastructure - The financial market and its infrastructure are being improved, including the launch of a "Technology Board" in the bond market, which contributes to the establishment of a multi-tiered bond market framework [1] Group 4: Financial Openness - A higher-level open financial system is being constructed, with orderly connections between the Chinese market and global financial markets, and a steady increase in foreign capital participation [1]