（上接1版） 为持续提升金融管理和服务水平，会议提出，统筹推进重点立法修法项目，规范高效推进行政执法；纵 深推进金融"五篇大文章"统计；研究编制中国人民银行"十五五"改革发展规划；抓好数字央行建设重点 任务落实；建设安全高效的跨境支付体系，有序推进快速支付系统互联互通；构建全方位的涉诈涉 赌"资金链"治理防护网；加强数字人民币基础设施建设和推广应用等。 会议还强调，中国人民银行系统要常态长效推动中央巡视整改，纵深推进全面从严治党。严格贯彻落实 党中央关于加强金融系统党的建设决策部署，始终坚持金融工作政治性、人民性。抓紧抓实中央巡视整 改，更加突出举一反三、贯通融合、整改实效、上下联动，一体推进中央巡视、审计、中央金融工委等 反馈问题整改等。 ...

宏观研究 证 券 研 究 报 告 【宏观快评】 高层密集调研，聚焦哪些问题？ ——政策周观察第 35 期 近一周，国务院高层密集在地方考察调研，关注方向如下： （一）经济：关注基建、"以旧换新"、外贸、经济大省"挑大梁"。 6 月 16 日至 18 日，总理在江苏调研，涉及基建（要求高标准推进工程建设）、 消费品"以旧换新"效果、外贸（详细询问中国和中亚国家经贸合作情况）。 并指出，"江苏经济底子好实力强，也有更高的发展要求……更好发挥经济大 省挑大梁作用，为全国发展大局多作贡献"。 6 月 17 日至 18 日，副总理何立峰在山东调研外经贸工作，"深入了解企业接 单、生产、技术创新和开拓国际市场情况，听取企业主要关切诉求"。 （二）产业：聚焦科技、新质生产力；以及平台经济监管 6 月 16 日至 18 日，总理在江苏调研江苏汇智高端工程机械创新中心有限公司、 深地科学与工程云龙湖实验室、南京原子制造研究所，提及工程机械、技术装 备、人工智能、清洁能源、未来科技和产业发展等领域。 6 月 15 日至 17 日，国务院副总理张国清在广东调研先后来到宝钢湛江钢铁有 限公司、巴斯夫一体化基地（广东）有限公司和粤港澳 ...

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]

Core Views - The 2025 Lujiazui Forum focuses on "Financial Opening Cooperation and High-Quality Development in the Context of Global Economic Changes" [2] - Key speeches were delivered by prominent financial leaders, emphasizing the importance of financial cooperation and reform in response to global economic challenges [19][43] Group 1: Global Financial Governance - The evolution of the international monetary system reflects deep changes in global dynamics, with historical shifts in dominant currencies indicating the need for reform [6][8] - Discussions on the international monetary system are increasingly driven by geopolitical factors, with a focus on reducing reliance on a single sovereign currency and promoting a multipolar currency system [7][8] - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign currency is acknowledged, but challenges remain in achieving international consensus and expanding its use [8] Group 2: Cross-Border Payment Systems - The cross-border payment system is crucial for global financial stability and is evolving towards greater diversification due to technological advancements [9][10] - Traditional cross-border payment methods face challenges such as inefficiency and high costs, prompting calls for improvement and international cooperation [10] - Emerging technologies like blockchain are reshaping cross-border payments, enhancing efficiency while posing regulatory challenges [11] Group 3: Global Financial Stability - The global financial stability framework has been strengthened post-2008 financial crisis, with enhanced crisis response mechanisms and regulatory reforms [12][13] - New challenges include fragmented regulatory frameworks and insufficient oversight of emerging financial sectors, necessitating improved global coordination [14][15] - The importance of a robust IMF in maintaining global financial stability and governance is emphasized, with calls for reform to reflect the changing global economic landscape [16][17] Group 4: Financial Opening and Cooperation - Financial opening is seen as a key driver for China's financial reform and development, with significant foreign investment in the Chinese financial sector [20][21] - China's financial market is positioned as a vital opportunity for global investors, with a growing share of foreign assets and increasing market participation [21][22] - The expansion of financial services and products in China is expected to continue, driven by consumer demand and technological advancements [23][24] Group 5: Capital Market Development - The capital market in China is undergoing structural changes that support the integration of technology and industry, enhancing the financing environment for innovative enterprises [32][34] - The role of the capital market in facilitating technology innovation and industry transformation is highlighted, with a focus on improving service offerings for different stages of enterprise development [33][35] - Continued reforms in the capital market are necessary to enhance its attractiveness and competitiveness, particularly in supporting high-quality development [36][40]

Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [2][3] - Discussions on reforming the monetary system focus on reducing reliance on a single sovereign currency and exploring the use of a supranational currency, such as the IMF's Special Drawing Rights (SDR) [2][3] - SDR is seen as a potential solution to the inherent issues of a single sovereign currency, offering greater stability and the ability to better fulfill global public goods functions [3] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [4][5] - There is a growing trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [4] - Emerging technologies like blockchain and distributed ledger technology are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [5] Group 3: Global Financial Stability System - The global financial stability system has evolved post-2008 financial crisis, but it faces new challenges such as fragmented regulatory frameworks and insufficient oversight of emerging financial sectors [6][7] - There is a need for stronger international cooperation to prevent regulatory arbitrage and enhance the stability of the financial system [6] - Strengthening the IMF as a core institution for global financial safety is essential for crisis prevention and resolution [7] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations are increasing, as current governance structures do not reflect the economic realities of emerging markets and developing countries [8] - Adjusting the voting rights and quotas in organizations like the IMF is crucial for enhancing the representation and voice of these countries [8] - The legitimacy and effectiveness of international financial organizations depend on their ability to adapt to the changing global economic landscape [8]

Group 1: Global Financial Governance - The 2025 Lujiazui Forum highlighted the importance of global financial governance, focusing on the international monetary system, cross-border payment systems, global financial stability, and governance of international financial organizations [2][4][5] - The international monetary system is evolving, with discussions on reducing reliance on a single sovereign currency and promoting a multipolar currency system to enhance global financial stability [6][7] - The role of Special Drawing Rights (SDR) as a potential super-sovereign currency was discussed, emphasizing its ability to provide stability and act as a global public good [8][9] Group 2: Cross-Border Payment Systems - The cross-border payment system is essential for international trade and investment, facing challenges such as inefficiency and high costs in traditional methods [9][10] - There is a trend towards diversification in cross-border payment systems, with more countries using local currencies for transactions and new payment infrastructures emerging [10] - Emerging technologies like blockchain are reshaping cross-border payments, enhancing efficiency and posing regulatory challenges [10] Group 3: Global Financial Stability - The global financial stability framework has been strengthened post-2008 financial crisis, with enhanced crisis response mechanisms and regulatory frameworks [12][13] - New challenges include fragmented regulatory frameworks and insufficient oversight of emerging financial sectors like digital finance and non-bank intermediaries [14] - A call for a robust global financial safety net centered around the IMF was made to ensure effective crisis prevention and resolution [14] Group 4: International Financial Organization Governance - The governance of international financial organizations like the IMF needs reform to better reflect the economic realities of emerging markets and developing countries [15][16] - The importance of enhancing the IMF's crisis response capabilities and ensuring its governance structure is representative of its member countries' economic standings was emphasized [16][17] Group 5: Capital Market Development - The capital market in China is undergoing structural changes to better support technological and industrial innovation, with a focus on enhancing the financing ecosystem for tech companies [21][24] - The integration of capital markets with technological innovation is crucial for fostering a conducive environment for startups and established firms alike [22][23] - Recent reforms aim to improve the adaptability and inclusiveness of the capital market, facilitating better access to funding for innovative enterprises [26][30] Group 6: Financial Opening and Cooperation - The forum underscored the significance of financial openness and cooperation as a means to enhance global economic stability and growth [35][36] - China's financial market is seen as a fertile ground for foreign investment, with significant opportunities in consumption finance and technology sectors [37][38] - The commitment to high-level financial openness and the establishment of a mutually beneficial financial ecosystem was reiterated [40][41]

Core Viewpoint - The speech emphasizes the need for reform in global financial governance, focusing on the international monetary system, cross-border payment systems, global financial stability, and the governance of international financial organizations [3][4]. Group 1: International Monetary System - The evolution of the international monetary system reflects significant changes in global dynamics and national competitiveness, with historical shifts in dominant currencies from the Dutch Guilder to the British Pound and currently the US Dollar [4]. - The inherent instability of a single sovereign currency as a global public good can lead to conflicts of interest, financial risks, and geopolitical tensions [4][5]. - Discussions on reforming the monetary system are increasingly driven by geopolitical factors, with two main directions: reducing reliance on a single currency and considering a super-sovereign currency like the IMF's Special Drawing Rights (SDR) [5][6]. Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, facing challenges such as inefficiency, high costs, and the need for better international cooperation [8][9]. - There is a trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [9][10]. - The application of new technologies like blockchain is reshaping the traditional payment system, enhancing efficiency while posing regulatory challenges [10]. Group 3: Global Financial Stability System - Post-2008 financial crisis, the global financial safety net has been strengthened through enhanced IMF capabilities and regional financial mechanisms [11][12]. - The regulatory framework has been improved, but challenges remain, including fragmented regulations and insufficient oversight of non-bank intermediaries [14][15]. - A robust international financial safety net centered around the IMF is essential for crisis prevention and resolution [15]. Group 4: Governance of International Financial Organizations - The governance of international financial organizations like the IMF and World Bank needs reform to better reflect the economic realities of emerging markets and developing countries [15][16]. - Adjusting the quota shares in the IMF is critical for enhancing its legitimacy and representation [16]. - Strengthening the economic oversight functions of international financial organizations is necessary to maintain stability in the global financial system [16].

Group 1: International Monetary System - The discussion on reforming the international monetary system has two main directions: reducing reliance on a single sovereign currency and promoting a few strong sovereign currencies to create healthy competition [2] - The second direction involves the potential for a supranational currency, such as the IMF's Special Drawing Rights (SDR), to become the international dominant currency, though it faces political consensus challenges and limited market depth [3] Group 2: Cross-Border Payment System - There is a growing demand for improvements in the cross-border payment system, with emerging payment infrastructures and settlement methods driving it towards greater efficiency, security, inclusiveness, and diversity [4] - The cross-border payment system is diversifying, with more countries using local currencies for settlement, and new payment systems emerging alongside traditional models [4] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance efficiency and reduce costs [5] Group 3: Global Financial Stability System - The global financial stability system faces new challenges, including fragmented regulatory frameworks and insufficient oversight in emerging digital finance sectors [6] - A strong IMF is essential for building a diverse and efficient global financial safety net, maintaining consistency and authority in global financial regulatory rules [6] Group 4: Governance of International Financial Organizations - The IMF plays a central role in global economic governance, with its quota system determining crisis response capabilities and member voting rights [7] - Current IMF quotas do not reflect the relative positions of member countries in the global economy, and adjusting these quotas is crucial for enhancing the IMF's governance legitimacy and representation [8]

Core Insights - The People's Bank of China (PBOC) has emphasized the growing international status of the Renminbi, which has become the second-largest trade financing currency globally and the third-largest payment currency according to all-caliber calculations [1][8] - The PBOC is committed to a supportive monetary policy stance, implementing various measures to support economic recovery and financial market stability [1][6] - The international monetary system is evolving towards a scenario where a few sovereign currencies coexist, compete, and balance each other [1][8] International Monetary System - Historical shifts in the international monetary system reflect deep changes in global dynamics and national competitiveness, with the Renminbi's rise being notable since the 2008 financial crisis [7][8] - The discussion around the international monetary system is increasingly influenced by geopolitical factors, with a focus on reducing reliance on a single sovereign currency [8][9] - The potential for a super-sovereign currency, such as the IMF's Special Drawing Rights (SDR), is being explored as a means to enhance global liquidity and crisis response capabilities [9][10] Cross-Border Payment System - The cross-border payment system is diversifying, with more countries using local currencies for settlements, moving away from a single sovereign currency dominance [12] - New payment infrastructures and systems are emerging, enhancing the efficiency and security of cross-border transactions [12] - China has established a comprehensive cross-border payment clearing network for the Renminbi, facilitating international trade and investment [12] Global Financial Stability System - The global financial stability framework has been strengthened post-2008, with a focus on enhancing crisis response mechanisms and regulatory frameworks [13][14] - The international community is addressing challenges such as fragmented regulatory frameworks and the need for better oversight of non-bank financial intermediaries [16] - Strengthening the IMF's role as a core institution in global financial governance is crucial for maintaining stability and coherence in regulatory standards [18] Governance of International Financial Organizations - The governance structures of international financial organizations like the IMF and World Bank need reform to better reflect the economic realities of emerging markets and developing countries [17][18] - Enhancing the representation and voice of these countries in global financial governance is essential for promoting true multilateralism [17][19] - The IMF's quota system requires adjustment to align with the current global economic landscape, ensuring its legitimacy and effectiveness in crisis management [18]

Core Viewpoint - The People's Bank of China Governor Pan Gongsheng highlighted the increasing challenges faced by traditional cross-border payment systems and the growing global demand for improvements in this area, indicating a shift towards more efficient, secure, inclusive, and diverse payment infrastructures and settlement methods [1] Group 1 - The global call for enhancing cross-border payment systems is intensifying [1] - Emerging payment infrastructures and settlement methods are continuously emerging, driving the evolution of global cross-border payment systems [1] - This trend towards improvement in cross-border payment systems is expected to strengthen in the future [1] Group 2 - China has established a multi-channel and widely covered RMB cross-border payment clearing network after over a decade of development [1]