构建适应未来产业发展的金融体制是一项复杂的系统工程，要求我们以党的二十届四中全会精神为统 领，坚持有效市场和有为政府相结合，勇于打破路径依赖和制度壁垒，推动金融发展、金融创新与金融 监管在更高水平上实现动态平衡。 "十五五"时期是我国在全面建成小康社会基础上，乘势而上开启全面建设社会主义现代化国家新征程的 关键五年。党的二十届四中全会公报（以下简称《公报》）指出，要建设现代化产业体系，巩固壮大实 体经济根基，特别是要优化提升传统产业，培育壮大新兴产业和未来产业。以此审视并前瞻性地规划未 来产业发展，并构建与之相匹配的现代化金融体制，具有至关重要的战略意义。未来产业代表新科技革 命和产业变革的方向，是塑造国家竞争新优势、培育新质生产力的核心场域。它以其颠覆性创新、高风 险长周期、知识资本密集等特征，对传统以银行信贷为主导、偏好抵押担保和稳定现金流的金融体系提 出了挑战。因此，必须以《公报》和"十五五"规划建议为指引，深刻把握金融与实体经济，特别是与未 来产业之间的辩证关系，破除体制机制障碍，构建一个能够创新引领、有效支撑、精准灌溉、审慎监管 未来产业发展的现代化金融体制。这不仅是金融自身实现高质量发展的内在要求 ...

Group 1: Achievements during the 14th Five-Year Plan - China's economy grew by approximately 40 trillion RMB during the 14th Five-Year Plan, reaching a total economic volume of 140 trillion RMB, which is equivalent to the total volume of several medium-sized economies [1][2] - Per capita GDP increased from 10,504 USD in 2020 to 13,445 USD in 2024, indicating resilience and vitality in economic development [2][4] - The World Bank adjusted its high-income standard, lowering the threshold from 14,005 USD to 13,935 USD, which brings China closer to crossing the high-income threshold by just 275 USD [2][4] Group 2: Economic Development Requirements for the 15th Five-Year Plan - The 15th Five-Year Plan must achieve an average annual growth rate of 4.5% to 5% and gradually raise inflation to around 2% to support nominal economic growth [8][14] - By 2035, China's GDP needs to exceed 200 trillion RMB and per capita GDP should surpass 20,000 USD, building on the 40 trillion RMB growth achieved during the 14th Five-Year Plan [8][14] Group 3: Challenges and Strategic Responses - Current challenges include low inflation and employment pressures, which could hinder nominal GDP growth if not addressed [13][14] - The need for coordinated fiscal and monetary policies is emphasized to ensure effective resource allocation and improve the business environment [13][14] Group 4: International Trade and Economic Environment - China's trade surplus is projected to reach nearly 1 trillion USD in 2024, with expectations of further growth to 1.2 trillion USD in 2025, reflecting strong external competitiveness [15] - The global trade environment is expected to face significant challenges by 2026, necessitating proactive measures to adapt to changing conditions [15][16] Group 5: Digital Currency and Financial Infrastructure - The rise of digital currencies and financial infrastructure is reshaping global financial dynamics, with China leading in central bank digital currency (CBDC) initiatives [18][19] - The U.S. is focusing on stablecoins to maintain dollar dominance, while other countries are exploring their own digital currency strategies [19][21] - The integration of blockchain technology into traditional payment systems, such as SWIFT, is underway, indicating a shift towards a more digitalized financial landscape [22][23]

Core Viewpoint - The strategic cooperation agreement signed between Shanghai Clearing House and Shanghai University of Finance and Economics represents an innovative collaboration between a key national financial infrastructure and a prominent academic institution, aimed at enhancing research in financial technology and cultivating high-quality talent in the financial sector [1] Group 1: Strategic Cooperation - The agreement is seen as a significant milestone for both parties, marking a new starting point for collaboration and mutual development [1] - Both parties aim to align with the goal of building a strong financial nation and actively contribute to the "five major articles" in finance [1] Group 2: Research and Talent Development - The collaboration will focus on joint scientific research that is frontier, strategic, and application-oriented, addressing key technological challenges in the financial industry [1] - There will be a concerted effort to cultivate high-level, interdisciplinary professionals in financial technology and infrastructure [1] Group 3: Knowledge Sharing and Quality Development - The partnership aims to promote knowledge sharing and the transformation of research outcomes, contributing to the establishment of a Chinese financial knowledge system [1] - The ultimate goal is to enhance the service efficiency of financial infrastructure and support the high-quality development of China's financial sector [1]

Core Viewpoint - The recent release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the importance of accelerating the construction of a financial powerhouse, highlighting the need for enhanced competitiveness and influence in the global financial landscape [2] Group 1: Financial Development Goals - The 15th Five-Year Plan sets the overarching requirement of building a financial powerhouse, with a focus on enhancing China's global financial competitiveness and participation in international financial governance reform [2] - The plan identifies the construction of a modern industrial system and technological innovation as key strategic tasks that require robust financial support [2] Group 2: Monetary Policy and Macro-Prudential Management - The plan calls for the improvement of the central bank system and the establishment of a comprehensive macro-prudential management framework to ensure effective monetary policy transmission [3] - Emphasis is placed on balancing the timing and intensity of monetary policy, avoiding excessive liquidity while ensuring sufficient support for economic recovery [3] - The plan advocates for enhanced coordination between monetary and fiscal policies to support major projects and maintain financial stability [3] Group 3: Macro-Prudential Management System - A comprehensive macro-prudential management system will be developed to monitor systemic risks more accurately and maintain financial market stability [4] - The plan includes optimizing the macro-prudential assessment framework and enhancing the regulatory focus on systemically important financial institutions [4] - The toolbox for macro-prudential policies will be expanded to address potential liquidity risks and ensure coordinated efforts among various regulatory frameworks [4] Group 4: Financial Sector Innovations - The plan outlines the development of five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which are essential for supporting national strategies and optimizing financial resource allocation [5] - Technology finance aims to create a robust support system for technological innovation, while green finance focuses on facilitating the transition to a low-carbon economy [5] - Inclusive finance seeks to provide targeted financial support to small and micro enterprises and rural sectors, contributing to common prosperity [5] Group 5: Capital Market Development - The plan emphasizes enhancing the inclusiveness and adaptability of capital market systems, promoting direct financing through equity and bond markets [6] - It aims to shift the focus from financing-led to balanced investment and financing, encouraging long-term capital to enter the market [6] - The development of various financial products, including futures and asset securitization, will be prioritized to support the real economy [6] Group 6: Financial Institution Optimization - The plan proposes optimizing the financial institution system to ensure that various financial entities focus on their core businesses and improve governance [7] - It highlights the importance of small and medium-sized financial institutions and encourages policies to support their development [7] - Large financial institutions are urged to enhance their global competitiveness and adapt to international markets [7] Group 7: Financial Regulation and Risk Management - The plan calls for strengthening financial regulation and enhancing collaboration between central and local regulatory bodies to build a comprehensive risk prevention and resolution system [8] - It emphasizes the need for proactive risk monitoring and the application of regulatory technology to improve risk management capabilities [8] - The legal framework for financial regulation will be updated to address the challenges posed by digital finance and complex financial products [8] Group 8: Financial Infrastructure Development - The plan stresses the importance of building a secure and efficient financial infrastructure to support the stable operation of the financial system [9] - A robust financial infrastructure will enhance service delivery to the modern industrial system and improve China's influence in global financial governance [9] Group 9: Financial Openness and International Cooperation - The plan outlines a strategy for deepening financial openness, transitioning from market access to institutional openness [10] - It aims to create a comprehensive open ecosystem that includes the development of the Shanghai International Financial Center and the promotion of digital currency [10] - The plan emphasizes the need to balance openness with security, using macro-prudential management and regulatory measures to mitigate risks [10]

Core Viewpoint - Financial infrastructure is crucial for the construction of international financial centers, with unique roles in internationality, security, and leadership [1][3][4] Group 1: Internationality - Shanghai Clearing House has established a global network interconnected with major financial infrastructures worldwide, enhancing the participation and scope of international institutions in the Shanghai financial market [3] - The innovative "Yulan Bond" has achieved seamless connectivity between domestic and foreign markets through the interconnection with European clearing infrastructures [3] Group 2: Security - The most important factor in building an international financial center is security, with Shanghai Clearing House's risk control standards becoming a global benchmark [4] Group 3: Leadership - The systems and rules established by Shanghai Clearing House are aligned with global financial infrastructure standards, demonstrating its leadership role [4]

Core Insights - The article highlights the transformative impact of cross-border financial innovations in Shenzhen, particularly through the efforts of Minsheng Bank's Shenzhen branch, which has significantly improved financial services for export enterprises [1][2][3][4][5][6][7]. Group 1: Cross-Border Financial Innovations - Minsheng Bank's Shenzhen branch serves nearly 5,000 import and export enterprises, with an online cross-border remittance rate reaching 85% [1]. - The proportion of small and micro enterprises among cross-border trade financing clients is 95% [1]. - The bank has successfully broken through barriers in small currency settlements, now covering over 130 currencies [1][5]. Group 2: Financing Solutions for Export Enterprises - An automated credit product introduced by Minsheng Bank has streamlined the financing process for export enterprises, reducing the time from weeks to "customs declaration equals financing" [2]. - Approximately 70% of small and medium-sized enterprises in Shenzhen face a persistent "orders without funds" dilemma, prompting the bank to develop more flexible financing tools [2]. Group 3: Efficiency in Customs and Tax Processes - The bank's system allows enterprises to obtain "release before tax payment" qualifications through pure credit, significantly reducing customs clearance times and associated costs [3]. - By connecting directly with customs data, the bank has automated guarantee limits, leading to substantial savings in capital occupation costs [3]. Group 4: Currency Barrier Solutions - Minsheng Bank's "One Account, Multiple Currencies" service allows enterprises to initiate payments in local currencies while locking in exchange rates, enhancing financial efficiency [4][5]. - This service covers over 40 receiving currencies and more than 130 payment currencies, facilitating global transactions [5]. Group 5: Risk Management and Currency Hedging - The bank has developed a "full-link hedging" service system, resulting in a customer hedging ratio of 41% and a sevenfold increase in customer numbers [7]. - The introduction of low-threshold exclusive options for small and micro enterprises has made risk management more accessible, allowing for tailored hedging strategies [6][7]. Group 6: Overall Impact and Recognition - Minsheng Bank's Shenzhen branch has achieved a facilitation settlement volume of 4.1 billion USD and a 52-fold increase in currency hedging scale, reflecting its commitment to financial reform and support for national economic development [7].

Core Viewpoint - The "Financial Infrastructure Supervision and Management Measures" has been approved and will take effect on October 1, 2025, aiming to strengthen the regulation and construction of financial infrastructure in China [1][3]. Group 1: Definition and Importance of Financial Infrastructure - Financial infrastructure includes systems for asset registration, clearing and settlement, trading facilities, important payment systems, and credit systems, serving as a crucial backbone for financial market operations [2]. - The establishment of a robust financial infrastructure is essential for ensuring the safety and efficiency of financial markets, especially in the context of complex international environments and rapid financial technology advancements [2][9]. Group 2: Regulatory Framework - The management of financial infrastructure will follow the principle of "who approves, who supervises, who is responsible," with specific regulatory responsibilities assigned to the China Securities Regulatory Commission and the People's Bank of China [4][5]. - The new measures will integrate financial infrastructure regulation into a macro-prudential regulatory framework, enhancing collaboration among regulatory bodies [5]. Group 3: Entry Requirements for Financial Infrastructure Operators - Financial infrastructure operators must be legally established entities in China, with clear governance structures, adequate capital, and necessary operational facilities [8]. - Foreign financial infrastructure providers must meet specific conditions, including a minimum of three years of operational experience and compliance with regulatory standards in their home countries [8]. Group 4: Risk Management - The measures emphasize the need for a robust risk management framework to identify, measure, monitor, and manage various risks associated with financial infrastructure operations [9]. - Financial infrastructure operators are encouraged to establish risk management committees based on relevant principles, allowing flexibility in their governance structures [9].

Core Viewpoint - The "Financial Infrastructure Supervision and Management Measures" has been approved and will take effect on October 1, 2025, aiming to enhance the regulatory framework for financial infrastructure in China [1][3]. Group 1: Definition and Importance of Financial Infrastructure - Financial infrastructure includes systems for asset registration, clearing and settlement, trading facilities, important payment systems, and credit systems, serving as a crucial backbone for financial market operations [2]. - The establishment of a robust financial infrastructure is essential for ensuring the safety and efficiency of financial markets, especially in the context of complex international environments and rapid financial technology advancements [2][9]. Group 2: Regulatory Framework - The management of financial infrastructure will follow the principle of "who approves, who supervises, who is responsible," ensuring alignment with national strategies and economic needs [4]. - The China Securities Regulatory Commission (CSRC) will oversee new financial infrastructures related to securities and futures, while the People's Bank of China (PBOC) will manage payment systems and credit systems [4][5]. Group 3: Entry Requirements for Financial Infrastructure Operators - Financial infrastructure operators must be legally established entities in China, with clear governance structures, adequate capital, and necessary operational facilities [8]. - Specific conditions include having a sound risk management framework and compliance with regulatory requirements, particularly for foreign entities providing cross-border services [8]. Group 4: Risk Management and Security - The measures emphasize the need for a robust risk management framework to identify, measure, and manage various risks, including credit and liquidity risks [9]. - While the establishment of a risk management committee is recommended, it is not mandatory for all operators, reflecting adjustments made after public consultations [9].

Core Insights - The Industrial and Commercial Bank of China (ICBC) launched the first financial infrastructure service plan in the Chinese banking industry in July 2024, aimed at enhancing a secure and efficient financial infrastructure system [1] - ICBC has focused on building a robust and innovative financial service system to support the new development pattern and high-level opening-up [2] - The bank has actively promoted direct financing development and introduced innovative financial tools to support the growth of new productive forces [3] - ICBC is committed to building a convenient and efficient financial network, acting as a connector for market participants and enhancing the service chain [4] - The bank emphasizes maintaining financial stability and has strengthened risk management to support the stable operation of financial infrastructure [5] Group 1: Financial Infrastructure Development - ICBC has positioned itself as a user, service provider, and co-builder of financial infrastructure, accelerating the implementation of its service plan to support high-quality development [1] - The bank has facilitated the use of the Renminbi in cross-border transactions, connecting 37 institutions to the Cross-Border Interbank Payment System (CIPS) and establishing partnerships with over 700 overseas institutional investors [2] - ICBC has played a significant role in the construction of international financial centers, with a settlement volume exceeding 1.7 trillion yuan for the Shanghai-Hong Kong Stock Connect [2] Group 2: Direct Financing and Innovation - ICBC has executed the first securities, fund, and insurance company swap convenience tool (SFISF) bond repurchase transaction in the market and launched the "ICBC Securities Smart Link" service plan [3] - The bank has issued the first batch of technology innovation bonds in the interbank market, contributing to the cultivation of new productive forces [3] Group 3: Financial Network and Connectivity - ICBC has achieved full coverage of five centralized clearing agency services at the Shanghai Clearing House, providing services to over 1,600 trading firms with an annual settlement volume exceeding 170 billion yuan [4] - The bank has established a comprehensive online intelligent bill brokerage platform, connecting over 10,000 ticket-holding enterprises with discount funds amounting to 73 billion yuan [4] Group 4: Risk Management and Stability - ICBC has strengthened its risk management framework, focusing on the security of domestic and foreign currency clearing and financial transaction settlements [5] - The bank has provided risk control technology to over 400 small and medium-sized financial institutions, enhancing the stability of the financial industry [5] - The anti-money laundering service platform "Rong An e-Control" has served over 40 peer clients, ensuring security for more than 5.7 billion customers and processing over 150 million transactions daily [5]

Core Viewpoint - Stablecoins have the potential to become a new type of financial infrastructure, bridging the gap between the crypto world and traditional finance, and their development should be strategically considered by China [2][3]. Group 1: What are Stablecoins? - Stablecoins are defined as "the most decentralized among centralized assets and the most centralized among decentralized assets," highlighting their dual nature of being rooted in blockchain technology while also requiring regulatory oversight [3][7]. - They are linked to fiat currencies, which means they must comply with traditional financial regulations, thus acting as a bridge between the crypto and real worlds [3][8]. - The potential applications of stablecoins include cross-border payments, asset preservation, and integration into decentralized finance (DeFi) ecosystems [3][22]. Group 2: Impact on Financial Markets - Stablecoins can enhance payment efficiency, offering low-cost and fast transactions, particularly beneficial for cross-border payments [38]. - They can improve financial inclusivity, especially in high-inflation economies, by providing a means for asset preservation [41][42]. - However, stablecoins may pose risks to monetary stability and sovereignty in countries with weak financial systems, potentially undermining local currencies and monetary policies [45][46]. Group 3: Influence on International Monetary System - Stablecoins depend on the credit of fiat currencies, primarily the US dollar, and their rise could reshape global capital flows and the international monetary system [54][56]. - They may create new demand in regions with weak financial infrastructure, acting as a substitute for traditional banking systems [55]. - The emergence of stablecoins could challenge the dominance of the US dollar, as they provide alternative payment channels and may facilitate the rise of non-US currencies [56]. Group 4: China's Participation in Stablecoin Development - China should consider issuing offshore RMB stablecoins as a priority to participate in the development of stablecoins, leveraging its position as a major global trade player [5][57]. - The development of stablecoins could enhance China's financial resilience and flexibility in international trade, providing alternatives to traditional payment methods [57]. - However, the potential for stablecoins to bypass capital controls poses significant regulatory challenges for China [4][57].