Core Viewpoint - The People's Bank of China emphasizes the importance of a multi-layered global financial safety net and the enhancement of regulatory frameworks to prevent and mitigate financial crises [1] Global Financial Safety Net - The international community relied on the IMF-led global financial safety net for crisis management before the 2008 financial crisis, which has since been strengthened [1] - The IMF has enhanced its crisis response capabilities, expanded its policy oversight functions, and broadened the scope of its monitoring [1] - Regional financial stability has been supported by the establishment of funds such as the European Stability Fund, Latin American Reserve Fund, Chiang Mai Initiative, and Arab Monetary Fund [1] - Major developed economies' central banks, including the Federal Reserve and the European Central Bank, have utilized currency swap mechanisms to inject liquidity during crises [1] - The People's Bank of China has signed bilateral currency swap agreements with over 30 countries and regions, contributing to the global financial safety net [1] Regulatory Framework Enhancements - China actively participates in the formulation and implementation of international financial regulatory standards and is one of the few economies to fully implement Basel III [1] - A regulatory framework for systemically important financial institutions has been established, with all major Chinese banks meeting total loss-absorbing capacity requirements [1] - A deposit insurance system has been implemented, providing full protection for over 99% of depositors [1] - The new asset management regulations have significantly reduced risks associated with shadow banking [1] Key Pathways for Crisis Prevention - The establishment of a diverse and efficient global financial safety net centered around a strong IMF is crucial for crisis prevention and resolution [1] - Maintaining consistency and authority in global financial regulatory rules is essential for effective crisis management [1]