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]