新华社北京9月22日电（记者 任军）"十四五"期间，我国金融服务实体经济质效大幅提升，推动经 济持续回升向好和高质量发展。这是记者从国新办9月22日举行的"高质量完成'十四五'规划"系列主题 新闻发布会上了解到的。 5年来，银行业保险业通过信贷、债券、股权等多种方式，为实体经济提供新增资金170万亿元；近 5年，交易所市场股债融资合计达到57.5万亿元，直接融资比重较"十三五"末提升2.8个百分点，达 31.6%…… 金融管理部门最新数据显示，"十四五"期间，金融部门扎实做好金融"五篇大文章"，有力支持国家 重大战略、经济社会发展的重点领域和薄弱环节，有效稳定市场预期、提振信心。 "中国人民银行坚持支持性的货币政策立场，中国特色现代货币政策框架初步形成，实施和传导更 为有效，助力'十四五'经济社会发展主要目标顺利完成。"中国人民银行行长潘功胜表示。 金融监管总局局长李云泽表示，通过增供给、优结构、补短板，金融监管总局全力支持完成经济社 会发展目标。 发布会数据显示，"十四五"期间，科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速均超过 20%。5年来，科研技术贷款、制造业中长期贷款、基础设施贷款年均增长27 ...

Financial Market Developments - Over the past five years, China's financial system has undergone comprehensive reforms, enhancing the quality, efficiency, and inclusiveness of financial services [3] - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond market sizes also ranking second worldwide [3] - The banking and insurance sectors' total assets exceeded 500 trillion yuan, with an average annual growth rate of 9% over five years [3] Capital Market Insights - The A-share market's total market capitalization surpassed 100 trillion yuan for the first time in August 2023, with 157 futures and options products covering major industries [3] - More than 90% of newly listed companies in recent years are technology-related, with the technology sector's market capitalization exceeding 25% of the A-share market [3] - Listed companies have significantly increased their return to investors, distributing a total of 10.6 trillion yuan through dividends and buybacks over the past five years, an increase of over 80% compared to the previous five-year period [3] Risk Management in Financial Institutions - The focus on managing risks in small and medium-sized financial institutions has led to a significant reduction in the number of high-risk institutions and assets, with many provinces achieving "dynamic zero" for high-risk institutions [4] - Recent reports indicate a substantial decline in China's high-risk financial assets, with expectations for further reductions in the next two years [4] Real Estate and Local Debt Risk Mitigation - Financial support exceeding 1.6 trillion yuan has been provided for housing projects, with an average annual growth of 52% in loans for rental housing [5] - Financial institutions are guided to avoid new hidden debts while restructuring and replacing debts for local financing platforms [5] Monetary Policy and Global Financial Environment - The recent 25 basis point cut in the Federal Reserve's interest rate was anticipated by global financial markets, with stable reactions observed in major financial markets in China [7] - China's monetary policy remains supportive and moderately loose, aimed at fostering economic recovery and maintaining financial market stability [7] Foreign Exchange Management - Since the beginning of the "14th Five-Year Plan," China's foreign exchange reserves have remained stable above 3 trillion USD, consistently exceeding 3.2 trillion USD in recent years [8] - The country is actively promoting foreign exchange innovation policies in key regions such as free trade zones and the Guangdong-Hong Kong-Macao Greater Bay Area [8]

Core Viewpoint - The article discusses the achievements of China's financial industry over the past five years, emphasizing the focus on long-term stability and development rather than short-term policy adjustments. The upcoming "Fifteen Five" plan is also hinted at, with expectations for continued financial reforms and support for economic growth [3][4][13]. Financial Development Achievements - The financial market has undergone significant changes, with the total assets of the banking and insurance sectors surpassing 500 trillion yuan, averaging a growth of 9% annually over the past five years [6][7]. - Financial support for the real economy has increased, with new funds injected into the economy reaching 170 trillion yuan, and specific sectors like technology and infrastructure receiving targeted loans [7][8]. - The insurance industry has paid out 9 trillion yuan in claims, a 61.7% increase compared to the previous five-year period [7]. Financial Risk Management - The financial regulatory framework has been reformed, with a focus on maintaining a high-pressure stance against illegal activities, resulting in significant penalties for financial misconduct [8]. - The number of high-risk small and medium-sized banks has decreased, and the cleanup of "zombie" private equity firms has been effective [8]. Financial Opening and International Cooperation - The financial sector has made strides in opening up, with significant reforms in capital markets and foreign exchange management, enhancing China's global financial integration [9][10]. - The removal of foreign ownership limits in the banking sector and the establishment of various cross-border investment mechanisms have expanded foreign participation in China's financial markets [11][12]. Future Financial Policy Outlook - The article outlines expectations for the upcoming "Fifteen Five" plan, with a focus on flexible and precise monetary policy to support economic recovery and stability [13][14]. - The emphasis will be on maintaining a balance between financial openness and risk prevention, with ongoing efforts to create a favorable environment for foreign exchange and investment [15].

Core Insights - China's financial sector has achieved significant milestones under the strong leadership of the Central Committee, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [2] - The financial system has been restructured to enhance governance and regulatory effectiveness, aligning with the strategic goal of building a financial powerhouse [2] - The banking and insurance sectors have provided 170 trillion yuan in new funds to the real economy over the past five years, with notable growth in loans for scientific research, manufacturing, and infrastructure [3] Group 1: Financial Achievements - As of mid-2023, China's banking sector holds total assets of approximately 470 trillion yuan, leading the world [2] - The stock and bond markets rank second globally in terms of size, while foreign exchange reserves have maintained the top position for 20 consecutive years [2] - The banking and insurance industries have contributed significantly to the real economy, with annual growth rates of 27.2% for scientific research loans, 21.7% for manufacturing loans, and 10.1% for infrastructure loans [3] Group 2: Risk Management - The China Securities Regulatory Commission (CSRC) has enhanced its regulatory framework, resulting in a 58% increase in administrative penalties for financial misconduct during the 14th Five-Year Plan period [4] - The A-share market has shown improved resilience and risk management capabilities, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points compared to the previous five-year period [4] - China's foreign exchange reserves have remained stable above 3 trillion USD, providing a crucial stabilizing effect on the economy amid external pressures [4]

南方财经21世纪经济报道记者张伟泽 实习生王艺之 香港报道 9月19日，香港保险业监管局（保监局）行为监管部主管吴维权在记者会上宣布，面对2024年5月通函中 公布的部分保险经纪公司将超过90%的佣金支付予转介人的市场乱象，保监局将划定保险经纪机构向转 介方支付转介费的"红线"，即自2025年10月1日起，转介费将实行50%的基准水平。 吴维权强调，选择在10月1日这个时间节点上线，是因应"十一黄金周"内地游客赴港买保需求增加的考 量。 近年来，随着内地客户对香港保险产品需求的显著提升，违规无牌销售行为在跨境销售领域亦有所抬 头。香港保监会最新公布的数据显示，2024年，源自内地访客的新造保单保费录得628亿港元，相较于 2023年实现了6.5%的增长，并占个人业务总新造保单保费的28.6%。 据2024年香港保监局通函，在客户拓展过程中，保险经纪人通过第三方转介获取客户是常见的做法。然 而，面对内地访客业务日益激烈的市场竞争，部分保险经纪公司采取了扭曲的转介模式。其主要原因在 于这些经纪公司将超过90%的佣金作为转介费，从而诱使转介人在缺乏必要牌照的情况下，向客户进行 销售活动以招揽业务。 鉴于此，2024 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China's financial services have significantly improved in quality and efficiency, effectively supporting the economy's recovery and high-quality development [3]. Financial Support to the Real Economy - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan to the real economy through various means such as credit, bonds, and equity [3]. - The total financing from the exchange market for stocks and bonds reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% compared to the end of the "13th Five-Year Plan" [3]. Monetary Policy and Economic Goals - The People's Bank of China has maintained a supportive monetary policy stance, contributing to the successful achievement of the main goals of economic and social development during the "14th Five-Year Plan" [4]. Financial Regulation and Support for Key Sectors - The Financial Regulatory Administration has focused on increasing supply, optimizing structure, and addressing weaknesses, supporting the completion of economic and social development goals [5]. - Loans to technology-based small and medium-sized enterprises, inclusive small and micro loans, and green loans have all seen annual growth rates exceeding 20% [5]. - Research and technology loans, medium to long-term loans for manufacturing, and infrastructure loans have experienced average annual growth rates of 27.2%, 21.7%, and 10.1%, respectively [5]. Capital Market Developments - More than 90% of newly listed companies in recent years are technology enterprises or have high technological content [5]. - The market capitalization of the technology sector in A-shares now accounts for over one-fourth of the total market, with the number of technology companies in the top 50 by market capitalization increasing from 18 at the end of the "13th Five-Year Plan" to 24 currently [5]. Foreign Exchange and High-Quality Development - The State Administration of Foreign Exchange has advanced deep reforms and high-level opening in the foreign exchange sector, enhancing the efficiency of trade foreign exchange receipts and payments, as well as the convenience of cross-border investment and financing [5].

Core Insights - The financial industry has achieved significant growth, with total assets of the banking and insurance sectors exceeding 500 trillion yuan, reflecting an average annual growth of 9% over the past five years [2] - The number of high-risk institutions and the scale of high-risk assets have been significantly reduced from their peak levels, indicating a more stable financial environment [8] Group 1: Financial Industry Growth - The banking and insurance sectors have total assets exceeding 500 trillion yuan, solidifying their position as the largest credit market and the second-largest insurance market globally [2] - The management assets of trust, wealth management, and insurance asset management institutions have nearly doubled compared to the end of the 13th Five-Year Plan, reaching approximately 100 trillion yuan [2] Group 2: Asset Management and Risk Control - The disposal of non-performing assets has increased by over 40% compared to the 13th Five-Year Plan period, with key regulatory indicators such as non-performing loans and capital adequacy remaining stable and within a healthy range [3] - The number of illegal shareholders has been reduced by over 3,600 through strict governance against major shareholder manipulation and insider control [5] Group 3: Support for the Real Economy - The banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy through various means such as credit, bonds, and equity over the past five years [6] - A financing coordination mechanism for urban real estate has been established, with over 7 trillion yuan in loans supporting the construction and delivery of nearly 20 million housing units [7] Group 4: Regulatory Developments - The comprehensive cost ratio of property insurance companies has dropped to its lowest level in nearly a decade, while life insurance companies have reduced costs by 350 billion yuan since 2024 [9] - Significant progress has been made in the revision of important industry laws, with the draft of the banking regulatory law having been discussed and approved by the State Council [10]

Group 1 - The core theme of the press conference was to introduce the achievements of the financial industry during the "14th Five-Year Plan" period, focusing on medium to long-term perspectives without discussing short-term policy adjustments [19] - The overall financial system in China is stable, with healthy financial institutions and smooth market operations [4][18] - The banking and insurance sectors have seen total assets exceed 500 trillion yuan, with an annual growth rate of 9% over the past five years [21] Group 2 - The A-share market has shown significant resilience and risk resistance, with the proportion of technology companies in the top 50 by market capitalization increasing from 18 to 24 during the "14th Five-Year Plan" [2][26] - A total of 10.6 trillion yuan has been distributed to shareholders through dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan" [2][26] - The annualized volatility of the Shanghai Composite Index decreased by 2.8 percentage points to 15.9% during the "14th Five-Year Plan" [2][27] Group 3 - The financial regulatory authority has taken strict measures against financial irregularities, including the dismissal of over 3,600 illegal shareholders and the resolution of several illegal financial groups [3][36] - The regulatory framework has been significantly restructured, with over 60 supporting rules introduced following the new "National Nine Articles" [2][25] - The financial regulatory authority has imposed penalties on 20,000 institutions and 36,000 individuals, with fines totaling 21 billion yuan [23][28] Group 4 - The stock issuance registration system has transitioned from a pilot program to full implementation, with various measures introduced to optimize the listing and financing processes [5][42] - The total market capitalization of the A-share market surpassed 100 trillion yuan for the first time in August [26] - The proportion of direct financing in the capital market has increased by 2.8 percentage points to 31.6% compared to the end of the "13th Five-Year Plan" [26] Group 5 - The foreign capital holding in A-shares is currently 3.4 trillion yuan, with 269 companies listed overseas [6] - The central bank's monetary policy stance is supportive, implementing moderately loose monetary policies to stabilize the economy [7][8] - The modern monetary policy framework in China has been initially formed and continuously improved, effectively promoting reasonable growth in financial totals and optimizing credit structures [9][33]

Core Viewpoint - The article discusses the significant achievements of China's financial sector during the "14th Five-Year Plan" period, highlighting reforms, risk management, and the enhancement of financial services to support the real economy. Group 1: Financial Sector Achievements - China's financial sector has made substantial progress, with total banking assets reaching nearly 470 trillion yuan, ranking first globally, and stock and bond market sizes ranking second worldwide [4] - The financial system has seen a comprehensive deepening of reforms, with improved governance and a more robust financial service framework, leading to enhanced quality, efficiency, and inclusiveness of financial services [4][5] - The average annual growth rate of loans to technology-based small and medium-sized enterprises, inclusive micro-enterprises, and green loans exceeded 20% during the "14th Five-Year Plan" [5] Group 2: Financial Risk Management - Significant progress has been made in preventing and resolving financial risks, with a focus on orderly handling of key risk areas and maintaining the stability of the financial system [6][14] - The financial system remains generally stable, with financial institutions in good health and the market operating smoothly [6][14] - The article emphasizes the importance of a unified leadership from the central government in managing financial risks effectively [15] Group 3: Financial Market Development - The capital market has seen a notable increase in the proportion of technology sector market capitalization, now exceeding 25%, which is significantly higher than the combined market capitalization of banking, non-banking financial, and real estate sectors [26][27] - The regulatory framework for capital markets has been strengthened, with the implementation of new securities laws and the establishment of a more comprehensive market system [26][28] - The article highlights the improvement in market transparency and fairness, with increased enforcement against financial misconduct [27] Group 4: Future Directions - The People's Bank of China plans to continue deepening reforms and enhancing the central bank's macro-prudential and financial stability functions to support high-quality economic development [10][16] - There is a commitment to maintaining a balance between growth and risk prevention, ensuring the stability of the financial market and the renminbi exchange rate [11][17] - The focus will be on further enhancing the openness of the financial sector and improving the regulatory framework to support a higher level of financial security [22][33]

22日举行的"高质量完成'十四五'规划"发布会上，金融监管总局局长李云泽说，金融监管总局深入践行金融工作的政治性、 人民性，全面完成"十四五"规划的目标任务，助力金融强国建设迈出坚实步伐。 新华社权威速览 · 非风· 金融服务再上新台 银行业保险业通过信贷、债券、股权等多种方 为实体经济提供新增资金170万亿元 普惠型小微企业贷款余额36万亿元 保险业累计赔付9万亿元 较"十三五"时期增长61.7% 农业保险为8亿户次农户提供风险保障 商业养老、健康保险积累准备金11万亿元 新华社权威速览 · 非风 · " 融监管开创新 省市县三级防非打非机制全面覆盖 监管法制"四梁八柱"加快搭建 数字化智能化水平不断提高 累计处罚机构2万家次、责任人3.6万人次 罚没金额210亿元 中国工商银行 策划：令伟家 统筹：于卫亚 文案：李依伦、冯松龄 设计：卓越 【纠错】 【责任编辑:刘阳】 ...