Core Viewpoint - The article highlights the significant achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the deepening of financial reforms, enhancement of financial services to the real economy, and the ongoing efforts to mitigate financial risks while promoting high-quality development [6][10]. Financial System Reform - The financial system reform has been further deepened, with the establishment of the Central Financial Commission and the Central Financial Work Committee to strengthen the centralized leadership of the Party over financial work [6][7]. - The banking sector's total assets reached nearly 470 trillion yuan, ranking first in the world, while the stock and bond markets ranked second globally [6][7]. Financial Services to the Real Economy - Financial services to the real economy have significantly improved, with annual growth rates exceeding 20% for loans to technology-based SMEs, inclusive small and micro enterprises, and green loans during the "14th Five-Year Plan" [7][10]. - The banking and insurance sectors provided an additional 170 trillion yuan in funding to the real economy over the past five years [15]. Financial Industry Reform and Opening Up - The financial supply-side structural reform has been continuously promoted, with a focus on developing a multi-level financial market and optimizing the financial structure [9][10]. - The number of financial institutions has decreased from over 4,600 in 2019 to 4,295 by the end of 2024, indicating effective risk mitigation efforts [44]. Risk Prevention and Mitigation - Significant progress has been made in preventing and mitigating financial risks, with a focus on orderly handling of high-risk institutions and reducing the scale of high-risk assets [9][44]. - The overall health of the financial system has been maintained, with key regulatory indicators such as non-performing loans and capital adequacy remaining stable [15][16]. Capital Market Development - The capital market has seen substantial growth, with the total market value of A-shares surpassing 100 trillion yuan for the first time [21][22]. - The direct financing ratio has increased to 31.6%, reflecting a steady rise in the importance of direct financing in the economy [22]. Foreign Exchange Management - The foreign exchange market has operated steadily, with foreign exchange reserves remaining above 3 trillion USD, providing a strong stabilizing effect on the economy [29][30]. - The cross-border capital flow has remained balanced, with the international balance of payments showing resilience despite external pressures [29][30]. Future Outlook - The People's Bank of China aims to continue enhancing the financial system and supporting high-quality economic development in the "15th Five-Year Plan" period [10][40]. - The focus will be on building a more open, secure, and efficient foreign exchange management system to contribute to the modernization of China's economy [30][31].

Core Insights - During the "14th Five-Year Plan" period, China's financial sector has achieved significant milestones, including total banking assets nearing 470 trillion yuan, ranking first globally, and maintaining the world's largest foreign exchange reserves for 20 consecutive years [1][2] Financial System Reform - The Chinese government has implemented a series of transformative reforms in financial leadership and regulatory systems, establishing the Central Financial Committee and the Central Financial Work Committee to enhance centralized leadership [2] - A modern financial system is being constructed to promote high-quality development in the financial sector [2] Financial Services to the Real Economy - The People's Bank of China has adopted a supportive monetary policy stance, leading to the formation of a modern monetary policy framework that effectively supports the main goals of economic and social development during the "14th Five-Year Plan" [2] - Financial support for technology-driven small and medium-sized enterprises, inclusive micro and small loans, and green loans has seen an annual growth rate exceeding 20% [2] Financial Industry Reform and Opening Up - Continuous promotion of supply-side structural reforms in finance, deepening institutional reforms, and developing multi-tiered financial markets are key focuses [2] - The financial sector is experiencing a steady push for high-level bilateral opening up, enhancing the level of institutional openness and increasing participation in international financial governance [2] Risk Prevention and Mitigation - The People's Bank of China has effectively addressed several prominent risk points in the financial sector, safeguarding the interests of depositors and small investors [3] - The overall financial system remains stable, with healthy financial institutions and smooth market operations [3] Lessons Learned - The achievements of the past five years in China's financial sector provide valuable lessons that should be consistently applied, emphasizing the importance of serving the real economy and preventing financial risks [3]

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the establishment of a comprehensive and efficient cross-border payment and clearing network for the Renminbi, as well as the international leadership in mobile payments [2]. Group 1 - The People's Bank of China has developed a multi-channel, widely covered, safe, and efficient cross-border payment and clearing network for the Renminbi [2]. - Mobile payment systems in China are recognized as being at the forefront of international standards [2].

Group 1: Achievements in Financial Sector - The financial sector in China has achieved significant milestones during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [2] - The stock and bond markets are the second largest in the world, while foreign exchange reserves have maintained the top position for 20 consecutive years [2] - China leads in green finance, inclusive finance, and digital finance, establishing a comprehensive and efficient cross-border payment network [2] Group 2: Financial System Reforms - Financial system reforms have deepened, with the establishment of the Central Financial Committee and the Central Financial Work Committee to enhance leadership and governance [2] - The modern financial system is being constructed to align with the six key elements required for a strong financial nation, promoting high-quality development [2] Group 3: Support for Real Economy - The effectiveness of financial services to the real economy has significantly improved, with a supportive monetary policy framework aiding economic goals [3] - Loans to technology SMEs, inclusive small and micro enterprises, and green loans have seen annual growth rates exceeding 20% [3] Group 4: Financial Risk Management - Important progress has been made in preventing and mitigating financial risks, with effective measures taken to address prominent risk points [4] - The overall financial system remains stable, with healthy financial institutions and smooth market operations [4] Group 5: Banking and Insurance Sector Growth - The total assets of the banking and insurance sectors have surpassed 500 trillion yuan, with an average annual growth of over 9% in the past five years [5][6] - New funding provided to the real economy through various channels has reached 170 trillion yuan, with significant growth in loans for technology, manufacturing, and infrastructure [5] Group 6: Capital Market Developments - The A-share technology sector now accounts for over 25% of the market capitalization, with an increase in the number of technology companies among the top 50 listed firms [7][8] - Companies have significantly increased their return to investors, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the previous five years [8] Group 7: Foreign Exchange Reserves Stability - Since the beginning of the "14th Five-Year Plan," foreign exchange reserves have remained stable above 3 trillion USD, contributing to economic stability [9] - The international balance of payments has shown resilience, with a balanced current account and active cross-border investment [9]

0:00 央行行长潘功胜9月22日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介绍，"十四 五"期间，我国金融事业取得新的重大成就。截至今年6月末，我国银行业总资产近470万亿元，位居世 界第一；股票、债券市场规模位居世界第二；外汇储备规模连续20年位居世界第一。同时，我国在绿色 金融、普惠金融、数字金融等方面走在世界前列，基本建成多渠道、广覆盖、安全高效的人民币跨境支 付清算网络，移动支付处于国际领先水平。 ...

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the establishment of a comprehensive and efficient cross-border payment and clearing network for the Renminbi, as well as the international leadership in mobile payments [1] Group 1 - The People's Bank of China has developed a multi-channel, widely covered, safe, and efficient cross-border payment and clearing network for the Renminbi [1] - Mobile payment systems in China are recognized as being at the forefront of international standards [1]

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the establishment of a comprehensive and efficient cross-border payment and clearing network for the Renminbi, as well as the international leadership in mobile payments [1] Group 1 - The People's Bank of China has developed a multi-channel, widely covered, safe, and efficient cross-border payment and clearing network for the Renminbi [1] - Mobile payment systems in China are recognized as being at the forefront of international standards [1]

Core Insights - The People's Bank of China Governor Pan Gongsheng highlighted significant achievements in China's financial sector during the "14th Five-Year Plan" period, emphasizing the country's leading position in various financial metrics [1]. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world [1]. - The scale of China's stock and bond markets ranks second globally [1]. - China's foreign exchange reserves have maintained the world's largest position for 20 consecutive years [1]. Innovations in Financial Services - China is at the forefront of green finance, inclusive finance, and digital finance [1]. - The country has established a comprehensive, secure, and efficient cross-border payment and clearing network for the renminbi, demonstrating significant advancements in mobile payment systems, which are internationally leading [1].

Core Viewpoint - The article emphasizes the need for reform in global financial governance, focusing on the international monetary system, cross-border payment systems, global financial stability, and governance of international financial organizations [1][3][4] Group 1: International Monetary System - The article discusses the direction for a new round of international monetary system reform, highlighting the need to reduce over-reliance on a single sovereign currency and its negative impacts, promoting healthy competition among a few strong sovereign currencies [1] - It suggests that the future international monetary system may evolve towards a coexistence of a few sovereign currencies that compete and balance each other [1] Group 2: Cross-Border Payment Systems - The article reviews the improvement of the global cross-border payment system, noting that traditional systems face increasing challenges, leading to a global call for enhancements [1] - It states that the cross-border payment system is developing towards greater efficiency, security, inclusiveness, and diversity, with a trend expected to continue [1] - The article highlights the establishment of a multi-channel, widely covered RMB cross-border payment clearing network in China over the past decade [1] Group 3: Global Financial Stability - The article outlines the strengthening of financial regulatory rules post-global financial crisis, emphasizing the importance of a multi-layered financial safety net [3] - It mentions that China has signed bilateral currency swap agreements with over 30 countries and regions, contributing to the global financial safety net [3] - 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 [3] Group 4: Governance of International Financial Organizations - The article points out that the current shareholding structure of the International Monetary Fund (IMF) does not reflect the relative positions of member countries in the global economy [4] - It stresses the urgency of adjusting the shareholding ratios to enhance the legitimacy and representation of the IMF [4] - The article calls for major international financial organizations to strengthen their economic and financial oversight functions and to coordinate macroeconomic policies to maintain stability in the international financial system [4]

Core Viewpoint - The global cross-border payment system is at a critical juncture, with traditional models showing significant drawbacks, while China has established a multi-channel, widely covered RMB cross-border payment clearing network over the past decade, marking a significant achievement in the financial sector on the global stage [1][5]. Group 1: Global Economic Context - The traditional cross-border payment system has increasingly shown shortcomings in efficiency, cost, and security, which hampers smooth cross-border economic activities amid rising international trade and investment [3]. - Issues such as payment delays, high fees, and lack of transparency have led to a global call for upgrading the cross-border payment system, resulting in the emergence of new payment infrastructures and settlement methods [3]. Group 2: China's RMB Cross-Border Payment Network - China's RMB cross-border payment clearing network has effectively connected domestic financial institutions with global partners, facilitating the international flow of RMB [5]. - The network has expanded its coverage to include major trading partner countries and regions, as well as emerging markets, providing convenient RMB cross-border payment services [5]. - The network has improved payment processing efficiency, significantly reduced transaction costs, and enhanced the attractiveness of RMB in cross-border trade and investment [5]. Group 3: Implications for Trade and Investment - The establishment of the RMB cross-border payment network has greatly facilitated trade and investment, allowing domestic companies to conduct cross-border business more conveniently and mitigate exchange rate risks [5]. - The network's development has also advanced the internationalization of RMB, with increasing numbers of countries willing to include RMB in their foreign exchange reserves, thereby enhancing its influence in the international monetary system [5]. Group 4: Future Outlook - China is expected to continue enhancing the RMB cross-border payment clearing network by optimizing its layout, strengthening financial cooperation with countries along the Belt and Road Initiative, and expanding its coverage [6]. - The use of advanced technologies such as blockchain and big data will be prioritized to improve the network's security and processing capabilities [6]. - Active participation in the formulation of global cross-border payment rules is anticipated, allowing China to contribute to the optimization of the global payment system and assert its voice in international financial governance [6].