自2015年印发《推进普惠金融发展规划（2016—2020年）》以来，相关进程稳步推进。最新普惠金融指 标体系数据和相关情况显示，我国基础金融服务广泛覆盖，乡村振兴、民营小微、民生重点群体等普惠 金融领域贷款量增面扩，数字普惠金融发展持续深化，数字人民币使用场景日趋丰富，金融机构运用科 技提高金融服务的水平有力提升，多层次资本市场普惠功能持续健全，金融信用信息归集共享大幅提 升，普惠金融高质量发展水平不断提高。 【 发展时间线 】 2015年 ● 印发 《推进普惠金融发展规划 (2016-2020年)》 2016年 G20杭州峰会通过 《G20数字普惠金融高级原则》 2017年 第五次全国金融工作会议提出 要建设普惠金融体系 2019年 党的十九届四中全会强调健全具有 高度适应性、竞争力、普惠性的现代 金融体系 2020年 人民银行创设普惠小微企业延 0 期支持工具和普思小微企业信 用贷款支持计划 2023年 国务院印发 《关于推进普惠金融高质量发展的 实施意见》 2024年 金融监管总局发布 《关于做好绩贷工作 提高小微企 业金融服务水平的通知》 2025年 金融监管总局和人民银行印发 《银行业保险业普思金 ...

2025年，中国经济总体保持平稳，但有效需求不足仍是主要挑战。在此背景下，银行业展现出较强韧 性：三季度上市银行净息差出现企稳迹象，中收修复提速，资产质量总体可控，信贷结构持续向新质生 产力领域优化。同时，金融监管体系在"防风险、强监管、促发展"的主线下加速完善，一系列重磅政策 的出台为银行业的稳健运行与高质量发展构筑了坚实的制度基础。展望未来，在宏观政策协同呵护与监 管持续引导下，银行业有望在平衡风险与发展的道路上稳步前行。 一、内部宏观环境分析：三季度有效需求仍然不足 2025年前三季度，中国经济运行总体平稳，但三季度以来增长动能有所转弱。国家统计局数据显示，前 三季度我国GDP实现101.5万亿元，按不变价格计算，同比增长5.2%。分季度看，一季度同比增长 5.4%，二季度增长5.2%，三季度增长4.8%。 中国社会科学院金融研究所发布的《2025年第三季度中国宏观金融分析报告》指出，2025年三季度，我 国经济运行较为平稳，在迈向高质量发展的转型过程中不乏亮点。但受多重因素影响，部分经济指标有 所放缓，GDP增长率为4.8%，增速相比前两季度略有下滑，有效需求不足的问题仍较为突出。 积极的方面是政策效 ...

Core Insights - The People's Bank of China released the "Analysis Report on China's Inclusive Finance Indicators (2024-2025)", highlighting 2024 as a crucial year for achieving the goals of the 14th Five-Year Plan, amidst increasing external pressures and internal challenges [1] Group 1: Financial Support and Development - Financial support for rural revitalization is strengthening, with increased financial resources directed towards agricultural sectors, and a steady growth in the balance of loans for farmers and consumer loans [2] - Credit support for private and small micro enterprises continues to increase, with a growing scale of loans for the private economy and improved quality of inclusive small micro loans [2] - The policies for entrepreneurship guarantee loans and student loans for key groups have been further optimized, enhancing accessibility to financial services for the elderly and disabled [2] Group 2: Digital Finance and Payment Systems - The number of bank settlement accounts is on the rise, with improved service efficiency, and the pilot application of digital RMB has expanded to 26 regions across 17 provinces [2] - The scale of digital payments is steadily increasing, reflecting a broader adoption of digital finance solutions [2] Group 3: Financing Mechanisms and Capital Markets - The financing support mechanisms are being continuously improved, with the launch of a national credit information sharing platform for small and micro enterprises [2] - The inclusiveness and accessibility of multi-level capital markets are enhancing, with ongoing pilot programs in the Beijing Stock Exchange and New Third Board [2] - The issuance and existence of rural revitalization bonds and asset-backed securities remain stable, supporting agricultural risk management [2] Group 4: Insurance and Risk Management - The supply system for inclusive insurance products is being further developed, with ongoing optimization of insurance policies for key grain crops [2] - Both insurance density and depth have increased, along with a rise in the scale of agricultural insurance risk coverage and claims payments [2]

Core Viewpoint - The People's Bank of China is conducting a survey to assess the development of inclusive finance in 2024, focusing on various dimensions such as usage, accessibility, and quality, and will release an analysis report for 2024-2025 [1] Group 1: Financial Support and Policy Measures - Various departments are enhancing the quality and effectiveness of inclusive finance through multiple measures, including the implementation of monetary policy tools to create a favorable financial environment [2] - The government is focusing on the financial support for the private economy and small and micro enterprises, with initiatives to improve financial services and establish a long-term lending mechanism [2] - There is a special action plan for financial support in rural revitalization, aiming to improve the rural financial service system and direct financial resources towards rural development [2] Group 2: Trends in Inclusive Finance - In 2024, inclusive finance in China shows new characteristics, such as increased financial support for rural revitalization, with growing loan balances for agricultural operations and consumption [3] - There is a sustained increase in credit support for private and small micro enterprises, with a notable rise in loans for technology-based small and medium enterprises [3] - The product system for financial services in the livelihood sector is becoming increasingly diverse, with optimized policies for entrepreneurship and student loans [3] Group 3: Digital and Technological Advancements - The number of bank settlement accounts is increasing, and the efficiency of account services is improving, with the digital RMB pilot expanding to 26 regions [3] - A national credit information sharing platform for small and micro enterprises has been launched, enhancing the coverage of financial credit information databases [3] Group 4: Capital Market and Insurance Developments - The inclusiveness and accessibility of multi-level capital markets are improving, with ongoing pilot programs in the Beijing Stock Exchange and the New Third Board [3] - The supply system for inclusive insurance products is being further developed, with an increase in agricultural insurance risk coverage and claims payments [3]

Core Insights - In 2024, inclusive finance in China continues to show strong development momentum while presenting new characteristics [1] Group 1: Financial Support for Rural Revitalization - Financial resources are increasingly directed towards rural revitalization, with growth in agricultural operating loans and consumer loans, and a steady expansion in loan coverage for impoverished populations [1] Group 2: Support for Private and Small Enterprises - Continuous increase in credit support for private and small enterprises, with a growing scale of loans to the private economy and a favorable trend in inclusive small and micro loans, characterized by volume growth, price reduction, and quality improvement [1] - Rapid growth in loans to technology-based small and medium-sized enterprises, with an increasing loan approval rate [1] Group 3: Optimized Loan Policies for Key Groups - Further optimization of entrepreneurship guarantee loans and student loan policies for key groups, with improved accessibility of banking services for the elderly and disabled [1] - A richer product system to meet the financial service needs in the livelihood sector [1] Group 4: Increase in Bank Account Services - Continuous increase in the number of bank settlement accounts and improved service efficiency [1] - Expansion of digital RMB application trials to 26 regions across 17 provinces (municipalities), with a steady increase in digital payment scale [1] Group 5: Enhanced Financing Mechanisms - Continuous improvement of financing support mechanisms, including the launch of a national credit information sharing platform for small and micro enterprises [1] - Increasing coverage of financial credit information databases for enterprises and organizations, with rapid growth in local credit platform services [1] - Expansion of government financing guarantee business scale [1] Group 6: Inclusive Capital Markets - Enhanced inclusiveness and accessibility of multi-level capital markets, with in-depth promotion of inclusive finance pilots on the Beijing Stock Exchange and New Third Board [1] - Increasing variety of agricultural product futures and options, with a sustained increase in "insurance + futures" projects to manage agricultural risks [1] - Stable issuance and existence scale of rural revitalization bonds and asset-backed securities [1] Group 7: Improvement in Inclusive Insurance Products - Further improvement in the supply system of inclusive insurance products, with ongoing optimization of key grain crop insurance policies [1] - Increase in both insurance density and depth, along with growth in the scale of agricultural insurance risk coverage and claims payments [1]

Group 1 - The total balance of RMB loans in financial institutions reached 270.39 trillion yuan by the end of Q3, with a year-on-year growth of 6.6%, and an increase of 14.75 trillion yuan in the first three quarters [1] - Inclusive small and micro loans grew rapidly, with a balance of 36.09 trillion yuan by the end of Q3, a year-on-year increase of 12.2%, outpacing overall loan growth by 5.6 percentage points [1] - Green loans saw significant growth, with a balance of 43.51 trillion yuan by the end of Q3, up 17.5% from the beginning of the year, adding 6.47 trillion yuan in the first three quarters [1] Group 2 - Agricultural loans continued to grow, with a balance of 53.4 trillion yuan by the end of Q3, a year-on-year increase of 6.8%, and an addition of 3.28 trillion yuan in the first three quarters [1] - The number of technology-based small and medium enterprises receiving loan support reached 275,400, with a loan approval rate of 50.3%, up 2.8 percentage points from the same period last year [2] - The balance of loans for technology-based small and medium enterprises was 3.56 trillion yuan, showing a year-on-year growth of 22.3%, which is 15.8 percentage points higher than the overall loan growth rate [2]

Core Insights - The People's Bank of China reported a total RMB loan balance of 270.39 trillion yuan as of the end of Q3 2025, reflecting a year-on-year growth of 6.6% [1] - The report highlights a significant increase in medium to long-term loans for the industrial sector, with a balance of 26.59 trillion yuan, growing by 9.7% year-on-year, which is 3.2 percentage points higher than the overall loan growth rate [1] - The report indicates strong support for technology-oriented small and medium-sized enterprises (SMEs), with 27.54 million SMEs receiving loans, achieving a loan approval rate of 50.3%, up by 2.8 percentage points from the previous year [1] Loan Growth by Sector - Industrial medium to long-term loans saw a balance of 22.6 trillion yuan for heavy industry, with a year-on-year growth of 9.3%, while light industry loans reached 3.99 trillion yuan, growing by 12.3% [1] - The service sector's medium to long-term loans totaled 72.36 trillion yuan, with a year-on-year increase of 6.8%, slightly above the overall loan growth [1] - Excluding the real estate sector, service industry loans grew by 7.5%, while real estate loans increased by 4.4% year-on-year [1] Additional Loan Categories - The report notes stable growth in loans to enterprises and institutions, rapid growth in inclusive micro and small loans, and significant increases in green loans and agricultural loans [2] - Consumer loans for households continued to show growth, indicating a positive trend in consumer financing [2]

Core Insights - The "14th Five-Year Plan" marks a significant year for China's financial development, with a focus on inclusive finance and digital finance leading globally [1] - The People's Bank of China emphasizes the importance of inclusive finance in empowering small and micro enterprises, individual businesses, and farmers, effectively addressing the last mile of financial services [1] Group 1: Inclusive Finance Growth - Since the beginning of the "14th Five-Year Plan," financial regulatory bodies have optimized the supply of inclusive funds, significantly enhancing the effectiveness of financial services to the real economy [2] - The banking and insurance sectors have provided an additional 170 trillion yuan to the real economy over the past five years, with the balance of inclusive small and micro enterprise loans reaching 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan" [2] - The average annual growth rate of loans to technology-based small and medium enterprises, inclusive small and micro loans, and green loans has exceeded 20% during the "14th Five-Year Plan" [2] Group 2: Policy Support and Market Dynamics - Strong policy support has been a key factor in the growth of inclusive small and micro loans, with multiple initiatives introduced to increase funding for these enterprises [2][3] - Financial management departments have set "two increases" assessment targets for commercial banks regarding inclusive small and micro enterprise loans, effectively directing credit resources to this sector [3] - The establishment of a coordination mechanism to support financing for small and micro enterprises has been initiated, enhancing the precision of financial services [3][4] Group 3: Digital Transformation and Technology Empowerment - The development of inclusive finance is closely linked to the digital transformation, with financial technology significantly reducing service costs and improving efficiency [5][6] - Digital finance helps address financial exclusion by providing new financing channels and products, thus increasing access to financial services for underserved rural populations [5] - The integration of big data and digital capabilities is essential for enhancing the value creation of data elements and improving the convenience and accessibility of inclusive finance [7] Group 4: Service System Improvement - The inclusive finance service system has become more comprehensive, with a focus on building a multi-layered, widely covered, and differentiated service framework [8] - Despite progress, challenges remain in integrating inclusive finance with digital finance and addressing the sustainability of business models [8][9] - Financial institutions are encouraged to avoid homogenization and explore unique, orderly competitive supply patterns to enhance the quality of inclusive financial services [9]

Core Viewpoint - The recent press conference highlighted the stability of China's financial policies, with no immediate adjustments to the Loan Prime Rate (LPR), while the A-share market showed positive performance, indicating a complex interplay between policy and market sentiment [2][3][4]. Group 1: Market Performance - On September 22, the A-share market experienced a rally, with all three major indices closing in the green despite the unchanged LPR [4]. - The total market capitalization of A-shares increased from 68 trillion yuan to 104 trillion yuan, adding 36 trillion yuan, with over 3,000 stocks rising more than 50% [7]. - The market is undergoing a structural revaluation, with growth stocks benefiting from earnings realization and dividend-paying blue-chip stocks establishing a solid base [12]. Group 2: Economic Indicators - In August, the Consumer Price Index (CPI) fell by 0.4% year-on-year, while the Purchasing Managers' Index (PMI) stood at 49.4%, indicating a slight contraction in manufacturing [6]. - The total retail sales of consumer goods reached 3.97 trillion yuan, growing by 3.4% year-on-year, which is 1.3 percentage points higher than the same period last year [6]. Group 3: Financial Policy and Structure - The LPR remained unchanged at 3.0% for one year and 3.5% for five years, reflecting a stable monetary policy environment [6]. - The financial system's total assets are nearing 470 trillion yuan, with the stock and bond markets ranking second globally, indicating significant global influence [10]. - Direct financing's share has increased to 31.6%, up 2.8 percentage points from the end of the previous five-year plan, showing a shift towards capital markets for resource allocation [10]. Group 4: Risk Management and Regulatory Environment - The number of local government financing platforms has decreased by over 60%, and financial debt has been reduced by more than 50%, indicating a controlled approach to systemic risks [11][14]. - The regulatory framework is evolving, with measures in place to support small and micro enterprises, as well as a focus on improving market rules and enhancing operational order [11]. Group 5: Future Outlook - The market is expected to focus on "deterministic" logic post-September 22, with sustainable profitability in key sectors like technology and green finance [16]. - The proportion of medium- and long-term funds is increasing, which may reduce short-term speculative trading and extend holding periods [17]. - Identifiable risks in local debt, real estate, and small banks are being addressed, leading to a decrease in systemic risk premiums [18].

Group 1 - The core theme of the press conference was to highlight the achievements of the financial sector during the "14th Five-Year Plan" period, emphasizing long-term perspectives rather than short-term policy adjustments [1] - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, while the stock and bond markets ranked second in the world [1] - China has maintained its position as the world's largest holder of foreign exchange reserves for 20 consecutive years, and has made significant advancements in green finance, inclusive finance, and digital finance [1][2] Group 2 - The modern monetary policy framework in China is gradually taking shape, with effective policy transmission supporting the real economy [2] - The average annual growth rate of loans to technology-based SMEs, inclusive micro-enterprises, and green loans exceeded 20% during the "14th Five-Year Plan" period [2] - The People's Bank of China has implemented a series of monetary policies since September 2024 to stabilize market expectations and boost confidence, contributing to economic recovery and high-quality development [2] Group 3 - Significant progress has been made in preventing and mitigating financial risks, with a focus on orderly handling of prominent risk points in the financial sector [3] - The financial system in China is overall stable, with financial institutions remaining healthy and the market operating smoothly [3] - The "14th Five-Year Plan" period saw five key advancements in financial sector openness, including deepening institutional openness and enhancing the international status of the renminbi [3] Group 4 - By the end of July 2023, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, with stock holdings exceeding 3 trillion yuan and bond holdings around 4 trillion yuan [4] Group 5 - The People's Bank of China is focused on improving the central bank system and enhancing financial security under open conditions, aiming to support high-quality economic development [5] - The central bank is working on a dual-pillar framework for monetary policy and macro-prudential policy to achieve currency stability and financial stability [5][6] Group 6 - The financial market infrastructure is being strengthened, with the introduction of a "technology board" in the bond market and a multi-layered bond market framework being established [6] - The central bank is committed to deepening high-level financial openness and promoting the internationalization of the renminbi [6] Group 7 - The balance between short-term and long-term goals, as well as the health of the financial system and support for the real economy, is crucial for maintaining financial stability [7] - The importance of market discipline and the need for a robust risk management framework are emphasized to prevent moral hazards [8] Group 8 - The regulatory authority has prioritized the prevention and resolution of financial risks, with significant achievements in managing risks associated with small and medium-sized financial institutions [9] - The number of high-risk institutions and the scale of high-risk assets have significantly decreased, indicating that financial risks are controllable [9]