Core Viewpoint - The "14th Five-Year Plan" period has been significant for China's financial risk prevention and resolution, with a focus on reducing the number of high-risk financial institutions and enhancing the financial stability framework [1][3][10]. Group 1: Financial Institution Reform - As of June 2025, the number of financial institutions participating in deposit insurance has decreased to 3,554 from 4,025 at the end of 2020, indicating a trend of consolidation and reduction in the number of small banks [1]. - The reform of small and medium-sized banks has accelerated, with significant efforts in capital replenishment, restructuring, and market exit strategies [4][10]. - Since 2022, ten provinces have established new provincial-level rural commercial banks or cooperative banks, following a "one province, one policy" approach to address regional small bank risks [5][6]. Group 2: Risk Management and Financial Stability - The "14th Five-Year Plan" emphasizes the need to prevent and resolve shadow banking risks and to orderly handle high-risk financial institutions, particularly focusing on small banks [2][4]. - The number of high-risk financial institutions has halved since the peak in Q3 2019, with a notable concentration in rural credit institutions and village banks [3][4]. - By the end of 2023, 3,579 out of 3,936 evaluated banks were rated within a safe boundary, with high-risk institutions reduced by nearly 300 from peak levels [4]. Group 3: Future Outlook and Recommendations - The upcoming "15th Five-Year Plan" will focus on integrating risk resolution with the transformation of local small financial institutions, highlighting the importance of both aspects [10][12]. - Recommendations for improving the situation include enhancing the role of small banks, implementing differentiated regulation, and supporting their capital strength and service capabilities [13]. - The establishment of a financial stability guarantee fund and improvements in the deposit insurance system are crucial for effective risk management and prevention of systemic financial risks [7][14][15].

Core Insights - The "14th Five-Year Plan" has emphasized the importance of financial risk prevention and resolution, leading to a more robust financial firewall against internal and external risks [1][3][12] - The number of high-risk financial institutions has significantly decreased, with a notable reduction from a peak of 649 institutions in Q3 2019 to approximately 357 by the end of 2023 [3][4][10] - The reform and risk resolution efforts for small and medium-sized banks have accelerated, focusing on capital replenishment, mergers, and market exits [4][5][11] Financial Risk Prevention and Resolution - As of June 2025, the number of financial institutions participating in deposit insurance has decreased to 3,554 from 4,025 at the end of 2020, indicating a trend of consolidation [1] - The "14th Five-Year Plan" has called for a financial safety strategy, which includes the establishment of a financial stability guarantee fund to address risk [6][12] - The financial stability guarantee fund is designed to work alongside the deposit insurance fund, creating a comprehensive risk management framework [7][12] High-Risk Financial Institutions - The proportion of high-risk financial institutions has been declining, with the asset ratio of these institutions dropping to 1.78% of total banking assets by the end of 2023 [4][12] - The majority of high-risk institutions are concentrated in rural credit institutions and village banks, with significant regional disparities in risk levels [3][4] Reform of Small and Medium-Sized Banks - Since 2022, ten provinces have established provincial-level rural commercial banks or cooperative banks to facilitate structural reorganization and risk resolution in local small banks [5][11] - The reform efforts for small and medium-sized banks have been characterized by a focus on enhancing their operational capabilities and financial health [11][12] Future Outlook - The "15th Five-Year Plan" aims to integrate risk resolution with the transformation and development of local small and medium-sized financial institutions, highlighting the importance of both aspects [9][10] - Recommendations for future actions include optimizing the regulatory environment for small banks, enhancing their capital strength, and improving their service capabilities through financial technology [11][12] - The focus will also be on strengthening the financial safety net and enhancing the ability to respond to external risks, particularly in light of global economic uncertainties [8][13]

Core Viewpoint - The establishment of a financial stability guarantee fund is crucial for preventing and resolving systemic financial risks, reflecting the increasing importance of financial stability in economic and social development [4] Group 1: Financial Risk Prevention and Resolution - The government work report emphasizes the importance of preventing and resolving major financial risks, requiring the strengthening of risk warning, prevention mechanisms, and capacity building [1] - Significant progress has been made in preventing and resolving major financial risks since the 19th National Congress, with key areas of risk being controlled and systemic financial risk trends being curbed [1] - From 2017 to 2021, high-risk shadow banking was dismantled by 25 trillion yuan, and approximately 1.2 trillion yuan of non-performing assets were disposed of [1] Group 2: Financial Stability Mechanisms - A financial stability development committee has been established, along with a last-resort lender mechanism by the central bank, to manage and guide financial safety and stability [2] - Various funds have been created, including deposit insurance funds and investor protection funds, to accumulate experience in risk prevention and resolution in specific financial sectors [2] - There is a need for a long-term, top-level design for financial safety, enhancing risk disposal mechanisms to address the complexities of financial institutions and their interconnections [2] Group 3: Financial Stability Guarantee Fund - The financial stability guarantee fund aims to prevent systemic financial risks and enhance overall market safety, broadening the sources of funds for risk resolution [3] - The fund's establishment should be based on realistic needs, clearly defining its functions and the scope of financial stability risks [3] - Funding for the guarantee fund should be sourced from multiple parties, including government and market institutions, with contributions based on asset size and risk [3]

值得注意的是，金融稳定法草案明确建立金融稳定保障基金，作为国家重大金融风险处置后备资 金。借鉴国际通行做法，基金由向金融机构、金融基础设施等主体筹集的资金以及国务院规定的其他资 金组成，由国务院金融委统筹管理，用于具有系统性影响的重大金融风险处置。必要时人民银行再贷款 等公共资金可以为基金提供流动性支持，基金应当以处置所得、收益和行业收费偿还再贷款。同时，明 确由国务院规定金融稳定保障基金筹集、管理和使用的具体办法，为今后进一步发挥金融稳定保障基金 的作用留出制度空间。金融稳定保障基金与既有的存款保险基金和行业保障基金双层运行、协同配合， 进一步筑牢我国金融安全网。 近年来，我国金融立法工作稳步推进，形成了以《中国人民银行法》《商业银行法》《证券法》 《保险法》等金融基础法律为统领，以金融行政法规、部门规章和规范性文件为重要内容、地方性法规 为补充的多层次金融法律体系。但涉及金融稳定的法律制度缺乏整体设计和跨行业跨部门的统筹安排， 相关条款分散，规定过于原则，一些重要问题还缺乏制度规范。有必要专门制定金融稳定法，建立金融 风险防范、化解和处置的制度安排，与其他金融法律各有侧重、互为补充。 金融稳定法草案征求意 ...

建立维护金融稳定的长效机制，信托行业的具体路线图逐步清晰。 证券时报记者独家获悉，监管部门近期向信托公司下发了《关于信托公司做好金融稳定保障基金、 信托业稳定基金和信托业保障基金筹集工作有关事项的通知（征求意见稿）》，透露金融稳定保障基金 和信托业稳定基金常规缴纳标准——以各家信托公司营业收入为基数，一年一缴，平均费率约为 4.6%，其中3.7%用于缴纳信托业稳定基金，0.9%用于缴纳金融稳定保障基金。 中国信托业协会数据显示，2021年全行业实现经营收入1207.98亿元，同比略降1.63%。若按照平均 费率4.6%粗略计算，68家信托公司一年缴纳的金融稳定保障基金和信托业稳定基金合计约为55.57亿 元。 值得一提的是，信托业稳定基金费率由基准费率和风险差别费率构成，银保监会将根据各公司上年 度监管评级复评结果确定其当年的风险差别费率。 3.7%+0.9% 未来信托公司既需要缴纳信托业稳定基金，也需要缴纳金融稳定保障基金。 信托业稳定基金方面，信托公司每年缴纳一次，基金费率由基准费率和风险差别费率构成。基准费 率目前为信托公司营业收入的3.7%，可根据经济金融发展状况和基金积累水平适当调整。风险差别费 率 ...