①Pan Gongsheng: The People's Bank of China will resume open market government bond buy-sell operations. ②Li Yunze: Steadily and orderly advance the mergers, reorganizations, and quality improvements of small and medium-sized financial institutions. ③Wu Qing: The CSRC will initiate the implementation of deepening reforms in the ChiNext board. ④Zhu Hexin: Promote high-level institutional openness in the foreign exchange sector.
This afternoon, the 2025 Financial Street Forum Annual Meeting, themed 'Global Financial Development under Innovation, Transformation, and Restructuring,' opened in Beijing. At the meeting, Pan Gongsheng, Governor of the People’s Bank of China; Li Yunze, Director of the Financial Regulatory Authority; Wu Qing, Chairman of the China Securities Regulatory Commission; Zhu Hexin, Deputy Governor of the People’s Bank of China and Director of the State Administration of Foreign Exchange, among others, delivered speeches.
Pan Gongsheng:
The bond market is currently operating well overall; the People's Bank of China will resume open market operations for government bond purchases and sales.
Pan Gongsheng, Governor of the People's Bank of China, stated that last year, the Bank implemented the deployment of the Central Financial Work Conference by initiating government bond purchase and sale operations in the secondary market. This represents a significant step to enrich the monetary policy toolkit, enhance the financial functions of government bonds, leverage the pricing benchmark role of the government bond yield curve, and promote better coordination between monetary and fiscal policies. It also supports the reform and development of China’s bond market and enhances financial institutions’ market-making and pricing capabilities. In practice, the People's Bank of China has conducted flexible two-way operations in government bond purchases and sales based on the needs of base money issuance while taking into account supply and demand dynamics and changes in the shape of the yield curve in the bond market, ensuring smooth transmission of monetary policy and stable operation of financial markets. Earlier this year, considering the significant imbalance pressures in the bond market and accumulated market risks, the People’s Bank of China suspended its government bond operations. Currently, as the bond market is operating well overall, the People’s Bank of China will resume open market operations for government bond purchases and sales.
Continue to improve the monetary policy framework and strengthen the implementation and transmission of monetary policy.
Pan Gongsheng noted that over the past year, faced with complex and severe domestic and international conditions, the People’s Bank of China adhered to a supportive monetary policy stance in accordance with central government decisions. It comprehensively utilized various monetary policy tools—quantitative, price-based, and structural—to maintain ample liquidity. The main macro-financial indicators reflecting financial operations also demonstrated a moderately accommodative monetary policy state, creating favorable monetary and financial conditions for the rebound and stabilization of China’s economy and the stable functioning of financial markets. The People’s Bank of China will continue to adhere to a supportive monetary policy stance, implement a moderately accommodative monetary policy, employ multiple monetary policy tools, and provide short-term, medium-term, and long-term liquidity arrangements to keep social financing conditions relatively loose. At the same time, efforts will be made to further improve the monetary policy framework and strengthen the implementation and transmission of monetary policy.
Further optimize the digital RMB management system.
Pan Gongsheng stated that the People’s Bank of China will further optimize the digital RMB management system, study ways to refine the positioning of digital RMB within the currency hierarchy, and support more commercial banks in becoming operational entities for digital RMB services. The Bank has established an international digital RMB operations center in Shanghai to oversee cross-border cooperation and usage of the digital RMB. Additionally, it has set up a digital RMB operations management center in Beijing, responsible for the construction, operation, and maintenance of the digital RMB system, promoting its development and contributing to the establishment of Beijing as the national financial management center.
The People’s Bank of China, together with law enforcement agencies, will continue to crack down on the operation and speculation of virtual currencies within the country.
Pan Gongsheng stated that in recent years, virtual currencies issued by market institutions, particularly stablecoins, have continued to emerge, but overall, they remain in the early stages of development. International financial organizations and financial regulatory bodies such as central banks generally adopt a cautious stance toward the development of stablecoins. Ten days ago, at the IMF/World Bank Annual Meetings held in Washington, stablecoins and their potential financial risks became one of the most discussed topics among finance ministers and central bank governors from various countries. The prevailing view focused on the fact that, as a financial activity, stablecoins currently fail to effectively meet basic requirements such as customer identification and anti-money laundering, amplifying gaps in global financial regulation, including money laundering, illegal cross-border fund transfers, and terrorist financing. Additionally, the market is characterized by speculative trading, increasing vulnerabilities within the global financial system and posing challenges to the monetary sovereignty of some less developed economies. Since 2017, the People's Bank of China (PBOC), in conjunction with relevant departments, has issued multiple policy documents aimed at preventing and addressing risks associated with domestic virtual currency trading and speculation. These policy documents remain in effect. Going forward, the PBOC will continue to collaborate with law enforcement agencies to combat domestic virtual currency operations and speculative activities, thereby maintaining economic and financial order while closely monitoring and dynamically assessing the development of overseas stablecoins.
Research and implement policy measures to support individuals in repairing their credit.
Pan Gongsheng stated that research and implementation of policy measures to support individuals in repairing their credit are underway. The credit reporting system operated by the People’s Bank of China is a crucial financial infrastructure, recording financial default behaviors of enterprises and individuals, and providing financial institutions with access for inquiries and risk assessments when conducting business. Over the past two decades, it has played a significant role in advancing China’s social credit system and preventing financial risks. According to the Regulations on the Credit Reporting Industry, default records in the credit reporting system have a retention period of five years. In recent years, due to unforeseen events like the COVID-19 pandemic, some individuals experienced debt delinquencies. Although they subsequently repaid their debts in full, their related credit records continued to impact their economic lives. To assist individuals in expediting the repair of their credit records while preserving the deterrent effect of default records, the People’s Bank of China is researching and implementing a one-time personal credit relief policy. For individuals who defaulted on loans below a certain amount during the pandemic and have since repaid their loans, their default information will not be displayed in the credit reporting system. This measure will undergo necessary technical preparations by the People’s Bank of China in collaboration with financial institutions after completing relevant procedures, with plans to take effect early next year.
Establish a comprehensive macro-prudential management system. The People’s Bank of China has identified four key areas of focus.
Pan Gongsheng stated that to establish a comprehensive macro-prudential management system, the People’s Bank of China has identified several key priorities. First, enhance coverage of the interconnection between macroeconomic performance and financial risks. High-quality macroeconomic development serves as the foundation for stable financial markets and the healthy operation of individual financial institutions. It is necessary to closely monitor and evaluate macroeconomic trends, ensuring a dynamic balance at the macro level among economic growth, structural adjustments, and financial risk prevention, while promoting high-quality economic development to address systemic financial risks at their source. Second, improve coverage of financial market operations. Based on evolving developments in financial markets, continuously broaden the scope of macro-prudential management to strengthen the resilience of the financial system. Third, better cover systemically important financial institutions. Conduct comprehensive evaluations and recognition of systemically important banks, insurance companies, and other financial institutions and infrastructures, and implement additional regulatory measures commensurate with their systemic importance alongside standard supervision. Fourth, better address cross-border transmission of international economic and financial market risks. The People’s Bank of China must balance internal and external equilibria, dynamically assess, and effectively respond to the impacts of major economies’ monetary policies, trade policies, sovereign debt risks, and geopolitical factors on China’s economy and financial market operations.
The central bank explores mechanisms to provide liquidity to non-bank institutions under specific scenarios.
Pan Gongsheng stated that the People’s Bank of China will comprehensively balance the maintenance of financial market stability and the prevention of moral hazards in financial markets, exploring mechanisms to provide liquidity to non-bank institutions under specific scenarios.
Strengthen the monitoring and assessment system for systemic financial risks; a preliminary plan has been formulated.
Pan Gongsheng stated that efforts to strengthen the monitoring and assessment system for systemic financial risks have resulted in a preliminary plan, with plans to release a list of systemically important insurance companies at an appropriate time.
李云泽：
Further deepen the structural reform of financial supply to promote a more rational institutional layout.
Li Yungze, head of the Financial Regulatory Authority, stated at the 2025 Financial Street Forum Annual Meeting that the Financial Regulatory Authority will adhere to a problem-oriented approach, further deepen the structural reform of financial supply, and promote a more rational institutional layout, continuous enhancement of development quality and resilience, and a significant increase in international influence, driving new progress in the construction of a modern financial institution system. It will guide institutions of different types and sizes to find their positioning, focus on core businesses, engage in differentiated competition, achieve specialized operations and differentiated development, and jointly build a diversified, orderly, healthy, and sustainable financial ecosystem to advance the high-quality development of the industry to a new level.
Focus on implementing the strategy to expand domestic demand, strengthen funding for major projects, and boost consumption expansion and upgrading.
Li Yungze stated that efforts will be made to implement the strategy to expand domestic demand, strengthen funding for major projects, and boost consumption expansion and upgrading.
Advance the construction of a new model of financial services.
Li Yungze stated that efforts will focus on enhancing the compatibility of economic and financial systems to better promote sustained and healthy socioeconomic development. The Financial Regulatory Authority will advance the construction of a new financial services model that coordinates direct and indirect financing, balances investment in physical assets and human capital, matches financing terms with industrial development, and links domestic and international markets.
Unswervingly deepen reforms and expand openness.
Li Yungze stated that reforms will be deepened and openness expanded unswervingly. Efforts will continuously enhance the momentum and vitality of financial sector development, deepen the structural reform of financial supply, promote a more rational institutional layout, continuously improve development quality and resilience, significantly increase international influence, and drive new progress in the construction of a modern financial system.
Increase the intensity of non-performing asset disposal and capital replenishment, and diversify disposal resources and methods.
Li Yungze stated that the Financial Regulatory Authority will firmly uphold the bottom line of preventing systemic financial risks, build a solid risk prevention barrier, consolidate risk control achievements, steadily and orderly advance the mergers and reorganizations of small and medium-sized financial institutions, reduce quantity while improving quality, increase the intensity of non-performing asset disposal and capital replenishment, diversify disposal resources and methods, and ensure the sound operation of the financial system.
Steadily and orderly advance the merger and reorganization of small and medium-sized financial institutions, reducing quantity while improving quality.
Li Yungze stated that the Financial Regulatory Authority will firmly fulfill its primary responsibility of preventing risks, actively identify, respond to, and seek changes, and firmly adhere to the bottom line of preventing systemic financial risks. Strengthening the robust defense against risks, consolidating the outcomes of risk resolution, steadily and orderly advancing the merger and reorganization of small and medium-sized financial institutions, reducing quantity while improving quality. Intensify the disposal of non-performing assets and capital replenishment, diversify disposal resources and methods, and ensure the stable operation of the financial system. Accelerate the establishment of a financing system compatible with the new model of real estate development, and assist in resolving local government debt risks. Continuously improve the efficiency of financial regulation, expedite the establishment, amendment, repeal, and interpretation of financial laws and regulatory rules, and refine regulatory policies that are clearly oriented, precisely effective, and hierarchically classified. Strengthen technological empowerment, optimize resource allocation, and provide strong support for the 'five major areas of supervision.'
Wu Qing:
The CSRC will initiate the implementation of deepening reforms in the ChiNext market.
Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated at the 2025 Financial Street Forum Annual Meeting that the implementation of deepening reforms in the ChiNext market will be initiated, setting listing standards more aligned with the characteristics of emerging fields and future industry innovation and entrepreneurial enterprises, providing more precise and inclusive financial services for new industries, new business models, and new technology enterprises.
The Optimization Plan for the Qualified Foreign Institutional Investor (QFII) System was officially launched on the 27th.
Wu Qing stated that the 'Optimized Work Plan for the Qualified Foreign Institutional Investor System' was officially launched on the same day, including optimizing access management, improving investment operational efficiency, and expanding the scope of investment, striving to provide a more transparent, convenient, and efficient institutional environment for various overseas investors. Two measures—qualification approval and account opening being efficiently processed as one task, and a green channel for access to allocation-oriented foreign capital—will be implemented on the same day.
The value of allocating Chinese assets such as A-shares and Hong Kong stocks becomes more prominent.
Wu Qing stated that during the process of risk repricing and asset rebalancing, stability and balance are increasingly becoming top priorities in asset allocation. In this process, Chinese assets such as A-shares and Hong Kong stocks continue to undergo revaluation, and their allocation value becomes more evident.
Introduce a shelf registration system for refinancing at an appropriate time.
Wu Qing stated that further efforts will be made to consolidate the foundation and strengthen the inherent basis for market stability. A shelf registration system for refinancing will be introduced at an appropriate time to further expand channels supporting mergers and acquisitions. Listed companies will be urged to improve governance and increase dividend payouts, share buybacks, and shareholding increases, providing tangible returns to shareholders.
Continuously promote the high-quality development of the Beijing Stock Exchange (BSE) and facilitate seamless connectivity between the third and fourth boards.
Wu Qing stated that the positioning of building a main platform serving innovative small and medium-sized enterprises will be upheld, and continuous efforts will be made to promote the high-quality development of the BSE. The differentiated listing, disclosure, and trading systems of the New Third Board (NEEQ) market will be improved, and mechanisms connecting the third and fourth boards will be facilitated to reinforce the foundation and base of the multi-tiered capital market.
Release Several Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market
Wu Qing stated that today, several opinions on strengthening the protection of small and medium investors in the capital market will be released. Focusing on enhancing investor protection during processes such as issuance, listing, and delisting, creating a fairer trading environment, improving client service levels of industry institutions, and advancing the construction of diversified dispute resolution mechanisms in securities and futures, 23 pragmatic measures will be introduced to continuously strengthen the 'safety net' of investor protection.
Optimize the Connect Mechanism and Enhance the Quality and Efficiency of Overseas Listing Record-filing
Wu Qing stated that the Connect mechanism will be optimized, and the quality and efficiency of overseas listing record-filing will be enhanced. Practical cooperation between the mainland and Hong Kong markets will be deepened to strive for forming a new development pattern featuring coordinated onshore and offshore development, as well as positive interaction between openness and security.
Establish a Long-term Market Stabilization Mechanism to Prevent Significant Market Volatility
Wu Qing stated that cross-market, cross-industry, and cross-border risk monitoring will be strengthened, a long-term market stabilization mechanism will be established, and significant market volatility will be prevented.
Crack Down Precisely and Effectively on Financial Fraud and Other Illegal Activities to Continuously Boost Investor Trust and Confidence
Wu Qing stated that strengthening the deterrent effect of 'zero tolerance' enforcement, cracking down on illegal activities such as financial fraud, market manipulation, and insider trading with precision and severity, and continuously enhancing investor trust and confidence.
Promote the implementation of more pilot policies, as the 'first' and 'leading case,' in Beijing.
Wu Qing stated that Beijing will continue to serve as an important window for the reform and opening-up of the capital markets. By fully leveraging the pivotal role of the capital markets, efforts will be made to promote the implementation of more pilot policies, as the 'first' and 'leading case,' in Beijing.
Leverage the role of medium- and long-term funds to improve the 'long money, long investment' market ecosystem.
Wu Qing stated that efforts will focus on leveraging the role of medium- and long-term funds as a 'stabilizer' and 'anchor.' Solid progress will be made in reforming public offering funds, promoting the full implementation of long-cycle assessments for enterprise annuities and insurance funds, enriching products suitable for long-term investments, and risk management tools, and striving to improve the 'long money, long investment' market ecosystem.
Further deepen comprehensive reforms in investment and financing.
Wu Qing stated that further deepening comprehensive reforms in investment and financing, continuously enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital markets, and better serving economic and social development as well as the construction of a strong financial nation.
朱鹤新：
Policies related to integrated domestic and foreign currency cash pools for multinational corporations and overseas listing fund management for domestic enterprises will soon be issued and implemented.
Zhu Hexin, Director of the State Administration of Foreign Exchange, stated at the 2025 Financial Street Forum Annual Meeting that by focusing on trade facilitation, the State Administration of Foreign Exchange will introduce nine new policy measures to more strongly promote innovation and development in trade. The main focus is on expanding the scope of high-level open pilot programs for cross-border trade and the types of netting settlement businesses, optimizing foreign exchange settlements for entities engaged in new forms of trade, and relaxing regulations on service trade advance payment operations. Policies related to integrated domestic and foreign currency cash pools for multinational corporations and overseas listing fund management for domestic enterprises will soon be issued and implemented. Integrated foreign exchange management innovations will also be implemented in free trade zones to help expand a new pattern of independent openness.
Deepen the reform of foreign exchange management in key areas such as direct investment, cross-border financing, and securities investment to promote high-level institutional opening in the foreign exchange sector.
Zhu Hexin stated that the State Administration of Foreign Exchange will balance development with security, focusing on building a foreign exchange management system and mechanism that is 'more convenient, more open, more secure, and more intelligent.' It will advance reforms in banks’ foreign exchange operations and improve trade and investment facilitation, expanding the scope and enhancing quality. It will refine the foreign exchange policy framework that rewards trustworthiness with greater convenience. Strengthening overall planning for reforms, it will promote the internationalization of the renminbi alongside high-quality opening of the capital account, deepen foreign exchange management reforms in key areas such as direct investment, cross-border financing, and securities investment, and drive high-level institutional opening in the foreign exchange sector. It will enhance the capacity for foreign exchange regulation and risk prevention under conditions of openness, effectively guard against external risks, and provide greater stability and certainty to foster open cooperation and strengthen economic and trade resilience.