NPC Standing Committee | Report Proposes Five Considerations for China's Next-Step Financial Work

Xinhua News Agency, Beijing, Nov. 3 (Reporter Wu Yu) The State Council's report on financial work was submitted on Nov. 3 to the 25th session of the Standing Committee of the 14th National People's Congress for deliberation. The report outlined five considerations for the next step of China's financial work, including continuing to implement a moderately loose monetary policy, further strengthening and improving financial regulation, and enhancing the adaptability of financial services to the real economy. The report shows that since October 2025, the financial system has improved the quality and efficiency of services to the real economy, comprehensively strengthened financial regulation, deepened financial reform and high-level opening up, safeguarded financial stability and national financial security, and achieved new results in all areas of work. A set of data in the report reflects the situation of financial support for the real economy: from October 2025 to September 2026, aggregate financing to the real economy increased by RMB33 trillion; 88 companies on the Shanghai and Shenzhen A-share markets conducted initial public offerings, raising RMB247.2 billion, of which nearly 90% were high-tech enterprises. At the end of September 2026, loans under the "five major articles" of finance increased by 10.1% year on year. Since its creation in May 2025, the bond market's "tech board" has cumulatively issued RMB3.3 trillion in science and technology innovation bonds. According to the report, China's financial work has five considerations for the next step. In terms of continuing to implement a moderately loose monetary policy, it will comprehensively use various tools, maintain ample liquidity, and continuously evaluate and improve the monetary policy framework. In terms of further strengthening and improving financial regulation, it will severely crack down on illegal financial activities, explore the application of artificial intelligence in the fields of financial management and services, and strengthen the protection of financial consumer rights and interests. In terms of enhancing the adaptability of financial services to the real economy, the report proposes improving the statistical system and assessment and evaluation system for the "five major articles" of finance, and increasing financial support for the construction of the "six networks," scientific and technological innovation, and small and micro enterprises. In terms of steadily deepening financial reform and high-level opening up to the outside world, it will expand the international use of the renminbi, encourage more foreign institutions and long-term capital to come to China to conduct business and invest, and further accelerate the construction and development of an independent and controllable cross-border renminbi payment system. In addition, in terms of steadily defusing risks in key areas, the report proposes implementing monetary policy tools that support the capital market, doing a good job in financial support for the market-oriented transformation of financing platforms after their exit, and operating the real estate "whitelist" mechanism on a regular basis. This article is reprinted from "Xinhua News Agency"; GMTEight editor: Liu Jiayin.