New Regulations on Military Theory Work - Interview with PBOC Governor Pan Gongsheng - China's 2025 ODI @ $174.38 billion
Here are the key reports and articles from the People’s Daily’s edition on Friday, January 23, 2026.
Page 1: The only relevant report on the page that I am covering is about the new regulations on work related to military theory. The report says that:
The Regulations adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guiding ideology, thoroughly implement Xi Jinping Thought on Strengthening the Military, and thoroughly implement the military strategic guideline for the new era. They focus on accelerating the advancement of the modernisation of military theory, optimising the top-level design for innovation in military theory, improving models of military theory research, strengthening the transformation and application of military theory, and building a modern military theory system with Chinese characteristics. They scientifically standardise the basic requirements and institutional arrangements for military theory work in the new era and on the new journey, and constitute an important regulatory basis for carrying out military theory work. 《条例》坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻习近平强军思想，深入贯彻新时代军事战略方针，聚焦加快推进军事理论现代化，优化军事理论创新顶层设计，改进军事理论研究模式，加强军事理论转化运用，建设中国特色现代军事理论体系，科学规范新时代新征程军事理论工作的基本要求和制度安排，是开展军事理论工作的重要法规依据.
The Regulations consist of 7 chapters and 52 articles. Following the general principle of the CMC’s overall management, the theatre commands’ primary responsibility for combat operations, and the services’ primary responsibility being force development, the Regulations standardise and clarify the management system for military theoretical work;
Based on the strategic planning system for the military in the new era, they clarify the main contents of military theory development strategies, construction plans, and annual plans, as well as the procedures for their compilation and issuance;
They emphasise a combination of centralised and decentralised management and classified management, systematically regulating the entire management chain for military theory projects, including project initiation, commencement, implementation, verification, and acceptance;
With a view to providing scientific theoretical support and guidance for strengthening the military in practice, they clarify the measures and requirements for the registration, sharing, evaluation, recognition, promotion, application, and retrospective evaluation of military theory achievements.
《条例》共7章52条，按照军委管总、战区主战、军种主建的总原则，规范明确军事理论工作的管理体制；依据新时代军队战略规划体系，明晰军事理论发展战略、建设规划、年度计划的主要内容与编制发布程序；注重统放结合、分类管理，对军事理论项目立项、开题、实施、验证、验收等管理链路全流程作出系统性规范；着眼为强军实践提供科学理论支撑和引领，明确军事理论成果登记共享、评价认定、推广运用、回溯评价等措施要求。《条例》的发布施行，为推动军事理论工作高质量发展提供了法治保障.
Page 2: There’s an interview with PBOC Governor Pan Gongsheng. The first question is about the achievements in providing financial support for the real economy and financial markets over the past year and what would be the nature of “a moderately loose monetary policy” going ahead.
Pan says:
In 2026, the PBOC will earnestly implement the spirit of the CEWC, continue to implement a moderately loose monetary policy, and prioritise promoting stable economic growth and a reasonable recovery in prices as key considerations for monetary policy. It will leverage the integrated effects of incremental and existing policies to create a favourable monetary and financial environment for stable economic growth, high-quality development, and stable operation of financial markets, providing strong financial support for a good start to the 15th FYP
In terms of aggregate policies, the PBOC will appropriately grasp the intensity, rhythm, and timing of policy implementation. It will utilise various monetary policy tools, such as reserve requirement ratio reductions and interest rate cuts, flexibly and efficiently in order to maintain ample liquidity, ensuring that the growth of social financing and money supply matches the expected targets for economic growth and overall price levels. There is still some room for further reserve requirement ratio reductions and interest rate cuts this year. The PBOC will also strengthen the implementation and supervision of interest rate policies to promote low overall financing costs for society.
In terms of structural policies, the PBOC will adhere to focusing on key areas, maintaining reasonable and appropriate measures, and adjusting policies as needed, continuously optimising the design and management of structural monetary policy tools, and guiding financial institutions to increase support for major strategies, key areas, and weak links. A few days ago, the PBOC released a batch of monetary and financial policies introduced in advance at the beginning of the year, optimizing and improving the policy elements of structural monetary policy tools. The interest rates of all types of structural monetary policy tools were lowered by 0.25 percentage points, and the one-year interest rate for all types of re-lending was reduced from the current 1.5% to 1.25%.
At the same time, we will continue to maintain the stable operation of financial markets. We will manage expectations effectively and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. We will strengthen supervision and management of the bond market, foreign exchange market, money market, bill market, and gold market. We will establish a mechanism to provide liquidity to non-bank institutions under specific circumstances. We will continue to utilize the two monetary policy tools supporting the capital market to support its stable development.
2026年，人民银行将认真贯彻落实中央经济工作会议精神，继续实施好适度宽松的货币政策，把促进经济稳定增长、物价合理回升作为货币政策的重要考量，发挥增量政策和存量政策集成效应，为经济稳定增长、高质量发展和金融市场稳定运行营造良好的货币金融环境，为实现“十五五”良好开局提供有力的金融支撑。总量政策方面，把握好政策实施的力度、节奏和时机，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。今年降准降息还有一定的空间。人民银行还将做好利率政策执行和监督，促进社会综合融资成本低位运行。结构性政策方面，坚持聚焦重点、合理适度、有进有退，不断优化结构性货币政策工具的设计和管理，引导金融机构加大对重大战略、重点领域和薄弱环节的支持力度。前几天，人民银行已经发布了一批在年初先行出台的货币金融政策，对结构性货币政策工具的政策要素作了优化完善。下调各类结构性货币政策工具利率0.25个百分点，各类再贷款一年期利率从目前的1.5%下调到1.25%。同时，我们还要继续维护好金融市场的平稳运行。做好预期管理，保持人民币汇率在合理均衡水平上的基本稳定。加强债券市场、外汇市场、货币市场、票据市场、黄金市场监督管理。建立在特定情景下向非银机构提供流动性的机制性安排。继续用好支持资本市场的两项货币政策工具，支持资本市场稳定发展.
The second question is about how the PBOC will go on to build “a scientific and sound monetary policy system and a comprehensive macro-prudential management system”. If you are interested in a deep-dive on the issue, do check out my coverage of Pan’s article on this issue in the paper in December. Anyway, in this interview, Pan says:
“The central bank has a dual objective of maintaining currency stability and financial stability. The monetary policy system and the macro-prudential management system are two fundamental tools for the central bank to implement macro-management, serving as the pillars for achieving these dual objectives and jointly supporting the construction of a strong financial nation. In building a scientific and steady monetary policy system, the key lies in properly handling the relationships between the short-term and the long-term, between stabilising growth and preventing risks, and between the internal and the external, and dynamically realising an optimal combination of currency value stability, economic growth, full employment, and balance of payments. In recent years, profound changes have taken place in the structure of China’s financial system; in 2025, the share of loans in the incremental increase of total social financing had already fallen below 50%. Against this background, the improvement of the monetary policy framework needs to adapt to the evolving financial system and enhance the scientific nature and effectiveness of regulation. During the 15th FYP period, we will focus on advancing the following work:”
Optimising the monetary policy target system, de-emphasising quantitative targets, and creating conditions for greater use of interest rate regulation.
Improving a basic money supply mechanism with a combination of short-, medium-, and long-term approaches and Chinese characteristics, maintaining ample liquidity in the banking system.
Improving the market-based interest rate formation, regulation, and transmission mechanisms.
Improving the structural monetary policy tool system to guide and incentivise financial institutions to optimise loan allocation.
Improving the RMB exchange rate formation mechanism, adhering to the decisive role of the market in exchange rate formation, maintaining exchange rate flexibility, and preventing exchange rate overshooting risks.
Enhancing policy communication and transparency, conducting professional and pragmatic policy communication and expectation guidance.
In building a comprehensive macro-prudential management system, we will focus on the following tasks:
Strengthening the monitoring and assessment of systemic financial risks, and establishing a standardized and systematized monitoring and assessment framework that combines quantitative and qualitative approaches.
Gradually expanding the scope and objects of macro-prudential management. On the basis of macro-prudential management in traditional fields, expand coverage to new areas such as financial markets, non-bank financial institutions, financial infrastructure, and internet finance.
Continuing to enrich and improve the toolbox of macro-prudential management. This involves implementing a full-process management approach for the creation, implementation, evaluation, feedback, and optimization of macro-prudential management tools.
Improving the legal safeguards and governance mechanisms for macro-prudential policy. The focus will be on promoting legislative and amendment projects such as the Law of the People’s Bank of China. We will strengthen the coordination between macro-prudential policy, monetary policy, and micro-prudential supervision.
中央银行以维护币值稳定和金融稳定为双目标，货币政策体系和宏观审慎管理体系是中央银行实施宏观管理的两项基础性工具，是实现双目标的双支柱，共同支撑金融强国建设。构建科学稳健的货币政策体系，重点是处理好短期与长期、稳增长与防风险、内部与外部的关系，动态实现币值稳定、经济增长、充分就业和国际收支平衡的优化组合。近年来我国金融体系结构发生深刻变化，2025年贷款占社会融资规模增量中的比重已低于50%。在这个背景下，货币政策框架的完善需要适应演进中的金融体系，提高调控的科学性、有效性。“十五五”时期我们将重点推进以下工作：一是优化货币政策目标体系，淡化对数量目标的关注，为更多发挥利率调控的作用创造条件。二是完善短中长期搭配、有中国特色的基础货币投放机制，保持银行体系流动性充裕。三是健全市场化利率形成、调控和传导机制。四是完善结构性货币政策工具体系，引导和激励金融机构优化贷款投向。五是完善人民币汇率形成机制，坚持市场在汇率形成中的决定性作用，保持汇率弹性，同时防范汇率超调风险。六是提高政策沟通和政策透明度，专业、务实做好政策沟通和预期引导。构建覆盖全面的宏观审慎管理体系，我们将重点做好以下工作：一是强化系统性金融风险的监测和评估。建立标准化、系统化、定量与定性相结合的监测评估框架。二是逐步拓展宏观审慎覆盖领域和管理对象。在传统领域宏观审慎管理的基础上，拓展覆盖金融市场、非银金融机构、金融基础设施以及互联网金融等新领域。三是继续丰富和完善宏观审慎管理的工具箱。实现宏观审慎管理工具创设、实施、评估、反馈、优化的全流程管理。四是完善宏观审慎法律保障和治理机制。重点推动中国人民银行法等立法修法项目。强化宏观审慎政策与货币政策、微观审慎监管的统筹协调.
The next question is about how the PBOC will guide financial institutions to strengthen support for key areas such as expanding domestic demand, technological innovation, and SMEs. Pan says:
In terms of expanding domestic demand and supporting consumption, the PBOC will implement comprehensive measures to support enhanced consumption capacity, improve consumption supply, and unleash consumption potential, meeting the diversified financial needs in the consumption sector. A dedicated RMB 500 billion re-lending facility for service consumption and elderly care has been specially established, to incentivise and guide financial institutions to innovate financial products. The level of consumer finance services will be improved, the facilitation of payment services will continue to be advanced, a one-off personal credit repair policy will be well implemented, and the consumer finance environment will be improved. Financial institutions that meet the conditions are supported in issuing financial bonds, to enhance the capacity of fund supply in the consumption sector.
In terms of supporting scientific and technological innovation, policy support will continue to be intensified. Recently, on the basis of the RMB 800 billion quota for re-lending for scientific and technological innovation and technological upgrading, the PBOC further increased the quota by RMB 400 billion to RMB 1.2 trillion, and included private SMEs with relatively high levels of R&D investment, among others, within the scope of support. A science and technology innovation and private enterprise bond risk-sharing tool has been merged and established, providing re-lending support and promoting the development of a ‘Sci-Tech board’ in the bond market.
In terms of supporting MSMEs, the inclusiveness and convenience of financing will be continuously enhanced. The re-lending and rediscounting quota for agriculture and small businesses has increased by 500 billion yuan to 4.35 trillion yuan, and a separate 1 trillion yuan re-lending facility for private enterprises has been established, focusing on supporting small and medium-sized private enterprises. The PBOC supports financial institutions in issuing small and micro enterprise financial bonds and makes good use of the private enterprise bond financing support tool. It will perfect the credit enhancement system for private SMEs and exert the roles of government-managed financing guarantees, information sharing, etc.
在扩大内需、支持消费方面，人民银行围绕支持增强消费能力，提升消费供给，释放消费潜力等方面综合施策，满足消费领域多样化金融需求。专设5000亿元服务消费与养老再贷款，激励引导金融机构创新金融产品。提升消费金融服务水平，持续推进支付服务便利化，实施好一次性个人信用修复政策，改善消费金融环境。支持符合条件的金融机构发行金融债券，提升消费领域资金供给能力。在支持科技创新方面，持续加大政策支持力度。近期，人民银行在8000亿元科技创新和技术改造再贷款额度的基础上，再增加额度4000亿元至1.2万亿元，并将研发投入水平较高的民营中小企业等纳入支持领域。合并设立科技创新与民营企业债券风险分担工具，提供再贷款支持，推动发展债券市场“科技板”。在支持中小微企业方面，不断提升融资普惠性和便利度。增加支农支小再贷款和再贴现额度5000亿元至4.35万亿元，并单设1万亿元民营企业再贷款，重点支持中小民营企业。支持金融机构发行小微企业金融债券，用好民营企业债券融资支持工具。完善民营中小企业增信制度，发挥政府性融资担保、信息共享等作用.
The final question is about what the PBOC will do to advance global financial governance reform and international financial cooperation. Pan makes four points:
First, deepen institutional opening in the financial field, and continuously advance high-level opening of the financial services industry and financial markets. Advance the internationalisation of the RMB in an orderly manner. Support the development of the Shanghai International Financial Center, and consolidate and enhance the status of Hong Kong as an international financial center.
Second, continue to build and develop a multi-channel, wide-coverage, safe and efficient cross-border RMB payment system, and increase international cooperation on cross-border payments.
Third, actively participate in international financial governance and cooperation, and pragmatically carry out multilateral and bilateral monetary and financial cooperation. Continue to advance reform of the international monetary system.
Fourth, strengthen the building of regulatory capacity that matches high-level opening, and resolutely safeguard national financial security.
一是深化金融领域制度型开放，持续推动金融服务业和金融市场的高水平开放。有序推进人民币国际化。支持上海国际金融中心建设，巩固和提升香港国际金融中心地位。二是持续建设和发展多渠道、广覆盖、安全高效的人民币跨境支付体系。加大跨境支付国际合作。三是积极参与国际金融治理和合作，务实开展多双边货币金融合作。持续推动国际货币体系变革。四是加强与高水平开放相匹配的监管能力建设。坚决维护国家金融安全.
Page 3: There’s a report with data from the Ministry of Commerce. It says:
“As of the end of 2025, China had established more than 50,000 enterprises overseas, spread across 190 countries and regions. The stock of outward investment has remained among the world’s top three for nine consecutive years. In 2025, outward direct investment reached $174.38 billion, an increase of 7.1 percent year-on-year, firmly ranking among the world’s leading levels. At the same time, Chinese enterprises ‘going out’ actively fulfilled their social responsibilities, creating on average more than 2 million jobs annually. They invested in the construction of a large number of education, health, environmental protection, and livelihood facilities, winning broad praise from all sectors in host countries.” 截至2025年底，中国在境外设立企业超过5万家，遍布190个国家和地区。对外投资存量连续9年保持世界前三。2025年对外直接投资1743.8亿美元，比上年增长7.1%，稳居世界前列。同时，“走出去”的中国企业积极履行社会责任，年均解决超过200万个就业岗位。出资建设了一大批教育、卫生、环保民生设施，赢得了东道国各界广泛赞誉.
Page 8: There’s a report (related English report) informing that as per the NDRC, the first tranche of 93.6 billion yuan ($13.4 billion) of ultra-long special treasury bond funds to support equipment renewal in major sectors has been issued.
The funds will support about 4,500 projects across a diverse range of sectors including industry, energy equipment, education, healthcare, grain and oil production and processing, customs inspection, the replacement of aging residential elevators, energy efficiency and carbon-reduction initiatives, as well as recycling and circular-economy applications. The funds are expected to drive more than 460 billion yuan in total investment.
In addition to these project-specific allocations, the NDRC said that it has transferred funds directly to local governments to continue targeted programs such as scrapping and replacing old trucks, updating urban bus fleets with new-energy vehicles and phasing out obsolete agricultural machinery.