Pan Gongsheng on Monetary Policy & Macro-prudential Management Systems
Here are the key reports and articles from the People’s Daily’s edition on Thursday, December 04, 2025.
Page 1: There’s a report on the State Council’s 17th study session, which Li Qiang chaired. The session focused on deepening people-centered new urbanisation and striving to build a new pattern of integrated urban-rural development.
Gao Guoli, Director of the China Center for Urban Development and Small Town Reform, gave an explanation. Vice Premiers Ding Xuexiang and He Lifeng, and State Councilor Wang Xiaohong delivered remarks.
Li Qiang said that “it is necessary to earnestly study and implement the decisions and deployments of General Secretary Xi Jinping and the Party Central Committee regarding the in-depth implementation of the new urbanisation strategy, adhere to a people-centered approach to improve the quality and level of urbanization, fully unleash the enormous domestic demand potential inherent in integrated urban-rural development, and provide strong impetus for economic and social development.” 国务院总理李强在主持学习时强调，要认真学习贯彻习近平总书记和党中央关于深入实施新型城镇化战略的决策部署，坚持以人为本提高城镇化质量水平，充分释放城乡融合发展蕴藏的巨大内需潜力，为经济社会发展提供强劲动力.
Li said that “new urbanisation is an important vehicle for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic economic cycle. In recent years, various regions and departments have deeply implemented the new urbanisation strategy, promoting significant progress in new urbanization. Looking ahead to the 15th FYP period, there is still considerable room for the development of new urbanisation. It is necessary to grasp the mission and tasks of new urbanisation from the height of the overall picture of Chinese-style modernisation, always place this work in a strategic position and grasp it solidly and well, accelerate the remedying of shortcomings and weak links, and strive to achieve the interactive progress of comprehensive human development, improved urban quality, and industrial agglomeration and upgrading.” 李强在听取讲解和交流发言后指出，新型城镇化是扩大内需和促进产业升级、做强国内大循环的重要载体。近年来，各地区各部门深入实施新型城镇化战略，推动新型城镇化取得重要进展。展望“十五五”时期，新型城镇化发展空间仍然很大。要从中国式现代化全局的高度把握新型城镇化的使命任务，始终把这项工作摆在战略位置抓实抓好，加快补齐短板弱项，努力实现人的全面发展、城市品质提升和产业聚集升级的互动并进.
Li Qiang pointed out that China’s urbanisation is shifting from a period of rapid growth to a period of stable development, and urban development is transitioning from a phase of large-scale incremental expansion to one focused on improving the quality and efficiency of existing resources. Profound changes are taking place in population structure, urban systems, and urban-rural patterns. The application of new technologies such as AI is also bringing new opportunities and challenges to urban development and governance. It is crucial to deeply understand the phased and trend-oriented characteristics of new urbanisation and further enhance the targeted effectiveness of new urbanisation work. 李强指出，我国城镇化正从快速增长期转向稳定发展期，城市发展正从大规模增量扩张阶段转向存量提质增效为主的阶段，人口结构、城镇体系、城乡格局等都在发生深刻变化，人工智能等新技术的应用也对城市发展、治理带来新的机遇和挑战。要深刻认识新型城镇化的阶段性趋势性特征，进一步增强新型城镇化工作的针对性有效性.
Li Qiang emphasised that new urbanisation is a systematic project. It is necessary to implement new urbanisation planning in accordance with local conditions, adhere to planning-led guidance, further optimise the layout of ‘people, industry, and cities’, and, based on the circumstances of different cities, carry out classified guidance. It is necessary to promote, in a scientific and orderly manner, the urbanisation of rural-migrant populations, adopt stronger and more targeted measures, and properly resolve issues such as employment, social security, housing, and children’s education for rural-migrant populations. It is necessary to delve deeply into implementing the urban-renewal campaign, integrate urban renewal with eliminating safety hazards and stabilizing the property market, and solidly advance the construction of good housing and the high-quality development of real estate. It is necessary to focus on breaking the urban–rural dual structure, promote the two-way flow of urban and rural factors, strengthen the connectivity of urban–rural infrastructure and industrial alignment, advance the equalisation of basic public services, and promote integrated urban–rural development. 李强强调，新型城镇化是个系统工程。要因地制宜实施好新型城镇化规划，坚持以规划为引领，进一步优化“人、产、城”布局，并根据不同城市的情况实施分类指导。要科学有序推进农业转移人口市民化，采取更有力度、更具针对性的举措，解决好农业转移人口的就业、社保、安居、子女教育等问题。要深入实施城市更新行动，把城市更新和消除安全隐患、稳楼市等工作结合起来，扎实推进好房子建设和房地产高质量发展。要着力破解城乡二元结构，推动城乡要素双向流动，加强城乡基础设施联通、产业对接，推进基本公共服务均等化，促进城乡融合发展.
Another report on the page informs that from January to October, Fixed Asset Investment in the transportation sector was 2.95 trillion yuan, of which highways and waterways accounted for 2.01 trillion yuan and 176.1 billion yuan, respectively.
Finally, there’s a report informing that the feedback work of the 20th Central Committee’s inspections of provinces (autonomous regions and municipalities) has recently been completed. The feedback was conducted through a combination of centralized feedback and one-on-one feedback from inspection teams.
The centralised feedback meeting conveyed and studied the spirit of General Secretary Xi Jinping’s important speech when he listened to the report on the central inspection situation, informed about the common problems discovered during the inspections, and made arrangements for firmly carrying out inspection rectification. Liu Jinguo, Secretary of the Secretariat of the CPC Central Committee and Deputy Leader of the Central Leading Group for Inspection Work, spoke at the meeting. The 16 central inspection teams provided one-on-one feedback on their inspection findings to 31 provinces (autonomous regions and municipalities), the Xinjiang Production and Construction Corps, and Kunming City, which was subject to a centrally upgraded inspection. They also jointly provided feedback with relevant provincial-level inspection teams to 15 sub-provincial cities under joint inspection. 集中反馈会议传达学习了习近平总书记听取中央巡视情况汇报时的重要讲话精神，通报了巡视发现的共性问题，对抓好巡视整改作出部署。中央书记处书记、中央巡视工作领导小组副组长刘金国出席会议并讲话。16个中央巡视组分别向31个省（自治区、直辖市）和新疆生产建设兵团以及中央提级巡视的昆明市“一对一”反馈了巡视情况，并会同相关省委巡视组向联动巡视的15个副省级城市反馈了巡视情况.
The feedback emphasised that it is necessary to resolutely implement the spirit of General Secretary Xi Jinping’s important speech, effectively raise political standing, face problems squarely, and grasp rectification with firm resolve. Take rectification as an important tool for comprehensively and strictly governing the Party, purifying the political ecology, and strengthening the building of leading bodies, and use the effectiveness of rectification to promote high-quality development. 反馈强调，要坚决贯彻落实习近平总书记重要讲话精神，切实提高政治站位，正视问题，狠抓整改，把整改作为全面从严治党、净化政治生态、加强领导班子建设的重要抓手，以整改实效推动高质量发展.
Party committees must earnestly fulfil their primary responsibility for rectification, carefully study and formulate rectification plans, and create lists of problems, tasks, and responsibilities, addressing each item one by one. The Party secretary is the first person responsible and must personally oversee and lead the rectification efforts; other members of the leadership team must diligently fulfil their responsibilities in their respective areas of responsibility. Rectification must be carried out with real determination and force, combining the resolution of ideological issues with the resolution of practical problems, and integrating the rectification process with the planning of the 15th FYP period. Efforts should be focused on correcting prominent problems in implementing the decisions and deployments of the Party Central Committee, Party governance, and the construction of leadership teams and cadres. Discipline inspection and supervision organs and organisational departments must strengthen supervision of rectification, increase on-site inspections, and hold those who engage in perfunctory or false rectification accountable. The inspection agencies must strengthen overall coordination and follow-up supervision. Relevant functional departments should make good use of the inspection results, optimise policy supply, and promote the resolution of industry-specific and sector-specific problems. Regarding the rectification work in sub-provincial cities and cities subject to central inspection, relevant provincial Party committees should strengthen leadership and guidance to ensure thorough implementation. It is understood that the central inspection team also received leads on problems involving some leading cadres, which have been transferred to the Central Commission for Discipline Inspection, the National Supervisory Commission, the Organization Department of the Central Committee, and other relevant departments for handling in accordance with regulations. 党委要扎实履行整改主体责任，认真研究制定整改方案，形成问题清单、任务清单、责任清单，一项一项抓；党委书记是第一责任人，要亲自抓、带头改，班子成员要尽职尽责抓好分管领域整改任务。要动真碰硬抓整改，把解决思想认识问题和解决实际问题结合起来，把巡视整改与谋划“十五五”时期工作结合起来，着力纠正贯彻党中央决策部署、管党治党、领导班子和干部队伍建设等方面存在的突出问题。纪检监察机关和组织部门要加强整改监督，加大现场检查力度，对敷衍整改、虚假整改的严肃问责。巡视机构要抓好统筹协调，强化跟踪督促。相关职能部门要用好巡视成果，优化政策供给，推动解决行业性领域性问题。对副省级城市、中央提级巡视城市的整改工作，相关省委要加强领导指导，确保落实到位。据了解，中央巡视组还收到反映一些领导干部的问题线索，已按规定转中央纪委国家监委机关、中央组织部等有关方面处理.
Page 2: There’s an interview with Li Wenzhang, Vice Minister of the Department of Social Work and the Director of the National Public Complaints and Proposals Administration/letters and visits/petition. He talks about the evolving nature of petition work.
First, he talks about the achievements during the 14th FYP period.
A landmark theoretical achievement has been obtained in deeply studying and implementing General Secretary Xi Jinping’s important thoughts on strengthening and improving the public complaints and proposals work. General Secretary Xi Jinping’s important thoughts on strengthening and improving the public complaints and proposals work, with a completely new perspective, deepened the understanding of the regularities of petition work and are a concrete manifestation of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era in the field of petitions, providing scientific guidance for doing a good job in public complaints and proposals work in the new era. The National Public Complaints and Proposals Administration has deeply studied and implemented this important thought, organised the compilation of the Reader on General Secretary Xi Jinping’s Important Thoughts on Strengthening and Improving Public Complaints and Proposals Work, forming the most important innovative theoretical achievement and authoritative instructional text in this domain. 深入学习贯彻习近平总书记关于加强和改进人民信访工作的重要思想取得标志性理论成果。习近平总书记关于加强和改进人民信访工作的重要思想，以全新的视野深化了对信访工作的规律性认识，是习近平新时代中国特色社会主义思想在信访领域的具体体现，为做好新时代信访工作提供了科学指引。国家信访局深入学习贯彻这一重要思想，组织编写《习近平总书记关于加强和改进人民信访工作的重要思想学习读本》，形成信访领域最重要的创新理论成果和权威辅导教材.
Conscientiously implementing the Regulations on Letters and Visits Work and deeply advancing the law-based development of letters and visits work have yielded important institutional achievements. In February 2022, the Party Central Committee and the State Council issued the Regulations on Letters and Visits Work, which came into effect on May 1. This is the first comprehensive Party regulation governing letters and visits work in over 70 years, a landmark achievement in the reform of the letters and visits system, and a fundamental guideline for this work on the new journey. The General Office of the CPC Central Committee and the General Office of the State Council issued opinions to further promote the rule of law in letters and visits work, focusing on the ‘five aspects of rule of law’—prevention, acceptance, handling, supervision and accountability, and maintenance of order—developing a ‘roadmap’ and ‘guide’, improving the list of letters and visits requests to be handled according to law, and promoting a more sound letters and visits work system, more standardized acceptance and handling, a clearer work orientation, and more prominent quality and efficiency in resolution. 认真落实《信访工作条例》、深入推进信访工作法治化取得重要制度成果。2022年2月，党中央、国务院发布《信访工作条例》，5月1日起施行。这是信访工作开展70多年来第一部全面规范信访工作的党内法规，是信访制度改革的标志性成果，是新征程上信访工作的基本遵循。中共中央办公厅、国务院办公厅出台意见，深入推进信访工作法治化，围绕预防、受理、办理、监督追责、维护秩序“五个法治化”，制定“路线图”和“导引图”，完善依法分类处理信访诉求清单，推动信访工作制度体系更加健全、受理办理更加规范、工作导向更加鲜明、解决质效更加凸显.
Deepening reform of the letters and visits system and enhancing the governance effectiveness of letters and visits work have achieved abundant practical results. The 9th National Letters and Visits Work Conference was convened. Major changes occurred in the leadership system for letters and visits work: the National Public Complaints and Proposals Administration was adjusted to become an institution directly under the State Council, placed under the unified leadership of the Central Social Work Department; the joint conference mechanism for letters and visits work was further improved; and the Party’s overall leadership over letters and visits work has been effectively strengthened. High-quality development of letters-and-visits work has made solid progress: the first five-year development plan of the National Public Complaints and Proposals Administration was formulated and implemented; two consecutive three-year campaigns on governance repeated letters and visits and on source governance of letters and visits problems were carried out; and the functions of letters and visits work as a ‘barometer’, ‘bridge connecting hearts’, and ‘pressure-relief valve’ have been fully manifested, promoting the overall stability of the letters and visits situation and the continuous improvement of letters and visits order, and making important contributions by the letters and visits departments to writing a new chapter in the two great miracles of rapid economic development and long-term social stability. 深化信访制度改革、提升信访治理效能取得丰硕实践成果。第九次全国信访工作会议召开。信访工作领导体制发生重大变化，国家信访局调整为国务院直属机构，由中央社会工作部统一领导，信访工作联席会议机制进一步完善，党对信访工作的全面领导得到有力加强。信访工作高质量发展迈出坚实步伐，编制实施国家信访局首个五年发展规划，接续开展治理重复信访、信访问题源头治理两个三年攻坚行动，信访工作“晴雨表”“连心桥”“减压阀”作用充分彰显，推动信访形势整体平稳、信访秩序持续向好，为续写经济快速发展和社会长期稳定两大奇迹新篇章作出了信访部门重要贡献.
The next question asks that the 15th FYP proposal includes ‘promoting the legalisation of letters and visits work’. So what’s going to be the focus of this?
Li responds saying that:
“Promoting legalisation in letters and visits work is a major decision and deployment made by the CPC Central Committee with Comrade Xi Jinping at its core. It is of great significance for improving the level of legalisation in social governance and promoting the high-quality development of letters and visits work…
“Advancing the legalisation of letters and visits work fundamentally means putting serving the people into practice; the focus is that functional departments perform their duties and responsibilities according to law; the key is strengthening supervision and accountability; the foundation is informationization construction; and the goal is to ensure that each petition has someone to handle it and each petition is advanced according to law, realising clear powers and responsibilities, clear baseline data, management according to law, good order, and satisfaction for the masses. It is necessary to focus on the full cycle of the emergence, development, and resolution of letters and visits issues, further highlight the normative, guaranteeing, and guiding role of the rule of law, and in a coordinated manner advance law-based prevention, law-based acceptance, law-based handling, law-based supervision and accountability, and law-based order maintenance. Further improve the rule-of-law ‘roadmap’, forming a work pattern in which ‘the accepting department is responsible for procedural advancement, and the handling department is responsible for substantive resolution.’ Further rectify the problems of ‘what should be accepted is not accepted; what should be handled is not handled; what should be pursued for accountability is not pursued; and what should be investigated and dealt with is not investigated and dealt with,’ strengthen the two-way standardisation of letters and visits work behaviour and the behaviour of the masses in letters and visits, and establish the correct work orientation. Further change mindsets and working methods, raise the capability level in using law-based methods to resolve issues involving the interests of the masses, and use the results of rule of law development to lead and drive the overall improvement of letters and visits work.” 推进信访工作法治化，根本是把为人民服务落到实处，重点是职能部门依法履职尽责，关键是强化监督追责，基础是信息化建设，目标是使人民群众的每一项诉求都有人办理、每一项诉求都依法推进，实现权责明、底数清、依法办、秩序好、群众满意。要围绕信访问题产生、发展、解决全周期，进一步突出法治规范、保障和引领作用，统筹推进预防法治化、受理法治化、办理法治化、监督追责法治化、维护秩序法治化。进一步完善法治化“路线图”，形成“受理部门负责程序推进、办理部门负责实质解决”的工作局面。进一步纠治“应受理而不受理、应办理而不办理、应追责而不追责、应查处而不查处”问题，强化信访工作行为和群众信访行为双向规范，树立正确工作导向。进一步转变思想观念和工作方式，提升运用法治方式解决群众利益问题的能力水平，以法治化建设成效引领带动信访工作整体水平提升.
Next, on deepening the resolution of conflicts and disputes at their source, Li makes three points:
Take source-level resolution as the basic orientation. Resolving contradictions at the source has the lowest cost, smallest risk, and best effect. It is necessary to persist in and develop the Fengqiao Experience in the new era, carry forward the fine work style of ‘four levels going to the grassroots’, taking substantive resolution of problems as the foundation, take the substantive resolution of problems as the root, do the work at the front end, apply strength in ordinary times, and place the center of gravity at the grassroots level, promote leading cadres at all levels to receive visits and go down for visits, go down to the grassroots to resolve letters and visits difficult problems, strengthen ‘three in-place and one handling’, avoid small problems being dragged into big problems, general problems evolving into prominent letters and visits problems. 把源头化解作为基本导向。把矛盾化解在源头，成本最低、风险最小、效果最好。要坚持和发展新时代“枫桥经验”，弘扬“四下基层”优良作风，以实质性解决问题为根本，把工作做在前端、把力量用在平时、把重心放在基层，推动各级领导干部接访下访、下基层解决信访难题，强化“三到位一处理”，避免小问题拖成大问题、一般性问题演变成信访突出问题.
Take diversified resolution as the main path. Masses’ petitions encompass all aspects of economic and social development, making it difficult to achieve resolution through a single channel. It is necessary to uphold diversified bodies for resolution, make good use of the letters-and-visits joint conference mechanism, and urge all relevant departments and units to implement their responsibilities for resolving contradictions and disputes; uphold diversified methods of resolution, improve the diversified dispute resolution mechanism in which mediation, arbitration, administrative adjudication, administrative reconsideration, litigation, notarization, hearings, etc. are organically connected and mutually coordinated; persist in diversification of resolution forces, open up and make real the participation pathways of volunteers, ‘two representatives one committee member,’ lawyers, psychological counselors and other social forces, form a joint force for resolving contradictions and disputes. 把多元化解作为主要路径。群众诉求涉及经济社会发展方方面面，单靠一种途径很难达到化解目标。要坚持化解主体多元，用好信访工作联席会议机制，督促各有关部门和单位落实好矛盾纠纷化解责任；坚持化解方式多元，完善调解、仲裁、行政裁决、行政复议、诉讼、公证、听证等有机衔接、相互协调的多元纠纷解决机制；坚持化解力量多元，打通做实志愿者、“两代表一委员”、律师、心理咨询师等社会力量参与路径，形成矛盾纠纷化解合力.
Take orderly resolution as an important method. The development and evolution of letters and visits contradictions has its own inherent laws, and must be advanced step-by-step and in an organized manner under the framework of rule of law and under the constraints of rules, highlighting key points, adopting precise measures, and guarding the bottom line of safety. On one hand, continuously deepen research on the development laws of letters and visits contradictions, innovate methods and approaches, improve the capability for prediction, early warning, and prevention, ensure the resolution process is stable and risks are controllable; on the other hand, uphold prevention first, mediation as a priority, the use of rule-of-law methods, and resolving issues locally, building and improving a system for resolving contradictions and disputes that is layered, clearly responsible, and collaboratively efficient. Clarify the applicable scope, connection procedures, and legal effectiveness of various resolution methods, ensure the resolution procedures are standardized and handling is according to law, genuinely maintain social fairness and justice. 把有序化解作为重要方法。信访矛盾发展演变有其自身规律，必须在法治框架和规则约束下，有步骤、有组织地推进，突出重点，精准施策，守住安全底线。一方面，持续深化信访矛盾发展规律研究，创新方式方法，提高预判预警预防能力，确保化解过程平稳、风险可控；另一方面，坚持预防在前、调解优先、运用法治、就地解决，构建完善层级分明、责任明确、协同高效的矛盾纠纷化解体系，明确各种化解方式的适用范围、衔接程序和法律效力，确保化解程序规范、处理依法，切实维护社会公平正义。
Finally, Li says that:
Prominently grasp well letters and visits work in emerging fields. Actively adapt to social structure changes, proactively serve the Party building of ‘two enterprises and three new,’ solidly carry out service work for various social groups, promptly coordinate and resolve interest demands involving labor remuneration, rest and leave, and occupational injury compensation, and guide and promote various groups in emerging sectors to unswervingly listen to the Party and follow the Party. 突出抓好新兴领域信访工作。积极适应社会结构变化，主动服务“两企三新”党的建设，扎实做好各类社会群体服务工作，及时协调解决涉及劳动报酬、休息休假、职业伤害赔偿等方面利益诉求，引导促进新兴领域各类群体坚定不移听党话、跟党走.
Improve the work mechanism for rallying and serving the masses. Effectively engage with those who come to the door for help, improve mechanisms for understanding public sentiment, pooling public wisdom, safeguarding public interests, and uniting the people, ensure smooth and standardised channels for expressing public demands through letters, visits, the internet, and telephone, diligently collect public suggestions, and wholeheartedly address the urgent needs and concerns of the people, conveying the care and warmth of the Party and the government to the people, and consolidating the foundation of the Party’s long-term governance among the masses. 完善凝聚服务群众工作机制。做好送上门来的群众工作，健全完善了解民情、集中民智、维护民利、凝聚民心机制，畅通和规范信、访、网、电等群众诉求表达渠道，扎实开展人民建议征集工作，用心用情用力解决群众急难愁盼问题，传递好党和政府对人民群众的关心温暖，筑牢党长期执政的群众根基.
With high-efficiency governance safeguard high-level security. Strengthen bottom-line thinking, with the sense of responsibility of ‘never being at ease at any moment’, precisely analyse and assess the letters and visits situation, continuously grasp well the tough battle of resolving prominent contradictions in key fields, promptly give early warning and prevention of embryonic problems and problems of a tendential nature, actively and prudently handle various unforeseen risks, genuinely enhance the level of preventing and resolving contradiction risks, and resolutely safeguard the security and stability of the overall social situation. 以高效能治理保障高水平安全。强化底线思维，以“时时放心不下”的责任感，精准分析研判信访形势，持续抓好重点领域突出矛盾化解攻坚，及时预警预防苗头性、倾向性问题，积极稳妥处置各类突发性风险，切实提升矛盾风险防范化解水平，坚决维护社会大局安全稳定.
Page 6: Today, there’s an article by PBOC Governor Pan Gongsheng, discussing monetary policy thinking in the context of the 15th FYP. In the first section, Pan writes:
General Secretary Xi Jinping has pointed out that finance is ‘a matter of great importance to the nation’, and relates to the overall situation of Chinese-style modernisation construction. The central bank takes maintaining currency value stability and financial stability as dual objectives; the monetary policy system and the macro-prudential management system are the two foundational tools for the central bank to carry out macro-level management, and are the twin pillars for realizing the dual objectives. Constructing a scientific and sound monetary policy system and a comprehensively covering macro-prudential management system is beneficial for better combining the maintenance of currency value stability and financial stability, and has important significance for supporting the construction of a strong financial nation. 习近平总书记指出，金融是“国之大者”，关系中国式现代化建设全局。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。构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系，有利于把维护币值稳定和金融稳定更好结合起来，对于支撑金融强国建设具有重要的意义.
First, it is an inevitable requirement for accelerating the establishment of a high-level socialist market economy system. General Secretary Xi Jinping has pointed out that financial reform and development are important components of national reform and development; the financial system is a major foundational system in economic and social development. During the 15th FYP period, it is necessary to adapt to changes in the principal contradiction of society and better resolve the problems of unbalanced and inadequate development; it is necessary to build a modernised industrial system and accelerate the formation of a new development pattern; it is necessary to continuously promote high-quality development and improve the quality of people’s lives. All of these require further improving the twin-pillar framework, using a macro-level perspective to properly grasp the dynamic balance among stable economic growth, economic structural adjustment, and the prevention of systemic financial risks, in order to create a sound monetary and financial environment for modernisation construction. 一是加快构建高水平社会主义市场经济体制的必然要求。习近平总书记指出，金融改革发展是国家改革发展的重要内容；金融制度是经济社会发展中重要的基础性制度。“十五五”时期，需要适应社会主要矛盾变化，更好解决发展不平衡不充分问题；需要建设现代化产业体系，加快构建新发展格局；需要持续推动高质量发展，提高人民生活品质。这些都要求进一步完善双支柱体系，从宏观视角把握好经济稳定增长、经济结构调整、系统性金融风险防范之间的动态平衡，为现代化建设营造良好的货币金融环境.
Second, it is an inevitable requirement for promoting high-quality financial development and accelerating the construction of a strong financial nation. Since the 18th Party Congress, under the centralised and unified leadership of the Party Central Committee, the financial system has powerfully supported the overall economic and social development, has resolutely fought the tough battle of preventing and resolving financial risks, and China’s comprehensive financial strength and international influence have significantly increased, making important contributions to achieving the first centennial goal and achieving a good start toward the second centennial goal. As the economy shifts from a stage of high-speed growth to a stage of high-quality development, the internal and external economic and financial situation is becoming more complex, requiring further improvement of the dual-pillar system, better coordination of development and security, promoting the transformation of the financial industry from extensive expansion to intensive development, enhancing the stability of financial institutions and financial markets, and improving the quality and efficiency of financial services to the real economy. 二是推动金融高质量发展、加快建设金融强国的必然要求。党的十八大以来，在党中央集中统一领导下，金融系统有力支撑经济社会发展大局，坚决打好防范化解金融风险攻坚战，我国金融业综合实力和国际影响力显著增强，为实现第一个百年奋斗目标、第二个百年奋斗目标良好开局作出了重要贡献。随着经济从高速增长阶段转向高质量发展阶段，内外部经济金融形势更趋复杂，需要进一步完善双支柱体系，更好统筹发展和安全，推动金融业从外延式扩张转向内涵式发展，增强金融机构和金融市场稳健性，提升金融服务实体经济质效.
Third, it is an inevitable requirement for improving the financial regulation framework and the central bank system. The monetary policy framework and the macro-prudential management framework are the core components of a modern central bank system, and they are an organically integrated whole that mutually supports and complements one another. The 2008 international financial crisis showed that currency value stability does not equal financial stability, and the soundness of individual financial institutions does not mean the soundness of the financial system as a whole. To prevent and resolve systemic financial risks, it is necessary to fill the gap between monetary policy and micro-prudential supervision and construct a macro-prudential management framework. The 2017 National Financial Work Conference required strengthening the People’s Bank of China’s responsibilities for macro-prudential management and systemic risk prevention. The 19th Party Congress proposed improving the dual-pillar regulation framework of monetary policy and macro-prudential policy. The Fourth and Fifth Plenary Sessions of the 19th Central Committee, the 20th Party Congress, and the Central Financial Work Conference all made arrangements for building a modern central bank system. General Secretary Xi Jinping pointed out at the 2024 seminar for provincial and ministerial-level leading cadres on promoting high-quality financial development that a strong financial nation needs a powerful central bank with the ability to effectively regulate monetary policy and manage macro-prudential risks, and to prevent and resolve systemic risks in a timely and effective manner. After years of exploration and practice, China has preliminarily established a twin-pillar framework with Chinese characteristics. By comparison, monetary policy as the ‘first pillar’ is relatively mature, while macro-prudential management as the ‘second pillar’ still needs to be gradually improved and closely coordinated with, and mutually complementary to, monetary policy. 三是完善金融调控框架和中央银行制度的必然要求。货币政策体系和宏观审慎管理体系是现代中央银行制度的核心构件，也是相互支持、互为补充的有机整体。2008年国际金融危机表明，币值稳定不等于金融稳定，个体金融机构稳健不意味着金融体系整体稳健。防范化解系统性金融风险，需要补齐货币政策和微观审慎监管之间的空白，构建宏观审慎管理体系。2017年全国金融工作会议要求，强化中国人民银行宏观审慎管理和系统性风险防范职责。党的十九大提出，健全货币政策和宏观审慎政策双支柱调控框架。党的十九届四中、五中全会，党的二十大和中央金融工作会议均对建设现代中央银行制度作出部署。习近平总书记在2024年省部级主要领导干部推动金融高质量发展专题研讨班上指出，金融强国要拥有强大的中央银行，要有能力做好货币政策调控和宏观审慎管理、及时有效防范化解系统性风险。经过多年探索实践，我国已初步构建具有中国特色的双支柱体系。比较而言，货币政策作为“第一支柱”相对成熟，宏观审慎管理作为“第二支柱”还需要逐步完善，并与货币政策密切配合、相互补充.
In the second section, he talks about the monetary policy framework, and the main tasks regarding building a scientific and sound framework.
“General Secretary Xi Jinping has pointed out that f a thousand methods and ten thousand methods, if one cannot control money/currency, all are useless; we must always maintain the steadiness of monetary policy. Constructing a scientific and sound monetary policy system aims to continuously improve the institutional mechanism arrangements of monetary policy, dynamically realise the optimised combination of currency value stability, economic growth, full employment, and balance of international payments, and promote financial stability from the source.” 习近平总书记指出，千招万招，管不住货币都是无用之招；要始终保持货币政策的稳健性。构建科学稳健的货币政策体系旨在不断完善货币政策的体制机制安排，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，从源头上促进金融稳定.
“First, accurately grasp the connotation and requirements of scientific and sound monetary policy. It is essential to grasp well the strength, timing, and rhythm of monetary policy, place more emphasis on doing well cross-cyclical and counter-cyclical adjustment, keep monetary conditions matched with the requirements of supporting potential economic growth and basic price stability, and enhance the adaptability and precision of financial support for economic restructuring and high-quality development. The key is to properly handle three relationships.
The relationship between short-term and long-term. According to the needs of economic and financial operation, comprehensively use various monetary policy tools, strengthen counter-cyclical adjustment, and powerfully and effectively smooth economic fluctuations. At the same time, pay attention to cross-cyclical balance, avoid major expansions and contractions of policy, prevent excessive policy leading to diminishing effectiveness and long-term side effects, better support key areas and weak links, promote economic transformation and sustainable growth in the medium- to long-term.
The relationship between stabilising growth and preventing risks. As economic structure transforms and credit structure changes, the monetary credit growth needed by the real economy is also changing. For supporting economic growth, improving the efficiency of existing funds use and optimizing fund direction is equally important as new loans. It is necessary to balance financial support for real economic growth with maintaining the health of financial institutions themselves, improving capital allocation efficiency, promoting credit sustainability and financial stability, and mitigating financial risks while promoting high-quality economic development.
The relationship between internal and external factors. China’s monetary policy regulation primarily considers the needs of the domestic economic and financial situation, while also taking into account the spillover effects of other economies’ economic and monetary policy cycles. After many years of continuous effort, the renminbi exchange rate’s flexibility has gradually strengthened, China’s foreign exchange market participants have become more mature, our experience in responding to foreign exchange market fluctuations is richer, and we have the conditions and capability to balance internal and external relationships well.”
（一）准确把握科学稳健的内涵和要求。要把握好货币政策的力度、时机和节奏，更加注重做好跨周期和逆周期调节，保持货币条件与支持经济潜在增长和物价基本稳定的要求相匹配，提升金融支持经济结构调整和高质量发展的适配性和精准性。重点需要处理好三方面关系。一是短期与长期的关系。根据经济金融运行需要，综合运用各种货币政策工具，加强逆周期调节，有力有效平滑经济波动。同时，关注跨周期平衡，避免政策大放大收，防止政策过度导致效果衰减和长期副作用，更好支持重点领域和薄弱环节，在中长期促进经济转型和可持续增长。二是稳增长与防风险的关系。随着经济结构转型和信贷结构变化，实体经济需要的货币信贷增长也在发生变化。对于支撑经济增长来说，提升存量资金使用效率、优化资金投向与新增贷款同等重要。要统筹兼顾金融支持实体经济增长和保持金融机构自身健康性的关系，提高资金配置效率，促进信贷可持续性和金融稳定，在推动经济高质量发展中化解金融风险。三是内部与外部的关系。我国货币政策调控主要考虑国内经济金融形势的需要，同时兼顾其他经济体经济和货币政策周期的外溢影响。经过多年持续努力，人民币汇率弹性逐步增强，我国外汇市场参与者更加成熟，我们应对外汇市场波动的经验更加丰富，有条件有能力兼顾平衡好内外部关系.
He then outlines five main tasks for building a scientific and sound monetary policy system.
First, optimise the base money issuance mechanism and intermediate variables of monetary policy to maintain reasonable growth in the total financial volume. Gradually build a base money issuance mechanism with Chinese characteristics that combines short, medium, and long-term measures, maintain ample liquidity in the banking system, and fully meet the effective financing needs of the real economy. Continuously optimise intermediate variables of monetary policy, de-emphasise quantitative targets, and treat the total financial volume more as an observable, referential, and predictive indicator, creating conditions for giving greater play to the role of interest rate control. 一是优化基础货币投放机制和货币政策中间变量，保持金融总量合理增长。逐步构建短中长期搭配、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，充分满足实体经济有效融资需求。不断优化货币政策中间变量，淡化对数量目标的关注，把金融总量更多作为观测性、参考性、预期性指标，为更多发挥利率调控的作用创造条件.
Second, improve the market-oriented interest rate formation, control, and transmission mechanism. Interest rates are an important price of capital factors and need to be guided and regulated according to economic laws and the needs of macro-governance. Continuously enhance the role of the central bank’s policy interest rates, narrow the width of the short-term interest-rate corridor, and further smooth the transmission from central-bank policy rates to market benchmark rates, and then to various financial-market interest rates. Improve the loan interest-rate pricing benchmark, raise the quoting quality of the loan market quotation rate, and more accurately reflect the level of interest rates in the loan market. 二是健全市场化的利率形成、调控和传导机制。利率是重要的资金要素价格，需要按照经济规律和宏观治理的需要，引导和调控好利率水平。不断增强央行政策利率的作用，收窄短期利率走廊的宽度，进一步畅通由央行政策利率向市场基准利率，再到各种金融市场利率的传导。完善贷款利率定价基准，提高贷款市场报价利率的报价质量，更真实反映贷款市场利率水平。
Third, improve the system of structural monetary policy tools. Targeting some structural contradictions existing in economic operation, persist in the principles of focusing on key points, being reasonable and moderate, having advances and retreats, scientifically and effectively use structural monetary policy tools, guide financial institutions to optimise financing structure in a marketised manner, do well the financial ‘five major articles’, genuinely strengthen quality financial services for major strategies, key areas, and weak links. 三是完善结构性货币政策工具体系。针对经济运行中存在的一些结构性矛盾，坚持聚焦重点、合理适度、有进有退的原则，科学有效使用结构性货币政策工具，以市场化方式引导金融机构优化融资结构，做好金融“五篇大文章”，切实加强对重大战略、重点领域和薄弱环节的优质金融服务.
Fourth, continuously improve the RMB exchange rate formation mechanism. As a large, open economy, China must uphold the decisive role of the market in exchange rate formation, maintain exchange rate flexibility, and effectively leverage the exchange rate’s function as an automatic stabiliser for the macroeconomy and balance of payments, creating favourable conditions for the independent and effective implementation of monetary policy. At the same time, adhere to bottom-line thinking, strengthen expectation guidance, and resolutely prevent the risk of exchange rate overshooting. 四是不断完善人民币汇率形成机制。我国是大型开放经济体，要坚持市场在汇率形成中的决定性作用，保持汇率弹性，发挥好汇率调节宏观经济和国际收支自动稳定器功能，为自主、有效实施货币政策创造有利条件。同时，坚持底线思维，强化预期引导，坚决防范汇率超调风险。
Fifth, continuously smoothen the monetary policy transmission mechanism. The transmission and effects of monetary policy are closely related to the behaviour of financial institutions and market participants, and are also closely connected to policy coordination. We must strengthen assessments of monetary-policy implementation, guide financial institutions to improve the transmission effectiveness of monetary policy—especially interest-rate policy—and continue rectifying ‘involution-type’ competition and capital idling in the financial industry. Further strengthen the coordination and cooperation of monetary policy with fiscal, industrial and other policies in demand management and structural adjustment. Enhance monetary policy transparency, improve credible, normalised, and institutionalised policy publicity and market communication mechanisms, with a professional, pragmatic stance, do well policy communication and expectation guidance.” 五是持续畅通货币政策传导机制。货币政策的传导和效果，与金融机构和经营主体的行为密切相关，也与政策协调配合紧密关联。要加强货币政策执行情况的评估，引导金融机构提高货币政策特别是利率政策的传导效能，持续整治金融业“内卷式”竞争、资金空转。进一步加强货币政策和财政、产业等政策在需求管理、结构调整方面的协调配合。提升货币政策透明度，健全可置信、常态化、制度化的政策宣传和市场沟通机制，以专业、务实的立场，做好政策沟通和预期引导。
In the third section, Pan talks about the macro-prudential policy framework, and the main tasks regarding that.
General Secretary Xi Jinping has emphasised that preventing and resolving systemic risks is the top priority in risk control. A comprehensive macro-prudential management system aims to observe, assess, and respond to financial risks from macro, counter-cyclical, and contagion-prevention perspectives, taking appropriate measures to block or weaken the accumulation of financial risks, and preventing systemic financial risks from undermining macro stability or even delaying the modernisation process. 习近平总书记强调，防范化解系统性风险是防控风险的重中之重。覆盖全面的宏观审慎管理体系旨在从宏观、逆周期和防传染的视角观察、评估和应对金融风险，采取适当措施阻断或弱化金融风险累积，防止发生系统性金融风险破坏宏观大局稳定甚至迟滞现代化进程.
Accurately grasping the connotation and requirements of comprehensive coverage. China introduced the concept of macro-prudential management relatively early, exploring and establishing macro-prudential management frameworks in areas such as the credit market, capital market, foreign exchange market, and real estate market. In recent years, the interconnection of China’s economy and finance, the complexity of the financial system, and the spillover and linkage effects of domestic and international financial markets have increasingly strengthened. This requires continuously improving the macro-prudential management framework, expanding coverage, enhancing the resilience of the financial system, and strengthening the ability to respond to shocks. (一）准确把握覆盖全面的内涵和要求。我国较早引入宏观审慎理念，在信贷市场、资本市场、外汇市场、房地产市场等领域探索建立了宏观审慎管理框架。近年来，我国经济金融的关联性、金融体系的复杂性、国际国内金融市场溢出效应和联动性日益增强，需要不断完善宏观审慎管理框架、拓展覆盖范围，提高金融体系韧性，提高应对冲击的能力。
He then makes four points in this regard.
First, macro-prudential management should better cover the interconnection between macroeconomic operation and financial risks. High-quality financial development relies on high-quality economic development. General Secretary Xi Jinping pointed out that economic and financial risks are mutually causal and intertwined; in many cases, finance is a mirror of the economy. Economic growth, price changes, investment, consumption, exports, macro leverage, real estate, and local government debt all have connections with financial operations. It is necessary to closely monitor and evaluate macroeconomic trends and persistently promote high-quality economic development to lay a solid foundation for high-quality financial development. 一是更好覆盖宏观经济运行与金融风险的关联性。金融高质量发展的重要基础是经济高质量发展。习近平总书记指出，经济风险和金融风险互为因果、相互交织，很多情况下金融是经济的镜像。经济增速、物价变动、投资、消费、出口、宏观杠杆率、房地产、地方政府债务等均与金融运行存在关联性。需要密切监测评估宏观经济运行态势，坚持推动经济高质量发展，为金融高质量发展奠定坚实基础.
Second, macro-prudential management should cover key areas of financial markets and financial activities. In recent years, the structure of China’s financial markets has gradually improved, financial innovation has become more active, technology and finance have deeply integrated, and various financial businesses, instruments, and activities have emerged, often intertwined and nested, many with systemic importance. It is necessary to continuously expand the coverage of macro-prudential management according to the development of the financial system, explore expanding the central bank’s macro-prudential and financial stability functions, and promptly block pro-cyclical self-reinforcement and cross-institution, cross-market risk contagion. 二是更好覆盖金融市场和金融活动的重点领域。近年来，我国金融市场发展格局日益完善，金融创新日趋活跃，科技与金融深度融合发展，各类金融业务、金融工具、金融行为层出不穷、交叉嵌套，很多具有系统重要性影响。需要根据金融体系发展变化，不断拓展宏观审慎管理的覆盖范围，探索拓展中央银行宏观审慎和金融稳定功能，及时阻断金融体系顺周期自我强化和风险跨机构、跨市场传染.
Third, macro-prudential management should entail better coverage of systemically important financial institutions. Imprudent operation by systemically important financial institutions can easily trigger high-level financial risks. A comprehensive assessment and identification of systemically important banks, insurance companies, securities firms, and other financial institutions and infrastructure is needed, along with appropriate additional regulatory measures to urge them to operate safely and soundly. The supervision of systemically important financial institutions involves multiple sectors and departments, requiring strengthened cooperation and coordination to promptly and accurately identify systemic risks and take action. 三是更好覆盖系统重要性金融机构。系统重要性金融机构经营不审慎，容易引发高量级的金融风险。需要全面评估认定系统重要性银行、保险、证券等金融机构和金融基础设施，适度实施附加监管措施，督促其安全稳健经营。系统重要性金融机构监管涉及多领域和部门，需要加强协作配合，及时准确识别系统性风险并采取行动。
Fourth, macro-prudential management should better cover the spillover impact of international economic and financial market risks. The external environment has become increasingly complex and severe: the world order is turbulent and intertwined, geopolitical conflicts are frequent, trade protectionism is rising, and volatility risks in international financial markets have increased. It is necessary to dynamically and deeply assess the impact of external shocks on China’s economic operations, cross-border capital flows, exchange rates, and financial market stability, and to build ‘breakwater’ (防波堤) and ‘wave-blocking/ embankment’ (防浪堤) defenses against external risks and shocks. 四是更好覆盖国际经济和金融市场风险的外溢影响。外部环境更趋复杂严峻，世界格局变乱交织，地缘冲突易发多发，贸易保护主义抬头，国际金融市场波动风险加剧。要动态深入评估外部冲击对我国经济运行、跨境资本流动、汇率及金融市场稳定的影响，筑牢防范外部风险冲击的“防波堤”、“防浪堤”.
In terms of the main tasks in building a comprehensive macro-prudential management system, Pan says that such a “system includes the objectives, tools, and governance mechanisms of macro-prudential policy, the mechanisms for monitoring, assessing, early-warning, preventing, and handling systemic financial risks, and the financial-stability guarantee system.” 覆盖全面的宏观审慎管理体系包括宏观审慎政策的目标、工具、治理机制，系统性金融风险的监测、评估、预警、防范、处置机制，金融稳定保障体系等.
First, strengthen the monitoring and assessment of systemic financial risks. General Secretary Xi Jinping pointed out that the huge losses caused by some high-risk institutions have extremely high post-event disposal costs. Therefore, the key still lies in proactively preventing fires, treating illnesses before they arise, and focusing on early prevention. It is necessary to establish a standardised and systematic macro-prudential monitoring and assessment framework that combines quantitative and qualitative methods, to grasp the evolution of risks from a macro and holistic perspective, and to pay greater attention to the correlation between economic operations and financial risks. Focus on systemically important financial institutions, cross-border capital flows, financial markets, real estate markets, internet finance and other key areas, identify and assess representative risks and weak links, strengthen the application of monitoring results, provide support for targeted creation of macro-prudential policy tools and improvement of macro-prudential management. 一是强化系统性金融风险的监测和评估。习近平总书记指出，有的高风险机构造成的巨额损失，事后处置成本极高。因此，关键还在于主动防火，治未病、抓前端。要建立标准化、系统化的定量与定性结合的宏观审慎监测评估框架，从宏观、整体上把握风险演变，更加关注经济运行与金融风险的关联性。聚焦系统重要性金融机构、跨境资本流动、金融市场、房地产市场、互联网金融等重点领域，识别和评估代表性风险和薄弱环节，强化监测结果运用，为针对性创设宏观审慎政策工具、完善宏观审慎管理提供支撑.
Second, implement substantive and comprehensive coverage of risk prevention measures in key areas. For economic operations, prevent major fluctuations in key fields and key industries in economic operation from affecting the high-quality development process of economy and finance. For key financial institutions, continuously strengthen supplementary supervision, focusing on enhancing loss absorption capacity and risk response levels, and strengthening early risk identification and warning. For cross-border capital flows, take counter-cyclical regulatory measures in a timely manner depending on the situation, and keep cross-border capital flows generally stable. For financial markets, promptly correct and prevent market ‘herd effects’, promoting a positive cycle between the real economy and financial markets. For the real-estate market, strengthen macro-prudential management of real-estate finance, promote the stable and healthy development of the real-estate market, and help build a new model of real-estate development. For internet finance, properly handle the balance between risk prevention and promoting innovation, and promote its overall steady and sound operation. 二是做实覆盖全面的重点领域风险防范举措。对经济运行，防止经济运行中的关键领域、关键行业大幅波动影响经济金融高质量发展进程。对重点金融机构，围绕提升损失吸收能力和风险应对水平、强化风险早识别早预警，不断夯实附加监管。对跨境资本流动，根据形势及时采取逆周期调控措施，保持跨境资本流动总体平稳。对金融市场，及时矫正和阻断市场“羊群效应”，促进实体经济和金融市场的正向循环。对房地产市场，加强房地产金融宏观审慎管理，促进房地产市场平稳健康发展，助力构建房地产发展新模式。对互联网金融，把握好防范风险与促进创新的平衡，促进其整体稳健运行.
Third, enrich the policy toolbox of macro-prudential management. Globally, macro-prudential policy tools are already abundant and continue to develop rapidly. Based on the assessment results of the macro-prudential monitoring and analysis framework, it is necessary to continue enriching and improving the policy toolboxes in areas such as systemically important financial institutions, broad credit, real-estate finance, and cross-border capital flows; research and reserve policy tools for responding to fluctuations in areas such as the macro-economy and financial markets; and establish a management mechanism covering creation, implementation, assessment, feedback, and optimization, making such tools more standardized and normalized. 三是丰富宏观审慎管理的政策工具箱。从全球看，宏观审慎政策工具已十分丰富并仍在快速发展。要根据宏观审慎监测分析框架的评估结果，继续丰富和完善系统重要性金融机构、广义信贷、房地产金融、跨境资本流动等领域政策工具箱，研究和储备应对宏观经济、金融市场波动等领域的政策工具，建立创设、实施、评估、反馈、优化的管理机制，使其更加标准化和规范化.
Fourth, build a financial-stability guarantee system. Strengthen corporate governance and risk management of financial institutions, reinforce day-to-day supervision, and build a solid ‘first line of defense’ against financial risks. Strengthen coordination and synergy among macro-prudential management, micro-prudential supervision, and behavioural supervision, forming a joint force. Strengthen the early-correction mechanism for financial risks that carries hard constraints, strengthen the specialized risk-disposal functions of deposit insurance, give full play to the roles of industry protection funds, the financial-stability guarantee fund, and the central bank as lender of last resort, and pay attention to preventing moral hazard. Strengthen legal safeguards for financial stability, and accelerate the formulation and revision of the Financial Law, the People’s Bank of China Law, the Financial Stability Law, and others. 四是建设金融稳定保障体系。强化金融机构的公司治理和风险管理，加强日常监管，筑牢防范金融风险的“第一道防线”。加强宏观审慎管理、微观审慎监管、行为监管等协同配合，形成合力。强化具有硬约束的金融风险早期纠正机制，加强存款保险专业化风险处置职能，发挥好行业保障基金、金融稳定保障基金、中央银行最后贷款人作用，注重防范道德风险。强化金融稳定的法治保障，加快推动金融法、中国人民银行法、金融稳定法等制定修订.
Fifth, strengthen financial security capabilities commensurate with the level of openness. General Secretary Xi Jinping has emphasised that while promoting the opening-up of the financial industry, it is necessary to safeguard national financial security. It is necessary to advance the institutional opening-up of the financial services sector and financial markets in an orderly manner, and to advance the internationalization of the renminbi in an orderly manner. Actively implement the Global Governance Initiative, participate in international financial governance, promote global financial governance reform, and jointly consolidate the global and regional financial safety nets.Build an independent, controllable, safe, and efficient financial infrastructure system, and resolutely safeguard the security of our systemically important financial institutions, foreign exchange reserves, and overseas financial assets. 五是加强与开放水平相适应的金融安全能力建设。习近平总书记强调，在推进金融业开放的同时，要维护好国家金融安全。要有序推进金融服务业和金融市场制度型开放，有序推进人民币国际化。积极践行全球治理倡议，参与国际金融治理，推动全球金融治理改革，共同夯实全球和区域金融安全网。建设自主可控、安全高效的金融基础设施体系，坚决维护我国系统重要性金融机构、外汇储备和海外金融资产安全.