Xi-Putin Call on Israel-Iran War - How Xi's Fujian Experience Informs Thought on Finance - New Policies by PBOC, SAFE & CSRC - UFWD Chief Meets Religious Bodies in Beijing
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Friday, June 20, 2025.
Page 1: There’s a report on the call between Xi Jinping and Vladimir Putin discussing the Israel-Iran war. The report says:
“Putin briefed on the Russian side’s view of the current Middle East situation, stating that Israel’s attack on Iran’s nuclear facilities is extremely dangerous, the escalation of the conflict is not in the interest of any party, and that the Iranian nuclear issue should be resolved through dialogue and consultation. The conflicting parties should guarantee the safety of citizens of third countries. The current situation is still developing rapidly, and Russia is willing to maintain close communication with China, jointly make positive efforts to cool down the situation, and maintain regional peace and stability.” 普京通报了俄方对当前中东局势的看法，表示以色列袭击伊朗核设施非常危险，冲突升级不符合任何一方利益，伊核问题应通过对话协商解决。冲突双方应保障第三国公民安全。目前局势还在快速发展，俄方愿同中方保持密切沟通，共同为局势降温作出积极努力，维护地区和平稳定.
“Xi Jinping expounded China’s principled position and said that the current situation in the Middle East is very critical, which once again proves that the world has entered a new period of turbulence and transformation. If the conflict escalates further, not only will the conflicting parties suffer greater losses, but regional countries will also suffer greatly. In response to the current situation, he put forward four proposals.” 习近平阐述了中方的原则立场并表示，当前中东局势很危急，再次印证世界进入新的动荡变革期。如果冲突进一步升级，不仅冲突双方将遭受更大损失，地区国家也将深受其害。针对当前事态，我提出四点主张.
“First, promoting a ceasefire and stopping the war must be an urgent priority. Force is not the right way to resolve international disputes; it will only intensify hatred and contradictions. The parties to the conflict, especially Israel, should cease fire as soon as possible, prevent the situation from escalating in cycles, and resolutely avoid the spillover of war.
Second, protecting civilians is the top priority. At any time, the red line of protecting civilians in military conflicts cannot be crossed, and the indiscriminate use of force is unacceptable. The parties to the conflict should strictly adhere to international law, avoid harming innocent civilians, and facilitate the safe evacuation of third-country nationals.
Third, opening dialogue and negotiation is the fundamental way out. Communication and dialogue are the right path to achieve lasting peace. We must firmly adhere to the general direction of political settlement of the Iranian nuclear issue and insist on bringing the Iranian nuclear issue back on the track of political settlement through dialogue and negotiation.
Fourth, the international community’s peacemaking efforts are indispensable. If the Middle East is unstable, the world will not be at peace. The Israeli-Iranian conflict has led to a sudden escalation of tensions in the Middle East and has also had a serious impact on global security. The international community, especially major countries that have a special influence on the parties to the conflict, should make efforts to promote the cooling of the situation, rather than the opposite. The UN Security Council should play a greater role in this regard.”
第一，推动停火止战是当务之急。武力不是解决国际争端的正确方式，只会加剧仇恨和矛盾。冲突当事方尤其是以色列应当尽快停火，防止局势轮番升级，坚决避免战争外溢。第二，保障平民安全是重中之重。无论任何时候，军事冲突中保护平民的红线都不能突破，无差别使用武力的行为都不可接受。冲突当事方应严格遵守国际法，坚决避免殃及无辜平民，并为第三国公民撤离提供便利。第三，开启对话谈判是根本出路。沟通对话是实现持久和平的正确路径。要坚定政治解决伊朗核问题大方向不动摇，坚持通过对话谈判推动伊朗核问题重回政治解决轨道。第四，国际社会促和努力不可或缺。中东不稳，天下难安。以伊冲突导致中东紧张局势骤然升级，也对全球安全造成严重冲击，国际社会特别是对冲突当事方有特殊影响的大国要为推动局势降温作出努力，而不是相反。联合国安理会应当为此发挥更大作用.
Xi Jinping stressed that China is willing to continue to strengthen communication and coordination with all parties, pool efforts, uphold justice, and play a constructive role in restoring peace in the Middle East. The two heads of state highly valued the political mutual trust and high-level strategic cooperation between China and Russia, and agreed to maintain close high-level exchanges, promote cooperation in various fields, and promote the in-depth development of the comprehensive strategic partnership of cooperation between China and Russia.” 习近平强调，中方愿继续同各方加强沟通协调，凝聚合力、主持公道，为恢复中东地区和平发挥建设性作用。两国元首高度评价中俄政治互信和高水平战略协作，同意保持密切高层交往，推进各领域合作，推动中俄全面战略协作伙伴关系深入发展.
The Russian readout of the call is really interesting. It also covers a wider range of discussion points. First, it informs us that “the conversation lasted approximately an hour.”
Second, on the Middle East, this is what we learn:
“This was a friendly and constructive conversation with a primary focus on the escalation in the Middle East, which is quite logical in the current environment. The two sides share identical approaches and firmly condemn Israel’s actions in violation of the UN Charter and other international norms. Moscow and Beijing have adopted a position of principle in their belief that the current situation and matters relating to the Iranian nuclear programme cannot be resolved by force, while a solution can only be achieved by political and diplomatic means. The President of Russia informed his colleague about his latest international contacts with a focus on his telephone conversations with the key actors in the context of the confrontation between Israel and Iran. The Russian leader reaffirmed Russia’s readiness to offer its good offices, if necessary. The Chinese leader expressed support for this mediation effort, saying that he believed it could promote de-escalation amid the extreme tension we are witnessing today. In view of this increasingly challenging environment, the two leaders agreed to instruct their respective teams in the relevant agencies and services of the two countries to work closely together in the coming days by sharing insights and perspectives.”
In terms of bilateral ties, the readout says:
“It has been agreed that the next time the leaders will see each other will be on Chinese soil during the SCO Summit in Tianjin on August 31 – September 1. They will take part in the festivities marking the 80th anniversary of victory over militarist Japan and the end of World War II in Beijing on September 3. Full-scale bilateral talks will be held on September 2…The President highlighted that he was speaking with the PRC President from his hometown of St Petersburg, where the St Petersburg International Economic Forum is now taking place. He noted that tomorrow he would hold a separate meeting with Vice Premier of the State Council of the PRC Ding Xuexiang who leads the Chinese delegation. The Chinese representative and the President will take part in the forum’s main plenary session.”
Third, on broader geopolitical issues, the bit on coordination in Central Asia is particularly important, since this can be a friction point:
“The leaders discussed the outcomes of the recent G7 summit in Canada, noting in particular, a certain degree of tension among the participants. It was also noted that it was not the best trip for Zelensky. The leaders of Russia and China emphasised their mutual interest in strengthening cooperation on pressing international issues and coordinating their efforts within BRICS, the SCO, the UN, and other international platforms. In the run-up to the BRICS Summit in Rio de Janeiro in early July, the heads of state touched upon advancing Russia’s initiatives put forward during last year’s BRICS summit in Kazan which include, in particular, creating a new investment platform designed to promote economic growth in our respective countries and among our partners from the Global South. It was noted that Russian and Chinese experts maintain close contacts regarding this matter.”
“The President of the People’s Republic of China, on his own initiative, provided our President with detailed information regarding his recent trip to Kazakhstan, where the second China–Central Asia summit was held on June 17–18. It was noted that it would be beneficial, in the spirit of the comprehensive strategic partnership between our countries, to coordinate mutual approaches so that the Central Asian region becomes a model of genuine stability, economic prosperity, and constructive cooperation. The information we received from the President of China was highly significant and useful to us, particularly in light of our own preparations for the second high-level meeting in the Russia–Central Asia format, which is scheduled for October 10 in Dushanbe.”
Moving on, there’s an interesting piece based on the theme of Xi Jinping’s “discourses and practical insights on finance” during his time in Fujian. ——习近平同志在闽金融论述与实践启示.
The article begins by telling us that:
“Fujian is one of the important birthplaces of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Comrade Xi Jinping worked in Fujian for 17.5 years, leading and promoting local reform and opening up and modernisation construction, conducting in-depth research, long-term planning and beneficial exploration on a series of major propositions in the financial field, forming a large number of original ideas, pioneering multiple transformative practices, and achieving a series of landmark outcomes, thereby providing a continuous source of theoretical and practical vitality for forging the path of financial development with Chinese characteristics. Standing at a new historical starting point, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, we will unswervingly follow the path of financial development with Chinese characteristics. The financial lifeblood will continue to inject surging momentum into China’s economic and social development and provide strong support for comprehensively advancing the building of a strong nation and the great cause of national rejuvenation through Chinese-style modernisation.” 福建是习近平新时代中国特色社会主义思想的重要孕育地之一。习近平同志在福建工作17年半，领导和推动了地方改革开放和现代化建设事业，对金融领域的一系列重大命题进行了深入研究、长远谋划和有益探索，形成了大量原创性理念，开创了多项变革性实践，取得了一系列标志性成果，为开拓中国特色金融发展之路提供了理论与实践的源头活水。站在新的历史起点上，在以习近平同志为核心的党中央坚强领导下，我们坚定不移走中国特色金融发展之路，金融血脉将持续为中国经济社会发展注入澎湃动力，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑.
The first section of the article says that “adhere to the system concept: coordinate the overall situation and plan financial development”.
“Finance is 国之大者 (a matter of fundamental national importance) and concerns the overall situation of Chinese-style modernisation. As early as during his work in Fujian, Comrade Xi Jinping, with a far-sighted vision, deeply grasped major issues such as the nature, positioning, laws, and functions of finance. With a focus on the bigger picture, he systematically drew up the blueprint for Fujian’s financial development. On Jiangbin Middle Avenue in Fuzhou, inside the Industrial Bank’s History Exhibition Hall, two stock subscription certificates issued by the ‘Ningde Finance Bureau’ attract the attention of visitors. In August 1988, Industrial Bank was born in response to the general trend of financial reform, becoming one of the first batch of joint-stock commercial banks in China. In its early days, fundraising was difficult, and employees involved in its founding even went out into the streets to set up stalls and shout out to sell shares. At that time, Comrade Xi Jinping had just arrived in Ningde to serve as Secretary of the local Party Committee. In response to the provincial government’s call encouraging all cities and regions to actively invest in Industrial Bank, Ningde, which was classified as an underdeveloped/disadvantaged region (老、少、边、岛、穷), responded positively and allocated 3 million yuan from its tight fiscal budget to subscribe for shares in Industrial Bank. ‘This was more than what the more developed cities contributed at the time. It left a deep impression on me’, said Chen Yun, the first president of Industrial Bank. Comrade Xi Jinping once profoundly pointed out: ‘In engaging in modernisation and economic development, we must take a long-term view and plan holistically’. Considering the big picture and planning for the overall situation have become important principles guiding the continued development and growth of the financial industry in Fujian and across the country.” 金融是“国之大者”，关系中国式现代化建设全局。早在福建工作期间，习近平同志以长远的眼光，深刻把握金融的本质、定位、规律、功能等重大问题，着眼大局，系统擘画福建金融发展蓝图。福州江滨中大道，兴业银行行史展览馆里，两张“宁德地区财政局”的股票认购凭证吸引参观者的目光。1988年8月，兴业银行顺应金融改革大势而生，成为我国首批股份制商业银行之一。创业之初募资困难，参与筹建的员工一度上街摆摊吆喝售卖股份。彼时，习近平同志刚刚来到宁德任地委书记。面对省政府鼓励各地市积极入股兴业银行的号召，属于“老、少、边、岛、穷”地区的宁德积极响应，从紧张的财政中拿出300万元认购兴业银行股份。“这比当时的发达地市还多，让我印象深刻。”兴业银行首任行长陈芸说。习近平同志曾深刻指出，“从事现代化经济建设，要长远考虑，统筹全局”。讲大局、谋全局，成为指导福建乃至全国金融业不断发展壮大的重要原则.
Another example given here is Xi presiding over the formation of the Xiamen Economic and Social Development Strategy 1985-2000. It proposed the establishment of a special zone financial system with multiple financial components coexisting and cooperating under the leadership of the People’s Bank of China, professional banks were to serve as the main body, and various local financial institutions would function as supplements, and it proposed ‘offshore finance’ for the first time in the country. 主持编制的《1985年—2000年厦门经济社会发展战略》提出要建立一个以人民银行为领导、专业银行为主体、多种地方金融机构为补充的多种金融成分并存、分工协作的特区金融体系，并在全国首次提出了“离岸金融”.
Another example is the formulation of the “3820 strategic project”, i.e., the planning of goals, steps, layout, and priorities of Fuzhou’s economic and social development across 3, 8, and 20 years.
The piece then adds:
“Since the 18th Party Congress, the Party Central Committee with Comrade Xi Jinping as the core has strengthened the centralised and unified leadership and overall planning of financial work, continuously promoted innovation in financial practice, theory and system, and gradually embarked on a path of financial development with Chinese characteristics. Adhering to the centralised and unified leadership of the Party Central Committee is the fundamental guarantee of this path; adhering to the people-centered approach is the value orientation of this path. During his work in Fujian, Comrade Xi Jinping proposed that ‘the economic grand chorus needs a chief conductor’ and ‘the Party is the core force leading our cause’. The Central Financial Work Conference held in 2023 systematically expounded the essential characteristics of the path of financial development with Chinese characteristics, emphasised the ‘eight adherences’, and put ‘adhering to the centralised and unified leadership of the Party Central Committee over financial work’ in the first place. ‘The financial cause led by our Party must ultimately benefit the people’, General Secretary Xi Jinping emphasised in 2024 at the thematic seminar for principal leading cadres at the provincial and ministerial level on promoting high-quality financial development. From the local to central levels, Comrade Xi Jinping’s profound thinking and practical exploration of financial work have always been permeated with the value proposition of ‘finance for the people’.” 党的十八大以来，以习近平同志为核心的党中央加强对金融工作的集中统一领导和统筹谋划，不断推进金融实践创新、理论创新、制度创新，逐步走出一条中国特色金融发展之路。坚持党中央的集中统一领导，是这条道路的根本保证；坚持以人民为中心，是这条道路的价值旨归。在福建工作期间，习近平同志就提出，“‘经济大合唱’，得有总指挥”“党是领导我们事业的核心力量”。2023年召开的中央金融工作会议系统阐述中国特色金融发展之路的本质特征，强调“八个坚持”，并将“坚持党中央对金融工作的集中统一领导”放在首位。“我们党领导的金融事业，归根到底要造福人民”，2024年，习近平总书记在省部级主要领导干部推动金融高质量发展专题研讨班上强调。从地方到中央，习近平同志对金融工作的深邃思考与实践探索，始终贯穿着“金融为民”的价值主线.
The examples of this that are mentioned are microcredit, funds for renovating shantytowns, financial support for targeted poverty alleviation, the “construction of an inclusive financial system”, and “strengthened financial services for small and micro enterprises, the three rural causes and remote areas…”
The second section of the article talks about Xi’s financial innovation.
“‘How can green mountains be turned into “gold mountains”?’ At the time, Comrade Xi Jinping, then Secretary of the Ningde Party Committee, creatively proposed an idea: ‘Can we make flexible use of standing trees for loans?’ By using growing forest resources as collateral for loans, this concept put forward by Comrade Xi Jinping provided a new path for Fujian to explore and unlock the financing function of forest rights. Subsequently, during the reform of Fujian’s forest rights system, Comrade Xi Jinping, then Governor of Fujian Province, seized the difficult issues such as ‘where does the money come from’ and conducted in-depth investigations, carried out repeated assessments, and introduced targeted reform measures. The practical exploration of revitalising forestry resources and solving financing problems is a vivid portrayal of financial innovation serving economic and social development.” 如何把青山变“金山”？时任宁德地委书记习近平同志开创性地提出一个思路：“我们能不能用活立木贷款？”以生长中的林木资源作为贷款抵押物，习近平同志这一设想为福建探索释放林权融资功能提供了新路径。此后，在福建林权制度改革过程中，时任福建省省长习近平同志抓住“钱从哪里来”等难题深入调研，反复论证，推出了有针对性的改革举措。盘活林业资源、破解融资难题的实践探索是以金融创新服务经济社会发展的生动写照.
The piece also talks about how Xi leveraged finance to support major projects and private enterprises. This next bit is important:
“‘The economy is the body, finance is the blood vessels, the two coexist and prosper together’. ‘Serving the real economy is finance’s natural duty’, Comrade Xi Jinping’s thinking on finance serving the real economy has remained consistent and has continued to deepen.” “经济是肌体，金融是血脉，两者共生共荣”“为实体经济服务是金融的天职”，习近平同志对金融服务实体经济的思考一脉相承，不断深化.
“At present, the financial sector is focusing on the ‘five major articles’ of science and technology finance, green finance, inclusive finance, pension finance, and digital finance, providing higher quality and more efficient financial services for economic and social development.” 当前，金融部门着力做好科技金融、绿色金融、普惠金融、养老金融、数字金融“五篇大文章”，为经济社会发展提供更高质量、更有效率的金融服务.
The third section talks about the importance of “adhering to bottom line thinking and building a solid financial security line.” The article says:
“Fujian is one of the first provinces in the country to achieve ‘zeroing out’ of high-risk financial institutions. At present, this ‘zero’ record has been continuously maintained for five years. Looking back at Comrade Xi Jinping’s financial practices in Fujian, a strong sense of risk and bottom-line thinking runs throughout.” 福建是全国第一批实现高风险金融机构“清零”的省份之一。目前，这一“零”记录已连续保持五年。回溯习近平同志在福建的金融实践，强烈的风险意识和底线思维贯穿其中.
Then we get an example of this:
“Huamin Company was a Fujian Province Hong Kong-based ‘window’ company (窗口公司) established in 1980 with State Council approval. In 1997, due to the impact of the Asian financial crisis as well as problems in its own business management, the company experienced huge operational losses and was seriously insolvent. How to respond to and handle Huamin Company’s debt crisis concerned Fujian's credibility and image, affecting the further expansion of reform and opening up. After weighing options, the Fujian Provincial Party Committee and Provincial Government decided to restructure Huamin and launch a rescue. At that time there was no experience to reference, they could only ‘cross the river while touching the stones’. Comrade Xi Jinping personally stepped forward, negotiated with relevant parties, applied to the State Council for foreign exchange quotas, and applied to banks for RMB scale for purchasing foreign exchange. After two years and eight months of effort, Huamin Company’s restructuring succeeded, becoming one of the most successful cases of Chinese-funded enterprise debt restructuring.” 华闽公司是1980年经国务院批准成立的福建省驻港“窗口”公司。1997年，因亚洲金融危机冲击，以及自身经营管理上的问题，公司经营出现巨额亏损，严重资不抵债。如何应对处置华闽公司债务危机，事关福建的信誉和形象，影响进一步扩大改革开放。福建省委、省政府经过权衡，决定对华闽进行重组，展开救助。当时没有可以参照的经验，只能“摸着石头过河”。习近平同志亲自出马，同相关方谈判，向国务院申请外汇指标，向银行申请购汇人民币规模。经过两年零八个月的努力，华闽公司重组成功，成为中资企业债务重组最成功的案例之一.
“Comrade Xi Jinping attaches great importance to the experience of preventing and resolving financial risks, and effectively led Fujian’s financial development to avoid many rapids and dangerous shoals on the path ahead. Fujian has always regarded maintaining the bottom line of risk as an important principle for financial development. As of the end of May this year, the non-performing loan ratio of the banking industry in Fujian Province was 1.19%, lower than the national average of the banking industry; the spread of illegal fundraising activities has been effectively curbed; it is one of the provinces with the lowest government debt risk in the country. In 2024, General Secretary Xi Jinping emphasised at the thematic seminar for principal leading cadres at the provincial and ministerial level on promoting high-quality financial development: ‘If local governments cannot control risks, not only will it lead to the collapse of the financial ecology within their jurisdiction and severely damage economic vitality, but they may also directly affect the overall stability of the country.’ ‘Local governments should focus on the overall situation in their own areas and implement local risk management and stability maintenance responsibilities’. From dealing with the risks of ‘bidding associations’ to proposing that ‘all financial activities should be brought under supervision according to law’ and ‘making the maintenance of financial security a major issue in governing the country’ … from local practice to national strategy, Comrade Xi Jinping has consistently attached importance to financial security and promoted financial security to become an important part of national security.” 习近平同志高度重视防范化解金融风险的经验，有效引领福建金融发展避过了前进路上的许多急流险滩。福建始终把守住风险底线作为金融发展的一条重要原则。截至今年5月末，福建省银行业不良贷款率为1.19%，低于全国银行业平均水平；非法集资活动蔓延势头得到有力遏制；是全国政府债务风险最小的省份之一。2024年，习近平总书记在省部级主要领导干部推动金融高质量发展专题研讨班上强调：“地方管控不住风险，不仅会搞垮辖区内金融生态、大伤经济元气，还可能直接影响全国稳定大局”“各地要立足一域谋全局，落实好属地风险处置和维稳责任”。从处置“标会”风险到提出“依法将所有金融活动全部纳入监管”“切实把维护金融安全作为治国理政的一件大事”……从地方实践到国家战略，习近平同志对金融安全的重视程度一以贯之，推动将金融安全上升为国家安全的重要组成部分.
The section ends by comparing China to the US and the West:
Since the beginning of the 21st century, “the US subprime mortgage crisis triggered the 2008 international financial crisis, and the Eurozone sovereign debt crisis spread among member states, severely impacting economic and social development. In sharp contrast, China is one of the very few major economies that has not experienced systemic financial risks in recent decades. Preventing and controlling risks is the eternal theme of financial work. Building a financial security barrier with risk awareness and bottom-line thinking, and achieving a benign interaction between high-quality development and high-level security, China’s financial governance advantages are increasingly prominent in the turbulent international financial landscape.” 新世纪以来，美国次贷危机引发2008年国际金融危机，欧元区主权债务危机在成员国之间蔓延传染，严重冲击影响经济社会发展。与之形成鲜明对比的是，中国是极少数在近几十年未发生系统性金融风险的主要经济体之一。防控风险是金融工作的永恒主题。以风险意识、底线思维构筑金融安全屏障，实现高质量发展和高水平安全的良性互动，我国金融治理优势在动荡的国际金融格局中日益凸显.
The final section talks about “building a global financial power”. The example given here is about the Xiamen International Bank, which celebrates 40 years in 2025. This was the first “Sino-foreign joint venture bank”. The piece says that this was the outcome of the Xiamen Economic and Social Development Strategy 1985-2000 that Xi was involved with. The article adds that this bank was “a major innovation in China’s financial history and a vivid practice of China's early financial reform and opening up.” 厦门国际银行的诞生是中国金融史上的一次重大创新，是中国金融早期改革开放的生动实践.
“Taking the lead in establishing a special economic zone financial system, taking the lead in borrowing foreign debt for infrastructure construction, taking the lead in setting up a foreign exchange adjustment center…During his time working in Fujian, Comrade Xi Jinping, based on Fujian’s realities, vigorously promoted financial reform and opening up, providing strong financial support for Fujian’s economic and social development.” 率先建立经济特区金融体系、率先借外债搞基础设施建设、率先成立外汇调剂中心……在福建工作期间，习近平同志立足福建实际，大力推进金融改革开放，为福建经济社会发展提供有力金融保障.
Another example cited is about the expansion of Xiamen airport, some 30 years ago.
“The Xiamen Municipal Government established the Kuwait Loan Leading Group for the Xiamen Airport Expansion Project. Comrade Xi Jinping not only personally ‘took charge’ as the group leader, but also ‘went out’ for multiple rounds of negotiations, and finally won a loan of $18 million, solving the urgent need for airport expansion.” 厦门市政府成立厦门机场扩建工程科威特贷款领导小组，习近平同志不仅亲自“挂帅”担任组长，而且“出征”多轮谈判，最终争取到1800万美元的贷款，解决了机场扩建的燃眉之急.
The article ends with this:
“Use reform to stimulate vitality and promote development. Deepen the structural reform of the financial supply side, guide financial resources to accurately and efficiently support economic and social development; deepen the interest rate marketization reform, solve the problem of financing difficulties and high financing costs; promote a number of capital market system reforms, and provide good financial services and environment for scientific and technological innovation enterprises; continuously reform and improve the financial regulatory system, and tighten the ‘iron fence’ to prevent risks...
Use opening to promote competition and prosperity. Cancelling the investment quota restrictions of qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII), cancelling the restrictions on foreign shareholding ratios in banking, insurance, securities, fund management, futures and other fields, cancelling the access restrictions in the fields of corporate credit rating, credit rating, payment and clearing, and further promoting the facilitation of cross-border trade and investment...
Practical development is endless, and reform and opening up are endless. ‘Looking back on the development of my country's financial industry since the reform and opening up, we must deepen reform to solve the problems that affect and restrict the development of the financial industry’. ‘We must promote high-level financial opening up with institutional opening up as the focus.’ ‘We must improve the efficiency and ability of China’s financial resource allocation through expanding opening up’ … General Secretary Xi Jinping’s profound expositions have pointed out the direction for the next step of deepening financial reform and opening up.”
新时代以来，在以习近平同志为核心的党中央坚强领导下，中国金融改革开放蹄疾步稳，纵深推进。以改革激活力促发展——深化金融供给侧结构性改革，引导金融资源精准高效支持经济社会发展；深化利率市场化改革，解决融资难融资贵问题；推动多项资本市场制度变革，为科创企业提供良好金融服务和环境；不断改革完善金融监管体制，扎紧防风险“铁篱笆”……以开放促竞争促繁荣——取消合格境外机构投资者（QFII）和人民币合格境外机构投资者（RQFII）投资额度限制，取消银行、保险、证券、基金管理、期货等领域的外资持股比例限制，取消企业征信评级、信用评级、支付清算等领域的准入限制，进一步促进跨境贸易投资便利化……实践发展永无止境，改革开放永无止境。“回顾改革开放以来我国金融业发展历程，解决影响和制约金融业发展的难题必须深化改革”“要以制度型开放为重点推进金融高水平对外开放”“要通过扩大对外开放，提高我国金融资源配置效率和能力”……习近平总书记的深刻论述为下一步深化金融改革开放指明了方向.
Page 2: There’s a report on Minister of Public Security Wang Xiaohong meeting with David Perdue, ambassador of the United States to China. Xinhua says:
“Wang said China is willing to work with the United States to well implement the important consensus reached between their two heads of state, and, based on the principles of mutual respect, peaceful coexistence and win-win cooperation, strengthen practical cooperation in law enforcement fields such as drug control and the repatriation of illegal immigrants, to achieve results conducive to the well-being of the people in both countries. Wang voiced the hope that the United States will work together with China, uphold an attitude of equality, respect each other's concerns, and inject positive energy into the development of bilateral relations. Perdue expressed willingness to play a role in promoting the development of bilateral relations, and to facilitate exchange and cooperation in such areas as drug control law enforcement.”
Page 3: There’s a report on different departments announcing financial support policies.
The PBOC will implement 8 financial policy measures in Shanghai, including:
Establish an interbank market transaction reporting database to collect and systematically analyse transaction data of various financial sub-markets such as interbank bonds, currencies, derivatives, gold, and bills at high frequency
Establish a digital RMB international operation center to promote the international operation of digital RMB and the development of financial market business
Establish a personal credit reporting agency to provide financial institutions with diversified and differentiated personal credit reporting products
Carry out a pilot program for comprehensive reform of offshore trade financial services in the Lingang New Area of Shanghai to support Shanghai’s development of offshore trade
Develop free trade offshore bonds to broaden the financing channels for ‘going out’ enterprises and high-quality enterprises in BRI partner countries and regions
Optimise and upgrade the functions of free trade accounts to enhance the level of liberalisation and facilitation of cross-border trade and investment.
‘Piloting first’ structural monetary policy tool innovation in Shanghai
Jointly with the China Securities Regulatory Commission researching and promoting RMB foreign exchange futures trading
中国人民银行宣布，将在上海实施8项金融方面政策举措，包括：设立银行间市场交易报告库，高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等各金融子市场交易数据；设立数字人民币国际运营中心，推进数字人民币的国际化运营与金融市场业务发展；设立个人征信机构，为金融机构提供多元化、差异化的个人征信产品；在上海临港新片区开展离岸贸易金融服务综合改革试点，支持上海发展离岸贸易；发展自贸离岸债，拓宽“走出去”企业及“一带一路”共建国家和地区优质企业的融资渠道；优化升级自由贸易账户功能，提升跨境贸易投资自由化便利化水平；在上海“先行先试”结构性货币政策工具创新；会同中国证监会研究推进人民币外汇期货交易.
The National Financial Regulatory Administration jointly with the Shanghai Municipal Government released the ‘Action Plan for Supporting Shanghai’s International Financial Center Construction’, supporting the further concentration of banking and insurance institutions in Shanghai, actively exploring financial service models suitable for the characteristics of technology companies, continuously optimizing cross-border financial services, promoting financial institutions in Shanghai to improve their forward-looking risk management capabilities, deepening the construction of financial rule of law, and supporting Shanghai in building a new asset management service platform. 国家金融监管总局会同上海市政府联合发布《关于支持上海国际金融中心建设行动方案》，支持银行保险机构进一步集聚上海，积极探索适合科技企业特点的金融服务模式，持续优化跨境金融服务，推动在沪金融机构提高前瞻性风险管理能力，深化金融法治建设，支持上海打造新型资产管理服务平台.
The China Securities Regulatory Commission issued opinions (related English report) on the establishment of a growth tier on the STAR Market. This will restart allowing the listing of rapidly growing but still unprofitable companies from biomedicine and semiconductor sectors. Wu Qing, chairman of the China Securities Regulatory Commission, said that:
“This is aimed to more precisely serve the quality technology companies with major technology breakthroughs, broad business prospects and continued investment in research and development. There will also be special policy arrangements to strengthen information disclosure, risk disclosure and investor suitability management.”
“An additional six reform measures will be introduced for the STAR Market. Among these, a pilot mechanism introducing senior professional institutional investors to companies applicable to the fifth set of listing rules will be launched. A pilot program under which quality technology companies can go through pre-review for their initial public offering may be conducted, he said. The applicable range of the fifth set of listing rules may be expanded to frontier sectors including artificial intelligence, commercial aviation and low-altitude economy, he added. Unprofitable technology companies under review will be supported to carry out activities such as capital increase and share expansion targeting existing shareholders. The refinancing system for STAR Market companies and the criteria for identifying strategic investors will be completed. STAR Market-based investment products and related risk management tools will also be enriched, said Wu. Wu also announced on Wednesday that the third set of listing rules at the ChiNext in the Shenzhen bourse, which allows unprofitable companies to go public, will take effect.”
In addition, the China Securities Regulatory Commission has said that it will focus on risk disclosure and investor protection and make a number of institutional arrangements, including setting a special identifier ‘U’ after the stock abbreviation of scientific and technological innovation growth-tier enterprises, requiring enterprises to regularly disclose the reasons and impacts of not yet profitable and provide risk warnings. 进一步加强中小投资者合法权益保护，中国证监会表示，将聚焦风险揭示和投资者保护，作出多项制度安排，包括在科创成长层企业股票简称后统一设置特殊标识“U”，要求企业定期披露尚未盈利的原因及影响并提示风险等.
Finally, the State Administration of Foreign Exchange stated that it will launch several supportive policies to help stabilise employment, enterprises, markets, and expectations. In terms of supporting the development of foreign trade enterprises, banks are encouraged to include more new trade entities in trade facilitation policies, optimize foreign trade comprehensive service enterprises’ foreign exchange settlement, and facilitate the centralised management of overseas funds for honest contracting engineering enterprises. In terms of promoting the facilitation of cross-border investment and financing, facilitation policies such as supporting scientific research institutions to attract and utilise foreign capital, expanding cross-border financing facilities for technology-based enterprises, and reducing the negative list for the use of capital project income will be implemented nationwide. Improve the management of funds for overseas listings of domestic enterprises, unify the management policies of local and foreign currencies, and facilitate the transfer of raised funds back to the country for use. In the near future, a new batch of Qualified Domestic Institutional Investors (QDII) investment quotas will be issued to meet the reasonable needs of domestic entities for overseas investment in an orderly manner. 国家外汇管理局表示，推出多项支持性政策，助力稳就业、稳企业、稳市场、稳预期。支持外贸企业发展方面，鼓励银行将更多贸易新业态主体纳入贸易便利化政策、优化外贸综合服务企业外汇资金结算、便利诚信的承包工程企业境外资金集中管理等便利化政策。推进跨境投融资便利化方面，在全国实施支持科研机构吸引利用外资、扩大科技型企业跨境融资便利、缩减资本项目收入使用负面清单等便利化政策。完善境内企业境外上市资金管理，统一本外币管理政策，便利募集资金调回境内使用。近期将新发放一批合格境内机构投资者（QDII）投资额度，有序满足境内主体境外投资合理需求。
Next, there’s a report on United Front Works Department chief Li Gangjie meeting with religious associations in Beijing. In the context of the 15th FYP work, Li called on them to:
“conscientiously implement the spirit of the 20th Party Congress and the Second and Third Plenary Sessions of the 20th CPC Central Committee, fully implement the Party’s theories, principles and policies on religious work, unify thoughts and actions with the decisions and arrangements of the CPC Central Committee on religious work, unite and guide the broad masses of religious believers to continuously enhance the ‘five identities’, focus on the central task and serve the overall situation, and make new contributions to the great cause of building a strong country and national rejuvenation.” 宗教界要认真贯彻落实党的二十大和二十届二中、三中全会精神，全面贯彻党的宗教工作理论和方针政策，把思想和行动统一到党中央关于宗教工作的决策部署上来，团结引导广大信教群众不断增进“五个认同”，围绕中心、服务大局，为强国建设、民族复兴伟业作出新贡献.
It is necessary to systematically promote the sinicization of religions in China, adhere to the guidance of the core socialist values and the immersion of Chinese culture, and gradually form Chinese characteristics and styles in doctrines, management systems, rituals and customs, and behavioural norms. We must prevent and resolve risks and hidden dangers in the religious field, adhere to the principle of autonomy and self-management, resolutely resist the use of religion by foreign countries for infiltration, and consciously carry out activities within the scope permitted by laws and regulations. We must strive to build a team of religious clergy who are politically reliable, religiously accomplished, morally convincing, and effective at critical times. We must adhere to comprehensive and strict governance of religion, strengthen the self-construction of religious groups, further improve the rules and regulations of religious groups, and maintain the good image of religion in my country. 要系统推进我国宗教中国化，坚持社会主义核心价值观引领、中华文化浸润，在教义教规、管理制度、礼仪习俗、行为规范等方面逐步形成中国特色、中国风格。要防范化解宗教领域风险隐患，坚持独立自主自办原则不动摇，坚决抵御境外利用宗教进行渗透，自觉在法律法规允许的范围内开展活动。要努力建设一支政治上靠得住、宗教上有造诣、品德上能服众、关键时起作用的宗教教职人员队伍。要坚持全面从严治教，加强宗教团体自身建设，进一步完善宗教团体规章制度，维护我国宗教良好形象.