China Sets Out Financial Priorities After 33 Trillion Yuan in New Financing

Cheaper credit, stronger market support and tighter oversight

China recorded 33 trillion yuan in new financing to the real economy between October 2025 and September 2026, while preparing further support for stock markets, property projects and businesses waiting for overdue payments, according to a State Council report presented to lawmakers on November 3, 2026.

Pan Gongsheng, governor of the People's Bank of China, delivered the report on behalf of the State Council to the 25th session of the Standing Committee of the 14th National People's Congress. Released on November 5, the report combines a review of financial activity with five priorities for the next phase: monetary support, stronger regulation, better services for businesses and households, financial reform and opening, and measures to contain risks.

The presentation took place at the session's second plenary meeting on the morning of November 3 at the Great Hall of the People in Beijing. The National People's Congress website published the report on November 5.

The figures show how those objectives are being pursued together. New business loans carried an average interest rate of 2.96% in September, while banks had cumulatively approved more than 8.4 trillion yuan in loans through a mechanism supporting eligible property projects. Authorities also want Central Huijin Investment Ltd., a state investment company, to play a greater role in stabilizing capital markets.

For households and businesses, the practical issues are straightforward: how much borrowing costs, whether a construction project can obtain financing, whether a supplier gets paid, and whether savings and investments receive adequate protection. The report addresses each, alongside efforts to resolve troubled financial institutions and local government financing vehicles.

The main dates and measurement periods are:

• May 2025: The bond market's technology segment was established.
• October 2025 to September 2026: New aggregate financing reached 33 trillion yuan.
• January and September 2026: Authorities introduced packages of targeted monetary measures.
• November 3, 2026: Pan presented the financial work report to the legislature's Standing Committee.
• November 5, 2026: The report was released publicly.

What lower interest rates mean for borrowers

The State Council says China will continue an appropriately accommodative monetary policy. In everyday terms, the central bank intends to keep enough money available in the financial system to support lending and economic activity, using several tools rather than relying on a single interest rate.

Those tools include reverse repurchase operations, medium term lending facilities and government bond transactions. They help manage the funds banks have available and influence financing conditions. Targeted tools direct support toward particular activities, such as technology investment or lending to smaller businesses.

At the end of September 2026, outstanding aggregate financing was 7.1% higher than a year earlier, while broad money supply grew 7.2%. Aggregate financing measures funding reaching the economy through channels including loans and bonds. The 33 trillion yuan figure measures new financing over the reporting period; the 7.1% figure measures growth in the outstanding stock.

New corporate loans carried a weighted average interest rate of 2.96% in September, and new personal housing loans averaged 3.05%. The yield on corporate bonds rated AAA and maturing in five years was 1.7%. The report describes major interest rates as being at historically low levels.

Lower borrowing costs can reduce a company's interest bill or make a home purchase more affordable. Access to credit also depends on a borrower's finances and the lender's assessment. The next policy steps include reducing intermediary financing charges and keeping money and financing growth aligned with economic growth and expected price targets.

Where technology and small business funding is going

China's financial policy gives particular attention to five areas: technology, green development, inclusive finance, pensions and digital finance. Inclusive finance aims to make useful financial services accessible to people and businesses that may struggle to obtain them, including small firms.

Loans across those five areas grew 10.1% from a year earlier by the end of September. That was 3 percentage points faster than the 7.1% growth in outstanding aggregate financing, showing the stronger expansion recorded in the designated areas, although the two measures cover different pools of funding.

The bond market's technology segment had recorded cumulative technology innovation bond issuance of 3.3 trillion yuan since its creation in May 2025. Insurance for technology activities provided 9.9 trillion yuan in risk coverage. Insurance coverage is the amount of protection available under policies, rather than money already paid to companies.

Authorities increased relending quotas for technology innovation, industrial upgrading, agriculture and small businesses, and established a dedicated relending arrangement for private enterprises. Relending allows the central bank to provide funding to financial institutions to support designated types of lending. A combined risk sharing tool also supports bonds issued for technology innovation and private enterprises.

The report calls for better statistics and performance assessments across the five priority areas. It also proposes more financial support for six major infrastructure networks, technology leasing and technology insurance, alongside coordination with fiscal and industrial policies.

Helping suppliers get paid and communities recover

Overdue payments receive their own policy response. The report says authorities established a liquidity support tool to help clear unpaid business accounts and summoned prominent large companies that had money available but were failing to pay suppliers, directing them to rectify the problem.

A small supplier can face a cash shortage even after completing an order if its customer delays payment. That shortage can affect wages, purchases and repayment of the supplier's own loans. Clearing unpaid bills therefore works alongside new lending: one releases money already owed, while the other provides additional financing.

Authorities also continued a coordination mechanism for small business financing and built a nationwide network of financing credit service platforms. Such platforms help connect information about borrowers with financing services. A one time credit repair policy was introduced for eligible individuals whose credit records had been damaged.

Disaster response involved an additional 100 billion yuan in relending capacity for agriculture and small businesses. Insurers paid 16 billion yuan in claims supporting disaster prevention, recovery and reconstruction. The two figures describe different forms of assistance: one concerns financing capacity, while the other records insurance payouts.

Central Huijin's proposed market stabilizing role

Central Huijin is central to the report's plans for capital market stability. The State Council calls for supporting the company in acting as a quasi-stabilization fund, meaning an institution that can help steady markets through investment activity. It also wants broader sources and channels for capital invested over longer periods.

The proposal appears in the fifth part of the report's next steps, on resolving risks in key areas. It states: "Implement effectively the monetary policy tools supporting capital markets, support Central Huijin in playing the role of a quasi-stabilization fund, broaden the sources, channels and market entry methods for medium- and long-term funds, and consolidate and improve mechanisms for stabilizing capital markets. Maintain the stable operation of financial markets, including stocks, bonds and foreign exchange."

Li Changan, a professor at the School of Public Administration at the University of International Business and Economics, said the proposed role could expand Central Huijin's capacity to stabilize markets and help guide investment toward strategies focused on value.

The report places that proposal alongside existing monetary tools supporting capital markets, efforts to bring social security funds and insurers into the market, and faster registration and filing of fund products. Authorities also established a liquidity support tool for large redemptions at nonbank institutions, helping address situations in which many investors seek their money back at once.

Equity fundraising continued during the reporting period. Eighty-eight companies completed initial public offerings on Shanghai and Shenzhen exchanges, raising 247.2 billion yuan. Nearly 90% were high technology enterprises. Listed companies raised a further 776.9 billion yuan through subsequent financing, approximately 3.1 times the amount raised through those initial offerings.

Planned reforms include changes to ChiNext, the STAR Market and refinancing arrangements, as well as stronger systems for evaluating public fund performance. The report connects market stability with the ability of businesses to raise funds, making both investment demand and access to capital part of the same policy effort.

Property projects and local debt remain priorities

Commercial banks had cumulatively approved more than 8.4 trillion yuan in loans through the property sector's white list mechanism. The arrangement identifies eligible projects for financing support through coordination at city level. The report calls for it to operate routinely so that reasonable financing needs can continue to be met.

For buyers waiting for construction to finish, the financing of individual projects is a concrete concern. The policy also includes a lower minimum down payment ratio for loans used to buy commercial premises, interest subsidies for residential home loans and changes to basic property lending rules.

Local government financing vehicles are another major area of risk management. These are entities used to raise funds for local projects. The report says the number remaining nationwide at the end of September 2026 was 92% lower than at the end of March 2023. Their outstanding operating financial debt had fallen 79% by the end of June 2026 compared with March 2023.

The different measurement dates matter: the count of vehicles runs through September, while the debt comparison runs through June. The next task is to help entities leaving the financing vehicle category operate on a commercial basis, with financing suited to their business activities.

Authorities also pursued plans tailored to individual provinces to resolve risks at smaller financial institutions. The report says Zhongbang Bank was taken over under law, while individual risk cases in securities and fund businesses were being addressed.

How much protection do financial institutions have?

China's financial institutions held more than 560 trillion yuan in total assets at the end of June 2026. By the end of September, commercial banks reported a capital adequacy ratio of 15.4% and a nonperforming loan ratio of 1.5%. Capital provides a cushion against losses, while nonperforming loans are loans for which repayment has become seriously troubled.

Insurers had a comprehensive solvency adequacy ratio of 177.7%. Securities companies and futures companies recorded average risk coverage ratios of 294.9% and 201.6%, respectively. These measures compare financial resources with regulatory requirements for absorbing risks. The report describes institutions' capacity to withstand losses as generally sufficient.

Authorities were also advancing the issuance of 300 billion yuan in special government bonds to replenish capital at relevant central financial enterprises. Stronger capital can support an institution's ability to absorb losses and continue providing services.

Regulatory work included an updated list of systemically important banks, stronger scrutiny of related party transactions and large investments or lending exposures, and measures against disorderly competition, including price wars and unauthorized commission rebates. Consumer protection and checks that financial products suit customers were also priorities.

AI, enforcement and financial law

Artificial intelligence appears in the report as an area to explore in financial management and services. The State Council pairs that proposal with a requirement to guard against risks arising from model use. It gives no implementation timetable or detailed operating rules for the proposed AI applications.

Enforcement figures cover a broad range of institutions and conduct. Since October 2025, the People's Bank of China recorded 874 penalty instances involving regulated institutions and 578 involving responsible individuals. The National Financial Regulatory Administration recorded 4,469 penalty instances involving banking and insurance institutions.

The China Securities Regulatory Commission penalized responsible individuals and entities in 1,304 instances, while the State Administration of Foreign Exchange investigated 1,058 cases involving foreign exchange violations. These are counts of enforcement instances and cases; an institution or person can appear more than once.

The report also describes action against market manipulation, false information, financial fraud, illegal fundraising and criminal financial networks. It calls for stronger supervision of private funds, virtual currency activities and tokenization of real world assets. Tokenization creates digital tokens representing claims connected with assets such as property or financial instruments.

Financial legislation is advancing alongside enforcement. Draft financial legislation and proposed revisions to the People's Bank of China Law were submitted to the legislature's Standing Committee. Revisions to the Banking Supervision Law completed a second review. Work was also progressing on financial stability legislation and changes affecting commercial banks, insurance, foreign exchange and securities businesses.

Opening markets while expanding yuan payments

The yuan appreciated about 5.8% against the US dollar between October 2025 and September 2026, according to the report. Foreign exchange reserves stood at $3.4 trillion at the end of September. Authorities intend to maintain basic exchange rate stability while allowing the market to play the decisive role in determining the rate.

Financial opening included approval for five foreign banking and insurance institutions to begin operating and authorization to establish Citigroup Securities (China). Authorities also approved Visa's application to prepare a bank card clearing institution, a step in the process of building operations that handle payments between participating institutions.

China had 32 effective bilateral local currency swap agreements and had authorized 42 yuan clearing banks. Swap arrangements allow participating monetary authorities to exchange currencies under agreed terms, while clearing banks support settlement of transactions in yuan.

The report calls for further development of a yuan payment system under China's independent control, more international use of the currency, and easier cross border trade and investment financing. It also records the launch of a payment connection with the United Arab Emirates, work on a unified gateway for cross border QR payments, and a shift in the digital yuan's positioning from cash toward deposit money.

Hong Kong and Shanghai feature in the next phase. Planned measures include supporting Hong Kong's international financial center role and first five year plan, improving southbound Bond Connect arrangements, introducing government bond futures in Hong Kong, and developing offshore finance in Shanghai. Together, these measures seek to connect domestic financing needs with a wider range of investors and payment channels.

Full text of the financial work report

The report's complete text, translated into English, follows.

State Council Report on Financial Work

Presented on November 3, 2026, at the 25th session of the Standing Committee of the 14th National People's Congress

Pan Gongsheng, Governor of the People's Bank of China

Standing Committee of the National People's Congress:

On behalf of the State Council, I report to the Standing Committee of the National People's Congress on financial work since October 2025 for your deliberation.

General Secretary Xi Jinping attaches great importance to and takes a close interest in financial work. He has made a series of important statements and issued important instructions on major issues concerning financial development, providing fundamental guidance for promoting high quality financial development and accelerating the building of a strong financial nation. The State Council has resolutely implemented the decisions and arrangements of the Party Central Committee with Comrade Xi Jinping at its core. Premier Li Qiang has made arrangements for financial work, and leading comrades including Ding Xuexiang and He Lifeng have set out clear requirements.

The Standing Committee of the National People's Congress attaches great importance to and strongly supports financial work. This is the fifth time since 2022 that it has heard and deliberated on the State Council's report on financial work. Through legislation and amendments, oversight of the handling of deputies' suggestions, special research and other means, it has strongly promoted China's financial reform and development.

The financial system has thoroughly studied and implemented General Secretary Xi Jinping's important statements and instructions on financial work, fully implemented the guiding principles of the 20th Party Congress and all plenary sessions of the 20th Central Committee, and followed the arrangements of the Central Economic Work Conference and Central Financial Work Conference. It has conscientiously implemented the Government Work Report, the 2026 national economic and social development plan and the outline of the 15th Five Year Plan approved by the fourth session of the 14th National People's Congress, strengthened Party building in the financial system, established and practiced a correct understanding of performance, and steadily carried out financial reform, development and stability work, providing strong support for stable economic growth and high quality development.

I. Main progress and results in financial work

Since October 2025, the financial system has upheld the general principle of pursuing progress while maintaining stability, improved the quality and effectiveness of services for the real economy, comprehensively strengthened financial regulation, deepened financial reform and high level opening, safeguarded financial stability and national financial security, and advanced full and rigorous Party self-governance, achieving new results across its work.

(1) Implementation of monetary policy. We implemented an appropriately accommodative monetary policy, using reverse repurchase operations, medium term lending facilities, government bond purchases and sales and other monetary policy tools to maintain ample liquidity. We improved the monetary policy framework and strengthened the implementation and supervision of interest rate policies. We used structural monetary policy tools to provide guidance, introducing a series of structural monetary policy measures in January and September 2026. At the end of September 2026, outstanding aggregate financing and broad money supply grew 7.1% and 7.2% year on year, respectively. In September 2026, the weighted average interest rate on new corporate loans was 2.96%, and the interest rate on new personal housing loans was 3.05%. The yield on five year AAA corporate bonds was 1.7%. Major interest rates were all at historically low levels, creating favorable monetary and financial conditions for stable economic growth, high quality development and the stable operation of financial markets.

(2) Financial industry operations and regulation. First, financial institutions' operating and regulatory indicators remained within reasonable ranges. At the end of June 2026, financial institutions' total assets exceeded 560 trillion yuan. At the end of September 2026, commercial banks' capital adequacy ratio was 15.4% and their nonperforming loan ratio was 1.5%, while insurance companies' comprehensive solvency adequacy ratio was 177.7%. Securities companies and futures companies had average risk coverage ratios of 294.9% and 201.6%, respectively, with generally sufficient capacity to withstand losses.

Second, financial markets remained generally stable. We guided social security funds, securities and fund institutions, and insurance institutions into the market, accelerated fund product registration and filing, and put the two monetary policy tools supporting capital markets to work. We established a liquidity support tool to address large redemptions at nonbank institutions. The yield on 10 year government bonds hovered around 1.65%. We upheld the decisive role of the market in exchange rate formation and used macroprudential management tools to maintain the stable operation of the foreign exchange market. Between October 2025 and September 2026, the yuan appreciated about 5.8% against the US dollar. With continued development, the foreign exchange market has become more mature, and exports have become less sensitive to exchange rate fluctuations.

Third, financial regulation was further strengthened. We updated and released the list of systemically important banks and improved the macroprudential management mechanism for those banks. We issued implementation guidelines on improving financial institutions' corporate governance and strengthened look-through supervision of related party transactions, large investments and credit exposures. We focused on prominent problems such as price wars and unauthorized commission rebates, taking intensive action against disorderly competition. We strengthened financial consumer protection and financial product suitability management. We strengthened protection of small and medium investors in capital markets and supervision of short-swing trading, and conducted special campaigns against financial fraud and on corporate governance. We improved supervision throughout the private fund industry chain and comprehensively shut down illegal cross border operations by overseas securities, futures and fund institutions. We completed interim tasks in the fifth round of international anti-money laundering assessment.

Fourth, financial regulatory enforcement became more standardized. We strictly investigated and punished market manipulation, fabrication and dissemination of false information and other violations, and strictly enforced the delisting system. We deepened targeted action against the funding chains of fraud and gambling. We imposed administrative penalties on financial institutions in a standardized manner. Since October 2025, the People's Bank of China has penalized regulated institutions in 874 instances and responsible individuals in 578 instances; the National Financial Regulatory Administration has penalized banking and insurance institutions in 4,469 instances; the China Securities Regulatory Commission has penalized responsible individuals and entities in 1,304 instances; and the State Administration of Foreign Exchange has investigated and handled 1,058 cases of foreign exchange violations.

Fifth, the development of financial law proceeded in an orderly manner. The draft Financial Law and draft revisions to the People's Bank of China Law were submitted to the Standing Committee of the National People's Congress for deliberation, and draft revisions to the Banking Supervision Law completed a second deliberation by the Standing Committee. Work accelerated on drafting or revising the Financial Stability Law, Commercial Bank Law, Insurance Law, Foreign Exchange Administration Regulations, Corporate Bond Administration Regulations, Regulations on the Supervision and Administration of Securities Companies, Regulations on the Supervision and Administration of Listed Companies, and Regulations on Local Financial Supervision and Administration.

(3) Financial support for the real economy. First, total financing grew at a reasonable pace. Between October 2025 and September 2026, new aggregate financing reached 33 trillion yuan. Eighty-eight companies completed initial public offerings of A shares on the Shanghai and Shenzhen exchanges, raising 247.2 billion yuan, with high technology enterprises accounting for nearly 90%. Listed companies raised 776.9 billion yuan through subsequent financing.

Second, financial services became better suited to key areas and weak links. We strengthened coordination and policy implementation for the five priority areas of finance. We increased relending quotas for technology innovation and industrial upgrading and for agriculture and small businesses, established a separate relending arrangement for private enterprises, and combined tools to establish a bond risk sharing tool for technology innovation and private enterprises. Technology insurance provided 9.9 trillion yuan in risk coverage for technology activities. We lowered the pledged supplementary lending rate and expanded its scope of support, guiding policy banks to increase support for construction of the six major infrastructure networks. We supported fiscal authorities in using interest subsidies, risk sharing and other approaches to amplify the effects of financial policies. We deepened the coordination mechanism supporting small business financing and built a nationwide integrated network of financing credit service platforms. We implemented a one time credit repair policy to help eligible individuals with damaged credit records repair their credit more quickly. We introduced a package of policies supporting stable foreign trade. At the end of September 2026, loans in the five priority areas of finance grew 10.1% year on year. Since its establishment in May 2025, the bond market's technology segment has recorded cumulative technology innovation bond issuance of 3.3 trillion yuan.

Third, we supported disaster prevention, mitigation and reconstruction. We added a dedicated 100 billion yuan in relending quotas for agriculture and small businesses, while cumulative insurance payouts reached 16 billion yuan.

Fourth, we provided financial support for clearing overdue payments to businesses. We established a liquidity support tool for clearing arrears, addressed large enterprises' overdue payments, and summoned prominent leading enterprises that had money but were failing to pay, urging them to rectify the problem.

(4) Financial reform and opening. First, progress accelerated in building a strong financial nation. We issued the 15th Five Year Plan for Building a Strong Financial Nation and formulated and implemented 15th Five Year reform and development plans for central banking, financial regulation, capital markets and foreign exchange.

Second, financial institution reform continued to deepen. We advanced the issuance of 300 billion yuan in special government bonds to support capital replenishment at relevant central financial enterprises. All licensed rural mutual fund cooperatives exited the market.

Third, multilevel financial markets developed more quickly. We strengthened rules for financial submarkets and improved the macroprudential monitoring indicator system for financial markets. We strengthened access management for the interbank bond market and improved issuance pricing mechanisms. We continued to deepen reform of the registration system for corporate bonds on exchange bond markets. We promoted connectivity between the interbank and exchange bond markets. We issued guidelines on deepening ChiNext reform to better serve new quality productive forces. We advanced implementation of multiple STAR Market reform measures, improved refinancing mechanisms, and strengthened systems for public fund performance benchmarks and performance assessments.

Fourth, high level financial opening advanced steadily. We approved Visa's application to prepare a bank card clearing institution in accordance with the law. Five foreign banking and insurance institutions were successively approved to open, and the establishment of Citigroup Securities (China) was authorized. Responding to market demand, we advanced coordination of cross border policies for domestic and foreign currencies and improved policies for enterprises' overseas lending, banks' overseas lending and cross border interbank financing. We improved investment agency services for overseas central bank institutions and created a repurchase tool for overseas central bank institutions. We promoted mechanisms for the regular use of yuan swap funds in Hong Kong, Turkey and other places. There are currently 32 effective bilateral local currency swap agreements and 42 authorized yuan clearing banks. International use of the yuan has shown positive momentum. We issued an action plan for developing offshore finance at the Shanghai International Financial Center. We supported Hong Kong in building an integrated financial trading platform, advanced improvements to southbound Bond Connect and the introduction of government bond futures in Hong Kong, and facilitated panda bond issuance in China by high quality overseas entities. We extended nationwide policies for multinational companies' integrated domestic and foreign currency cash pools and centralized cross border operations of domestic and foreign currency funds. The digital yuan's positioning shifted smoothly from cash to deposit money. We launched a cross border payment connection with the United Arab Emirates and improved the unified gateway for cross border QR payments.

Fifth, cooperation on global financial governance continued to deepen. Guided by head-of-state diplomacy, we advanced the implementation of important financial outcomes. We actively put the Global Governance Initiative into practice and advanced bilateral and multilateral monetary and financial cooperation in key areas. We continued to build and develop an independently controlled yuan cross border payment system. We guided the International Monetary Fund's Shanghai Center in playing an active role and advanced regional financial cooperation, including the Chiang Mai Initiative Multilateralisation. We strengthened capacity to safeguard national financial security and effectively protected the security of China's foreign exchange reserves and overseas financial assets. At the end of September 2026, foreign exchange reserves stood at $3.4 trillion. We released the People's Bank of China's policy position on the yuan exchange rate, responding professionally and objectively to domestic and international concerns.

(5) Preventing and resolving financial risks. First, we steadily advanced risk resolution at small and medium financial institutions. Following a province-specific approach, we encouraged key regions to formulate and implement reform and risk resolution plans for small and medium financial institutions. We took over Zhongbang Bank in accordance with the law and steadily advanced resolution of individual risk cases in the securities, fund and other industries.

Second, support for resolving financing vehicle debt risks achieved significant results. We continued to urge local authorities to implement comprehensive debt resolution plans, resolve financing vehicle debt risks in an orderly manner, and accelerate financing vehicles' exit, reform and transformation. At the end of September 2026, the number of remaining financing vehicles nationwide had fallen 92% from the end of March 2023. At the end of June 2026, outstanding operating financial debt had fallen 79% from the end of March 2023.

Third, we supported the transformation and stable, healthy development of the property market. We lowered the minimum down payment ratio for loans to purchase commercial premises, implemented an interest subsidy policy for residential home loans, and improved basic property credit rules. We used the urban real estate financing coordination mechanism, with commercial banks cumulatively approving more than 8.4 trillion yuan in loans through the white list mechanism. We improved capital market rules supporting the establishment of a new model for property development.

Fourth, we strengthened capabilities and mechanisms for preventing and combating illegal financial activities. We carried out a new round of coordinated action against illegal and criminal activities in the financial sector's illicit and gray industries, and completed a nationwide special campaign against illegal fundraising. We improved the regulatory policy framework for virtual currencies, strengthened analysis of leads involving underground banks connected with virtual currencies, and improved mechanisms for regular, full-chain action against virtual currency mining. We strengthened regulation of real world asset tokenization.

(6) Upholding the Party Central Committee's centralized, unified leadership over financial work. We strictly implemented the first-agenda-item system and thoroughly studied and implemented Xi Jinping Thought on Party Building. We steadily carried out education on establishing and practicing a correct understanding of performance and consolidated and expanded the results of education on thoroughly implementing the central Party leadership's eight-point decision on improving work conduct. We advanced rectification of problems identified in central inspections on a regular, long term basis. We continued to strengthen the financial system's ranks of officials and professional personnel. We remained firm in improving conduct, enforcing discipline and combating corruption, conducted regular warning education, and strictly pursued accountability for dereliction of duty and failure to fulfill responsibilities.

II. Considerations for the next phase of work

(1) Continue implementing an appropriately accommodative monetary policy to create suitable monetary and financial conditions for sustained economic development toward innovation, quality and improvement. Use multiple tools to maintain ample liquidity and keep growth in aggregate financing and money supply aligned with economic growth and expected targets for the overall price level. Improve the interest rate management mechanism, continue implementing and supervising interest rate policies, and reduce intermediary financing charges. Maintain the basic stability of the yuan exchange rate at a reasonable and balanced level. Continue evaluating and improving the monetary policy framework.

(2) Further strengthen and improve financial regulation and continuously enhance its quality and effectiveness. Comprehensively strengthen the five major forms of regulation, expand regulatory tools, improve regulatory capacity, eliminate regulatory gaps, and maintain fair and equitable market order. Strengthen coordination between central and local authorities and cooperation among departments, and strictly combat illegal financial activities. Explore the application of artificial intelligence in financial management and services while guarding against risks arising from model use. Strengthen financial consumer protection. Carry out consultations, deliberations and other work on the report for the fifth round of international anti-money laundering assessment. Advance legislation and amendments in key financial areas.

(3) Improve the suitability of financial services for the real economy and support economic restructuring, upgrading and high quality development. Improve statistical and assessment systems for the five priority areas of finance, use structural monetary policy tools effectively, strengthen coordination with fiscal, industrial and other policies, and amplify policy effects. Increase financial support for construction of the six major infrastructure networks, technology innovation and small businesses. Accelerate development of a multilevel modern financial market system, enhance financial market resilience and better fulfill financial markets' role in allocating resources. Develop the bond market's technology segment to a high standard. Deepen reforms of ChiNext, the STAR Market and refinancing. Accelerate development of technology insurance and technology leasing. Continue using the coordination mechanism supporting small business financing and improve credit enhancement systems for private small and medium enterprises. Provide financial support for clearing overdue payments to businesses. Continue deepening comprehensive reform of capital market investment and financing, and make capital market rules more inclusive and adaptable. Strengthen monitoring and management of bond issuance pricing.

(4) Steadily deepen financial reform and high level opening and safeguard national financial security. Expand international use of the yuan and enhance its international monetary functions in pricing, payments, investment, financing and reserves, while developing offshore yuan markets. Expand high level opening in foreign exchange and facilitate cross border trade, investment and financing. Encourage more foreign institutions and long term capital to conduct and develop business in China. Steadily advance development of the Shanghai International Financial Center. Support implementation of Hong Kong's first five year plan and consolidate and enhance Hong Kong's position as an international financial center. Improve financial infrastructure rules and governance, and advance connectivity and cooperation between domestic and overseas financial infrastructure in an orderly manner. Further accelerate the building and development of an independently controlled yuan cross border payment system. Actively participate in and promote reform of global financial governance. Resolutely safeguard the security of China's overseas financial assets and foreign exchange reserve assets.

(5) Steadily resolve risks in key areas and uphold the bottom line of preventing systemic financial risks. Steadily advance risk resolution in key regions and institutions. Implement effectively the monetary policy tools supporting capital markets, support Central Huijin in playing the role of a quasi-stabilization fund, broaden the sources, channels and market entry methods for medium- and long-term funds, and consolidate and improve mechanisms for stabilizing capital markets. Maintain the stable operation of financial markets, including stocks, bonds and foreign exchange. Provide financial support for financing vehicles' market-oriented transformation after their exit from that category. Operate the property white list mechanism on a regular basis to meet reasonable financing needs.

In the next phase, we will take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as our guide, thoroughly study and implement the guiding principles of the 20th Party Congress and all plenary sessions of the 20th Central Committee, uphold the Party Central Committee's centralized, unified leadership over financial work, follow its decisions and arrangements, and conscientiously implement the Standing Committee of the National People's Congress' deliberation opinions. We will carry out all aspects of comprehensively strengthening financial regulation, preventing and resolving financial risks, and serving high quality development, accelerate the building of a strong financial nation, and contribute financial strength to a good start for the 15th Five Year Plan.

Key Points

• New aggregate financing reached 33 trillion yuan between October 2025 and September 2026.
• September's average rates were 2.96% for new corporate loans and 3.05% for new personal housing loans.
• The State Council wants Central Huijin to play a quasi-stabilization fund role in capital markets.
• Banks had cumulatively approved more than 8.4 trillion yuan in loans through the property white list mechanism.
• Remaining local financing vehicles were down 92% from March 2023; their operating financial debt was down 79%, measured through June 2026.
• Next priorities include targeted financing, AI applications, stronger consumer protection and wider international use of the yuan.