CCTV News: According to the official website of the People's Bank of China, the 2025 People's Bank of China Work Conference was held from January 3 to 4. The meeting emphasized that the People's Bank of China system must truly unify its thoughts, understanding and actions with the analysis, judgment and decision-making arrangements of the Party Central Committee, adhere to the general tone of work of seeking progress while maintaining stability, fully and accurately implement the new development concept, implement moderately loose monetary policies, prevent and resolve financial risks in key areas, further deepen financial reform and high-level opening up to the outside world, focus on expanding domestic demand, stabilizing expectations, and stimulating vitality, and create a good monetary and financial environment for promoting the sustained recovery and improvement of the economy. In 2025, we will focus on the following tasks: First, unswervingly deepen comprehensive and strict governance of the Party. Strictly implement the "first issue" system and take the study and implementation of the spirit of General Secretary Xi Jinping's important speeches and instructions as the primary political task. Consolidate and expand the achievements of thematic education. Strictly and practically carry out rectification of central inspections, carry out evaluation of the results of inspections and rectifications, and strengthen the application of rectification results. Strengthen the construction of the cadre and talent team, select and strengthen leadership teams at all levels, encourage work and entrepreneurship, and take responsibility. Promote the normalization and long-term effectiveness of Party discipline learning and education, and deepen the rectification of work style, discipline and anti-corruption.

The second is to implement moderately loose monetary policies to create a suitable monetary and financial environment for stable economic growth. Comprehensively use a variety of monetary policy tools, and based on the domestic and international economic and financial situation and financial market operation, we will take the opportunity to lower the reserve requirement ratio and interest rate, maintain abundant liquidity and stable growth in the total financial volume, so that the scale of social financing and the growth of money supply are matched with the expected targets of economic growth and total price level. Better grasp the relationship between stock and incremental volume, focus on revitalizing stock financial resources, and improve the efficiency of capital use. Maintain basic stability of the RMB exchange rate at a reasonable equilibrium level and resolutely prevent the risk of exchange rate overshoot.

The third is to coordinate the "five major articles" of finance to better serve the high-quality economic development. Improve the top-level institutional arrangements for the "five major articles" of finance, unify the statistical system, strengthen assessment and evaluation, focus on major strategies, key areas and weak links of the national economy, and further enhance the intensity, sustainability and professional level of financial support. In accordance with the principle of "focusing on key points, reasonable and moderate, advance and retreat", we will scientifically use structural monetary policy tools, optimize the tool system, strengthen coordination and cooperation with fiscal policies, and further increase financial support for scientific and technological innovation and promotion of consumption. Actively expand financing channels, support enterprises to raise funds through bonds, equity and other markets, and improve the quality and efficiency of financial services.

Fourth, give full play to the central bank's macro-prudential and financial stability functions, and maintain the bottom line of no systemic financial risks. Improve the macro-prudential policy framework, strengthen systemic financial risks analysis, and enrich the macro-prudential policy toolbox. Improve the risk monitoring, assessment, early warning and response mechanism of financial markets to maintain stability in the financial market. In accordance with the principles of marketization and rule of law, support the risk disposal of small and medium-sized banks. Continue to do a good job in resolving debt risks for financial support to local government financing platforms. Improve and strengthen macro-prudential management of real estate finance and support the construction of a new model of real estate development. Make good use of two structural monetary policy tools to support the capital market, explore normalized institutional arrangements, and maintain the stable operation of the capital market.

Fifth, steadily advance financial reform and opening up and improve the internationalization level of the RMB. Enhance the functions of the bond market and the ability to serve the real economy. Strengthen financial infrastructure construction and overall supervision. Orderly expand the high-level opening of the financial industry, support the construction of Shanghai's international financial center, consolidate and enhance Hong Kong's status as an international financial center, and maintain the bottom line of financial security under open conditions. We will steadily and prudently promote the internationalization of the RMB, further enhance the international currency function of the RMB, give full play to the functions of currency swap and RMB clearing banking, and promote the development of the offshore RMB market. Promote the quality and efficiency of cross-border fund settlement facilitation policies such as multinational corporations' fund pools, and promote the reform of foreign exchange management for foreign direct investment. Maintain stable foreign exchange reserves.

Sixth, deeply participate in global financial governance and cooperation. Continue to rely on multilateral platforms such as the G20 to actively promote global macro-policy coordination and participate in the formulation of international financial rules. Continue to promote the reform of the IMF share, support the construction of the IMF Shanghai Center and play an active role.

7. Further optimize the financial management and services of the central bank. Strengthen the legal guarantee for the central bank to perform its duties. Improve the multi-level and diversified payment service system. Promote the integration of information technology systems in an orderly manner. Vigorously develop a multi-level credit reporting market. Continue to optimize the central bank's county-level financial services. We will do a solid job in economic and financial research, comprehensive statistics of the financial industry, currency issuance, digital RMB research and development, treasury management, and international anti-money laundering assessment. Comprehensively strengthen internal management, give full play to the role of mass organizations such as trade unions and Communist Youth League to unite their hearts and minds, and strengthen internal audit supervision, services for retired cadres, logistics services, centralized procurement, security and protection.