The State Council's report on the financial work situation was recently submitted for review at the 12th meeting of the Standing Committee of the 14th National People's Congress. The report indicates that China will intensify financial support for high-quality economic development.

The report indicates that since the beginning of the year, the financial system has continuously intensified efforts to provide financial services to the real economy, comprehensively strengthened financial regulation, continuously deepened financial reforms and opening up, proactively and prudently addressed financial risks, resulting in the overall stability of the financial sector and the smooth operation of financial markets.

In terms of financial support for the real economy, since the beginning of the year, RMB loans have increased by 23.4 trillion yuan, and the social financing scale has increased by 35.3 trillion yuan; a total of 2,437 companies have been listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges, raising 3.1 trillion yuan; and corporate and government bonds have added 9.8 trillion yuan in financing.

The report indicates that since late this month, the financial system has, in accordance with the deployment of the Party Central Committee, significantly reduced the reserve requirement ratio, implemented substantial interest rate cuts, and optimized and adjusted real estate financial policies. Two tools have been created: the securities, funds, and insurance companies' swap convenience and the special re-loan for stock buyback and增持. These measures encourage long-term capital to enter the market and support the stable development of the stock market. The market has responded positively, and social expectations have notably improved.

The report indicates that the next step will be to continuously enhance the quality and efficiency of financial services, and to increase financial support for high-quality economic development. Focusing on the "Five Major Financial Articles," it will encourage and guide financial institutions to optimize their credit structures. Strengthen financial support for new forms of productive forces, and improve the mechanisms for "fundraising, investment, management, and exit" in venture capital. Expand patient capital, and guide financial capital to invest early, in small enterprises, for the long term, and in hard technology, among others.

The report emphasizes the need to increase the intensity of counter-cyclical adjustments in monetary policy, creating a favorable monetary and financial environment for stable economic growth and high-quality development. It advocates for a supportive monetary policy stance, enhancing the strength and precision of monetary policy regulation, effectively implementing existing policies, and ensuring the successful implementation of new policies. It aims to maintain reasonable and ample liquidity, reduce financing costs for enterprises and residents, and continue to implement well-structured monetary policy tools, strengthening support for major strategies, key areas, and weak sectors.

According to the report, our country will comprehensively strengthen financial regulation to effectively enhance the effectiveness of supervision. Continuously deepen financial reform and opening-up, accelerating the construction of a modern financial system with Chinese characteristics. Actively and prudently prevent and resolve financial risks, striving to maintain the overall stability of the financial system.