Hey amigos! 🎉 China's financial sector just leveled up big time during the 14th Five-Year Plan (2021-25), and we've got the highlights for you. From record-breaking assets to rock-solid reserves, here's the scoop on what went down behind the scenes at the State Council Information Office press briefing.
Solid Growth in Core Financial Indicators 🏦💹
Pan Gongsheng, governor of the People’s Bank of China, dropped some impressive stats: by June this year, banking assets hit nearly 470 trillion yuan (around $66 trillion), claiming the top global spot. Meanwhile, stock and bond markets ranked second worldwide, and foreign exchange reserves sat at #1 for a whopping 20 years straight. Talk about financial flex! 💪
Risk Mitigation on Point 🎯
Li Yunze, head of the National Financial Regulatory Administration, revealed that high-risk institutions and assets have shrunk to a tiny slice of the pie. Many provinces even achieved dynamic clearing of troublemakers among small and mid-sized financial firms. Real estate got a boost too: 1.6 trillion yuan flowed into housing projects, and rental housing loans surged 52% per year. 🏘️📈
Powering Up the A-Share Market 🚀
Over at the China Securities Regulatory Commission, Wu Qing shared that medium- and long-term funds in A-shares climbed to 21.4 trillion yuan, a 32% jump since the last plan. August marked the first time A-share market value topped 100 trillion yuan (over $14 trillion). Level up achieved! 🎮✨
Fortified Foreign Exchange Reserves 🌐💼
SAFE chief Zhu Hexin confirmed that foreign exchange reserves have stayed above $3 trillion—over $3.2 trillion recently—providing a solid safety net for China’s global economic game. 🛡️
Together, these milestones show China’s financial sector is not just growing, but getting tougher and more confident—ready to serve the real economy and nail the high-quality goals of the 14th Five-Year Plan. Stay tuned for more updates as we track how these moves ripple across Asia and the world! 🌏✨
Reference(s):
China's financial sector achieves pivotal progress during 14th FYP
cgtn.com
