China Unveils '15th Five-Year Plan' for Building Financial Powerhouse
China has unveiled its '15th Five-Year Plan' for building a financial powerhouse, outlining key areas of focus and reform measures for the next five years. The plan was presented by top officials from China's three major financial regulators at a press conference on September 10.
The People's Bank of China (PBOC) has developed nine action plans to support the implementation of the '15th Five-Year Plan,' covering areas such as capital markets, private equity and venture capital, and liquidity management. PBOC Deputy Governor Lu Lei stated that these measures will rapidly move from planning to executable frameworks.
CSRC Vice Chairman Li Chao emphasized the importance of making the A-share market the preferred listing venue for high-quality domestic companies in China. He also proposed further smoothing the 'fundraising-investment-management-exit' cycle and guiding capital toward early-stage, small-scale, long-term, and hard-tech investments.
NFRA Deputy Director Cong Lin highlighted the need to foster a sound industry environment, guiding financial institutions to establish correct views on performance, operations, results, and risk. He also named specific rectification targets, including 'price wars,' irregular commission rebates, and 'high-interest, high-rebate' practices.
The PBOC has already taken steps to implement the plan, conducting overnight reverse repurchase operations from September 14 to 17 using a fixed-rate, quantity-tender approach. This move aims to better match the short-term liquidity needs of the banking system.