SCIO holds press conference focusing on 15th Five-Year Plan for financial sector

The State Council Information Office (SCIO) held a press conference on Thursday in Beijing on implementing the 15th Five-Year Plan (2026-2030) for the financial sector and building China into a financial powerhouse.

Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), said that the CSRC will continue to strengthen the development of market stabilization mechanisms and steadily increase market stabilizing forces. The CSRC will also strengthen risk monitoring and early warning systems, as well as comprehensive analysis and response mechanisms, to ensure that the capital market operates smoothly.

Cong Lin, vice minister of the National Financial Regulatory Administration, announced that the administration will introduce various measures to promote a healthy industry ecosystem. These include cracking down on practices such as "price wars," illegal rebates, and "high-interest, high-rebate" activities.

Lu Lei, deputy governor of the People's Bank of China, the country's central bank, said that China operates a managed floating exchange rate regime and adheres to letting the market play a decisive role in exchange rate formation. The country also guards against herd behaviour and self-reinforcing irrational expectations in the market. China has no need or intention of gaining trade competitive advantages through currency depreciation.

Li Bin, spokesperson and deputy administrator of the State Administration of Foreign Exchange, announced that China has achieved basic convertibility for direct investment. The country has established an institutional framework for cross-border portfolio investment, centred on institutional investors, interconnection mechanisms and direct market access for overseas investors. Full-scope macroprudential management is applied to cross-border financing.