中华人民共和国：金融部门评估方案金融体系稳定性评估新闻稿；员工报告；中华人民共和国执行主任的发言

FINANCIAL SECTOR ASSESSMENT PROGRAM FINANCIAL SYSTEM STABILITY ASSESSMENT—PRESSRELEASE;STAFF REPORT;AND STATEMENT BY THEEXECUTIVE DIRECTOR FOR THE PEOPLE’S REPUBLIC OFCHINA In the context of the People’s Republic of China’s Financial System Stability Assessment,the following documents have been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed duringitsApril 4,2025,consideration of the FSSA. •TheFinancial System Stability Assessment(FSSA) for the People’s Republic ofChina, prepared by a staff team of the IMF for the Executive Board’s consideration onApril 4, 2025. This report is based on the work of an IMF Financial Sector AssessmentProgram (FSAP) mission to the People’s Republic of ChinaduringJuly 19 to 25, 2023,January 16 to February 5, 2024, April 9 to 26, 2024, and September 11 to 30, 2024.The FSSA report was completed onFebruary 4, 2025. •AStatement by the Executive DirectorforthePeople’s Republic of China. The IMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copy International Monetary FundWashington, D.C. IMF Executive Board Concludes2024Financial SystemStability Assessmentwiththe People’s Republic of China FOR IMMEDIATE RELEASE Washington, DC–April 4,2025:The Executive Board of the International Monetary Fund(IMF) concluded the 2024 Financial System Stability Assessment1(FSSA)with The People’sRepublic of China. The FSSAfoundthat since the last FSAP in 2017, the authorities have madenotableprogressin strengthening financial supervision and regulation, continuouslyimplementinginternationalregulatorystandards,andenhancingsystemic risk monitoring.Due to regulatory reforms theyalsomadeimportantreductions, inrisks arising fromnon-bankfinancialinstitutions. While bank capital and liquidity levels appear adequateoverall,the FSAP concluded thatfinancial stability risks are elevated. Rising vulnerabilitiesfrom the property sector downturnand widening strains in highly leveraged local government financial vehicles(LGFV)warrantattention as declining economic growth could affect credit portfolio quality and accommodativemonetary policyisweakening banks’ organic profitability,with smaller banks—particularlythosewith riskier business models—beingmorevulnerable. The relatively larger capital and liquidity buffers of the largest banks and the availability offiscal buffers for targeted interventions have thus far helped contain risks, but further stepsremain necessaryto strengthen the financial stability frameworkandpursuea morecomprehensive solution toaddress theLGFV debtoverhang. The authorities have enacted anumber of measures to address the property downturn and LGFV financial stress, manyofwhich were introduced afterthe FSAP took place, aimed at containing the impact of theserisks. Continued enhancement of regulation and supervision willensure regulatory frameworksremain commensurate with the scale and complexity of the financial system—which willrequire additional resources and a further strengthening of analytical capacity. While theauthorities have taken steps to address banking system weaknesses, the current crisismanagement framework does notadequatelysupport the full range of options needed tomanage systemic distress. Efforts to further strengthening the draft Financial Stability Law,designate an independent and properly resourced lead resolution authority, build greater crisismanagement capabilities and introduce an effective emergency liquidity assistance frameworkremain a priority. Executive Board Assessment2 Executive Directors broadly agreed with the analysis and recommendations of the FinancialSystem Stability Assessment (FSSA) for China. They commended the authorities’ significantprogress since the 2017 FSAP,particularly to strengthen financial sector oversight andregulation, operationalize the macroprudential framework, and rein in risks in the nonbankfinancial intermediary sector. While noting the financial system’s resilience to recent shocks,Directors encouraged the authorities to continue implementing the FSSA recommendations,particularly to further strengthen risk-based supervision, financial regulation, and systemic riskmonitoring. Directors were broadly reassured by the stress test findings that the banking system wouldremain resilient in an adverse scenario. At the same time, they stressed the need tostrengthen data quality, granularity, collection, and accessibility to further enhance systemicrisk assessment. Directors recommended close monitoring of mid-size and smaller banks, asthey would be more vulnerable to s