China's financial sector has achieved transformative growth during the 14th Five-Year Plan (2021-2025), with officials highlighting record-breaking indicators and enhanced systemic stability at a State Council Information Office press conference on Monday.
Banking Strength and Global Leadership
Pan Gongsheng, Governor of the People's Bank of China, revealed that the country's banking sector assets reached 470 trillion yuan ($66.08 trillion) by June 2024—the world's largest. China's stock and bond markets now rank second globally, while foreign exchange reserves have held the top position for two decades.
Risk Control and Real Estate Support
National Financial Regulatory Administration head Li Yunze reported a significant reduction in high-risk financial institutions, with many provinces achieving 'dynamic clearing' of vulnerabilities. Over 1.6 trillion yuan has been allocated to stabilize the property market, including support for affordable housing projects and rental loans growing 52% annually.
A-Shares Surge and Foreign Reserves Stability
China's A-share market surpassed 100 trillion yuan ($14 trillion) in total value for the first time in August 2024. Medium- and long-term capital inflows jumped 32% since 2020. Meanwhile, foreign exchange reserves remained above $3.2 trillion for two consecutive years, providing a buffer against global volatility.
These developments underscore China's progress in building a resilient financial system capable of supporting high-quality economic growth, officials concluded.
