China Charts Path to Financial Stability and Innovation in New Five-Year Plan
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China has laid out its financial policy blueprint for the next five years, prioritizing the creation of a comprehensive risk management framework and the expansion of its capital markets as it seeks to navigate significant economic headwinds.
Outlined in the newly released proposal for the 15th Five-Year Plan, the strategy calls for a “comprehensive macroprudential management system” and a “scientific and sound monetary policy framework.” The document, made public on Oct. 28, was released five days after the Fourth Plenary Session of the 20th Central Committee of the Communist Party concluded.
The plan aims to accelerate the country’s development into a “financial powerhouse,” a goal first articulated at the Central Financial Work Conference in 2023.
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- China’s 15th Five-Year Plan prioritizes comprehensive financial risk management, expansion of capital markets, and refinement of its central bank system.
- The strategy elevates technology, green, inclusive, pension, and digital finance as national priorities and aims to further develop the digital yuan and enhance regulatory coordination.
- Capital market reforms focus on inclusiveness, adaptability, and increasing direct financing, while continuing to promote Shanghai as an international financial center.
- 2021–2025：
- Period of the 14th Five-Year Plan, which aimed to 'build a modern central bank system' and used language emphasizing 'prudently advancing research and development' of the digital yuan.
- 2023：
- Central Financial Work Conference articulated the goal of accelerating China’s development into a 'financial powerhouse' and introduced the 'five articles' (technology finance, green finance, inclusive finance, pension finance, and digital finance).
- Oct. 23, 2025：
- The Fourth Plenary Session of the 20th Central Committee of the Communist Party concluded.
- Oct. 28, 2025：
- The proposal for China’s 15th Five-Year Plan was made public.
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