The People’s Bank of China convened its 2025 Credit Market Work Conference and set out the credit market work programme for 2025, focusing on implementing the State Council’s guidance on the “five areas of finance” and improving financing availability for major national strategies, priority sectors and weaker links. The agenda also continues work to defuse financial debt risks linked to local government financing platforms. The meeting reviewed 2024 progress, including the establishment of a basic policy framework for technology, green, inclusive, pension and digital finance, improved financial service effectiveness for strategic and priority areas, and phased results in supporting the resolution of financing platform debt risks. For 2025, priorities include strengthening the policy system and ecosystem for financial support to technology innovation, targeted support for major national science and technology tasks and technology-focused small and medium-sized enterprises, improved green finance service quality, deeper inclusive finance for private firms, micro and small enterprises, rural revitalisation and employment, enhanced pension finance with increased support for the pension industry and key consumption sectors, and the prudent development of digital finance. The programme also calls for orderly progress on financing platform financial debt risk resolution and support for local governments to advance market-oriented transformation of these platforms.

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