中国金融稳定报告

Chapter Ⅰ Macroeconomic Performance

Chapter Ⅱ Banking Sector

Chapter Ⅲ Securities and Futures Sector

Chapter Ⅳ Insurance Sector

Chapter Ⅴ Financial Market

Chapter Ⅵ FinanciaIAnalysis of the Government, Corporate and Household Sectors

Chapter Ⅶ Financiallnfrastructure

Chapter Ⅷ Macro-prudential Regulation

Special Topic Ⅰ The Banking Sector Stress Tests

Special Topic Ⅱ The Establishment of a Modern Financial Corporate System: Reform and Outlook

Special Topic Ⅲ Pilot Programs on Regional Financial Reform

Special Topic Ⅳ Shadow Banking

Special Topic Ⅴ The Resolution Regime for Financiallnstitutions

Appendix Ⅰ A Quantitative Analysis of the Soundness of Banking Sector:the Case of 17 Major Commercial Banks

Appendix Ⅱ Statistics

Boxes

Box 1 The Progress ofCross-border Use of RMB

Box 2 Steadily Push Ahead the Market-based Reform oflnterest Rates

Box 3 The Potentiallmpact ofChina's Aging Population on Its Economic Growth

Box 4 Positive and sound implementation ofnew international regulatory standards

Box 5 More prudent accounting in the banking sector

Box 6 Responses ofthe commercial banks to interest rate liberalization

Box 7 Capital instrument innovations

Box 8 Speed up the Business Innovation of Securities and Futures Institutions

Box 9 IPO Reform Carried out Steadily

Box 10 Push forward steadily the delisting mechanism reform

Box 11 Micro-Creditlnsurance

Box 12 Promoting Market-Oriented Reform oflnsurance Funds Utilization

Box 13 Development and Supervision ofCounty-Levellnsurance Market

Box 14 The Construction ofChina's Second-generation Solvency Supervision System

Box 15 The Comparison of Shibor and Libor

Box 1 6The Scale of Social Financing and Its Structural Change since 2002

Box 17 The Real Estate Sector and Credit Supply to the Sector in 2011

Box 18 The Innovation and Development of the Bond Markets

Box 19 Fiscal Cliff in USA

Box 20 Business Tax Changed to VAT

Box 21 Income Growth and Structure ofChinese Residents over Recent Years

Box 22 he release of Principles for Financial Market In[rastructure

Box 23 Revision ofthe Manual on Money and Financial Accounting and Its Implications on Financial Statistics in China

Box 24 Release ofthe Administrative Provisions on Credit Information Industry'

Box 25 Constructing a More Prudential Credit Rating System

Box 26 Content and Influence ofthe New Forty Recommendations of FATF

Box 27 CGFS: Operationalising the selection and application ofmacroprudential instruments

Box 28 Cross-border CapitaIFlows and Management

Box 29 Joint Forum released Principles for the Supervision of Financial Conglomerates

Box 30 Analysis on Contagion Risk ofBanking Institutions

In 2012， the global economic recover}t was hard and sluggish. The fiscal land financial risks increased in major economies while growth in emerging market economies moderated. The financial markets around the world saw larger fluctuations and capital flow was frequent. In China， the good momentumin economic and social development continued. The growth of the economymoderated and stabilized. Reform of the financial sector was a dvanced，financial institutions became stronger and more resilient， financial markets developed rapidly， and the financial infrastructure building produced goodresults. Overall， the financial system was sound and stable. The year 2013 isthe first year in the implementation of the decisions adopted at the 18th' National Congress of the CPC and a very important year to lay a solid foundation for building a relatively well-off society. China is still in an important period of strategic development， and conditions remain favorable to support stable and rapid economic growth and good social development. Yet， both domestic and global environment are very complex. The financial system is likely to functionin soundness but there are potential risks and concerns.