Table of Contents

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

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Improve regulatory framework drawing on international banking regulatory reforms.Refresh supervisory philosophy and mechanism, build up a prudent supervisory system, and improve the effectiveness of supervision.A banking regulatory framework should be built up on the basis of current situation in the banking sector, also in line with international standards.Within the framework, commercial banks will be incentivized to steadily implement new capital regulatory standards, counter-cyclical capital buffer requirement will come in force, and a more efficient capital constraint mechanism will be in place.Liquidity management framework will be gradually improved on basis of quantitative impact studies.Assessment methodologies, supervisory rules and effective resolution regimes that specifically target to D-SIFIs are expected to be finalized, and SIFIs will be guided to develop RRPs and carry out resolvability assessments accordingly. 
Promote financial innovations steadily,and accelerate the transformation of financial sector.Push forward trails of crosssector operation actively and prudently, The banking sector should be motivated to upgrade current business model that over relies on capital consumption and interest spreads, foster capital-saving businesses, and optimize capital structure, liabilities structure, customer structure and income structure.Financial instruments and innovations that are of benefit to real economy should be encouraged, including securitizations, risk mitigation instruments and new capital innovations.Explore the applicability of forestland rights, contractual management rights of rural land and rural homeland as mortgages collaterals.Bring forth new ways to attract private capitals into banking sector and encourage private capitals to involve in the establishment ofnewtype banking institutions or restructuring of existing banking institutions.