Ensuring the stable operation of the financial markets, new tools for liquidity management are emerging.

The "Proposal of the Central Committee of the Communist Party of China on Formulating the Fifteenth Five-Year Plan for National Economic and Social Development" mentions the improvement of the central bank system, the construction of a scientific and sound monetary policy system, comprehensive macro-prudential management system, and smooth transmission mechanism of monetary policy. Recently, Pan Gongsheng, Governor of the People's Bank of China, stated at the 2025 Financial Street Forum Annual Meeting that the central bank is exploring institutional arrangements to provide liquidity to non-bank institutions in specific scenarios. Industry insiders believe that this exploration signifies the central bank's efforts to bridge the "last mile" of monetary policy transmission, moving from the indirect injection model centered on the banking system towards a direct injection mechanism covering more financial institutions. This move is expected to play a stabilizing role in extreme market conditions and also marks the transition of China's monetary policy from "quantity regulation" to "structural optimization" and from a "bank-centered" approach to "marketwide coverage."