Central Bank: Support for more private technology companies and private equity investment institutions to issue bonds and obtain financing.

The People's Bank of China released the fourth quarter report on the implementation of China's monetary policy in 2025. The report proposes speeding up the construction of financial market institutions and high-level opening-up to the outside world in the next stage. It emphasizes the continued enhancement of the functions of the bond market and its ability to serve the real economy. It suggests building and developing a high-quality "technology board" in the bond market, making good use of risk-sharing tools for technological innovation bonds, and supporting more private technology companies and private equity investment institutions to issue bonds for financing. It also aims to promote the legal system construction of corporate bonds, accelerate the development of multi-level bond markets, and continue to expand and regulate the development of over-the-counter bond businesses. It also stresses the need to constantly regulate the issuance pricing, underwriting, and market-making behaviors, strengthen risk monitoring in key areas and industries, support more qualified overseas entities to issue Panda bonds, promote the internationalization of the RMB, and enhance the opening-up level of the capital account. It calls for the implementation of high-level opening-up pilot programs for cross-border trade and investment, further expanding the use of the RMB in cross-border trade and investment, deepening external currency cooperation, and developing the offshore RMB market.