Topic: Financial Perspective · Focus on 2026 Two Sessions
Source: Financial Times
During the 2026 National Two Sessions, NPC Deputy, Party Secretary and Governor of the People's Bank of China Sichuan Provincial Branch and Director of the Sichuan Branch of the State Administration of Foreign Exchange, Yan Baoyu, accepted an exclusive interview with Financial Times on topics including financial support for high-quality development of Sichuan's economy, financial assistance in making the 'twin-city story' a success, and achieving a good start for the 15th Five-Year Plan period, detailing related work and responding to public concerns.
Financial Times: During the 14th Five-Year Plan period, what achievements were made in financial support for high-quality development of Sichuan's economy?
Yan Baoyu: During the 14th Five-Year Plan period, the financial system of Sichuan seriously implemented the decisions and deployments of the Party Central Committee, continuously strengthened the coordination of financial policies with fiscal and industrial policies, persistently enhanced financial services, intensified the implementation of a series of existing and incremental financial policies, targeted optimization of financial resource allocation, greatly improved the quality and efficiency of financial services to the real economy, effectively supporting Sichuan in playing its role as a major economic province. The types of financial institutions in the province became more diverse, competition more sufficient and orderly. By the end of 2025, the balance of various loans in domestic and foreign currency in Sichuan increased by 83% compared to the end of 2020. The outstanding balance of interbank market bonds increased by 79.8% compared to the end of 2020, ranking among the top in the central and western regions, effectively meeting the reasonable credit needs of business entities.
Overall, the quality and efficiency of financial services to the real economy significantly improved, and the 'five major financial articles' work achieved remarkable results. In terms of technology finance, we continuously optimized science and technology finance policy system and working mechanisms, actively explored 'equity-loan-bond-insurance' linkage service mechanisms, replicated and promoted innovative cases in science and technology finance, helping technology-oriented enterprises transform 'soft information' into financial 'hard assets'. The equity-linked loan model has been implemented in Sichuan. By the end of 2025, the loan balance of technology-based small and medium-sized enterprises in the province more than doubled compared to the end of 2020, and the issuance scale of technology innovation bonds ranked first in the western region.
In terms of green finance, we deeply carried out green financial service special actions, studied and introduced financial service measures for a Beautiful Sichuan, upgraded and launched central bank green financial policy products such as 'Green Gold Loan' and 'Green Bill Discount', landed the country's first loan product based on the transition finance standard for the vanadium-titanium steel industry. By the end of 2025, the year-on-year growth of green loan balance in the province far exceeded the average growth rate.
In terms of inclusive finance, we deepened actions to solve the financing difficulties of private enterprises, took the lead in issuing a 'one-stop' work plan for manufacturing enterprise financing services, innovated credit enhancement means for small and micro private enterprises, created a new model of online-offline integrated enterprise financing services. By the end of 2025, the proportion of inclusive small and micro credit loans increased significantly.
In terms of pension finance, we implemented a 'Silver Age Enhancement' special action, carried out pilot pension finance innovation in some cities and prefectures, focused on the key development direction of the silver-haired economy in Sichuan, innovatively created a series of exclusive credit products for the 'Silver Age'. By the end of 2025, loans to the pension industry grew rapidly.
In terms of digital finance, we focused on promoting the organic integration of finance and digital technology, increasing credit support for the core industries of the digital economy.
Financial Times: During the 14th Five-Year Plan period, how did Sichuan use financial measures to help make the 'twin-city story' a success and promote the construction of the Chengdu-Chongqing Economic Circle?
Yan Baoyu: Over the past few years, regional financial reform and innovation have deepened continuously. We have worked hard to make the 'twin-city story' a success. The policies and mechanisms for financial support for the construction of the Chengdu-Chongqing Economic Circle have been continuously improved. Financial cooperation in 10 adjacent areas between Sichuan and Chongqing has deepened. Joint construction of a western financial center has achieved phased results. A series of integrated measures such as cross-regional sharing of small and micro enterprise credit information, mutual recognition of housing provident fund and mutual loans, and direct settlement of cross-regional medical treatment have been implemented successively, promoting mutual handling of real estate mortgage business between Chengdu and Chongqing via fingertips, and the cross-provincial e-tax payment model of Chengdu-Chongqing region has been promoted nationwide.
In addition, the comprehensive reform pilot of rural financial services in Chengdu was successfully completed through coordinated efforts, helping the approval of the pilot zone for inclusive financial services for rural revitalization in Chengdu, which was carried out solidly. Financing innovation in rural property rights achieved positive results. The Chengdu rural financial index ranked first in the country for 7 consecutive years.
Financial Times: To achieve a good start for the 15th Five-Year Plan, what arrangements and measures does the People's Bank of China Sichuan Provincial Branch have this year?
Yan Baoyu: In 2026, the People's Bank of China Sichuan Provincial Branch will adhere to the general tone of seeking progress while maintaining stability, continue to implement moderately loose monetary policy, leverage the integrated effect of existing and incremental policies, strengthen counter-cyclical and cross-cyclical adjustments, improve the quality and efficiency of financial services to the real economy for high-quality development, deepen financial reform and opening up at a higher level, create a favorable monetary and financial environment for stable economic growth, high-quality development and stable operation of financial markets, and provide strong financial support for a good start of the 15th Five-Year Plan.
We will push for more precisely targeted policy implementation with greater intensity, continuously improving the quality and efficiency of serving high-quality development. We will intensify the implementation of moderately loose monetary policy, manage and utilize various monetary policy tools well, maintain reasonable aggregate credit growth and balanced allocation, and promote a low overall social financing cost. We will coordinate the advancement of the 'five major financial articles', strengthen financial services for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises. We will strengthen financing guarantees for key projects and deeply carry out special actions to boost consumption. We will focus on enhancing the efficiency of financial markets in serving high-quality development of the real economy, deeply implement the 'Science and Technology Innovation Bond Expansion and Quality Improvement Action', support more high-quality technology-oriented enterprises, especially private enterprises, IPO companies, and venture capital institutions and financial institutions to issue technology innovation bonds.
Editor: Qin Yi
