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Guidelines on Macroprudential Policy (for Trial Implementation) [Effective]
宏观审慎政策指引(试行) [现行有效]
Announcement of the People's Bank of China 


(No. 25 [2021]) (〔2021〕第25号)

For the purposes of establishing and improving a macroprudential policy framework, enhancing the governance mechanism of macroprudential policy, and increasing the capability to prevent and resolve systemic financial risk, the People's Bank of China has formulated and hereby issues the Guidelines on Macroprudential Policy (for Trial Implementation). 为建立健全宏观审慎政策框架,完善宏观审慎政策治理机制,提高防范化解系统性金融风险的能力,中国人民银行制定了《宏观审慎政策指引(试行)》,现予公布。
The People's Bank of China 中国人民银行
December 31, 2021 2021年12月31日
Annex 附件
Guidelines on Macroprudential Policy (for Trial Implementation) 宏观审慎政策指引(试行)
Chapter I General Provisions 

第一章 总 则

Article 1 These Guidelines are formulated for the purposes of improving the macroprudential policy framework, increasing the capability to prevent and resolve systemic financial risk, and ensuring greater transparency in macroprudential policy.   第一条 为健全宏观审慎政策框架,提高防范和化解系统性金融风险的能力,增强宏观审慎政策透明度,制定本指引。
Article 2 The macroprudential policy framework, including without limitation macroprudential policy objectives, risk assessment, policy tools, transmission mechanism, and governance mechanism, is an important mechanism to ensure the effective implementation of macroprudential policy. Macroprudential management authorities will continue to enrich and improve the macroprudential policy framework through exploration and practice.   第二条 宏观审慎政策框架包括宏观审慎政策目标、风险评估、政策工具、传导机制与治理机制等,是确保宏观审慎政策有效实施的重要机制。宏观审慎管理部门将在实践探索中不断丰富和完善宏观审慎政策框架。
Article 3 Under the overall guidance of the Financial Stability and Development Committee, the People's Bank of China as the authority taking the lead in macroprudential management shall perform macroprudential management duties in conjunction with relevant authorities, take the lead in establishing and improving a macroprudential policy framework, monitor, identify, assess, prevent, and resolve systemic financial risk, keep the transmission mechanism of macroprudential policy unimpeded, and organize the effective implementation of macroprudential policy tools.   第三条 在金融委的统筹指导下,中国人民银行作为宏观审慎管理牵头部门,会同相关部门履行宏观审慎管理职责,牵头建立健全宏观审慎政策框架,监测、识别、评估、防范和化解系统性金融风险,畅通宏观审慎政策传导机制,组织运用好宏观审慎政策工具。
Article 4 Macroprudential policy shall apply to institutions formed in accordance with the law which engage in financial business or provide financial services with the approval of the financial management authorities of the State Council and to financial activities, financial markets, and financial infrastructure, among others, which may build up and spread systemic financial risk.   第四条 宏观审慎政策适用于依法设立的、经国务院金融管理部门批准从事金融业务或提供金融服务的机构,以及可能积聚和传染系统性金融风险的金融活动、金融市场、金融基础设施等。
Chapter II Macroprudential Policy Framework 

第二章 宏观审慎政策框架

Article 5 Macroprudential policy objectives are to prevent systemic financial risk, especially to prevent the pro-cyclical build-up and cross-institutional, cross-industry, cross-market, and cross-border contagion of systemic financial risk, make the financial system more resilient and robust, reduce the possibility and destructiveness of financial crises, and promote the overall health and stability of the financial system.   第五条 宏观审慎政策的目标是防范系统性金融风险,尤其是防止系统性金融风险顺周期累积以及跨机构、跨行业、跨市场和跨境传染,提高金融体系韧性和稳健性,降低金融危机发生的可能性和破坏性,促进金融体系的整体健康与稳定。
Article 6 The term "assessment of systemic financial risk" means the comprehensive use of risk assessment tools and regulatory judgments to identify the sources and symptoms of systemic financial risk in the financial system and measure the overall trends, probability, and potential harm of systemic financial risk. Identifying systemic financial risk in a timely and accurate manner is the basis for implementing macroprudential policy.   第六条 系统性金融风险评估是指综合运用风险评估工具和监管判断,识别金融体系中系统性金融风险的来源和表现,衡量系统性金融风险的整体态势、发生可能性和潜在危害程度。及时、准确识别系统性金融风险是实施宏观审慎政策的基础。
Article 7 According to the characteristics of systemic financial risk, in light of China's actual conditions, by drawing on international experience, a series of policy tools suitable for China's national conditions shall be developed and reserved, and a macroprudential policy toolkit shall be established and improved. In response to the systemic financial risk identified by assessment, appropriate macroprudential policy tools shall be used to achieve macroprudential policy objectives. Continuously increasing and improving macroprudential policy tools is a necessary method for enhancing the effects of implementation of macroprudential policy.   第七条 根据系统性金融风险的特征,结合我国实际并借鉴国际经验,开发和储备适用于我国国情的一系列政策工具,建立健全宏观审慎政策工具箱。针对评估识别出的系统性金融风险,使用适当的宏观审慎政策工具,以实现宏观审慎政策目标。不断丰富和完善的宏观审慎政策工具,是提升宏观审慎政策执行效果的必要手段。
Article 8 The term "transmission mechanism of macroprudential policy" refers to a process in which influence is exerted on financial institutions and financial infrastructure by using macroprudential policy tools to contain the pro-cyclical build-up or contagion of possible systemic financial risk and ultimately achieve macroprudential policy objectives. A smooth transmission mechanism is an important guarantee for improving the effectiveness of macroprudential policy.   第八条 宏观审慎政策传导机制是指通过运用宏观审慎政策工具,对金融机构、金融基础设施施加影响,从而抑制可能出现的系统性金融风险顺周期累积或传染,最终实现宏观审慎政策目标的过程。顺畅的传导机制是提高宏观审慎政策有效性的重要保障。
Article 9 The term "governance mechanism of macroprudential policy" refers to the design of organizational structure and the arrangement of work procedures for monitoring and identifying systemic financial risk, coordinating and implementing macroprudential policy, and assessing the effects of policy implementation, among others. A good governance mechanism can provide institutional guarantee for improving the macroprudential policy framework and implementing macroprudential policy.   第九条 宏观审慎政策的治理机制是指为监测识别系统性金融风险、协调和执行宏观审慎政策以及评估政策实施效果等,所进行的组织架构设计和工作程序安排。良好的治理机制可以为健全宏观审慎政策框架和实施宏观审慎政策提供制度保障。
Chapter III Monitoring, Identifying, and Assessing Systemic Financial Risk 

第三章 系统性金融风险的监测、识别和评估

Article 10 The term "systemic financial risk" refers to financial risk that may have a material impact on the normal provision of financial services, thereby causing a huge negative impact on the real economy. Systemic financial risk mainly originates from two dimensions: time and structure:   第十条 系统性金融风险是指可能对正常开展金融服务产生重大影响,进而对实体经济造成巨大负面冲击的金融风险。系统性金融风险主要来源于时间和结构两个维度:
(1) From the perspective of the time dimension, systemic financial risk generally arises from uniform behaviors in financial activities and builds up over time, with main symptoms being the excessive expansion or contraction of financial leverage and the resultant pro-cyclical self-reinforcing and self-amplification of risk. (一)从时间维度看,系统性金融风险一般由金融活动的一致行为引发并随时间累积,主要表现为金融杠杆的过度扩张或收缩,由此导致的风险顺周期的自我强化、自我放大。
(2) From the perspective of the structure dimension, systemic financial risk generally arises from the instability of specific institutions or markets and spreads through channels including the interlinkage of financial institutions, financial markets, and financial infrastructure, with the symptom being cross-institutional, cross-sector, cross-market, and cross-border contagion of risk. (二)从结构维度看,系统性金融风险一般由特定机构或市场的不稳定引发,通过金融机构、金融市场、金融基础设施间的相互关联等途径扩散,表现为风险跨机构、跨部门、跨市场、跨境传染。
Article 11 The priorities of the monitoring of systemic financial risk include without limitation macro leverage ratio, debt levels and repayment capacity of government, corporate, and household sectors, and financial institutions, financial markets, financial products, and financial infrastructure with systemically important impacts and strong risk spillover effects.   第十一条 系统性金融风险的监测重点包括宏观杠杆率,政府、企业和家庭部门的债务水平和偿还能力,具有系统重要性影响和较强风险外溢性的金融机构、金融市场、金融产品和金融基础设施等。
Article 12 The authority taking the lead in macroprudential management shall establish and improve a systemic financial risk monitoring and assessment mechanism, conduct monitoring and assessment in conjunction with relevant authorities, and release assessment results to the public regularly or from time to time. For systemic financial risk in specific fields, the authority taking the lead in macroprudential management shall organize special assessment.   第十二条 宏观审慎管理牵头部门建立健全系统性金融风险监测和评估机制,会同相关部门开展监测和评估,定期或不定期公开发布评估结果。针对特定领域系统性金融风险,宏观审慎管理牵头部门组织开展专项评估。
Article 13 The authority taking the lead in macroprudential management shall establish and improve a systemic financial risk monitoring and assessment framework based on the characteristics of systemic financial risk. It shall improve the indicator system of the systemic financial risk monitoring and assessment, set thresholds, and make adjustments dynamically in good time to reflect the development and changes of risk. Moreover, it shall introduce more risk monitoring methods and technologies, use heat maps, systemic financial risk index, financial stress index, financial condition index, macroprudential stress tests, special investigations, and other methods and tools for monitoring and assessment, and actively explore the use of big data technology.   第十三条 宏观审慎管理牵头部门根据系统性金融风险的特征,建立健全系统性金融风险监测和评估框架。完善系统性金融风险监测评估指标体系并设定阈值,适时动态调整以反映风险的发展变化。丰富风险监测方法和技术,采取热力图、系统性金融风险指数、金融压力指数、金融条件指数、宏观审慎压力测试、专项调查等多种方法和工具进行监测和评估,积极探索运用大数据技术。
Chapter IV Macroprudential Policy Tools 

第四章 宏观审慎政策工具

Article 14 Macroprudential policy tools are mainly used to prevent the overall risk of the financial system, and have the basic attributes of "macro, counter-cyclical, and anti- contagion," which are important features distinguishing them from microprudential regulation that mainly targets the robust and compliant operation of individual institutions. Macroprudential policy will use some tools similar to microprudential regulation, such as imposing requirements on capital, liquidity, and leverage, among others. However, the two types of tools are different in perspectives, targeted issues, and regulatory methods adopted, and may complement rather than replace each other. Macroprudential policy tools, used to prevent systemic financial risk, mainly impose requirements in addition to existing microprudential regulatory requirements so as to improve the financial system's capability to respond to pro-cyclical fluctuations and prevent the contagion of risk. Macroprudential management often has a "time-variant" feature, to wit, it is dynamically adjusted according to systemic financial risk conditions to play a counter-cyclical regulatory role.   第十四条 宏观审慎政策工具主要用于防范金融体系的整体风险,具有“宏观、逆周期、防传染”的基本属性,这是其有别于主要针对个体机构稳健、合规运行的微观审慎监管的重要特征。宏观审慎政策会运用一些与微观审慎监管类似的工具,例如对资本、流动性、杠杆等提出要求,但两类工具的视角、针对的问题和采取的调控方式不同,可以相互补充,而不是替代。宏观审慎政策工具用于防范系统性金融风险,主要是在既有微观审慎监管要求之上提出附加要求,以提高金融体系应对顺周期波动和防范风险传染的能力。宏观审慎管理往往具有“时变”特征,即根据系统性金融风险状况动态调整,以起到逆周期调节的作用。
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