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China's State Council financial work report targets tighter oversight, looser policy and wider RMB use
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- DeepHorus
On November 5, the State Council's report on financial work was released. OpenAI President Greg Brockman said that most of the company's revenue already comes from enterprise business, and that the company is expected to meet listing conditions by 2027. On the same day, fuel surcharges for domestic routes were raised.
The report was released on November 3 at the 25th session of the Standing Committee of the 14th National People's Congress. The report proposed continuing to implement a moderately loose monetary policy and using a combination of tools to maintain ample liquidity. The report also required improving the interest rate regulation mechanism, reducing intermediary financing costs, and keeping the RMB exchange rate basically stable at a reasonable and balanced level.
In terms of financial regulation, the report proposed comprehensively strengthening the "five major areas of supervision," enriching regulatory means, and eliminating regulatory gaps. The report required severely cracking down on illegal financial activities and strengthening central-local coordination and interdepartmental coordination. The report also proposed exploring the application of artificial intelligence in the fields of financial management and services, and guarding against risks in model applications.
The report proposed improving the statistical system and the assessment and evaluation system for the "five major articles" of finance, and increasing financial support for the construction of the "six networks," scientific and technological innovation, small and micro enterprises, and other areas. The report required building the bond market's "technology board" with high quality and deeply advancing reforms of ChiNext, the STAR Market, and refinancing. In terms of risk resolution, the report emphasized holding the bottom line of preventing systemic financial risks. The report proposed supporting Central Huijin Investment Ltd. in playing a role similar to a stabilization fund and operating the real estate "white list" mechanism on a regular basis.
Brockman said on November 5 at a technology conference that most of OpenAI's revenue already comes from enterprise customers. When asked whether the company is ready for an IPO next year, he answered, "I think we can." Brockman said that OpenAI is accelerating the expansion of its enterprise business, competing with Anthropic for enterprise customers, and promoting the Codex agent product.
The report also proposed expanding the international use of the RMB, steadily advancing the construction of the Shanghai International Financial Center, and consolidating and enhancing Hong Kong's status as an international financial center. On the same day, fuel surcharges for domestic routes were raised, and travel costs drew attention. The market will continue to watch the implementation of financial policies, OpenAI's listing expectations, and the competitive landscape of artificial intelligence companies.
