The People's Bank of China work meeting in 2025 will be held from January 3rd to 4th. The meeting emphasized the full utilization of the central bank's macro-prudential and financial stability functions to maintain a baseline of no systemic financial risks. Improve the macro-prudential policy framework, strengthen assessments of systemic financial risks, and enrich the toolbox of macro-prudential policies. Establish and enhance risk monitoring, assessment, early warning, and response mechanisms in financial markets to maintain market stability. Support small and medium-sized banks' risk resolution according to market-oriented and rule-of-law principles. Continue to effectively support the resolution of debt risks for local government financing platforms. Improve and strengthen macro-prudential management of Real Estate finance and support the establishment of new models for Real Estate development. Effectively utilize the two structural monetary policy tools to support the Capital Markets, exploring regular institutional arrangements to maintain the stable running of the Capital Markets.