On January 4th, the 2025 People's Bank of China Work Conference was held from January 3rd to 4th. The meeting emphasized that give full play to the central bank's macroprudential and financial stability functions, and hold the bottom line of no systemic financial risks. Improve the macroprudential policy framework, strengthen the study and judgment of systemic financial risks, and enrich the toolbox of macroprudential policies. Improve the monitoring, assessment, early warning and response mechanism of financial marekt risks, and maintain the stability of financial marekt. In accordance with the principles of marketization and rule of law, support the risk disposal of small and medium-sized banks. Continue to do a good job in financial support for debt risk resolution of local government financing vehicles. Improve and strengthen the macroprudential management of real estate finance, and support the construction of a new model of real estate development < b > Make good use of the two structural monetary policy tools that are sufficient to support capital markets, explore normalized institutional arrangements, and maintain the stable operation of capital markets.