Key Theme I - Building a sustainable and secure financial system: The 14th FYPhas set the long-term objective of China’s financial sector development as to builda sustainable and secure financial system, an upgrade of that in the 13th FYP. Wediscuss five distinctions in the upgraded objective. Over the next five years, weexpect the 14th FYP to bring critical upgrades to the structure, competitiveness,inclusiveness, and openness of China's financial system.

Key Theme II: Regulating China's internet platforms: China's regulatoryenvironment in the digital landscape has fundamentally changed. In this thematicpiece, we try to organize our thoughts around this important policy change: (1)What's the rationale behind the government's recent actions, and what are itsconcerns about China's big internet platforms? (2) how will the governmentregulate the big platforms differently going forward? and (3) what are theimplications for China's internet platforms?