Chapter Ⅰ Macroeconomic Performance Ⅰ. International Macroeconomic and Financial Developments Ⅱ. Domestic Macroeconomic Performance Ⅲ. Outlook Special Topic 1 Changes in and Analysis of Macro Leverage Ratio Ⅰ. Macro Leverage Ratio in China Ⅱ. The Macro Leverage Ratio Rebound in Perspective Ⅲ. Sectoral Analysis of the Macro Leverage Ratio in China Special Topic 2 Cross-border Capital Flows and Their Implications on Financial Stability Ⅰ. Cross-border Capital Flow Trends Ⅱ. Financial Stability Implications of Cross-border Capital Flows Ⅲ. IMF's Proposed Policy Approach for Cross-border Capital Flow Management Ⅳ. Policy Recommendations Special Topic 3 Regulating the Development of the Third Pillar of Pension System Ⅰ. International Experiences in Developing the Third Pillar of Pension System Ⅱ. Status Quo of China's Third Pillar of the Pension System Ⅲ. Suggestions for Regulating the Development of the Third Pillar of the Pension System Special Topic 4 Reform Progress of International Benchmark Interest Rate and Practice in China Ⅰ. Backdrop of the International Benchmark Reform Ⅱ. Progress in the International Benchmark Reform Ⅲ. China's Benchmark Reform: Preparation Ⅳ. China's Benchmark Reform: Transition Roadmap and Timeline Chapter Ⅱ Soundness Assessment of the Financial Sector Ⅰ Soundness Assessment of the Banking Sector Ⅱ. Soundness Assessment of the Insurance Sector Ⅲ. Soundness Assess ment of the Securities Sector Ⅳ. Soundness Assessment of the Financial Market Special Topic 5 The Banking Sector Stress Test Ⅰ. General Description of the Stress Test Ⅱ. Results of the Solvency Stress Test Ⅲ. Results of the Liquidity Stress Test Ⅳ. Results of the Risk Contagion Stress Test Special Topic 6 Capital Replenishment of Small- and Medium-sized Banks via Multiple Channels Ⅰ. Major Channels for Capital Replenishment of Commercial Banks Ⅱ. Positive Progress in Capital Replenishment of Small- and Medium-sized Banks Ⅲ. The Next Step Special Topic 7 The Stress Test on Liquidity Risk of Publicly Offered Funds Ⅰ. Stress Test Profile Ⅱ. Results Special Topic 8 Regulating the Third-party Internet Platform Deposits Ⅰ. Third-party Platform Deposit Taking Activities Ⅱ. Problems Arising From the Third-party Platform Deposit Activities Ⅲ. Efforts to Improve Regulation of Deposit-taking Activities in the Market Chapter Ⅲ Building the Systemic Financial Risk Prevention and Mitigation System Ⅰ. Progress on the Implementation of International Financial Regulatory Reforms Ⅱ. Major Jurisdictions' Practices Ⅲ. China's Practices Special Topic 9 Significant Progress Made in the Critical Battle Against Major Financial Risks Ⅰ. Achievements in the Critical Battle against Major Financial Risks Ⅱ. Ensuring Normalized Financial Risk Prevention and Mitigation to Contribute to the New Development Paradigm Special Topic 10 Central Bank Rating of Financial Institutions Ⅰ. Results of the Second Quarter Central Bank Rating in Ⅱ. Application of Results of Central Bank Rating Special Topic 11 Establishment of the Countercyclical Capital Buffer Mechanism in China Ⅰ. The Need for Establishing a CCyB Mechanism Ⅱ. Experiences of Implementing CCyB in Other Jurisdictions Ⅲ. Practices in Introducing the CCyB Mechanism in China Special Topic 12 Implementation of Real Estate Loan Concentration Management Ⅰ. Implication of Implementing Real Estate Loan Concentration Management Ⅱ. Major Components of Real Estate Loan Concentration Management Ⅲ. Implementing Real Estate Loan Concentration Management on a Constant Basis Special Topic 13 Prudently Resolving Risks of the Baoshang Bank in Accordance with Relevant Laws Ⅰ.Causes of the Baoshang Bank's Risks Ⅱ. Ch