Over the past ten years

Dong Shaopeng

On June 23, Chen Yulu, Vice President of the People's Bank of China, Xiao Yuan, vice chairman of the China Banking Regulatory Commission, Li Chao, vice chairman of the China Securities Regulatory Commission, and Wang Chunying, deputy director and spokesman of the State Administration of Foreign Exchange attended the "Ten Years of China" News The conference introduced the reform and development of the financial sector since the 18th National Congress of the Communist Party of China. Through their explanation, a series of structural changes in my country's finance are obvious, mainly including:

First, the loan structure has undergone profound changes, which significantly enhances the coverage of inclusive finance.

In the past ten years, the average annual growth rate of bank loans was 13.1%, while the average annual growth rates of inclusive small and micro -enterprise loans and inclusive agricultural -related loans reached 25.5%and 14.9%, respectively, greatly higher than the average loan growth rate. At the end of 2021, the balance of agricultural loans was 43 trillion yuan, an increase of 25.6 trillion yuan from the end of 2012; as of the end of April this year, the balance of loan loans across the country was 3.8 trillion yuan, which was 3.35 times at the end of 2012. This shows that under the guidance of the new development concept, my country's financial industry pays more attention to inclusiveness. Through mechanism innovation, product and tool innovation, it has greatly improved its support for weak development.

Second, the capital market structure has undergone profound changes, significantly enhanced the efforts to support innovation -driven.

In the past ten years, the size of the stock market has increased by 238.9%, and the size of the bond market has increased by 444.3%. Both markets are second in the world. The launch of the New Third Board and Science and Technology Board and the establishment of the Beibei Stock Exchange have greatly enhanced the adaptability of the capital market to the real economy, especially the support for new technology, new industries, new formats, and new model companies. At present, the proportion of the profit of physical listed companies has increased from 23%of the profit of industrial enterprises from 23%ten years ago to nearly 50%. Strategic emerging industries listed companies are currently nearly 2,200, and the strategic emerging industries listed companies with a market value of more than 100 billion yuan have developed from zero to 46 years ago.

With the changes in the structure of the listed company, the investor structure has also changed positively.

As of the end of May this year, the value of domestic professional institutional investors and foreign -funded holdings accounted for 22.8%, an increase of 6.9 percentage points from 2016. Under the interconnection mechanism, the participation of overseas investors in the Chinese stock market and bond market is gradually heating up.

Third, structural changes in foreign financial institutions have undergone investment in China.

In the past ten years, the regulatory authorities have launched more than 50 bank insurance open policies. The two -way open institutional measures have been continuously complete, which has effectively promoted foreign institutions to invest in China. In 2021, the capital and assets in foreign banks in China increased by more than 50%from ten years ago, and the capital of China Foreign Insurance Corporation increased by 1.3 times in ten years, and assets increased by 6 times. Foreign securities firms and fund companies have become an important force in my country's capital market. The development of foreign financial institutions in China not only promotes the two -way communication of funds, management, and ideas, but also promotes the in -depth understanding of the Chinese market and Chinese governance, which is conducive to building a large market and condensing and positive development forces.

Fourth, the allocation of financial resources has been continuously optimized, and the mechanism of investing in resources to key areas and weak links is more sound.

Through innovative institutional mechanisms, strengthening corporate governance, improving supervision and optimization assessment, the allocation of financial resources between urban and rural and large, medium and medium -sized financial institutions has become more balanced. Financial institutions serving small and micro enterprises for small and micro enterprises have been established, and the financing coverage of small and micro enterprises has been significantly improved.

The proportion of direct financing and indirect financing has greatly increased the adaptability of my country's economic and social development and financial needs. At the end of 2021, the scale of social financing was 3.1413 trillion yuan. Among them, the balance of RMB loan obtained by the real economy is 1.9154 trillion yuan, the balance of corporate bonds is 2.993 trillion yuan, and the balance of domestic stocks in non -financial enterprises is 9.48 trillion yuan. The proportion of direct financing stocks is 12.5%. In 2021, the cumulative increase in social financing was 3.135 trillion yuan, of which direct financing increased by 14.4%.

In the long run, the proportion of stocks and bond financing in social financing can also be further increased, and a series of reforms carried out in terms of financial resource allocation in the past ten years have provided a necessary institutional foundation for achieving this vision.

Fifth, my country's macro leverage has achieved dynamic optimization, which is also due to the positive adjustment of the financial structure.

By the end of 2021, my country's macro leverage rate was 272.5%, which was obviously lower than other major economies. In the face of the century -old epidemic and huge economic downward pressure, we insist on not engaged in "big water perfusion", not exceeding the currency, and not overdrawing the future. And more optimized combination of employment. This has left policy space for a more complex situation and stabilizing economic growth. At the same time, due to the adopting a positive and effective foreign trade and foreign policy, my country's international revenue and expenditure structure is more stable, and the frequent account surplus is always in a reasonable balanced range. Foreign direct investment continues to increase. The growth of foreign debt mainly comes from long -term overseas funds allocation of Chinese bonds. The foreign debt structure is optimized and the risks are controllable. my country's macroeconomic stability and macro -control Yuru, continue to become an important source and stabilizer of the global economy.

Over the past ten years, my country's financial realization has achieved great structural changes. It is the result of the financial field of the financial sector in the new era of the new era, fully implementing new development concepts, and continuously deepening the structural reform of financial supply -side structural reforms. In the past ten years, we have deepened our understanding of the relationship between finance and the real economy, unified the prevention and resolution of major risks and the reform of reforms, adhere to the integration of financial anti -corruption and disposal risks, actively actively act, and strive to overcome difficulties. After rectification, a large number of prominent risk hazards were eliminated, and the momentum of blind expansion of financial assets was fundamentally reversed. In the past ten years, the cumulative digestion of non -digestive assets is 16 trillion yuan; as of now, high -risk shadow banks have decreased by about 25 trillion yuan compared with historical peak pressure. On this basis, the financial system has adhered to high -quality development and not loose. In the past five years, the average annual growth rate of the total assets of banking and insurance industry was 8.1%and 11.4%, respectively. Quickly reversed the air rotation of funds at all, the flow to the real economy has increased significantly, the middle chain is significantly reduced, and the financing cost has decreased. The results are not easy, and the heavy responsibility in the future is on the shoulders. The financial system should continue to do a good job of preventing and resolving major risks and serving the high -quality development of the real economy, deepen regulatory reform, institutional reform, and market reform, expand high -level opening to the outside world, and develop the financial system and financial markets with Chinese characteristics better. Intersection

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