新发展格局下的融资供给

Financing Supply in a New Development Pattern

本文立足"双循环"新发展格局,面对市场新发展阶段的新任务,对资本市场与实体经济、直接融资与间接融资、市场化发展与行业自律之间的关系进行思考,并对如何做好债券市场供给和需求两侧的结构性改革进行分析,探讨通过创新直达实体经济的金融产品,提高直接融资比重,健全市场风险防控机制,促进市场高质量发展。

Taking the new"dual cycle"development pattern as its starting point,this article assesses new challenges in the current stage of China’s market development.In doing so,it examines the relationship between the capital market and the real economy,assesses the benefits of direct financing and indirect financing,and reviews the tension between the need for market-oriented development and industry’s capacity for self-discipline.The article also analyzes ways to optimize structural reforms on both the supply and demand sides of the bond market and explores measures that would cultivate innovative financial products that directly benefit the real economy.It suggests increasing the proportion of direct financing and improving market risk prevention mechanisms to promote high-quality market development.