金融供求失衡与补短板

Supply and Demand Imbalances and Weakness Strengthening in China’s Financial Markets

中国实体经济部门的转型进程中,居民、企业和政府的金融服务需求发生了重大变化。面对经济结构转型带来的金融服务新需求,当前金融体系在不断调整适应,但是金融服务供求不匹配现象普遍存在。实体经济部门的金融服务需求没有被充分满足,还要为复杂的金融绕道服务付出更高的成本。实体经济活动风险没有被有效分散,仍然集聚在金融中介,一些金融中介通过缺乏监管的金融绕道服务放大杠杆和期限错配,增加了新的风险。解决当前金融体系面临的问题需要两方面的依托。一方面是完善金融监管;另一方面是金融补短板,更好地满足实体经济的金融服务新需求。金融补短板需要在金融产品和市场、金融中介以及金融基础设施方面做出大的调整。

In the process of transformation of China’s real economy sector,the demand for financial services of residents,enterprises and the government has undergone significant changes.Facing new demand of financial services brought by economic structural transformation,current financial system gradually adjusts to be adaptive,but the phenomenon of supply and demand imbalances is pervading in financial service industry.Real economic sector is not only short of adequate financial services,but also paying higher cost for complex financial detour services.Risks in real economic activities are not effectively diversified,but accumulating in financial intermediaries.The absence of regulation on off-balance-sheet financial services contributes to higher risks by heightening leverage and worsening maturity mismatch issues.Solutions to address problems facing current financial system require two dimensional supports,one is to continuously perfect financial regulation;the other is to strengthen weakness in financial markets to better service the new financial demand of the real economy.In particular,financial weakness should be strengthened through adjustment in financial products,financial markets,financial intermediaries,and financial infrastructures.