First, the disadvantages of financial services in China's real economy
(A) From a macro point of view, the real economic benefits are not good.
During the operation of China's real economy, due to the influence of financial turmoil and prices, a series of problems such as disjointed capital chain, rising cost and overcapacity have been caused. In this case, the company's economic benefits are gradually declining, especially in the mid-range and low-end industries. Smaller enterprises have also been frustrated repeatedly, unable to transfer funds in time, the cost of labor and materials has increased, and the contradiction has become increasingly prominent when encountering the shortage of orders. For the real economy, the output drops rapidly, the speed of value promotion slows down, the profitability is poor, and the phenomenon of industrial hollowing out is becoming more and more serious.
(B) the emergence of industrial hollowing out situation
In its operation, the real economy is facing pressure from all sides, such as the influence of human resources, capital, technology and management. Coupled with the high inflation rate and bubble phenomenon, the development of the real economy is difficult, which is manifested in the increasing cost of human and material resources, the single product form of enterprises, the similarity and the lack of individuality. Many enterprises have followed suit, especially those non-large enterprises and non-high-end industries, which can be described as frequent difficulties. The separation of financial capital from the real economy has restricted economic development.
(C) the proportion of virtual economy in financial support
At present, China is implementing the credit tightening policy, and the amount of credit funds released by the financial industry shows a downward trend, which makes it very difficult for the operation of the entity industry, especially for small enterprises, to obtain loans through banks. Therefore, private finance is gradually emerging to help small and medium-sized enterprises realize the smooth turnover of funds. In view of the fact that virtual economy can get a share of financial support, some financial funds will flow to these areas. If the capital chain is out of touch, it will cause great risks and the real economy will suffer a serious blow.
(D) A large number of entity enterprises move towards the virtual economy market.
The advantages of China's virtual economy are increasingly prominent, and the rate of return is very high, which leads many entities to move from the real economy to the virtual economy, join the ranks of speculating in real estate, futures and bonds, and make profits through black-box operation. On the surface, there is a scene of prosperity, but there is a huge crisis behind it.
Second, financial services on the development of China's real economy constraints
(A) The high rate of return deeply attracts investors.
With the implementation of the reform and opening-up policy, China's market economy has developed rapidly. Under the impetus of Socialism with Chinese characteristics's political system reform, more and more people are turning their attention to high-return investment projects, blindly emphasizing profits, being impetuous, concentrating on getting rich, and forgetting honesty and legality. This impetuousness permeates all aspects of life. In addition, many contemporary entrepreneurs are hard to live up to their names, lack perfect innovation management mechanism, and the product forms tend to be similar, which leads to the unstable foundation of the physical industry and the gradual disconnection between financial capital and the physical industry, and this situation is getting worse.
(2) The financial level of the real economy is influenced by the financial system.
The financial level of the real economy is influenced by the financial system, which is reflected in the loan scale on the one hand and the financing structure on the other. As far as the scale of financial loans is concerned, the participation of industry and private funds needs to be improved, and the lack of participation restricts the development of loan scale. In addition, the basic requirements of loans can not be met, and the credit mortgage system is still not perfect, forcing small and medium-sized enterprises to come to a deadlock.
As far as financing structure is concerned, the proportion of direct financing and indirect financing should be equal, but there is an imbalance at present. In the operation of the real economy, most of them are indirect financing, and the proportion is quite high. Under the socialist market economy system, the role of financial resources allocation has not been fully exerted.
(C) financial system implementation is not in place
The lack of a sound financial system will hinder the overall operational efficiency of China's real economy. Some well-developed high-end industries and large enterprises have seized a large proportion of financial shares, which makes those non-high-end industries and non-large enterprises face a dilemma. Due to various factors, it is difficult to improve the level of financial services. The development of these enterprises can be described as difficult. Although China has formulated a large number of support strategies in the financial system, these support strategies have not been effectively implemented.
(D) The benefit space of the entity enterprises has been reduced, and there is no support motivation.
With the increasing pressure of human, material and financial resources, the entity enterprises began to seek new development models to better save costs, so they turned to places with relatively slow economic development and abundant resources. After a period of time, the economy in developed areas began to decline, leading to unreasonable industrial structure.
(E) Virtual economy attracts financial support with high rate of return.
At present, the virtual economy in China is booming. Because of its high-yield characteristics, it has seized the share of financial support, and the situation of the real economy is becoming more and more severe. In this way, a serious polarization has been formed.
Third, the way in which finance supports the development and upgrading of China's real economy.
(1) Strengthening the financial market system.
Establishing a perfect system is the basis to ensure that everything goes on in an orderly manner. As a complex system, the financial system includes market participants, trading means, assets and government control, and all elements must be kept in a balanced development state. To strengthen the construction of the financial market system, it is necessary to lower the entry threshold, open to the outside world and implement the state intervention policy. In addition, we should go international, absorb foreign advanced financial system strategies, and further strengthen the order of the financial market.
(2) Vigorously develop new financial products.
As far as China finance is concerned, the service model and scale specially provided for the real economy have basically taken shape. We should start with financial products and increase development efforts, which is especially critical for emerging industries. It is necessary to deeply analyze the characteristics of the real economy, establish a scientific interest space accordingly, and charge fees as required. We will introduce various financial derivatives in various ways, promote the types of derivatives, and increase the pace of financialization of income.
(3) adjusting the financial and credit system
The financial credit system is still not perfect. It is very important for us to formulate a financial support system that meets local needs in combination with the economic situation of each region. This requires that the system must be differentiated, not across the board, involving classified management, crisis prevention, capital pricing, industrial project access threshold and so on. Capital activities are cyclical, so we should strengthen the supervision of capital accounts to ensure smooth capital turnover, and at the same time strengthen the awareness of risk prevention to prevent credit crisis.
(4) Vigorously guide the flow of financial funds to the real economy.
According to the above explanation, it can be seen that at present, China's virtual economy occupies an absolute advantage, seizes a large share of financial support and hinders the further development of the real economy. Relevant departments should increase their support for core areas and weak links. The specific plan is as follows: First, clarify the flow of financial funds, understand the investment direction, and strictly control the investment share; Secondly, according to the regional characteristics, gradually improve the level of the real economy and take the tertiary industry as the focus of the development of the western region. For the eastern region, strategic industries should be the key support targets; Third, do a good job in risk prevention, strictly abide by customer access norms, implement joint marketing, increase development efforts, make financial services play their due role, and provide financial support to the real economy with emphasis.
(5) Standardize and develop non-governmental finance.
As mentioned earlier, China needs to further improve the efficiency of financial services to the real economy, and the credit system also needs to be reformed, which has brought difficulties to some small-scale enterprises, and it is difficult for enterprises to guarantee sufficient development funds. In this case, private finance came into being, which brought them light and helped small and medium-sized enterprises break through the predicament. However, due to the implementation of the price dual-track system, the marketization and competitiveness of banks in China are lacking, and government departments have been strictly controlling interest rates, which makes private finance have many disadvantages.
Four. conclusion
The real economy is closely related to the national economy and controls the lifeline of the national economy. In view of this, we should further establish and improve the financial system, increase the proportion of direct financing, control the financing cost, and improve the efficiency of financial support for real industries to ensure the vigorous development of China's national economy.