The first is the imbalance of the internal structure of the financial industry.

The most prominent manifestation is the high reliance on the indirect financing system, and the proportion of direct financing is too low.

Since the beginning of this year, loans and acceptance notes have accounted for 80% of the total social financing, with less than 20% coming from stock and bond financing.

In terms of social financing stock, at the end of 2011, bank loan balances accounted for 54%, and corporate stock market value and bond balances accounted for only 26%. This proportion is not only far lower than the United States and the United Kingdom, which are dominated by direct financing, which are 73% and 62% respectively.

, also lower than Germany and Japan, where indirect financing dominates, at 39% and 44% respectively.

From the perspective of residents' personal financial investment, bank deposits account for 64% of the total, and stocks, bonds, funds, and other investments account for less than 14%. Among U.S. residents' financial assets, stocks, funds, and pension funds invested in the capital market account for

Together, it reaches a ratio of nearly 70%.

Secondly, there are also structural imbalances within the capital market.

First, the development of the bond market is seriously lagging behind. At the end of 2011, the market value of stocks was approximately 4.5 times the balance of corporate bonds. In most mature markets, the size of corporate bonds is often larger than that of the stock market.

Second, the equity financing market has a single level. In the United States, there are several levels such as the New York Stock Exchange, Nasdaq, OTC quotation market, pink sheets market, and gray market, which are roughly pyramid-shaped.

The main board, small and medium-sized board, GEM and agency transfer system in our country's market are exactly in the shape of an "inverted pyramid".

Third, futures and derivatives are underdeveloped.

Mature markets have a rich variety of derivatives such as futures, options, and swaps, with large trading scales and high correlation with economic development. However, our derivatives market is still not developed enough.

Fourth, the investor structure is very unreasonable.

Professional investment institutions in the A-share market hold 15.6% of the market value, while this proportion in developed markets is roughly 70%.

What is even more unreasonable is the transaction structure. Individual investors in the A-share market hold 26% of the market value, but complete 85% of the transactions.

Third, there is a structural imbalance in financial services for the real economy.

In a financial system dominated by commercial banks, large enterprises and government-related enterprises have obvious advantages in financial resources, while small, medium and micro enterprises and innovative enterprises receive very limited services.

Direct finance has the natural advantage of promoting the adjustment and upgrading of industrial structure. Developing scientific and technological innovation and cultural and creative industries, and improving people's livelihood security require the use of the capital market as a platform. The most acute problem in our economy at present is the difficulty in financing small and micro enterprises.

Of course, we should tap all the potential of banks, and we should also actively promote the standardized development of private credit.

However, small and micro-enterprises often need principal or longer-term debt financing. Such services can only be provided by basic direct financing.