understanding folk capital from three aspects

first, the sources of folk capital are increasingly diversified. As far as the owners of private capital are concerned, we think it refers not only to the investable funds owned by private enterprises, but also to a large number of non-enterprise entities and residents. According to statistics, as of January this year, the balance of local and foreign currency savings deposits of residents has reached nearly 32 trillion yuan, and a large part of them may form private capital through private financial channels. It should be noted that there are three types of private capital that deserve the government's attention and vigilance. First, bank credit funds have formed some speculative private capital through various non-standard channels. In recent years, the credit scale of commercial banks has been expanding, reaching 1 trillion yuan and 7.5 trillion yuan in 29 and 21 respectively. It is difficult for such a huge amount of credit funds to enter the real economy, and some of them are separated from the banking system and used by private entities to invest in assets such as the stock market and the property market, forming an unstable factor in the financial system. Second, some private capital belongs to private gray income or even illegal funds, and enters the investment field through money laundering, which is especially common in the real estate investment field and puts on the cloak of private capital. Third, with the increasing influx of overseas "hot money" and the gradual disappearance of preferential conditions for foreign investment, some overseas entities have obtained the status of domestic private capital through cooperation with domestic entities for direct investment or speculation.

second, the formation of private capital presents a "dual track system". On the one hand, it is private capital formed by formal channels within the system, mainly the investment funds obtained by private enterprises through commercial bank credit and stock and bond financing in the capital market. However, both the banking system and the capital market have limited support for private enterprises at present. On the other hand, private economic entities are increasingly relying on informal financial channels outside the system to raise and use private capital. For example: direct lending between enterprises; Lending between private individuals; Private equity fund; Rural foundations and cooperatives, etc. These informal finances constitute an increasingly huge channel for capital flow. According to an official sample survey in 29, the stock of private lending capital is 4 trillion, while the analysis results of some research institutions show that the stock of private lending capital is as high as 1 trillion. In addition, private equity funds represent equity capital, and the scale that can be monitored exceeds 1 trillion, not to mention there are many equity funds that are difficult to monitor.

Third, the investment objects of private capital have dual characteristics. On the one hand, the involvement of private capital is increasing in the fields of new strategic industries, national pillar industries, infrastructure and public facilities construction that are in line with national policies. With the gradual liberalization of policies, the involvement of private capital in some monopoly areas has also shown an increasing trend, such as public utilities and financial industries. If we look at the capital source structure of fixed assets investment in the whole society, it mainly includes financial funds, bank loans, foreign capital, self-financing and other funds, and the last item has exceeded 15 trillion yuan by 29, accounting for about 8% of the total investment, and a large part of it should belong to all kinds of private capital utilized by enterprises. On the other hand, some private capital has gradually entered the field of financial investment, pursuing the appreciation of asset prices. Especially in recent years, a large number of private capital has entered the stock market, real estate market, expensive finance, commodities, works of art and other fields, and carried out all kinds of speculative speculation, which also constitutes an unstable factor in the economy. It is worth noting that in places where small and medium-sized private enterprises gather, such as Zhejiang, as the profit rate of many traditional enterprises is decreasing, or it does not conform to the direction of national industrial policy, many industrial capitals are gradually turning to the financial investment field.