Breaking the "rigid payment" is the root of the financial market.

1. Only banks can make rigid redemptions. All other investments cannot achieve rigid redemptions, and bank financial products cannot do this either. This is not decided by a certain person or institution, but by Determined by the nature of finance, banks dare to pay rigidly because the interest rates they can offer are very low. Even if huge risks occur, banks can still bear them.

2. Too much government control leads to the government assuming unlimited responsibilities in economic life. The greater the responsibility, the more control. Therefore, finance has been suppressed for a long time, normal financing channels are blocked, and illegal Financing activities leave a wide range of activities.

3. Rigid redemption means that investors buy a financial product but do not need to bear any risks at all. The risks are all on the financial institution. After the financial product matures, the financial institution must return the principal + interest according to the pre-agreed rate of return. Rigid redemption becomes a form of deposit in the name of financial management. This is a typical regulatory arbitrage.