创刊75周年｜盛松成：《中国金融》为我铺筑了创新研究之路

Core Insights - The article celebrates the 75th anniversary of "China Finance" magazine, highlighting its role in documenting and participating in the evolution of China's financial sector [1] - The concept of social financing scale (社融) is introduced as a unique financial macro-monitoring and regulatory indicator in China, established through collaborative efforts over five years [2][3] - The article discusses the regional disparities in social financing, noting that the share of social financing increment in central and western regions has increased significantly from 38.6% in 2015 to 43.6% in 2024, indicating a shift in financial resource allocation [4] Social Financing Scale - Social financing scale is recognized as a significant indicator for macroeconomic monitoring and has been included in central economic work reports for 15 consecutive years [2] - The theoretical foundation and international experiences related to social financing are explored, emphasizing its relevance to China's financial policy innovations [3] Regional Development - The article emphasizes the regional structural characteristics of social financing, reflecting economic disparities and development trends across China [4] - The increase in social financing in central and western regions suggests enhanced financial support for these areas, while the northeastern region has seen a decline in its share [4] Financial Reform - The article discusses the need for coordinated reforms in interest rates, exchange rates, and capital account openness as essential conditions for the internationalization of the Renminbi [5][6] - It highlights that capital account openness in China is a managed process rather than a free flow of capital, with a focus on optimizing the path to reduce risks [6] Currency and Virtual Currency - The article argues that virtual currencies, such as Bitcoin, lack the essential characteristics of money, primarily due to the absence of state credit support [8][9] - It points out the volatility of virtual currencies, which undermines their function as a stable medium of exchange, contrasting them with state-backed currencies [10]