尚福林：“十五五”时期金融发展面临结构性和机制性挑战

Core Viewpoint - The 2025 Annual Meeting of the China Wealth Management 50 Forum emphasizes the importance of accelerating the construction of a financial power during the "14th Five-Year Plan" period, highlighting the need for both qualitative improvements and quantitative growth in the financial sector [1] Group 1: Challenges in Financial Development - Structural and institutional challenges will persist during the "14th Five-Year Plan" period, including imbalances in social capital allocation and difficulties in asset allocation due to low interest rates and low spreads [3] - The traditional financing and risk control models are not adequately aligned with the needs of the new economy and new business formats, leading to ongoing issues with financing difficulties and high costs for private and small enterprises [3] - The proportion of direct financing needs to be increased, and the coordination between investment and financing functions in the capital market requires further enhancement [3] Group 2: Recommendations for Financial Reform - There is a need to focus more on the fundamental purpose of financial services for the real economy and to effectively address the "five major articles" of finance [3] - Continuous deepening of financial system reform is essential to accelerate the improvement of a modern financial system with Chinese characteristics [3] - Better coordination between development and security is necessary to strengthen the financial stability defense line [3] - Steady progress towards high-level opening up is required to enhance global financial governance and discourse power [3]