连平：中国金融结构正在发生历史性转折，直接融资比重持续提升

Group 1 - The core viewpoint is that China's financial structure is undergoing a historic transformation, with a continuous increase in the proportion of direct financing [1] - In terms of stock, indirect financing still dominates, accounting for over 65%, but the growth rate of direct financing has accelerated, with its proportion rising by 4.7 percentage points from November 2019 to November 2025 [1] - Direct financing demand is growing rapidly, driven by multiple positive factors, including the need for more practical financing solutions that bypass bank credit and the market-oriented characteristics of direct financing [1] Group 2 - Changes in indirect and direct financing, as well as the financing conditions of corporate and household sectors, reflect a deep adjustment in China's economic structure [2] - The traditional sectors such as real estate and infrastructure that previously had high credit demand are being replaced by high-tech industries and strategic emerging industries, which require direct financing support [2] - The financial structure in China is expected to further optimize, with direct financing likely to exceed 50% in the near future, indicating a trend where direct financing scales surpass indirect financing [2]