连平：未来几年中国将继续保持积极的财政政策

Core Viewpoint - The Chinese financial structure is undergoing a historic transformation, shifting from indirect financing to direct financing, which is increasingly important for supporting emerging industries and high-tech development [1][3]. Group 1: Financing Trends - Direct financing's share in China's social financing structure has significantly increased, with its proportion rising to 47.4% by August 2025, marking the first time indirect financing fell below 50% [1]. - In terms of stock, while indirect financing still exceeds 65%, the rapid growth trend of direct financing is evident [1]. - The short-term credit for the household sector remains stable, but medium- to long-term credit growth has notably declined [2]. Group 2: Impact of Direct Financing - Direct financing provides a stable source of medium- to long-term funds, supporting the growth and innovation of high-tech and strategic emerging industries [3]. - The reduction in financing costs will enhance investment capabilities for both the government and enterprises, thereby promoting employment and consumption growth [3]. - Direct financing alleviates corporate debt pressure, improves capital allocation efficiency, and strengthens economic resilience [3]. - The development of direct financing will foster capital market growth, offering diversified investment products for domestic and foreign investors, which aids in the construction of Shanghai as an international financial center [3]. - Direct financing contributes to financial reform and the internationalization of the Renminbi, supporting the strategy for a strong financial nation [3].