中国首席经济学家论坛理事长连平：中国金融结构正发生历史性转折

Group 1 - The core viewpoint is that China's financial structure is undergoing a historic shift, with a decrease in the proportion of indirect financing and an increase in direct financing [1] - Direct financing, which involves transactions directly between initial fund providers and final demanders, is becoming more prominent compared to indirect financing, which relies on financial intermediaries [1] - As of January to November 2025, the cumulative new social financing in China reached 33.4 trillion yuan, with indirect financing accounting for 15.2 trillion yuan (45.7%) and direct financing for 15.8 trillion yuan (47.4%) [1] Group 2 - Fiscal expansion continues to provide a stable source of demand for direct financing, with a significant increase in government bond issuance supporting social financing growth [2] - The net increase in government bonds from January to November 2025 was 13.2 trillion yuan, contributing positively to social financing [2] - The shift towards direct financing is seen as a reflection of China's transition from high-speed growth to high-quality development, indicating an optimization of the financial structure that will aid in economic transformation [2]