央行金融研究所所长丁志杰：部分长期资本仍沉淀在银行体系 优化金融结构大力发展资本市场

Core Viewpoint - The optimization of China's financial structure has significant potential, with opportunities for reform outweighing challenges [1] Group 1: Financial Structure Optimization - There is considerable room for improvement in China's financial structure, and the efficiency of the financial system can be enhanced [1] - Transforming a portion of household long-term savings deposited in banks into patient and long-term capital is beneficial for optimizing financial structure and increasing the proportion of direct financing [1] Group 2: Development of Capital Markets - A major direction for optimizing China's financial structure is the vigorous development of capital markets, including the active promotion of equity and bond financing [1] - The recent performance of the National Social Security Fund's local pension fund investments shows that pension funds can achieve annualized returns exceeding 5% when entering capital markets, significantly higher than guaranteed returns [1] Group 3: Potential Capital Market Contributions - As of the end of 2024, the total scale of basic pensions in China is projected to reach 8.7 trillion yuan, and if a significant portion of these funds enters capital markets, it would positively impact market development [1] - The surplus in medical insurance and the balance of housing provident fund deposits currently exist in the form of bank deposits, and if some of these funds can enter capital markets, it would enhance residents' investment returns and contribute to capital market development [1]