李扬：值得注意的金融格局变化

Group 1 - The core viewpoint of the article highlights significant structural changes in China's financial landscape, particularly the transition to a low-interest-rate environment and the shift in monetary policy focus towards asset price stability [2][5] - The downward trend in interest rates is not unique to China but part of a global phenomenon, with various indicators pointing to a decline in rates across different markets [4][5] - The "disintermediation" trend is accelerating, indicating a shift in the financing structure, with a notable decrease in the proportion of indirect financing in total social financing from 86% to 65.3% over the past decade [6] Group 2 - The transformation of monetary policy is emphasized, moving from a traditional focus that ignored asset prices to an active management approach aimed at stabilizing financial markets [8][9] - Historical lessons from past financial crises underscore the importance of central banks being responsive to asset market conditions, marking a significant shift in China's monetary policy approach since September 2024 [8][9] - The People's Bank of China has begun to engage in market operations, such as buying and selling government bonds, which enhances its ability to manage liquidity and supports the development of the bond market [9]