专家：中国金融结构正发生历史性转折

Group 1 - The core viewpoint of the article 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] - In the period from 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 accounting for 15.8 trillion yuan (47.4%) [1] Group 2 - Although the stock of indirect financing still exceeds that of direct financing, it has decreased, with indirect financing stock at approximately 287.5 trillion yuan (65.3%) and direct financing stock at about 140.5 trillion yuan (31.9%) as of November 2025 [1] - The decline in household credit demand, insufficient growth in corporate credit demand, increased demand for direct financing, and accelerated corporate bond issuance are key factors driving this shift [1] - Continued fiscal expansion is providing a stable source of demand for direct financing, with accelerated government bond issuance becoming a significant driver of social financing growth [2] Group 3 - Strategic emerging industries and future industries are more suited to equity financing, with government-guided funds and industrial investment funds exceeding 12 trillion yuan, significantly boosting direct investment from social capital [4] - The increase in direct financing and decrease in indirect financing reflect a transition in China's economy from high-speed growth to high-quality development, indicating an optimization of the financial structure that will aid in economic transformation and upgrading [4]