On September 16, “Qiushi” published an article signed by Pan Gongsheng, Governor of the Central Bank, entitled “Deeply Understanding China's Financial Structural Changes to Improve the Adaptability of Financial Services to the Real Economy”. Among them, it is pointed out that in the past, China's total financial volume grew rapidly, mainly related to the monetization process of the economy and the large-scale demand for money brought about by rapid growth. Since the reform and opening up, China has changed from mainly physical distribution in the past to monetary distribution. More and more commodities and housing are valued using currency, and transactions are carried out using currency as the medium. Demand for financing has also increased rapidly, and the total amount of finance has grown rapidly. Currently, China's economy has moved from a stage of rapid growth to a stage of high-quality development, and the monetization process has basically come to an end. Financial services to the economy are more reflected in structural optimization and improved adaptability, rather than the continuous expansion of total macrofinance volume. Judging from the mathematical relationship of total volume, the growth rate is the ratio of increment to total stock. The numerator is the current increment, and the denominator is the total stock. At present, China's social financing stock exceeds 460 trillion yuan, the general monetary balance exceeds 350 trillion yuan, and the loan balance exceeds 280 trillion yuan. The total scale of macrofinance is already very large. As stocks expand, it is natural that the growth rate of total finance has declined. This is consistent with the transformation in the stage of China's economic development.

On September 16, “Qiushi” published an article signed by Pan Gongsheng, Governor of the Central Bank, entitled “Deeply Understanding China's Financial Structural Changes to Improve the Adaptability of Financial Services to the Real Economy”. Among them, it is pointed out that in the past, China's total financial volume grew rapidly, mainly related to the monetization process of the economy and the large-scale demand for money brought about by rapid growth. Since the reform and opening up, China has changed from mainly physical distribution in the past to monetary distribution. More and more commodities and housing are valued using currency, and transactions are carried out using currency as the medium. Demand for financing has also increased rapidly, and the total amount of finance has grown rapidly. Currently, China's economy has moved from a stage of rapid growth to a stage of high-quality development, and the monetization process has basically come to an end. Financial services to the economy are more reflected in structural optimization and improved adaptability, rather than the continuous expansion of total macrofinance volume. Judging from the mathematical relationship of total volume, the growth rate is the ratio of increment to total stock. The numerator is the current increment, and the denominator is the total stock. At present, China's social financing stock exceeds 460 trillion yuan, the general monetary balance exceeds 350 trillion yuan, and the loan balance exceeds 280 trillion yuan. The total scale of macrofinance is already very large. As stocks expand, it is natural that the growth rate of total finance has declined. This is consistent with the transformation in the stage of China's economic development.