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 the growth rate of total finance is slowing down, which is conducive to maintaining the basic stability of the macro leverage ratio. Over the past few years, China's macro leverage ratio has risen rapidly. On the one hand, macroeconomic policies have strengthened countercyclical adjustments to promote steady economic growth. The integration of total financial volume and debt growth has boosted the size of debt; on the other hand, prices are low, which has dragged down the nominal economic growth rate. The financing market is shifting from supply constraints to demand constraints. Effective financing requirements can be fully satisfied, and social financing conditions are still relatively relaxed. In this regard, it is necessary to balance the short-term and long-term relationships to prevent total financial growth exceeding the needs of the real economy, causing capital idling and accumulation, further boosting the macro leverage ratio, making it difficult for backward production capacity and inefficient enterprises to clear up, affecting economic efficiency.

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 the growth rate of total finance is slowing down, which is conducive to maintaining the basic stability of the macro leverage ratio. Over the past few years, China's macro leverage ratio has risen rapidly. On the one hand, macroeconomic policies have strengthened countercyclical adjustments to promote steady economic growth. The integration of total financial volume and debt growth has boosted the size of debt; on the other hand, prices are low, which has dragged down the nominal economic growth rate. The financing market is shifting from supply constraints to demand constraints. Effective financing requirements can be fully satisfied, and social financing conditions are still relatively relaxed. In this regard, it is necessary to balance the short-term and long-term relationships to prevent total financial growth exceeding the needs of the real economy, causing capital idling and accumulation, further boosting the macro leverage ratio, making it difficult for backward production capacity and inefficient enterprises to clear up, affecting economic efficiency.