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本文在剖析中国金融体制存在的融资结构性失衡问题的基础上,指出解决融资结构性矛盾应成为下一步深化金融体制改革的着力点。中国目前并不适宜发展直接金融主导的金融体系,而是应该结合本国的特殊国情,在以间接金融主导的金融体系中引入以功能发挥为基础的“市场型间接融资”新模式,即以金融中介机构为资本市场的主要参与主体,通过开展金融创新业务,向全社会提供依托市场的专业化投融资服务;同时强调这一金融体制改革能否顺利进行取决于金融创新和制度建设能否并驾齐驱,融资体制改革需要改革措施的互补配套,方能实现最佳的改革效果。
Based on the analysis of the structural imbalances of financing in China’s financial system, this article points out that resolving the structural contradictions in financing should be the focal point for deepening the financial system reform in the next step. At present, China is not suitable for the development of a direct financial-led financial system. Instead, it should introduce a new model of “market-based indirect financing” based on the function of play in the indirect financial-led financial system With financial intermediaries as the main participants in the capital market, we will provide the entire society with specialized investment and financing services that rely on the market through carrying out financial innovation businesses. At the same time, we emphasize whether the reform of the financial system can proceed smoothly and depend on financial innovation and institution building Whether or not they go hand in hand, the reform of financing system needs complementary packages of reform measures so as to achieve the best possible reform results.