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Chinanews, Beijing, Apr.4 – Compared with the fast growth of economy in China, there are four main retarding1 factors existing in the financial sector2, making its development lag behind the economic development. These four retarding factors are: development of direct financing lags behind that of indirect financing; development of bonds lags behind that of stock markets; development of small and medium banks lags behind that of big banks; and development of insurance industry lags behind that of the capital and money markets, said Zheng Xinli, deputy director of the Policy Research Office of the CPC Central Committee, as reported by the China Securities Journal.
Chinese stock markets made great progress last year, as the financing capital increased at a great speed to reach a large scale. Despite this, it should be noted3 that on the whole, stock markets raised only 560 billion yuan of capital last year and 101.5 billion yuan of capital was raised through corporate4 bonds. On the other hand, Chinese banks released 3.6 trillion yuan of new loans last year. The ratio of direct financing to indirect financing was 18:82. Such ratio was far below the related ratios in developed countries, which usually stood at 70%, and even lower than China’s own historically high point, when related ratio once reached 20% after the opening-up, Zheng said. In regard to direct financing, the development of bonds has lagged behind that of the stock market. In indirect financing, the development of small and medium banks has lagged behind that of big banks. In addition, the development of insurance industry has lagged behind that of the capital and money markets. These are all disadvantageous to the overall development of the financial sector. In light of this, China should make related changes to promote the healthy development of the finance industry, the expert noted.
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