High leverage in recent years、Small and medium -sized enterprises' financing difficulty and the Federal Reserve's interest rate hikes lead to the increase in cross -border flow of funds，Make China facing higher financial risks。The interaction between the series of financial problems and the downward pressure of the economy makes the problem more complicated。The root cause of the current complex situation is the mismatch of the financial and real economy。Therefore，The focus of solving the current dilemma，It should be a virtuous cycle of financial and real economy。

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Mismatch of the financial and real economy is at the international level、Domestic macro、Both the industry and the enterprise level performed。At the international level，The scale reflected in the Chinese financial market、Product innovation ability and international influence do not match its economic volume。Although China is the world's second largest economy，But the level of internationalization of the RMB and the market size of the RMB -denominated financial products，None of the international status corresponding to the real economy。At the macro level，It is reflected in the non -matching of financial structure and the needs of the real economy transformation。Equity financial products will realize future cash flow，Make it far higher than the incentive innovation effect of financial products that are higher than debt -type financial products。At present, the development of China's innovative real economy，Require equity financial products。But，The financial structure with the banking system as the main body has formed a financing constraint of innovative activities。At the industrial level，reflected in the excessive concentration of financial bet365 best casino games resources in the real estate industry。The proportion of loans related to the real estate industry of individual banks，or even as high as 70%。This aspect leads to the credit cycle of commercial banks closely related to the real estate industry，Then the periodic of the real estate industry has pushed up the periodic of commercial banks。On the other hand，Leading the squeezing effect of financial resources，The high -end manufacturing industry that needs to be developed is facing financing constraints。At the corporate level，reflected in financial resources to gather in state -owned enterprises or large enterprises，SMEs with strong employment absorption ability and innovative vitality have always faced the dilemma of financing difficulties。

Mismatching of the financial and real economy has led to a series of financial risks，The accumulation of risks has further highlighted and aggravated the pressure of economic downturn。Financial mismatch at the international level，The Chinese economy has been impacted by external financial。On the one hand，Under the US dollar system，The steering of US monetary policy will cause abnormal fluctuations in cross -border flow of capital。This makes the Chinese economy facing the abnormal flow of capital and the abnormal flow of capital。Under the US dollar system，Fed's monetary policy from a loose to tightening to a different degree of financial crisis from loosening to tightness。The Federal Reserve ’s interest rate hike will attract funds to the United States，The exchange rate of the US dollar also increases the fluctuations of the yuan against the US dollar。On the other hand，Global Payment Clear System (SWIFT System) based on the US dollar system makes the United States a global financial regulator。The United States controls the global payment liquidation system，Make China's foreign economic activities face an unexpected impact。Once the United States initiates sanctions on a country，It will affect bet365 live casino games the existing international cooperation and international settlement of Chinese enterprises and the country's enterprises，Make China's international economic activities affected by U.S. policy uncertainty。

Domestic macro -level financial structure mismatch，It has caused high leverage problems and blocked China's innovation and development strategy。Financial structure led by the banking system，Pushing leverage during the high economic development process。Low economic period，With the decline in asset prices and increased non -performing loan rates，The cherish loan behavior of commercial banks will further exacerbate the credit constraints of economic operations。Current，China's economic growth shift shifting is an inevitable result of the change of China's economic growth method，It is also an objective need。With the disappearance of the demographic dividend and the export -oriented economic development strategy, it is blocked in the background of the global economic downturn，China's urgent need to change economic growth，Cultivate new momentum of economic development。The property rights and capitalization of scientific and technological innovation，It is a long cycle、An important incentive mechanism for high -risk research and development work。Traditional bank financing forms that are mortgaged with the factors of real estate，Insufficient support for the innovative economy。Innovative economic activities facing a high -risk market environment，It also makes its financial support more dependent on equity financing with investment monetization and risk sharing function。Increase in China's multi -level equity financing market and the mismatch of financial resources，It will hinder China's economic transformation and upgrade。Then further accumulate financial risks under economic downward pressure。Financial mismatch at the industrial level，The risk of foaming and hindering the economic bet365 Play online games transformation。During the high economic development period，Financial resources are concentrated in the mismatch of the real estate industry，Pushing the real estate bubble。During the economic downturn，The shrinking of the real estate industry will cause financial institutions to face huge non -performing loans。On the other hand，Industrial mismatch of financial resources exists out of the extrusion effect，Not only the high -end manufacturing industry that China's urgent need to develop faces financing constraints，It will compress the space of China's transformation。High house prices and the increase in labor prices they promoted，will further weaken China's position in the global value chain division of labor，That is, the disappearance of accelerating the advantages of low -quality and cheap labor，Small space left for the transformation of China's industrial structure and economic transformation。During the painful period of the transformation，Labor -intensive industries and economic development dilemma and downward pressure in related regions，will lead to further risk accumulation。Financial mismatch at the enterprise level，Make small and medium -sized enterprises with the most vibrant part of the national economy and provides the most employment opportunities，Increased financial risks due to credit breach。Unsactive private economy will affect fiscal revenue and social stability，Further increase the downward pressure of the economy。

　　Continue to promote financial reform

Correcting the mismatch of finance and the real economy，is the fundamental way and effective method of solving China's current economic difficulties。For the above mismatch，China can promote reform from the following aspect。Open with all -round financial open，Correct financial mismatch at the international level。RMB crude oil futures transactions not only help reduce China's dependence on petroleum dollars，It can also promote the internationalization of RMB。Relying on China as the advantage of the bet365 Play online games world's largest consumer market，The commodity futures market that actively launch RMB pricing、Innovative futures products，It can affect and reduce the fluctuations of commodity prices and the impact of the US dollar cycle on the Chinese economy。For example，Further cooperate with a large country with natural gas reserves，Launch of natural gas futures transaction products。This can ensure the stable energy supply of domestic economic operation，Avoid energy prices in the US dollar cycle.、The impact of soaring on the Chinese national economy; accelerate the improvement of the cross -border payment system of RMB，Strengthen China's global financial infrastructure construction，Avoid changes in the rules of the US dollar payment and clearing system that affects China's international economic activities; promote financial institutions to go global，Accelerate the innovation of international financial products，Forms a financial support system that supports the construction of the “Belt and Road”; attracts international financial institutions to come in，Improve the efficiency of Chinese financial institutions through "catfish effect"，At the same time, increase the international influence of China's financial market。Final，Reduce the dependence of China's financial and economic system to the US dollar system，Increase China's ability to deal with the cyclical impact of the US dollar。

Market -based reform，Correct financial mismatch at the domestic level。First, the construction of a multi -level capital market，Correct the mismatch of China's financial structure。While actively promoting the science and technology board，Give full play to the positive role of the provincial equity trading center。Using equity incentive mechanism，Promoting China's development model of innovation -driven。Second is innovation in the financial model of the real estate，Correct financial mismatch at the industrial level。Traditional banks issue loans，Most of the real estate mortgages such as land and real estate。Bet365 lotto review When real estate such as land and real estate becomes a credit foundation，Financial resources are concentrated in real estate and infrastructure investment。The financial department shall be based on my country's independent innovation and development strategy，Actively promote technical property rights and capitalization，Guide financial resources flow to high -end manufacturing，Help China to form a complete industrial chain。Third is innovation in the financial market operation model，Correct financial mismatch at the enterprise level。Through the standard SME system、Improve the market and other means of real estate elements such as credit information system and intellectual property，Improve the financial environment and information transparency of small and medium -sized enterprises。Innovative financial products，Support small and medium -sized enterprise bonds、Diversified equity。By promoting mixed operations，Encourage commercial banks to carry out some financial products such as some capital market services or innovative equity mortgage and supply chain finance。Forms a financial model for the cooperation between commercial banks and securities companies to provide financing for SMEs。Through the professionalization of financial institutions and reducing the concentration of the financial market，Formed small and medium -sized financial institutions that serve small and medium -sized enterprises and multi -level financing systems。

The status of various countries in the international financial market，Not only depends on the country’s economic scale、The proportion of global trade，It is also affected by the network effect and transaction inertia of the international monetary system。The changes in the flow of domestic financial structure and financial resources are endogenous in economic development，Affected by the dynamic changes of the industrial structure and resource endowment。Therefore，Reform of financial mismatches，You need to bet365 best casino games "lasting war" method，Continue to advance with strong determination and endurance。

　　(this article is the major project of the Ministry of Education's Humanities and Social Sciences "Research on the Research of the Real Economy of China State -owned Financial Services" (16jjd790018) phase -based results)

(Author is the China State -owned Economic Research Center of Jilin University、Professor of the School of Economics)