April 2020，Central Committee of the Communist Party of China、The State Council issued the "Opinions on Building a More Perfect Market-oriented Allocation System and Mechanism of Factors"，for land、bet365 promo codes、Market-based reform of labor and other factors points the way。The market-based allocation of bet365 promo codes factors is essentially the allocation of bet365 promo codes factors by market participants through trading methods。In order to achieve the goal of market-oriented allocation of bet365 promo codes factors，Since reform and opening up，Our country has carried out magnificent financial system and mechanism reforms，The reform of market-oriented allocation of bet365 promo codes factors has achieved remarkable results，Played an important role in promoting high-quality economic development。

　　Achievements and challenges coexist

The multi-level bet365 promo codes is gradually improving，Corporate financing constraints have been relaxed。The commercial banking system established in the 1980s，The financing constraint threshold of an enterprise is to provide assets available for mortgage。Subsequently，Some state-owned enterprises have begun to issue corporate bonds，Easing restrictions on mortgage loans，But it is still debt financing。Starting in the 1990s，The establishment of the stock market，Improving the financing structure for enterprises、Reducing debt burden provides conditions，Equity financing has become an important means of corporate debt financing，But the requirements for stock listing are higher。Since the 21st century，With GEM、The launch of the Science and Technology Innovation Board, etc.，The conditions for companies to go public have been relaxed，More and more companies are beginning to use equity financing to raise development funds。Especially in the past ten years，The development of venture capital funds has further relaxed the financing constraints on growing enterprises。

The continuous expansion of the bet365 promo codes lays the foundation for enterprises to improve their financing structure。The total market value of my country’s stocks has increased from 23 in 1990.8.2 billion expanded to 65 in 2019.81 trillion yuan，Become the second largest bet365 promo codes in the world。The balance of existing bonds in the national bond market has expanded from less than 100 billion yuan in 1990 to 97 in 2019.10 trillion yuan scale。The expansion of the bet365 promo codes has reshaped the bet365 promo codes financing pattern，Changed the situation where enterprises rely heavily on medium and long-term loans from banks，Enables enterprises to have the means and ways to obtain capital factors in the market，Thus improving the financing structure for enterprises、Laid the foundation for reducing financing costs。

The steady advancement of the stock market registration system has further lowered the threshold for corporate stock issuance，Provides prerequisites for the market-oriented allocation of bet365 promo codes factors。China’s stock issuance system has experienced the approval system、Approval system，Currently reforming towards a registration system。Under the approval system and the approval system, the right of enterprises to issue stocks for financing is strictly restricted，Under the registration system, the government’s responsibilities are concentrated on the regulatory side，Corporate stock issuance depends more on market supply and demand，The degree of market-oriented allocation of bet365 promo codes factors has been further improved。and，The continuous improvement of basic legal systems such as the "Securities Law of the People's Republic of China" and the gradual improvement of the legal protection mechanism of the securities market，Provides legal protection for the market-oriented allocation of bet365 promo codes factors。

But，The current market-oriented allocation reform of capital factors still faces many problems，Restricting the satisfaction of corporate financing needs。For example，The proportion of direct financing scale of enterprises is low，The proportion of equity financing in direct financing is low，Excessive corporate debt burden, etc.。The "Recommendations of the Central Committee of the Communist Party of China on Formulating the Fourteenth Five-Year Plan for National Economic and Social Development and Long-term Goals for 2035" adopted by the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China clearly stated，It is necessary to build an institutional mechanism for finance to effectively support the real economy。Therefore，Utilizing the function of finance to support the real economy should be an integral part of the market-oriented reform of bet365 promo codes factors。Meanwhile，The stock market is big but not strong、Insufficient flexibility of the system and mechanism、The current situation of bond market segmentation still exists，Companies face unfair debt issuance constraints and other issues that need to be resolved。Not only that，There is a large gap between domestic and foreign capital markets，The financial system that effectively responds to international financial risks needs to be improved。These factors have restricted the further deepening of the market-oriented reform of my country’s financial market factors。

　　Focus on deepening bet365 promo codes

With the improvement of the bet365 promo codes factor trading platform and the accumulation of financial talents，The environmental constraints faced by corporate financing in the early stages of reform and opening up have been greatly improved。Further deepen the reform of market-oriented allocation of bet365 promo codes factors，Provide a more optimized financing environment to promote high-quality development of enterprises，Need to start from the following aspects。

First, deepen the reform of the financial system。An important part of deepening the reform of the financial system is to improve the formation and transmission mechanism of market-oriented interest rates。Currently the interest rate market reform is still advancing steadily，The market-oriented reform of interest rates means that the business model of the banking industry that relies on the difference between deposit and loan interest rates as the main profit point will be unsustainable，Competition in the banking industry is becoming increasingly fierce。To find profit points，The banking industry needs to continuously explore business boundaries，Strive to meet market demand for financial services，This has become an important driving force for the market-oriented reform of bet365 promo codes factors。Data display，Banks participate in the allocation of nearly 70% of the bet365 promo codes in the market，Breaking the original bet365 promo codes allocation model of the banking industry is a key part of deepening the market-oriented allocation of bet365 promo codes factors。In particular, deepen the market-oriented reform of interest rates，It is of great significance for deepening the market-oriented allocation of bet365 promo codes factors。

At the same time，Establishment of regional financial pilot zone，Opening up areas and paths for financial opening up and financial marketization。The negative list management，Particularly eye-catching，Points out the direction for future financial market reform。Timely summary of the experience and lessons learned from the financial reform pilot zone，Accumulate necessary experience to further promote the market-oriented reform of bet365 promo codes factors。and，In this process, it is necessary to make full use of the power of technology and finance，Expand the depth and breadth of market-oriented allocation of bet365 promo codes factors，And effectively supervise it。

The second is to explore policies to further open up the bet365 promo codes。Experience shows，High national income and closed bet365 promo codes can easily lead to bet365 promo codes bubbles，If it is accompanied by virtual economic profits growing faster than real economic profits，Funds continue to flow to the bet365 promo codes while the real economy gradually weakens，Economic and social development will face greater difficulties。World Bank data display，Since reform and opening up，China’s national income level is gradually increasing，China’s per capita GDP exceeded US,000 by the end of 2019，Gradually moving closer to the per capita income level of high-income countries。At the same time，Benefiting from the progressive reform and opening-up measures of China’s bet365 promo codes，my country’s stock market is stable and improving in the long term，An abnormally high and sustained bubble has not formed。Although the channels for opening up my country’s bet365 promo codes are gradually diversified，The scale of opening is expanding year by year，However, the continued growth of national income makes the need for further opening of the bet365 promo codes more urgent。For this，Need to further increase research efforts on capital opening，Summary of experiences and lessons learned from foreign bet365 promo codes opening，Pay close attention to the effectiveness and trends of the bet365 promo codes opening policy pilot，Strive for a smooth transition to a higher level of open bet365 promo codes，Gradually becoming one of the global financial allocation centers。

The third is to improve the basic system of the bet365 promo codes。Comprehensive implementation of stock issuance registration system，Establish a normalized stock delisting mechanism。The first is to improve the basic system of the stock market。First, comprehensively promote the transformation of the stock market issuance system from an approval system to a registration system；The second is to improve the market inquiry system and the new stock issuance pricing system；The third is to continue to improve the stock issuance method，Improve the issuance method that combines online issuance for general investors and placement for legal persons；The fourth is to strengthen the construction of information disclosure system。The second is to improve the stock trading system。First, optimize the delisting indicator system，The second is to improve the financing environment for delisted companies，And strictly implement the delisting system。

The fourth is to promote bond market reform through unified standards。The issue of bond market segmentation is complex，Involving many aspects。For this，Need to establish unified market access from the legislative level、Information disclosure、Transaction、Standards for handling violations and violations，Promote the gradual unification of the credit evaluation system，Eventually forming a converging yield curve，Improving the efficiency of allocating bet365 promo codes factors in the bond market。Promote the integration of the bond market，Need to explore corporate bonds、Unified evaluation system for corporate bonds and other credit bonds，Deepening the reform of bond regulatory agencies。

The fifth is to explore the possibility and effective path of mixed operation。Since reform and opening up，The financial sector management pattern formed in China，To a certain extent, it has contributed to the unique competitive advantages of various financial sub-sectors。For example，Banking outlets have many sources of funds，Help solve the financial needs of most enterprises，The investment layout of securities firms gives standardized products advantages，The fund industry is more conducive to serving growth-stage companies。However, this separate supervision model is also not conducive to the full use of various financing and investment information by both parties of capital demand and supply，Thus affecting the effective allocation efficiency of the bet365 promo codes。In recent years，The asset management industry has gradually become a business that various financial sub-industries are competing to develop，The emergence of mixed business operations，Provides a realistic basis for the future development of mixed industry operations and mixed industry supervision。Take this as an opportunity，Exploring the feasibility of mixed operation and mixed supervision，Deeply explore the potential of the bet365 promo codes to serve entity enterprises，Provides a basis for further optimizing the market-oriented allocation of capital factors。In the process，We must gradually improve the modern financial regulatory system，Improving the level of transparency and legalization of financial supervision，Improving financial risk prevention、Early Warning、Disposal、Accountability system。

The current domestic and international uncertainties have increased significantly，The Party Central Committee timely proposed to build a domestic circulation as the main body、A new development pattern in which domestic and international dual cycles promote each other，It points out a new direction for China’s economic and social development。Deeply promote the market-oriented reform of bet365 promo codes factors，In particular, improving the efficiency of financial support for the real economy has become an important support for the high-quality development of the Chinese economy。

　(Author’s unit: Institute of Industrial Economics, Chinese Academy of bet365 promo codes Sciences)