Effective guarantee high -quality development is the focus of China's economic work during the "Fourteenth Five -Year Plan" period。The current situation at home and abroad is more complicated and changing，To cope with uncertainty challenges，The Party Central Committee pointed out in a timely manner to build a new development pattern based on the unblocking national economic cycle。The Fifth Plenary Session of the 19th Central Committee of the Communist Party is clearly proposed，Accelerate the formation of large domestic cycles as the main body、New development pattern of domestic and international dual cycles。These assertions indicate directions for China's financial reform and development during the "14th Five -Year Plan" period，That is to build a financial system that is compatible with the new development pattern of the economic dual -cycle (especially the development of the real economic department) and the continuous cycle，Promoting the return of financial regression。

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Theoretical logic and historical logic are proof，In the industrial cycle of the real economic department，The financial system is actually composed of two parts:。horizontal financial system，Internal students in the real economy，It is a financial system that provides financial communication and fund lending between physical enterprises，It is based on commercial credit，Features with direct finance。Vertical Financial System，Based on bank credit，It is a financial system that provides funding borrowing to physical enterprises from the banking system，Have exogenous、indirect characteristics and other features。The theory of the National Economic Cycle Theory Display，The material flow required for the operation and development of the real economic department、Talent flow、Technical flow，and Bet365 lotto review the information flow is a three -dimensional dynamic cycle system that is staggered，So，The flow of capital flow and financial operation of the real economy shall also be composed of two parts: longitudinal system and horizontal system，and continue to expand。This also means，Both the vertical financial system and the horizontal financial system are indispensable，Under the conditions where the current horizontal financial system is underdeveloped，Only by improving the vertical financial system between banks and enterprises，It is not conducive to the construction of a new development pattern mainly based on the circulation of the national economic cycle。

For more than 70 years established by New China，We have established a relatively complete vertical financial system based on bank credit，But the imperfection of the commercial credit system also makes the horizontal financial system seriously insufficient。As early as the beginning of the founding of New China，December 1950，The "Monetary Management Measures" issued by the Finance and Economics Committee of the Administration of Political Affairs，It is clearly proposed that "prohibit the owe between entity enterprises、Fund lending and other commercial credit activities "，Commercial credit activities are excluded outside the financial system。The "Bill Law" issued in 1995 Although the legitimacy of the commercial acceptance bill was established，But for more than 20 years，The development of commercial credit in my country still has no substantial breakthrough。Data display，At the end of November 2020，The balance of various loans of financial institutions such as commercial banks in my country is 17.149 trillion yuan，The balance of bank acceptance bills that are not discounted in social financing stocks are only 3.73 trillion yuan，Comparison with this，The scale of commercial acceptance bills is really too small。This distribution pattern indicates，The underdevelopment of horizontal financial system has become a real shortcoming of my country's financial system。

Bet365 lotto review Under the background of commercial credit being suppressed，financing between physical enterprises no longer plays a role in a standardized way，It brings adverse effects to the operation and development of the financial system。Data display，The balance of deposits of non -financial enterprises in my country decreased from 24.25 trillion yuan in 2019 to 23.82 trillion yuan in September 2020，Regular deposits increased by 5.83 trillion yuan。About 63.31%of the deposits of non -financial enterprises are in the form of regular deposits.，This is difficult to form a strong contrast with physical enterprises (especially small and medium -sized enterprises)。

These data reflect two problems in the practice of economic and social development。One，Inside the physical enterprise，Unbalanced distribution of funds，The main manifestation is that regular deposits mainly come from large and medium -sized enterprises。Large enterprise、工程项目对中小微企业支付的不及时可能是其中重要的原因，The contribution of the payment of large and medium -sized enterprises has become an important part of the shortage of small, medium and micro enterprises。These arrears of payment belong to the asset item，If you cannot enter the simple reproduction process of small, medium and micro enterprises in time，So small and medium -sized enterprises to maintain its simple reproduction process，I can only apply for a loan from the bank，Turn of credit mechanisms between enterprises becomes a blocking point for the dual -loop。For this，July 2020，The State Council specifically introduced the "Payment of Payment Payment of SMEs"，Payment to ensure the money of small, medium and micro enterprises。Its two，For companies holding a lot of regular deposits，Its short -term capital demand is also mostly completed through the vertical financial system。Due to the characteristics of non -use deposits with regular deposits，When these daily operations with regular deposit companies require short -term funds，Bet365 lotto review Most of them use regular deposits as mortgages，So as to apply for temporary short -term loans from financial institutions such as commercial banks，and the latter is often willing to issue short -term loans to such enterprises。From this，The bank system of the banking system has further expanded the amount of funds for large enterprises，The scale of credit funds of small and medium -sized enterprises is further compressed。Under the condition of high asset -liability ratio，These funds are composed of deposit funds absorbed by financial institutions such as commercial banks，But the increase in regular deposits means that the scale of debt formed by the banking system from deposits is further increased。Under the circumstance where the commercial credit mechanism is underdeveloped，Some self -cycles that should have rely on commercial credit to realize commercial transactions between entity enterprises and financial links，Converted into a bank credit mechanism solution，Not only does it encourage the expansion of bank credit，and may cause huge non -performing assets。

　Activate the commercial credit mechanism

"Fourteenth Five -Year Plan" period of unblocked dual -cycle new development pattern，The financial system that must be staggered and continuously circulated。Current，The development of my country's vertical financial system is relatively sufficient，But the commercial credit mechanism in the horizontal financial system is underdeveloped and has become a prominent shortcoming to restrict China's high -quality development of China。The focus of deepening financial supply -side structural reform should be based on activating the commercial credit mechanism，Develop a horizontal financial system。From this，Need to do the following six aspects。

Change concept，Change concept。For a long time，银行业的持续发展为国民经济循环中的资金融通发挥了重要作用，But some inherent concepts have been formed in the vertical financial system。For example，"Financial activities are the exclusive rights of financial institutions"bet365 Play online games ，It seems that all financial activities need to be intervened by financial institutions。But in fact，The horizontal financial activities between enterprises generally do not require the intervention of professional financial institutions，It is mainly based on the commercial trading activities between real economic enterprises。So，The concepts of "financial mechanism internal business transactions between physical enterprises" and "physical enterprises are the vital army of financial activities" and other concepts，Place financial activities in the national economic circulation system。

Second，Improve the rule of law。First is to clean up laws and regulations related to commercial credit，Abolishment of administrative system related to the prohibition of commercial credit activities，Clear obstacles to promote the development of commercial credit。Second is to straighten the relevant laws and regulations of commercial credit，Further define and clear the connotation of commercial credit at the legal system、Form、Tools and operations。Third is to formulate and improve the "Business Bill Law" and "Litzing Roll、Warehouse Warehouse Law "and other related regulatory systems，escort for the development of the commercial credit mechanism，Regulate commercial credit activities from the legal level。

third，Take the activation of commercial acceptance bills as a breakthrough，Promoting commercial credit development。Commercial Credit Endogly in the Industrial Chain Supply Chain Activity，The pilot of the cycle of the industrial chain supply chain should be carried out。Large state -owned enterprises、Large private enterprises and large engineering projects are objects，The business acceptance bill is issued by them，Gradually develop and improve the commercial credit market。

Fourth，Trading market for establishing commercial acceptance bills，Use market mechanism to ensure the growth of commercial credit mechanisms。In the bill market transaction，If the issuer cannot pay the due bill as scheduled，You can consider incorporating bet365 live casino games it in breach of contract，and link with corporate credit。Under the market mechanism，Support and restrict business acceptance bill issuers to pay for business acceptance bills as scheduled。Under the condition of ensuring that the issuer pays as scheduled，The function of commercial acceptance bills can be fully played。

Fifth，Improve the financial statistics system。Commercial credit activities have a variety of financial tools，They all belong to financial tools with debt and debt to varying degrees。In view of the borrowing between commercial acceptance bills and physical enterprises、The boundaries of corporate bonds (especially short -term corporate bonds) are easily breakthrough，So，Business acceptance bills Once expanded，Other commercial credit tools will also enter the market。With the continuous development of commercial credit activities，It is necessary to continuously improve the financial statistics system to record the operating status in detail，Satisfy the financial market participants (including investors)、Regulatory authorities、Research Institutions、News media and other needs。For example，Add "Uncontinental Commercial Acceptance Trade Currency" indicator in the "Social financing scale" statistics。

Sixth，Strengthen financial supervision，Preventing systemic financial risks。With financial activities, there must be financial risks accompanied by it，So，The operation and development of the commercial credit mechanism will inevitably exist in various risks。Market entities that are launched by commercial credit activities belong to enterprises rather than financial institutions，Objectively requires the focus of financial supervision from institutional supervision to the main transformation of behavior supervision (or functional supervision)，Realize the full coverage of financial activities。Not only that，Commercial bills such as commercial acceptance bills have the characteristics of financial assets，It also has the characteristics of currency (that is, commercial currency)，So，It also needs to be included in the category of monetary Bet365 app download policy regulation，Preventing systemic financial risks that may cause the business credit cycle mechanism through the reverse cycle adjustment mechanism。

　(This article is the National Natural Science Foundation Emergency Management Project "Financial Market Risk Prevention and Resolving Research -Improving Monetary Policy Transmission Mechanism Prevention of Liquid Risks" (71850009) phase results)

(Author Unit: School of Finance and Finance, Renmin University of China、China Finance and Financial Policy Research Center)