Effectively ensuring high-quality development is the focus of China’s economic work during the “14th Five-Year Plan” period。The current situation at home and abroad is more complex and changeable，To cope with the challenge of uncertainty，The Party Central Committee promptly pointed out that it is necessary to build a new development pattern focusing on smoothing the national economic cycle。The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China clearly stated，Accelerate the formation of a domestic circulation as the main body、A new development pattern in which domestic and international dual cycles promote each other。These conclusions point out the direction for China’s bet365 withdrawal reform and development during the “14th Five-Year Plan” period，That is to build a crisscross and continuous circulation bet365 withdrawal system that is compatible with the new dual-circulation development pattern of the economy (especially the development of the real economic sector)，Promote the return of finance to its roots。

　Developing a horizontal bet365 withdrawal system

Both theoretical logic and historical logic prove，In the industrial cycle of the real economy sector，The bet365 withdrawal system actually consists of two parts, vertical and horizontal。Horizontal bet365 withdrawal system，Endogenous in the real economy，It is a bet365 withdrawal system in which entities provide financing and lending to each other，It is based on commercial credit，Has the characteristics of direct finance。Vertical bet365 withdrawal system，Built on the basis of bank credit，It is a bet365 withdrawal system in which the banking system provides funds and loans to real enterprises，Exogenous、Indirectness and other characteristics。National economic cycle theory shows that，Material flow required for the operation and development of the real economic sector、Talent flow、Technical flow，And the information flow is a criss-crossing three-dimensional dynamic circulation system，Therefore，The capital flow and bet365 withdrawal operation of the real economy should also be composed of two parts: the vertical system and the horizontal system，And continue to expand。This also means，Both the vertical bet365 withdrawal system and the horizontal bet365 withdrawal system are indispensable，Under the current underdeveloped horizontal bet365 withdrawal system，Only by improving the vertical bet365 withdrawal system between banks and enterprises，It is not conducive to building a new development pattern that focuses on smoothing the national economic cycle。

Over 70 years since the founding of New China，We have established a relatively complete vertical bet365 withdrawal system based on bank credit，However, the imperfection of the commercial credit system also makes the horizontal bet365 withdrawal system seriously deficient。As early as the founding of New China，December 1950，"Currency Management Measures" issued by the bet365 withdrawal and Economic Committee of the Government Affairs Council，Clearly stated that “credit between entities is prohibited、Fund lending and other commercial credit activities”，Commercial credit activities are excluded from the bet365 withdrawal system。Although the Negotiable Instruments Law promulgated in 1995 established the legality of commercial acceptance bills，But for more than 20 years，There is still no substantial breakthrough in the development of commercial credit in our country。Data display，End of November 2020，The loan balance of my country’s commercial banks and other bet365 withdrawal institutions is 171.49 trillion yuan，The balance of undiscounted bank acceptance bills in the social financing stock is only 3.73 trillion yuan，Compare with this，The scale of commercial acceptance bill is too small。This distribution pattern shows，The underdeveloped horizontal bet365 withdrawal system has become the real shortcoming of our country’s bet365 withdrawal system。

In the context of suppressed commercial credit，Entity inter-business financing no longer functions in a regulated manner，Adversely affects the operation and development of the bet365 withdrawal system。Data display，The current deposit balance of my country’s non-bet365 withdrawal enterprises increased from 24 in 2019.25 trillion yuan reduced to 23 in September 2020.82 trillion yuan，And time deposit increased by 5.83 trillion yuan。Approximately 63% of the deposits of non-bet365 withdrawal businesses.31% is held in bank accounts in the form of time deposits，This is in sharp contrast to the difficulty in financing for real enterprises (especially small, medium and micro enterprises)。

These data reflect two problems in the practice of economic and social development。One，Within the entity enterprise，Imbalance in fund distribution，The main performance is that time deposits mainly come from large and medium-sized enterprises。Large Enterprise、Untimely payment of engineering projects to small, medium and micro enterprises may be an important reason，The payment arrears of large and medium-sized enterprises has become an important factor causing the shortage of funds for small, medium and micro enterprises。These arrears are assets items，If you cannot enter the simple reproduction process of small, medium and micro enterprises in time，In order for small, medium and micro enterprises to maintain their simple reproduction process，You can only apply for a loan from a bank，The distortion of the credit mechanism between enterprises has become a blocking point in the double economic cycle。For this，July 2020，The State Council has specially issued the "Regulations on Guaranteeing the Payment of Small and Medium-Sized Enterprises"，To protect the payment of funds for small, medium and micro enterprises。Part 2，For companies holding large amounts of time deposits，Most of its short-term funding needs are met through the vertical bet365 withdrawal system。Due to the characteristic that time deposits cannot be used directly，When these enterprises with fixed deposits need short-term funds for daily operations，Mostly use time deposits as collateral，To apply for temporary short-term loans from commercial banks and other bet365 withdrawal institutions，And the latter are often willing to grant short-term loans to such enterprises。From this，The banking system further expands the amount of funds invested in large enterprises，The scale of credit funds for small, medium and micro enterprises has been further compressed。Under the condition of high asset-liability ratio，From the source, these funds are composed of deposit funds absorbed by commercial banks and other bet365 withdrawal institutions，But the increase in time deposits means that the scale of debt formed by deposits in the banking system further increases。When the commercial credit mechanism is underdeveloped，Some businesses should have relied on commercial credit to realize the self-circulation of commodity transactions and financing between entities，Converted to be solved by bank credit mechanism，Not only contributes to the expansion of bank credit，And it may lead to huge amounts of non-performing assets。

　Activate bet365 withdrawal mechanism

Smooth dual-circulation new development pattern during the "14th Five-Year Plan" period，We must build a crisscross and continuous circulation bet365 withdrawal system that is compatible with the development of the real economic sector。current，my country’s vertical bet365 withdrawal system is relatively fully developed，However, the underdeveloped commercial credit mechanism in the horizontal bet365 withdrawal system has become a prominent shortcoming restricting the high-quality development of China’s finance。The focus of deepening the bet365 withdrawal supply-side structural reform should be based on activating the commercial credit mechanism，Develop a horizontal bet365 withdrawal system。From this，The following six aspects need to be done。

First，Change ideas。Long time，The sustainable development of the banking industry has played an important role in financing financing in the national economic cycle，But some inherent concepts have also been formed in the vertical bet365 withdrawal system。For example，“bet365 withdrawal activities are the exclusive right of bet365 withdrawal institutions”，It seems that all bet365 withdrawal activities require the involvement of bet365 withdrawal institutions。But in fact，Horizontal bet365 withdrawal activities between enterprises generally do not require the intervention of professional bet365 withdrawal institutions，It is mainly based on commercial transaction activities between real economy enterprises。Therefore，Concepts such as “bet365 withdrawal mechanisms are endogenous to commercial transaction activities between entity enterprises” and “entity enterprises are the new force in bet365 withdrawal activities” should be established，Place bet365 withdrawal activities in the national economic cycle system。

Second，Improving the rule of law。First, clean up the laws and regulations related to bet365 withdrawal，Abolish the administrative system related to prohibition of bet365 withdrawal activities，Clear obstacles to promote the development of bet365 withdrawal。The second is to rationalize the laws and regulations related to bet365 withdrawal，Further define and clarify the connotation of bet365 withdrawal from the legal system level、Form、Tools and Operations。The third is to formulate and improve the "Commercial Instrument Law" and "Bill of Lading、Warehouse Receipt Law" and other related regulatory systems，Guard the development of bet365 withdrawal mechanism，Regulating bet365 withdrawal activities from a legal perspective。

Third，Using the activation of commercial acceptance bills as a breakthrough，Promote the development of bet365 withdrawal。Business credit is endogenous in industrial chain and supply chain activities，The pilot should be launched based on the circulation of the industrial chain and supply chain。With large state-owned enterprises、Targeted at large private enterprises and large engineering projects，They issue commercial acceptance bills，Gradually develop and improve the bet365 withdrawal market。

　Fourth，Establish a trading market for commercial acceptance bills，Use market mechanisms to ensure the growth of bet365 withdrawal mechanisms。In bill market transactions，If the drawer cannot pay the due bill as scheduled，We can consider including it as a breach of contract，And linked to corporate credit。Under the market mechanism，Support and restrict commercial acceptance bill drawers to pay due commercial acceptance bills as scheduled。Under the condition of ensuring that the drawer pays as scheduled，The functions of commercial acceptance bills can be fully utilized。

　Fifth，Improving the bet365 withdrawal statistics system。Commercial credit activities have a variety of bet365 withdrawal instruments，They are all bet365 withdrawal instruments in the nature of claims and debts to varying degrees。In view of commercial acceptance bills and loans between entities、The boundaries of corporate bonds (especially short-term corporate bonds) can easily be breached，So，Commercial acceptance bill once expanded，Other commercial credit instruments will also enter the market。With the continuous development of commercial credit activities，The bet365 withdrawal statistics system needs to be continuously improved to record its operation in detail，Meet bet365 withdrawal market participants (including investors)、Regulatory authority、Research institution、The needs of news media and other aspects。For example，Add the "Unaccepted Commercial Acceptance Bill" indicator to the "Social Financing Scale" statistics。

　Sixth，Strengthen bet365 withdrawal supervision，Prevent systemic bet365 withdrawal risks。With bet365 withdrawal activities, there are bound to be associated bet365 withdrawal risks，Therefore，There are inevitably various risks in the operation and development of the commercial credit mechanism。Because the market entities that carry out commercial credit activities are enterprises rather than bet365 withdrawal institutions，Objectively, it requires the focus of bet365 withdrawal supervision to shift from institutional supervision to behavioral supervision (or functional supervision)，Achieve full coverage of bet365 withdrawal activities。Not only that，Because commercial acceptance bills and other commercial bills have the characteristics of bet365 withdrawal assets，It also has the characteristics of currency (i.e. commercial currency)，Therefore，These commercial bills also need to be included in the scope of monetary policy control，Prevent systemic bet365 withdrawal risks that may be caused by the procyclical mechanism of commercial credit through the countercyclical adjustment mechanism。

　(This article is a phased result of the National Natural Science Foundation of China Emergency Management Project "Research on Preventing and Resolving bet365 withdrawal Market Risks - Improving the Monetary Policy Transmission Mechanism to Prevent Liquidity Risks" (71850009)

(Author’s unit: School of Finance, Renmin University of China、China Fiscal and bet365 withdrawal Policy Research Center)