Compared with developed countries, what are the problems in the development of China's financial market and how to improve it? After-school problems of money and banks

Although China's financial market has achieved rapid development, compared with mature foreign financial markets, there are still many places to be improved. Mainly manifested in: (1) financial structure imbalance. Although China's financial institutions show a trend of continuous optimization, the existing structural state still cannot meet the inherent requirements of the development of market economy and the needs of economic globalization, and even seriously restricts the improvement of financial efficiency and international competitiveness. (2) Lack of financial innovation. Compared with developed countries, China's financial innovation is still very backward, and there is a situation that financial innovation relies too much on the government, and in the limited financial innovation, the progress in various fields is uneven. All these have reduced the efficiency of financial resources and weakened the innovation competitiveness of financial institutions in China. (3) There are outstanding problems in financial supervision. Internally, financial institutions are facing the same dilemma as state-owned enterprises, that is, how to really solve the problem of incentive and restraint mechanism; From the perspective of external supervision, first, the construction of financial laws and regulations lags behind. After years of revision, the existing financial supervision laws in China are more systematic and perfect. However, due to China's weak overall legal foundation, lack of financial supervision experience, limited legal coverage and serious legal limitations, especially some temporary management conditions and implementation methods, which lack consistency, continuity and authority, it is extremely unfavorable to the development of financial markets. (4) Money market and capital market are blocked and artificially isolated, which forces funds to communicate in disguised form, hinders the linkage effect of money market and capital market, hinders the transmission of monetary policy, weakens the effectiveness of monetary policy, and enables the development of money market to effectively promote the development of capital market. In addition, the separate operation and supervision of banking institutions and non-bank financial institutions have caused some regulatory vacuum in the financial market.

How to improve: (1) Accelerate the development of the money market.

First of all, we should re-recognize the position and role of the money market.

Secondly, further improve and perfect the interbank lending market. First, standardize and improve the trading network system of interbank lending market; Second, give full play to the financing function of the interbank lending market, draw lessons from foreign advanced experience on the premise of effectively utilizing the tangible lending market, and steadily develop China's intangible lending market to improve the financing capacity of China's interbank lending market; Third, standardize the behavior of the lending market, standardize the market operation by formulating relevant trading rules and regulatory measures, and strictly manage and monitor the market to make the lending market operate normally and benign; Fourth, increase the proportion of mortgage loans and change the current situation that credit loans are the main means in China's lending market, so as to achieve the purpose of preventing and dispersing risks; Fifth, strengthen the control of the central bank.

Third, vigorously develop the commercial paper market.

(B) to accelerate the development of the capital market

First of all, adjust the policy of non-state-owned economy and small and medium-sized enterprises to enter the capital market and appropriately expand their investment needs; Secondly, further improve the national debt market; Third, appropriately expand the scale of corporate bond issuance; Fourth, gradually make the social security fund enter the capital market; Fifth, focus on developing the property rights trading market; Sixth, improve the organizational structure system of the capital market; Seventh, develop institutional investors.