Pan Gongsheng: A moderation in the growth rate of aggregate finance is conducive to keeping the macro leverage ratio basically stable.

On September 16, Qiushi published a signed article by Pan Gongsheng, Governor of the People's Bank of China, titled "Deeply Understanding the Changes in China's Financial Structure and Enhancing the Adaptability of Financial Services to the Real Economy." It pointed out that the slowdown in the growth rate of total financial aggregates is conducive to maintaining the basic stability of the macro leverage ratio. In recent years, China's macro leverage ratio has risen relatively quickly. On the one hand, macroeconomic policies have strengthened countercyclical adjustment to promote stable economic growth, and the growth of total financial aggregates and debt are two sides of the same coin, pushing up the scale of debt; on the other hand, prices have remained at a low level, dragging down nominal economic growth. The financing market has shifted from supply constraints to demand constraints, effective financing demand can be fully met, and social financing conditions remain relatively loose. In this regard, it is necessary to balance the relationship between the short term and the long term, avoid the growth of total financial aggregates exceeding the needs of the real economy, causing funds to circulate idly and accumulate, further pushing up the macro leverage ratio, making it difficult to clear out outdated production capacity and inefficient enterprises, and affecting economic efficiency.