Pan Gongsheng: For some time to come, China's banking system will still account for a relatively large share.

On September 16, Qiushi published a signed article by Pan Gongsheng, Governor of the People's Bank of China, titled "Deeply Understanding the Transformation of China's Financial Structure and Enhancing the Adaptability of Financial Services to the Real Economy." The article points out that in measuring a country's financial competitiveness and the influence of its international financial center, the scale of traditional financial institutions is certainly an important indicator, but the level of development, reach, and diversity of business forms of financial markets are even more important. Against the backdrop of economic structural transformation, accelerating the development of financial markets is also an inevitable requirement for the transformation and high-quality development of the financial industry itself. Given differences among countries in historical paths, bank-enterprise relationships, and legal systems, there is no unified model for financial structure. For some time to come, China's banking system will still account for a relatively large share, but as the economic structure transforms, economic innovation becomes more active, and the complexity of economic activities rises, it is necessary to place greater emphasis on the coordinated development of direct and indirect financing, improve the structural system of financial institutions, financial markets, and financial products, and better leverage the functions of financial markets.