The Chinese economy is in transition, but China’s financial

system hasn’t turned around yet. This is why private enterprises are facing difficulty in financing recently.

Small- and medium-sized enterprises have been squeezed out of the formal financing market, pushing up interest rates on informal financing.

Interest rate liberalization is crucial for the financial system to support the private eco

nomy, which will increase interest rates on formal financing and lower rates on informal financing.

It is necessary to regulate the informal financial sector, but not eliminate it. Shadow b

anking and fintech sectors do pose certain risks, but they are the meaningful products of financial liberalization.

Wang Yiming, deputy director of the Development Research Center of the State Council

We are still a developing country, with capital stock and per capita stock much lower than

in developed countries. So there is nothing wrong with stabilizing investment, which should be not seen as a sin.

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