China's financial assets are mainly divided into cash in circulation, deposits from financial institutions, loans from financial institutions and securities (bonds, stocks, etc.). ). Table 1 lists the distribution of major financial assets in China (see tables 1978, 1986, 199 1, 1995).

Since the reform and opening up, China's financial assets have developed from single bank assets to marketization and diversification. 198 1- 1995, a total of 479.439 billion yuan of government bonds, 365.438+0398 billion yuan of state investment bonds and investment company bonds, financial institution bonds 1 18297 billion yuan, and corporate bonds/. The appearance of these financial instruments laid a foundation for the further development of China's money market and capital market. However, most of China's financial assets are still deposits and loans from banks and financial institutions. The ratio of deposits and loans of banks and financial institutions to total financial assets is 93% in 1978, 87% in 1986, 84% in199/kloc-0 and 83% in 1995. Although the proportion has been declining since the reform and opening up, it has been slowly declining since the 1990s, which shows that the development of China's money market and capital market is not satisfactory. The proportion of total financial assets in China's gross national product rose from 94% in 1978 to 22 1% in 1995, reflecting the process of financial deepening (monetization) in the economic system reform. In the 1980s, this proportion rose rapidly, but in the 1990s, the rate of increase slowed down.

The main body of savings in China has also changed in the reform, from the former government and state-owned enterprises to the present people. According to the world bank experts' estimation, before the reform, China's government accumulation accounted for more than 70% of the total accumulation. 1978 domestic savings accounted for 35.5% of the gross national product, of which residents' savings accounted for 1.2%, government savings accounted for 15.4%, and enterprise savings accounted for 18.9%. In other words, 96.7% of the total social savings of 1978 come from the government and state-owned enterprises. At the end of 1978, the savings balance of Chinese residents was only 2 106 billion yuan, accounting for 5.9% of the gross national product and 16.2% of the total social deposits in that year.

Before the reform, the state was the main body of savings and investment, so there was no need for financial intermediaries. Investment in state-owned fixed assets mainly comes from financial allocation, and bank loans are mainly used as working capital. Bank loans also mainly come from the deposits of the government and state-owned enterprises and institutions. 1978, the sum of corporate deposits and financial deposits was10899.9 billion yuan, accounting for 83.8% of the total bank deposits.

At the end of 1995, the balance of deposits in financial institutions in China was 5.4 trillion yuan, of which residents' savings were nearly 3 trillion yuan. Depositors and investors are separated. The biggest savers are ordinary people, and the biggest investors are the state. The intermediary role of banks and financial institutions has become very important. Through the control of banks and financial institutions, the state invests in the construction of state-owned enterprises with the money of ordinary people. Therefore, the real owners of state-owned enterprises can be said to be ordinary people who deposit in national banks.

Macro-financial asset structure is inevitably reflected in the asset-liability structure of enterprises. Loans from banks and financial institutions are the main source of funds for enterprises in China. It is difficult for enterprises to obtain funds by issuing bonds, stocks and other direct financing methods. From 1986 to 1995, * * * issued corporate bonds1738.3 billion yuan. 1At the end of 1995, the stock market value (A shares) was about 450 billion, of which only 1/3 was listed and circulated. Most of the state-owned shares are converted from past investments and land values, and the actual cash investment is not much. The issuance of legal person shares and individual shares can enable enterprises to raise cash, but too few enterprises can be allowed to issue shares. In this way, the funds that enterprises can raise by issuing stocks are very limited, and most enterprises can only rely on bank loans.

In addition to the main financial assets, there are other financial assets, such as private lending, private fund-raising and joint-stock cooperative shares. These financial assets all have the ownership, participation and disposal rights in a certain sense, and get benefits from them. However, at present, private lending and private fund-raising need to be further standardized.

The structure of China's financial assets can be summarized as follows: the main body of savings has changed from the government to the people in the reform and opening up; The proportion of national government revenue in the gross national product has decreased year by year, from 3 1% in 1978 to10.8% in 1995; Since 1985, the state's investment in state-owned enterprises has changed from appropriation to loan, and the capital market channels for direct financing are narrow; Other real estate markets have just started. This makes people put most of their savings in banks, and banks lend most of their funds to state-owned enterprises, which has become the main source of long-term investment (fixed capital) and liquidity of state-owned enterprises, leading to the rising asset-liability ratio of state-owned enterprises.