金融发展模式，没有最优，只有最适配

中国社会科学院金融研究所发布了《中国金融学大纲》，由张晓晶等学者领衔主编，旨在建立中国金融学的自主知识体系。1张晓晶在专访中强调，金融体系和金融发展模式"没有所谓的最优，只有最适配"，主张中国金融体系应与自身发展阶段相适应。1他指出，"金融始终是推动国家现代化转型、重塑国际竞争优势的核心引擎"，因此金融应服务于实体经济和国家现代化建设。1

张晓晶批评西方主流金融学将西方"最佳实践"当作普遍标准，这导致对中国金融体系的误解。1这一新著突破了西方中心化的金融理论叙事，为中国金融体系的独特性提供了理论支撑。中国的直接融资与间接融资结构正在发生变化——2025年直接融资增量首度超过间接融资，这一反超趋势在2026年前八个月得以延续。1然而，贷款这种间接融资形式仍占社会融资总量的三分之二。1

中国金融体系在全球金融格局中的地位不断提升。1中国开发银行资产超过所有多边开发银行之和，其不良率甚至低于商业银行。1在绿色金融领域，中国绿色信贷存量规模已位居全球第一，绿色债券市场也跃居全球首位。1

The Chinese Academy of Social Sciences' Institute of Finance has unveiled the Outline of Chinese Financial Studies, edited by Zhang Xiaojing and others, marking an effort to establish an independent knowledge system for Chinese finance rooted in local context rather than Western frameworks 1. In an interview, Zhang Xiaojing articulated the principle that financial systems and development models possess "no optimum, only best fit," emphasizing that China's financial architecture aligns with its developmental stage and challenging the Western-centric narrative that has long dominated financial theory 1.

Zhang stressed that "finance has consistently served as the core engine driving national modernization transformation and reshaping international competitive advantage" 1. He noted that mainstream Western financial scholarship presents its own "best practices" as universal standards, a perspective that has generated widespread misunderstandings about China's financial system 1. The new outline represents a departure from this approach, positioning finance as fundamentally subordinate to serving the real economy and advancing the nation's modernization agenda.

China's financial structure reflects this adaptation principle through its evolving composition. In 2025, direct financing surpassed indirect financing in incremental terms for the first time, with this reversal continuing through the first eight months of 2026, though indirect financing through bank loans still comprises approximately two-thirds of total social financing 1. China's Development Bank exemplifies the effectiveness of this model, with total assets exceeding those of all multilateral development banks combined and a non-performing loan ratio that falls below that of commercial banks 1. Additionally, China now leads globally in green credit stock and has secured the top position in the green bond market 1.