Prior to that, the growth peak of added value of financial industry appeared in 2014-2015. From the fourth quarter of 2014 to the fourth quarter of 2015, the year-on-year growth rate of added value of financial industry exceeded 14%. After the financial deleveraging was started in 2016, the growth rate dropped to single digit, and the lowest was 2.6% in the first quarter of 2018. The growth rate in the second quarter of this year reached 7.2%, and further increased to 7.9% in the third quarter.
According to the statistical accounting method, the quarterly added value of financial industry is mainly calculated based on relevant indicators. Specifically, the financial industry is divided into banking industry, securities industry and insurance industry in statistical accounting, and the quarterly added value of financial industry is calculated with the growth rate of RMB deposit and loan balance, the growth rate of stock transaction volume and the growth rate of premium income.
The stock trading volume increased sharply in the third quarter of this year, which has become an important reason for the growth of added value of financial industry to rise. Wind data show that the volume of trading of Shanghai and Shenzhen stock market in the third quarter of this year reached 54.2 trillion, up 78% compared with the same period last year.
In terms of proportion, the added value of the financial industry in the third quarter was 2.17 trillion, accounting for 8.15% of GDP in the same period. Compared with the first quarter (10.34%) and the second quarter (8.34%) of this year, this proportion is slightly lower, but it is still at a historical high.
In horizontal comparison, the added value of Chinas financial industry is also at a higher level in the world. Zhang Xiaojing, deputy director of the Economic Research Institute of the Chinese Academy of Social Sciences, explained that the reasons are as follows:
The reason why the added value of our financial industry is high is that we do not take risk and loss into account. At present, risk adjustment is also advocated internationally. The eurozone has done such a simulation, if adjusted for risk, financial returns will fall by 40%. He said.
Liu Qiao, Dean of Guanghua School of management at Peking University, believes that financial value-added is an indicator to measure the intermediate costs incurred by the financial industry in providing financial support. The higher the proportion of financial added value in GDP of a country, the higher the cost of financial intermediation.
In other words, there are a large number of intermediate links in the process of transforming the one yuan savings into one yuan investment in financial institutions. A large number of participants provide different services and charge fees, which eventually leads to the high value-added financial enterprises. This means that the cost of financial intermediation in China is too high. There is a very important problem behind this, that is, we overemphasize the scale of finance, and lack more attention to the structure and quality of finance. This has also led to a higher and higher proportion of the added value of the financial industry in GDP, but the real economy has not benefited from it in equal proportion. From the perspective of financial support to the real economy and the improvement of financial efficiency in resource allocation, Chinas financial system still has a long way to go. Liu qiaoru concluded. Source: Yang Bin, editor in charge of economic report in the 21st century_ NF4368
In other words, there are a large number of intermediate links in the process of transforming the one yuan savings into one yuan investment in financial institutions. A large number of participants provide different services and charge fees, which eventually leads to the high value-added financial enterprises. This means that the cost of financial intermediation in China is too high.