[Pan Gongsheng: The growth rate of financial aggregates has slowed down, which is conducive to maintaining a basically stable macro-leverage ratio] On September 16, "Qiushi" published a signed article by Pan Gongsheng, governor of the Central Bank, entitled "In-depth understanding of the changes in China's financial structure and improving the adaptability of financial services to the real economy." It pointed out that the slowdown in the growth rate of total financial volume is conducive to maintaining the basic stability of the macro leverage ratio. In the past few years, China's macro leverage ratio has increased rapidly. On the one hand, macro policies have strengthened counter-cyclical adjustments to promote stable economic growth. The growth of financial aggregate and debt have pushed up the scale of debt. On the other hand, prices have remained low, dragging down nominal economic growth. The financing market has shifted from supply constraints to demand constraints, effective financing needs can be fully met, and social financing conditions are still relatively loose. In this regard, it is necessary to balance the relationship between short-term and long-term to prevent the growth of total financial volume from exceeding the needs of the real economy, causing idle funds and further increasing the macro leverage ratio, making it difficult to clear out backward production capacity and inefficient enterprises, and affecting economic efficiency.