From the perspective of the current financial system, there is a serious structural imbalance in the allocation of financial resources to the real economy. It’s of great difficulty to take middle and small-sized companies into consideration in the system design of two roads of direct financing and indirect financing.In recent years, the exploration of a series of financial reforms, such as inclusive finance, small loans, P2P and the new third board, gives us enlightenment that the system design of finance serving the real economy should achieve endogenous incentives for all the market entities, otherwise, it is difficult to achieve good results if we only rely on the index assessment of financial institutions. Therefore, the focus of finance serving the real economy should not only improve the financing accessibility of medium and small-sized enterprises, but also realize the risk compensation for financial institutions. And at the same time, we should strive to reduce the costs of medium and small-sized enterprises.Therefore, the following suggestions are proposed.1. We should firmly oppose the credit abuse of state-owned enterprises in the field of financing.2. Formal and informal financial institutions should form an ecosystem to serve medium and small-sized enterprises.3. We should accelerate the construction of credit infrastructure for individuals and enterprises.4. We should invigorate the new third board market and promote equity financing of medium and small-sized enterprises.
