Qiushi commentator: How to understand China's financial sector being "big but not strong"?

The article points out that, first, there is "scale" but lacking in "efficiency." China's banking size, stock and bond market scale, and foreign exchange reserves are among the world's best, but the scale advantage has not yet been fully transformed into efficiency to support high-quality development. Second, there is "network" but lacking in "hubs." We have built a leading financial infrastructure and a widely covered domestic financial network, but its hub function in allocating global capital, controlling key pricing, and radiating international markets is still insufficient, especially the level of RMB internationalization and the global competitiveness of major financial centers urgently need to be improved. Third, there is "practice" but lacking in "definition." We have accumulated effective "Chinese practices" in maintaining financial stability, developing inclusive finance, and exploring green and digital finance, but the ability to elevate them to international standards, transform them into institutional discourse power, and shape them into global narratives is still weak. The road ahead is challenging for achieving the transition from a contributor to rules definer.