First of all, since bank interest rates have not yet been market-oriented, while savings diversion is accelerating and banks are "disintermediated", they cannot use interest rates to attract residents' savings, which will sharply reduce the funding sources of each bank and weaken the its credit extension capabilities.

At present, the four major state-owned banks are exploring the potential of existing funds by increasing their efforts in recovering and re-lending. Small and medium-sized banks have limited existing capital potential and a sharp reduction in capital sources, resulting in an imbalance between capital sources and utilization, which has created very strong operating and payment pressures. If their trend of less savings and more loans continues, it will inevitably increase the pressure on the central bank to issue base money and create hidden dangers of inflation.

Secondly, in the economic startup stage, the "disintermediation" of banks and the shrinking of credit will affect the central bank's monetary and credit policies and the credit granting behavior of commercial banks, making the central bank's countercyclical monetary policy operations more difficult. The effectiveness is greatly reduced, making it more difficult to start the economy.

Since 1996, the central bank has cut interest rates seven times in a row, and bank interest spreads have further widened in an attempt to expand household consumption and bank credit. The results have been unsatisfactory. Bank "disintermediation" and capital diversion are very important. reason.

Thirdly, the "disintermediation" of banks has increased the risks of the stock market. Standardizing the operation of the stock market and promoting the marketization of China's securities market have become one of the focus issues of financial development.

After the 1990s, with the gradual development of financial marketization, the types of social financial assets have increased day by day. The emergence of financial assets such as treasury bonds, state investment bonds, investment corporate bonds, financial institution and corporate bonds, stocks, and certificates of deposit has laid the foundation for the further development of China's money market and capital market. Standardizing the operation of the stock market and preventing large amounts of credit funds from entering the market has become an important issue in current macroeconomic policies.