新时代背景下中国金融体系与国家治理体系现代化

Modernization of China's Financial System and Governance System in the New Era

在新时代背景下,为了适应高质量发展、更好地服务实体经济的需求,金融体系要从关注"规模"转向关注"质量",金融功能要由传统的"动员储蓄、便利交易、资源配置"拓展为"公司治理、信息揭示、风险管理"。金融治理要与国家治理体系的其他治理更加密切地融合,更好地发挥金融治理在国家治理体系和治理能力现代化中的作用,这包括财政与金融的关系、去杠杆与完善公司治理的关系、金融风险防范与治理机制完善的关系、人口老龄化、养老金可持续与资本市场的关系。要依据金融市场发展一般规律建设我国现代金融体系,明确中央银行与金融监管不可分离,建立激励相容的监管体系。建设现代金融体系要以建设现代金融市场体系为纲,重点是破解市场分割和定价机制扭曲。

Summary： The report delivered at the 19th National Congress of the Communist Party of China pointed out, that ＂socialism with Chinese characteristics has entered a new era＂ and that ＂the principal contradiction facing Chinese society has evolved＂. ＂What we now face is the contradiction between unbalanced and inadequate development and the people＇s ever-growing needs for a better life. ＂ ＂China＇s economy has been transitioning from a phase of rapid growth to a stage of high-quality development＂. To better serve the real economy, the financial system must adapt to high-quality developments and shift from focusing on ＂scale＂ to ＂quality＂. Financial functions should extend from the traditional ＂mobilizing savings, facilitating transactions, allocating resource＂ to ＂corporate governance, information disclosure, and risk management＂. Committed to a new vision for development, the financial system should shore up its weaknesses in supporting the vision of innovative coordinated, green and open development that is for everyone. Special attention should be paid to the flow of funds and capital allocation, while monetary policy should remain prudent and neutral and the monetary policy framework should shift from quantitative regulation to price regulation. In an environment of economic and financial globalization, it should be recognized that international competition is essentially competition between institutions. To better serve the real economy, it is necessary to support economic transformation and upgrading, and to enhance TFP and competitiveness. Financial governance should play a greater role in the modernization of China＇s system and capacity for governance. The following relationships require proper handling. In the relationship between the government and markets, markets play the decisive role in resource allocation, while the government helps markets play their role better. To accomplish that goal, regulators need to properly tackle issues including high leverage ratios, zombie enterprises, and the growing wealth gap. In the relationship between fiscal and financial areas, the boundary of duty should be clarified and cooperation should be encouraged. In the relationship between deleveraging and improving corporate governance, better corporate governance is the fundamental solution for the excessive leverage of the non-financial corporate sector. To improve financial risk prevention and financial governance, we should not only focus on risks themselves, such as the debt levels of local governments and households, but also endeavor to improve the underlying institutions and mechanisms, such as reforming the relationship between the central government and local governments, and reforming the real estate market. With an aging population, the sustainability of pension funds and capital markets is important. To deal with the challenges of population aging, pension systems should be reformed and capital markets must provide suitable investment channels for pension saving. Given the general laws of financial market development, one can draw lessons from international experiences when establishing a modern financial system, taking advantage of being a late mover. We should correctly recognize the irreversible trend of comprehensive management in the financial sector and efforts should be made to adapt financial supervision for comprehensive management, rather than moving back to separating operations through severe regulation. Due to its vital role in maintaining financial stability, the central bank is inseparable from financial supervision. The financial supervision system should be incentive compatible, with clearly defined regulation objectives, reciprocity of power and responsibility, reasonable task assignment, and accountability mechanisms. The construction of a modern financial market system should be given priority, as it will lead to beneficial financial reforms in other areas. There are market segmentation and pricing mechanism distortions in financial markets. These should be addressed in future reforms. The key to a modern financial system is to build a modern financial market system. China＇s financial market is solving past issues of market segmentation and price distortion through regulation system reform, continuous opening up, and new regulatory policies for the asset management industry. In these circumstances, financial regulation and monetary policy should be prepared for the changing market structure.