新发展格局下综合金融经营模式构建与能力提升路径

Construction of Comprehensive Finance Operation Models and Ways for Improving Industry Capacity Under New Development Pattern

综合金融是国内外金融业发展的主流趋势,也是我国提升金融服务实体经济质效、增强金融国际竞争力的必然要求。党的十九届五中全会作出了"加快构建以国内大循环为主体、国内国际双循环相互促进的新发展格局"的重大战略部署。本文对新发展格局背景下开展综合金融的理论逻辑进行阐释,对金控公司管理办法等综合金融相关监管政策要点进行梳理,结合我国金融业的实践,提出融资驱动、投资拉动、保险带动、支付赋能四种综合金融经营模式,以及协同组织设计、机制优化、数字转型、文化厚植四方面综合金融能力提升路径,最后从金融行业和金融机构两个角度对开展综合经营提出操作性策略建议。

Comprehensive finance is a mainstream development trend of financial industry at home and abroad.The growth of comprehensive finance is inevitable for China to enhance the quality and efficiency of financial services to boost the real economy and enhance the country’s financial competitiveness across the globe.At the fifth plenary session of the 19 th Central Committee of the Communist Party of China,the country’s top leadership proposed the establishment of a“dual circulation”development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement.This paper attempts to explain the theoretical logics of advancing comprehensive finance under the new development pattern and review related regulatory policies such as regulations for financial holding companies.Based on practices of China’s financial industry,the study puts forward four types of comprehensive financial operation models which are driven by financing,investment,insurance and payment.It also proposes four ways for strengthening comprehensive financial capacity including organization design improvement,mechanism optimization,digital transformation and culture integration.At last,the paper offers strategies for comprehensive financial operation from the perspectives of the financial industry and institutions.