境内外外债宏观审慎管理比较研究

Comparative Study on Macro-prudential Management of Foreign Debt at Home and Abroad

我国境内外债宏观审慎管理包括跨境资金池和全口径跨境融资两种宏观审慎管理模式。境内外债宏观审慎管理在居民原则外债、中央银行主导管理、政府主权外债不适用宏观审慎管理等方面与境外一致。与境外不同之处在于境内债务人仅限于机构,且不包括地方政府融资平台和房地产企业,未向个人开放。境内外债宏观审慎管理面临的主要问题包括外债政策过时不协调,外债管理部门间职责重叠和冲突,外债宏观审慎政策不完善,基于居民原则的外债统计制度影响监管的全面性。当前,需清理整合外债政策法规,界定各部门管理边界,完善外债宏观审慎管理政策,探索构建国民原则外债统计制度,加快资本项目开放进程,渐进推动个人和家庭部门外债开放,实现与国际接轨。

The macro-prudential management of China’s domestic foreign debt includes two macro-prudential management modes:cross-border capital pool and full-caliber cross-border financing.The macro-prudential management of domestic foreign debt is consistent with that of overseas debt in the aspects of resident principle foreign debt,central bank leading management,government sovereign foreign debt not applying macro-prudential management,etc.The difference is that domestic debtors are limited to institutions,excluding local government financing platforms and real estate enterprises,and are not open to individuals.The main problems of macroprudential management of domestic foreign debt include outdated and uncoordinated foreign debt policies,overlapping responsibilities and conflicts among foreign debt management departments,imperfect foreign debt macroprudential policies,and the statistical system of foreign debt based on resident principle affecting the comprehensiveness of supervision.At present,it is necessary to clear and integrate foreign debt policies and regulations,define the management boundaries of various departments,improve the macro-prudential management policies of foreign debt,explore the construction of the national principle of foreign debt statistics system,accelerate the opening process of capital account,and gradually promote the opening of individual and family sectors to achieve international standards.