金融服务一体化和中国金融业的综合经营

Financial Service Integration and Comprehensive Operation of China's Financial Industry

狭义的金融服务一体化主要是指综合经营,广义的金融服务一体化不仅指综合经营,还包括金融机构间的契约联结形式:销售协议、战略联盟和合资企业。在世界范围内出现金融服务一体化浪潮的同时,也没有掩盖金融服务业的专业化发展趋势。金融服务一体化可能导致的利益冲突问题,突显防火墙制度与市场声誉机制的重要,基于此,构建高效能的政府监管能力和培育成熟的市场就显得十分关键。中国金融业在分业与混业之间,政策一度摇摆不定,现在终于明确综合经营的发展趋向,这符合世界金融业的发展潮流,必须肯定;不过由此产生的利益冲突问题,又需要我国在推进综合经营时必须谨慎对待。

While financial service integration in a narrow sense refers to comprehensive operation, financial service integration in a broad sense denotes not only comprehensive operation but also contractual coalition forms amongst financial institutions such as sales agreement, strategic alliance and joint ventures. Amid such a wave of financial service integration across the world, specialized financial service is emerging. Since financial service integration may lead to interest conflict, the importance of firewall system and market reputation mechanism cannot be overstressed. Therefore, it is very crucial to enhance the supervisory capability of the government and cultivate a matured market. China used to be very hesitant regarding her policy on divided operation and mixed operation in financial sector. Now, she has finally set the direction of comprehensive operation. Such a world-aligning move should be confirmed. But care should be taken in handling the ensuing interest conflict when comprehensive operation is carried out.