中国对外资产负债:金融发展的视角

China's Foreign Assets and Liabilities:Perspective from Financial Development

当前我国对外资产负债规模较小,过早出现对外净资产,且对外资产、负债分别集中在国家外汇储备和FDI,很大程度上是金融发展滞后的结果。其好处是短期内金融风险小,但长期来看不利于金融深化和经济的持续健康发展。简单地限制外商直接投资,放松民间外汇持有和对外投资的限制,难以显著改善对外资产负债结构。应从根本上加快金融体制改革,大力发展金融市场,夯实资本合理流动的制度基础。

China＇s international investment position （IIP） is characterized by a lesser financial integration compared with the rest of the world, a relatively large net foreign asset position, a dominance of FX reserve and FDI in foreign assets and foreign liabilities. These features, to a large extent, may reflect a lagged financial development in China. To speed up financial reform and financial markets development is the key to the improvement of China＇s IIP.