金融支持机制转换与金融发展的“中国模式”

How to Evaluate the Chinese Pattern of Financial Development?

本文着眼于改革以来中国金融支持机制转换的角度,认为中国的金融发展正处在由基于国有金融体系的政府支持逻辑向金融资源配置的市场逻辑转换的重要时期,有效的金融发展模式远未定型,因此,不能盲目地追捧"中国模式"。更为重要的是,中国金融发展模式的形成绝非人为"自上而下"设计和打造的结果,而是金融改革与发展过程一系列制度变革与政策调整绩效的结晶。一种稳定而有效的金融发展模式一定能够最大限度地凝结各个利益主体的共同偏好,由此也决定了模式形成过程的渐进性与长期性。

From the perspective of the transformation of financial support mechanism in China,the paper holds the i- dea that our development is now at the critical moment of changing from government supporting (backed by the state-owned financial system) to market-oriented in terms of financial resources allocation.An effi- cient Chinese pattern is far from settled.More importantly,a successful pattern can never be the result of any deliberate design and creation from top to bottom.It can only be the result of a series of institutional reforms as well as policy adjustments and readjustments.A well-working financial development pattern should be able to get interests of different economic entities incorporated,thus determining its characteris- tic of being gradual and time-consuming.