近代以来沪港成为国际金融中心的启示

The Inspiration from Shanghai and Hongkong Becoming International Financial Centers since the Modern Era

近代以来沪港成为国际金融中心的历史经验告诉我们:要建设国际金融中心,为国际资本所需要的功能定位和金融自由化是必要的基础条件。后者包括资本进出的自由、设立各种金融机构和推出各种金融产品的自由、轻税、监管的宽松等,只有当金融营运的制度环境能与国际上现存金融中心的宽松条件相当时,国际资本才会产生兴趣。但是,这些宽松的条件却会带来负面的问题。沪港两地的历史上,在政府很少干预的情况下都出现过较大的金融波动。这类波动常在国内外游资集中并寻找投机机会时发生。当金融市场和经济体的规模足够大时,这种波动将会造成不利于经济和社会稳定的巨大后果。而近代以来沪港应付金融波动的历史经验已不适用于上海今天的现实。上海今天唯一的选择是建设内外分离的离岸金融中心,设置防火墙,保护国内整体经济,又能在离岸部分争夺金融发展的先机。同时,防火墙应是动态的,其规则将随条件变化而改变。

The historical experiences that Shanghai and Hongkong became international financial centers respectively tell us:in order to construct an international financial center,the function orientations for international capital and the financial liberalization are essentially basic conditions.The latter includes international capital passing in and out freely,establishing financial institutions and detruding financial products freely,light taxes,loose supervising,and so on.But loose conditions will bring negative problems.In both history of these two cities,there were some financial crisises while the governments seldom intervened.They happened when inside and outside idle fund centralized and searched speculating chances.When the financial market and the scale of economy are big enough,these waves will create huge aftereffects against economy and social stability.As historical experiences are inapplicable to Shanghai today,the exclusive choice is to construct inside and outside detached offshore financial center,establish fire wall,protect domestic economy of China,as well as scramble for financial development earlier.The fire wall should be dynamic for the rules will be changed along with conditions.