当前宏观经济背景下政策性银行的功能探析：基于国际比较的视角

An Analysis on Function of Policy Banks in Current Macro-economic Environment

在国有银行转型、财政资金有限的背景下,落实当前宏观调控政策离不开政策性银行的支持,政策性金融业务大量存在,也为政策性银行扩张信贷提供了空间。发挥政策性金融机构在金融危机、经济萧条时期促进经济复苏、保障金融安全的职能是国际上的通行做法,值得我们借鉴。在当前宏观经济背景下,在发挥政策性银行的信贷职能、弥补商业金融供给不足功能的同时,要防范因政策性金融资金财政化而带来的风险,要注重政策性金融机构在弥补市场缺损、建设市场方面的功能,提高政策性银行运行的效率和效益。同时,要将政策性银行的短期目标与长期目标相结合,在服务政策性目标的同时加快体制、机制创新,为市场转型夯实基础。

With limited financial capital and against the backdrop of state-owned bank transition, intended macro control policies cannot be full implemented without the support of policy banks. Existence of large volume of policy finance businesses has provided space for policy banks to extend their credit. It is an internationally accepted practice to explore and develop policy banks＇ role in stimulating economy and safeguarding financial system during economic crisis and recession, which sets an example for China. Under current macro economy, it is important to carefully manage risk brought by financialization of policy banks＇ funds when developing credit function of policy banks and making up for insufficient supply of commercial funds. Simultaneously, special attention should be given to policy financial organizations＇ role in making up for market failure and constructing market, to enhance operational efficiency and benefit policy banks. While serving policy objectives, policy banks＇ short-term and long-term objectives should be combined to strengthen foundation for market transition through system innovation.