“外储内用”新探:基于财政与金融双重视角的设计

New Explorations of "Using Foreign Exchange Reserveson Domestic Market":From the Perspectives of Both Fiscal and Financial Policy

中国GDP仅占全球7.3%,却掌握着约占全球25%的外汇储备。随着外汇储备不断增长,如何使用以实现效益最大化,已引起各方关注。本研究主要从以下两个视角展开:一是公共财政视角;二是金融视角。我国外汇储备资产具有财政与金融双重属性,决定了我国外汇储备资产运用上的双重功能:一方面,外汇储备的经济属性表明,外汇储备不是政府的财政性资金,不能无偿划拨和使用,需要作为资产来运用与管理;另一方面,在我国特殊的外汇管理体制下,经由外汇占款形成的外汇储备,构成基础货币的一个部分,这部分外汇储备实际上是政府通过货币发行权而获得的"铸币税"收入,是政府的财政性资金,从"公平"角度出发,这部分资金应该用于公共领域,以提高国民福利。

China＇ s GDP accounts for 7.3% of the world total, but it has 25% foreign exchange reserves in the world. With the continuous increase of foreign exchange reserves, how to maximize the benefit has attracted great attention. The paper mainly studies the following two aspects： public finance and financial policy. China＇ s foreign exchange reserves have both fiscal and financial natures and therefore possess dual functions. On one hand, from the perspective of their economic attribute, the foreign exchange reserves are not included in the public finance, meaning they can＇ t be transferred or used free of charge. Instead, they need to be used and managed as assets. On the other hand, given the special foreign exchange management system in China, the RMB counterpart of foreign exchange reserves compose part of the monetary base, which comes from the government＇ s seigniorage revenue, included in the public finance. Therefore, from the perspective of social equity, these funds should be used in the public field to improve the social welfare.