亚洲金融市场发展与金融创新

The Development of Financial Market and Financial Innovation

金融业薄弱是亚洲实现长期增长的主要障碍。资本市场的发展并非易事,亚洲的政策制定者面临的根本挑战是如何在政府主导型增长模式的环境下发展资本市场。而要实现这一目标,就必须进行金融市场的基础设施建设,并创立有关金融市场的新原则。逐步实现银行主导的金融体系的多元化和扩大化,分散财政行业的风险,符合亚洲各国政府的利益,但同时必须对金融市场上的重大创新进行适当监管。亚洲决策者应鼓励和管理好金融市场的发展,避免阻碍创新,当务之急是"更好地"加强金融监管,而不必"更多地"监管。

Weakness in financial industry is the main barrier for Asia to realize long-term growth.The development in capital market is not easy;and challenge faced by policy makers in Asia is how to develop the capital market in the light of government-oriented growth pattern.To reach this target,we mush carry out construction in the infrastructure of financial market and formulate new principles of financial market.Gradually realizing the diversification and magnification of bank-oriented financial system and diffusing risk in fiscal industry reflects interests of every Asian government.But at the same time,we must exercise supervision on important innovation in financial market.The decision-makers should encourage and do a better job in managing the development of financial market,and try not to hinder innovation.The task of top priority for the decision-makers is to exercise ＂better＂ but not ＂more＂ supervision on financial market.