对外开放与金融市场效率

The Opening-up and the Efficiency of the Financial Market

市场经济的发展以资源配置效率的不断改进为条件 ,金融市场的效率对整个社会的资源配置效率有重大的影响。整体上看 ,一国金融市场的效率可从利率水平、融资成本和汇率的稳定性等三个方面来考虑 ,对外开放是形成高效率金融市场的必要条件。近年来中国经济在改革和开放中迅速增长 ,但金融市场的开放相对滞后 ,对资源配置效率的改进和长期经济增长都有明显的不良影响。随着整个国民经济的发展进入一个新的历史阶段 ,应当以增加市场准入为重点 ,积极有效地扩大和深化我国金融市场的对外开放 ,从根本上改进金融市场的效率。

The continuous improvement in the efficiency of the allocation of resources is a necessary condition for the development of the market economy. Furthermore,the efficiency of the financial market can greatly influence the efficiency of the allocation of resources in the whole society.Generally,the efficiency of the financial market of a country can be evaluated by the level of its interest rates,its cost of financing and the stability of its exchange rates.Opening up is the prerequisite for a high efficient financial market. In recent years, China's economy has been growing fast in the process of the reform and the opening-up. However,the opening-up of the financial market relatively lags behind and thus producing some harmful effects on the improvement of the efficiency of the allocation of resources and on the long-term economic growth. With the whole national economy entering upon a new historic phase,priority should be given to the efforts to increase market entry while effectively intensifying the opening-up of the financial market in China in order to finally improve its efficiency.