论上海自贸区金融宏观审慎监管政策

Study on Shanghai FTA Financial Macro-prudential Supervision Policy

自贸区金融政策成为中国金融制度改革破冰的关键。资本项目可兑换、利率市场化、跨境投融资、离岸金融等金融改革措施实施后,中国金融业将面临更大的系统性风险、利率市场化风险、流动性风险的挑战。借鉴国际经验,前瞻性地构建自贸区宏观审慎监管制度,对维护中国金融市场长久稳定意义深远。在监管模式选择上,"相对独立"应理解为更严格的特别监管;在监管制度设计上,应借助"并表监管"实现与微观审慎的协调,并通过科学监测指标体系构建有效的风险预警系统;在监管机构设置上,应在中央银行牵头模式下,增强金融稳定局监督权的执行力。

The financial policy of Shanghai FTA has become the key issue of China financial system reform. The enforcement of new financial reform measures included capital account convertibility, interest rate liberalization, cross -border investment and financing, offshore finance will make China financial industry face more challenges of systematic risk, market - oriented interest rate risk, and liquidity risk. Drawing lessons from the international experiences and establishing the FTA macro-prudential system prospectively, we find it meaningful to protect the China financial market long term stability. From the aspect of the supervision mode selection, ＂ relatively independent＂ should be understood as more strict special supervision; from the aspect of supervision system design, the consolidated supervision should be used to coordinate with micro -prudential measure, and the scientific monitoring indicators of the effective risk early warning system should be established ; form the aspect of supervision institution setup, the central bank leading model should be followed, and the enforcement of supervision rights should be more powerful