中国金融稳定性监管变革的法律框架

Overhauling Legal Reform Framework of China's Financial Stability Regulation

新一轮不良贷款的快速增长与影子银行是中国金融稳定性风险的两个侧面,具体表现为中国金融体系中存在着的五个严重问题:被监管部门的不良贷款行为;松散的管理;由无流动资金担保的短期债权所支配的影子银行体系;在影子部门明显缺乏透明性;影子部门与被监管部门之间极高的互联性。提高金融稳定性必须通过一场金融监管大变革,以缓解当前金融分业监管方式带来的困境。而引入一个具有约束力的全方位的杠杆比率,保证银行持有更大份额的资本缓冲,是提高银行适应能力、降低不良贷款,并对抗银行与影子部门关联性的强有力的制度改进措施。

The rapid growth of the new round of non-performing loan and the shadow banking system have constituted two sides of the risk of China＇ s financial stability, which are specifically manifested by five serious problems existing in China＇ s financial system： bad lending practices by the regulated sector; tax governance; a shadow banking system that is dominated by short-term claims with no liquidity backstop; stark lack of transparency in the shadow sector; very high levels of interconnectedness between the shadow and the regulated sector. The article suggests that some of these problems will be alleviated through a regulatory big bang that would abolish the current silo approach to financial regulation streamlining financial stability and conduct/consumer protection supervision. However, introducing a binding and all-encompassing leverage ratio to guarantee that the bank holds capital buffer at larger share is a strong and powerful institutional improvement measure for improving the bank＇ s adaptability, reducing non-performing loan, and confronting the intereonnection between the bank and the shadow sector.