中国式金融扩张的渠道与风险积累的实质

The Channel of Financial Expansion in China:The Substance of Risk Accumulation

2008年金融危机之后,随着经济增长动力转变,中国房地产价格上升,地方政府债务累积,金融业规模迅速扩张,以银行理财产品、委外投资等为代表的影子银行业务出现,改变了金融系统的结构,降低了金融系统资源配置效率,加深了金融系统的潜在风险。中国式金融扩张的外部表现为高杠杆率,且有自身的结构性特点。中国所特有的预算软约束、国家隐性担保和刚性兑付等制度上的原因造成了金融资产的价格信号紊乱,为金融业的扩张和风险积累创造了条件和空间。

China＇s motive force of economic growth has changed since the financial crisis in 2008. That the rise of prices of real estate and the accumulation of liabilities of local government conduct to a fast expansion of China＇s financial industry. The emergence of shadow banking activities such as wealth management products and entrusted investment have changed the structure of the financial system, reduced the allocation efficiency of financial resources and increased the potential risks of the financial system. The external performance of China＇s financial expansion is high liability with structural characteristics. Institutional reasons like soft budget constraint, state implicit guarantee and rigid payment disrupt the financial assets＇ price signals, facilitating the expansion of financial system and making room for the accumulation of system risks.