构建“双支柱”监管框架与金融风险防控

Constructing "Double Pillar" Regulatory Framework and Controlling Financial Risk

党的十九大报告中鲜明提出了＂健全货币政策和宏观审慎政策双支柱调控框架＂的要求,中央经济工作会议又将防范金融风险作为三大攻坚战之一。中国的金融体系正在发生着根本性变化,信贷膨胀引发的各部门、各领域的高杠杆风险值得警惕,影子银行和金融混业经营的趋势导致中国爆发系统性金融风险的可能性显著增加,需要构建货币政策和宏观审慎相结合的＂双支柱＂监管框架。本文在分析中国系统性金融风险的基础上,提出了宏观审慎监管的逻辑和构建＂双支柱＂监管框架的实现路径,文章最后给出了守住不发生系统性金融风险底线的政策建议。

The Nineteen Report of the Communist Party of China put forward the requirement of ＂improving the monemonetary policy and macro Prudential policy.＂ The central economic work conference put guarding against financial risk as one of the three major battles. Chinese financial system is undergoing a fundamental change, credit expansion in varivarious departments and in various fields caused by High leverage risk, shadow banking and financial mixed trend inincrease systemic financial risk significantly, so we need to construct Chinese monetary policy and macro Prudential combination of ＂double pillar＂ regulatory framework. Based on the analysis of China＇s systemic financial risk, this papaper puts forward the logic of macro prudential supervision and the way to build China＇s ＂double pillar＂ regulatory framework. Finally, it gives policy recommendations.