我国支付与市场基础设施风险管理现状、挑战与政策建议

Current Situation, Challenges and Policy Suggestions of Payment and Market Infrastructure Risk Management in China

支付与市场基础设施是一国经济金融体系不可或缺的重要组成部分,其安全高效运行对于畅通货币政策传导机制、加速社会资金周转、维护金融稳定具有重大意义。近年来,我国支付与市场基础设施体系不断完善,参与主体数量及业务规模持续增长,在为经济金融创新发展提供高效清算、结算服务的同时,其面临的多层嵌套风险、跨市场风险传染等问题也愈加凸显。研究深入分析了我国支付与市场基础设施风险管理现状与面临的难点,提出了建立全面风险管理框架的政策建议,以期为我国支付与市场基础设施风险管理政策制定与实施提供参考借鉴。

Payment and market infrastructure is an indispensable and important part of a country’s economic and financial system. Its safe and efficient operation is important to smooth monetary policy transmission mechanism, accelerate social capital turnover and maintain financial stability. In recent years, China’s payment and market infrastructure system has been continuously improved, and the number of participants and business scale have been growing continuously. While providing efficient liquidation and settlement services for the innovative development of economy and finance, problems such as multi-layer risk nesting and cross-market risk contagion have become increasingly prominent. This paper deeply analyzes the current situation and difficulties of Payment and market infrastructure risk management in China, and puts forward policy Suggestions for establishing a comprehensive risk management framework, so as to provide reference for the formulation and implementation of Payment and market infrastructure risk management policies in China.