中国跨境融资管理的问题与改进

Problems and Improvement of Cross-Border Financing Management in China

中国从2015年起逐步将跨境资本流动纳入宏观审慎政策框架,目前对跨境资本流动的监管存在的不足主要包括:作为MPA的一个指标,不单独进行管理;风险评估的量化不足;行政干预多,市场化程度低等三个方面。资本账户的开放要求我们对于目前的跨境融资管理做进一步的改革。建议:单独设立跨境融资的宏观风险指标,并进行评估;将现有的固定比率的跨境融资准备金改为跨境融资累进准备金。

Since 2015,China has gradually incorporated cross-border capital flows into the framework of macro prudential policy.At present,there are three deficiencies in the supervision of cross-border capital flows:not being managed separately as an indicator of the macro prudential evaluation system;insufficient quantitative assessment of risk;low level of marketization because of administrative interventions.The opening of the capital account requires further reform of current crossborder financing management.We suggest that the macro risk indicators of cross-border financing should be set up and evaluated separately,and the existing fixed ratio of cross-border financing reserve should be changed into progressive reserve.