论金融供给侧结构性改革——六为中国金融立论

On China’s Financial Supply-Side Structural Reform:Making a Point for Chinese Finance for the Sixth Time

考察中国金融供给侧结构性改革,既要参照外国名家的思想、理论,更要结合中国现实。改革开放以来,中国金融结构的以下几个特点值得关注:中国金融体制的形成主要是由政府推动的,始终没有摆脱以外源性融资为主、内源性融资为辅的状态;国内金融供给侧结构性改革需要确立经济与金融互动、多元化差异化和中性竞争三大原则,需要以创新思维研究国内货币超额增长现象;金融机构供给侧结构性改革主要取决于交易成本和信息对称,中国金融产能是否过剩,要界定金融产能的含义和范围,要考察金融业发展的效率;中国需要地方银行,需要扩大民间资本进入金融业;需要建立和发展互助性金融平台。同时,需要防范化解金融风险。

It is necessary to refer to the ideas and theories of foreign famous economists, but also to combine them with China’s reality when it comes to exploring China’s financial supply-side structural reform. The following features of China’s financial structure are worth being paid attention to since the reform and opening up: First, the formation of China’s financial system is mainly driven by the government, and China has never got rid of exogenous financing as the main source and endogenous financing as the supplement. Second, China’s financial supply-side structural reform needs to establish three major principles, namely economic and financial interaction,diversification and differentiation and neutral competition, and requires innovative thinking to study the phenomenon of monetary overgrowth. Third, the supply-side structural reform of financial institutions mainly depends on transaction costs and information symmetry and it is necessary to define the meaning and scope of financial capacity and to examine the efficiency of financial industry when it comes to judging whether China has excess financial capacity. Fourth, China needs to develop local banks, expand private capital into the financial industry and establish and develop mutual financial platforms. At the same time, financial risks need to be prevented and solved.