宏观审慎管理与微观审慎监管:金融监管政策协同机制的构建

Macro Prudential Management and Micro Prudential Regulatory:Construction of Policy Coordination Mechanism

2008年金融危机暴露出微观审慎监管体系“对系统性风险监管缺失”和“对顺周期的无能为力”两大盲点;金融危机以后,各国普遍加快金融监管改革步伐,宏观审慎管理理念不断强化,同时更加注重与微观审慎监管的协同。然而,过去二十年来的国际金融监管实践表明,宏观审慎政策强调总量调控,往往忽视结构性问题的解决,宏观审慎管理在缺乏微观监管策应的情况下,政策执行效果会大打折扣,政策目标多陷入“最后一公里”难题。2017年全国金融工作会议以来,中国在建立顶层机构、系统性风险防控以及金融服务实体经济等方面加强了宏微观政策协同的探索实践,2020年相继取得了金融风险攻坚战、疫情阻击战的伟大胜利,当年在世界主要经济体中实现了经济唯一正增长。立足新时代经济高质量发展要求,中国金融监管协同仍存在法治建设滞后、政策目标多元、校准机制缺失、信息共享不畅等问题,需要借鉴国际金融监管改革经验,坚持中国特色和问题导向,从补齐制度短板、完善组织架构、减少信息缺口、统一政策目标以及建立制衡机制等方面持续探索,加快完善中国特色现代金融监管体系。

After the 2008 financial crisis,countries generally accelerated the pace of financial regulatory reform,constantly strengthened the concept of macro-prudential management,and paid more attention to the coordination with micro-prudential supervision.However,the practice of international financial regulation in the past 20 years shows that macro-prudential policies emphasize aggregate regulation,but often ignore the solution of structural problems.In the absence of micro-supervision,macro-prudential management often falls into the“last mile”problem.Since the 2017 National Financial Work Conference,China has strengthened the exploration and practice of macro and micro policy coordination in establishing top-level institutions.In 2020,we won great victories in the battle against financial risks and epidemic prevention,and achieved the only positive economic growth among the world’s major economies that year.Based on high quality new era of economic development,our country financial regulation coordination is still the rule of law construction lag,policy objectives,loss of calibration system,the problem such as poor information sharing,need to use for reference the experience of the international financial regulatory reform,adhere to the Chinese characteristics and problems of the guidance,to speed up the perfect modern financial regulatory system with Chinese characteristics.