“双循环”重心转向下的金融结构调整:内在逻辑与政策选择

Financial Structure Adjustment in the“Double Circulation”Focus Shift:Internal Logic and Policy Choice

“双循环”重心从国际循环转向国内循环以构建新发展格局,是高质量开启中国式现代化新征程下的主动性、创造性和战略性抉择,而金融作为现代经济的核心,其结构调整在这种循环重心转向中发挥了关键作用。对“双循环”重心转向国内循环下的金融结构调整内在逻辑的理论分析表明:在以国内循环为重心的新发展格局中,经济运行与资金流动的特定过程决定了金融结构调整需要从以金融抑制为主导转换到以金融深化为主导上来,有助于打破金融资金在金融体系内部空转的恶性循环。基于“双循环”重心转向下金融结构调整背后金融深化逻辑的理解,当前中国金融结构调整应重点解决好金融抑制程度较高、直接融资占比较低、金融开放与安全之间平衡等关键性问题。为此,需要从金融产业组织结构、金融主体结构、金融工具结构、金融业务结构、金融市场结构、金融融资结构、金融开放结构和金融监管结构等八个方面,探索“双循环”重心转向下金融结构调整的路径和政策选择。

The“dual circulation”focus shift from international circulation to domestic circulation to build a new development pattern is the initiative,creative and strategic choice to start a new journey of Chinese-style modernization with high quality.As the core of the modern economy,adjusting financial structure plays a key role in the shift.The research on the intrinsic logic in adjusting the financial structure under the“dual circulation”shift shows that in the new development pattern which focuses on domestic circulation,the specific process of economic operation and capital flow determines the need for financial structural adjustment to shift from financial repression to financial deepening.It helps to break the vicious circle of financial funds idling in the financial system.Based on the understanding of the logic of financial deepening behind the adjustment of the financial structure in the“dual circulation”focus shift,China should focus on key issues such as the high degree of financial inhibition,the low proportion of direct financing,and the balance between financial openness and security.For this reason,we need to explore the path and policy choices for adjusting financial structure from eight aspects:financial industry organization structure,financial subject structure,financial instrument structure,financial business structure,financial market structure,financial financing structure,financial openness structure and financial supervision structure.