资本市场开放与中国金融安全

China’s Capital Market Opening and Financial Security

作为国家安全的重要组成部分,金融安全事关中国经济社会发展全局。中国资本市场对外开放历经30年的发展,成绩斐然,但也引发了开放引致国家金融安全风险的担忧。应从“状态”和“能力”两个方面认识金融安全,并从资本市场开放的历程和现状出发,对资本市场开放与中国金融安全的关系进行理论分析。统筹开放与安全,既要在确保金融安全的前提下,坚持稳步、有序、审慎推进资本市场高质量对外开放,使开放水平与自身金融安全能力相匹配,又要以资本市场高质量开放助推人民币国际化以强化货币主权安全,优化金融资源配置和市场参与主体结构以维护金融市场安全,促进金融安全水平和能力的提升。

As an important component of national security,financial security is related to the overall development of China’s economy and society.After 30 years of development,the opening up of China’s capital market to the outside world has achieved remarkable results.However,it has also raised concerns about the national financial security risks caused by the opening up.This paper proposes to understand financial security from the perspectives of‘state’and‘capability’,and theoretically analyzes the relationship between China’s capital market opening and financial security based on a summary of the history and current situation of capital market opening process.This paper believes that two aspects must be taken into account in coordinating opening process and security:On the one hand,China should gradually,orderly,and prudently promoting high-quality capital market opening on the premise of ensuring financial security just like before,so as to match the level of openness with its financial security capabilities;On the other hand,China must use high-quality capital market opening to promote the RMB internationalization so well as to optimize the allocation of financial resources and the structure of market participants,which can strengthen the security of monetary sovereignty and maintain the security of the financial market respectively.The higher security level of monetary sovereignty and financial market implies the improvement of financial security capabilities.