金融服务新质生产力发展:历史经验与中国启示

Finance Serving the Development of New Quality Productivity:Historical Experience and Inspirations for China

新质生产力是符合高质量发展要求的先进生产力质态,充分发挥金融的功能是新质生产力发展的一大要求。三次工业革命的历史经验表明,金融、经济增长和生产力进步三者之间存在相互促进的关系。一方面,金融可以提供优质的服务促进经济增长,经济增长在需求端形成生产力进步的动力,生产力进步又可以在供给端带来经济质和量的提升;另一方面,金融可以通过银行和资本市场为生产力进步提供资金支持,生产力进步又能够为金融提供良好的回报。同时,金融是把“双刃剑”,历史上多次金融危机对生产力造成了破坏。这表明,加强金融监管是促进金融、经济增长和生产力进步三者良性循环的保障。因此,金融服务新质生产力发展既要提升金融服务实体经济的质效,又要完善金融监管,守住不发生系统性金融风险的底线。具体地,一是构建资本市场与银行并重的金融体系,为新质生产力发展提供优质的金融服务;二是健全资本进入和退出机制,形成金融投资和新质生产力发展的良性循环;三是做好金融“五篇大文章”,在推动新质生产力发展的同时贯彻好新发展理念。

The new quality productivity is an advanced form of productivity that meets the needs of high-quality development,and giving full play to the functions of finance is a major requirement for the development of new quality productivity.The historical experiences of the three industrial revolutions show that there is a mutually reinforcing relationship between finance,economic growth and productivity progress.On the one hand,finance can provide high-quality services to promote economic growth.Economic growth forms the driving force for productivity progress at the demand side;in return,productivity progress may bring improvements in economic quality and quantity at the supply side.On the other hand,finance can provide fund support for productivity progress through banks and capital markets,while productivity progress in turn can provide good returns for finance.At the same time,finance is a double-edged sword.Multiple financial crises in history have caused damage to productivity,indicating that strengthening financial regulation is a guarantee for promoting a virtuous cycle of finance,economic growth,and productivity progress.Therefore,the development of the new quality productivity in financial services not only needs to improve the quality and efficiency of financial services for the real economy,but also needs to improve financial regulation and maintain the bottom line of preventing systemic financial risks.To be specific,firstly,we need to build a financial system that places equal emphasis on banks and capital markets to provide high-quality financial services for the development of the new quality productivity.Secondly,we must improve the capital entry and exit mechanism and form a virtuous cycle of financial capital investment and the development of the new quality productivity.Finally,the“five major financial articles”must be completed to serve the advancement of the new quality productivity and implement the new development concepts.