全球金融不平衡循环与双循环中的中国金融安全

China's Financial Security amid the Global Financial Unbalanced Cycle and Dual Circulation

马克思主义金融理论揭示,资本逻辑支配的信用发行机制内生货币交换价值不稳定风险。美国引领的资本主义生产扩张成就美元主导地位。新一轮全球化中,美国在世界市场上竞争力相对下降,却加强了美元支配力,全球金融循环趋于失衡:一方面,动摇货币交换价值稳定基础而增加通胀风险,损害商品流通;另一方面,美元作为主权货币与作为世界货币的矛盾凸显,形成“核心-从属”的全球金融化格局,不仅诱发货币危机、债务危机乃至金融危机,且使国际金融循环成为资本主义核心对外围、半外围的掠夺机制,加剧世界失衡发展。双循环中虚拟经济与实体经济的国内、国际互动,隐匿着金融风险国际传导路径,金融开放须坚持稳慎原则以维护国家金融安全。

Marxist financial theory reveals that the credit issuance mechanism governed by capital logic has the endogenous risk of currency exchange value instability.The dominance of the Us dollar was achieved by the capitalist production expansion led by the United States.In the new round of globalization,the competitiveness of the United States has declined relatively in the world market,but the dominance of the US dollar has been strengthened.The global financial cycle tends to be unbalanced:on the one hand,the stable foundation of currency exchange value has been shaken,which has increased the risk of inflation and damaged the circulation of goods;on the other hand,the contradiction between the US dollar as a sovereign currency and it as the world currency has become prominent,forming a"core-subordination"global financialization pattern,which not only induces currency crises,debt crises and even financial crises,but also makes the international financial cycle a plundering mechanism for the capitalist core to the periphery and semi-periphery,exacerbating the unbalanced development of the world.The domestic and international interaction between the virtual economy and the real economy in the dual circulation conceals the international transmission path of financial risks,and it is necessary to adhere to the principle of prudence regarding financial opening to maintain national financial security.