“一带一路”:建立以多边机制为基础的国际金融新规则

"The Belt and Road Initiative" :Establish New International Financial Rules Based on Multilateralism Mechanism

二百多年来,国际金融规则的发展大致经历了三个阶段:一是单边主义界定国际金融规则的时期;二是由美国单边主义操控下的多边主义由盛走弱的时期;三是经济多极化背景下多边机制界定国际金融规则的时期。国际金融规则的形成过程中有三个特点:一是单边规则向多边规则转变;二是"赢者通吃"让位于"合作共赢";三是多边主义向国际金融市场实操领域的延伸尚待破题。中国的方案是构建人类命运共同体,实现合作共赢。"一带一路"倡议,在落实和平合作、开放包容、互学互鉴、互利共赢和多边主义等五个理念的同时,贯彻着共商共建共享、强化战略对接、注重实践效应、推进互联互通、克服融资瓶颈和强化创新驱动等六个机制。落实"一带一路"倡议,在金融实践层面上需要有效解决巨额资金、资金性质和政治风险等三个难题,因此,应发挥多元化资本结构的机制作用。多元化资本结构可在金融经营机构、金融产品、金融交易场所和多边经济区等四个层面展开,在实践中需要特别关注股权平等、股权融资中的协同运作和股权运作中的长期性等三个方面。

For more than two hundred years,international finance development has gone through three phases:the period in which international financial rules were defined by unilateralism;the period in which multilateralism declined under the control of US unilateralism;and the period in which international financial rules are defined by multilateralism mechanism under the background of economic multi-polarization.There are three characteristics in the formation of international financial rules,namely,the transition from the unilateral rules to the multilateral rules;'win-win'cooperation replacing the pursuit for'winners-take-all';and the fact that multilateralism in the real international financial market remains to be promoted.China’s initiative is to establish a community with a shared future for the mankind and achieve'win-win'cooperation.While implementing the five concepts,which are named peace and cooperation,openness and inclusiveness,mutual learning,mutual benefit and multilateralism,'the Belt and Road Initiative'is carrying out six mechanisms:jointly building through consultation to meet the interests of all;integrating the development strategies of the countries;emphasizing the effect of practice;advancing the connectivity;overcoming financing bottlenecks;and strengthening the driving force of innovation.To establish'the Belt and Road Initiative',it has to effectively solve three problems at financial practice level,namely,huge amounts of funds,capital nature and political risks.Therefore,it should play the mechanism roles of diversifying capital structures.Diversifying capital structures can be spread to four levels,namely,financial institutions,financial products,financial trading venues and multilateral economic zones.It is necessary to specially pay attention to equity equality,coordinated operation in equity financing and long-term nature in equity operation.