中国金融结构性改革的逻辑起点与实施路径

Logical Starting Point and Implementing Path of China’s Financial Structural Reform

当前,中国金融体制体系与深化供给侧结构性改革之间的内在矛盾非常突出,特别是金融体制体系面临诸多改革困局,并且改革滞后的问题日益凸显。金融体系中的多重结构性矛盾以及引发的金融资源错配效应,对中国经济可持续增长造成了多重负面效应,阻碍了中国全要素生产率的可持续提升以及经济增长内生动力的重塑和提升。在中国当前银行体系主导的间接融资型金融体系中,金融创新导向日益呈现追求短期利润最大化的倾向,并暴露出对商业模式创新和虚拟部门经济超常规发展的过度依赖症结,已经不适应制造业转型升级和自主创新能力体系构建所引致的各种内生性融资需求,成为当前阻碍建设创新型国家最为突出的因素。而导致中国金融结构存在诸多矛盾和冲突,以及金融体制体系改革出现诸多困局和停滞甚至扭曲性效应的最为根本性的问题,是对现代化金融体系中政府和市场合理关系和功能边界存在认知误区。为此,必须将全面引入'竞争中性'和'所有制中立'原则,作为今后中国金融结构性改革的逻辑起点和重点突破方向。

At present,the internal contradiction between China’s financial system and the deepening of structural reform on the supply side is very prominent,especially the financial system is facing many difficulties in reform and the problem of lagging reform is becoming increasingly prominent.The multiple structural contradictions in the financial system and the mismatch effect of financial resources have caused multiple negative effects on China’s sustainable economic growth,hindering the sustainable improvement of China’s total factor productivity and the reconstruction and promotion of the endogenous driving force of economic growth.Moreover,in the indirect financing financial system dominated by China’s current banking system,financial innovation orientation increasingly reflects the tendency to pursue the maximization of short-term profits,showing the crux of over-dependence on business model innovation and supernormal development of the virtual sector economy.It is no longer suitable for various endogenous financing caused by the transformation and upgrading of manufacturing industry and the construction of independent innovation capability system.Demand has become the most prominent factor hindering the construction of an innovative country.The most fundamental problem is the misunderstanding of the rational relationship and functional boundary between government and market in the modern financial system,which leads to the exposure of many contradictions and conflicts in China’s financial structure,as well as the occurrence of many difficulties and stagnation problems and even distorted effects in the reform of the financial system.Therefore,the principles of'competition neutrality'and'ownership neutrality'must be introduced in an all-round way as the logical starting point and key breakthrough direction of China’s financial structural reform in the future.