金融开放40年:进程、成就与中国经验

40 Years of Financial Opening-up:Process,Achievements and China's Experience

改革开放40年也是中国金融业开放发展、不断壮大的40年。本文以1978年的改革开放为时间起点,梳理了中国金融开放的历史进程,将金融开放40年分成起步期、政策准备期、加速期和金融开放新时代4个历史阶段。金融开放的本质是某一经济体金融要素的跨境自由流动,具体包括金融业对外开放和资本账户开放两个方面。我们从这两个方面出发,以五大视角分析了中国金融开放在人民币汇率形成机制市场化、金融市场互通互联、人民币国际化以及自由贸易区建设等方面所取得的突出成就。综合以上分析,总结出中国金融开放的五大经验,在不断深化金融开放的过程中我国没有发生系统性金融风险的根本原因就在于我国始终坚持循序渐进、把控节奏的金融开放战略,坚持先试点后推广的金融开放方法,不断平衡金融开放与金融监管之间的关系。中国的金融开放已经成为了新旧动能转换、推动中国经济高质量发展的重要引擎,我们要进一步扩大金融开放,以开放倒逼改革,用开放促进发展,用金融开放红利引领中国经济奔向高质量未来。

The 40 years of reform and opening up have also been the 40 years of China’s financial industry’s open development and continuous growth.Based on the reform and opening up in1978,this paper combs the historical process of China’s financial opening up,and divides the 40 years into four historical stages:the initial stage,the policy preparation stage,the acceleration stage and the new era of financial opening up.The essence of financial openness is the cross-border free flow of financial elements in an economy,which includes the opening of financial industry to the outside world and the opening of capital account.From these two aspects,we analyze the outstanding achievements of China’s financial liberalization in the marketization of RMB exchange rate formation mechanism,the interconnection of financial markets,the internationalization of RMB and the construction of free trade zones from five perspectives.Based on the above analysis,five major experiences of China’s financial opening-up are summarized.The fundamental reason why there is no systemic risk in the process of deepening the financial opening-up is that China has always adhered to the gradual and rhythmic strategy of financial opening-up,adhered to the method of financial opening-up which was first tested and then promoted,and constantly balanced the relationship between financial opening-up and financial supervision.China’s financial openness has become an important engine for the transformation of old and new momentum and the promotion of high-quality development of China’s economy.We should further expand financial openness,force reform by opening up,promote development by opening up,and lead China’s economy to a high-quality future with financial opening dividends.