中欧融资体系面临的挑战

Moving Away from Banks:ComparingChallenges in China and the European Union

和其他国家一样,中国在金融改革方面的很多讨论把美国作为最明显的参照体系。本文建议,中国的金融改革者或许可以有效借鉴欧盟(EU)的情况,将后者作为标杆分析和观察的另一个参照体系。反之,欧盟的决策者也可以从进一步了解中国的金融发展状况中获益。和中国一样,但有异于美国,欧盟的金融系统在极大程度上依赖银行作为金融中介的主要渠道,并经历过长期对金融业的抑制,以及其他形式的银行及政府政策之间的互动和依赖。

Abstract:In many debates about financial reform in China,as in other parts of the world,the US is taken as the obvious point of reference.This paper suggests that China’s financial reformers may usefully use the European Union(EU)as an alternative point of reference for benchmarking and observation purposes-and that,conversely,EU policymakers would gain from better awareness of financial developments in China.Like China,and unlike the US,the EU’s financial system is predominantly based on banks as the key channel of financial intermediation,and has long experience of financial repression and other forms of interaction and interdependence between the banking sector and government policy.