强化市场机制 构建现代金融体系——《20182018径山报告》·综合

Strengthening Market Mechanism and Constructing Modern Financial System

中国四十年金融改革与发展历程具有鲜明的'重规模、轻机制'的特点。该体系维持了中国金融稳定,创造了增长奇迹,但目前已无法适应新阶段经济发展的需要。主要问题包括三个方面:一是金融体系无法满足实体经济的新需求;二是政府与市场之间的边界不清楚;三是金融监管没能管住风险。现在中央提出要构建现代金融体系作为现代经济体系的重要组成部分。这个金融体系的'现代性'应该主要反映在'市场机制'的作用上。为构建中国现代化、市场化,并能适应创新的金融体系,我们提出了七个方面的政策建议。

The China financial system has been through forty years of reform and development and has been known as a salient feature of'stress the effect of economic scale and despite the function of market mechanism'.The system maintains China’s financial stability and has contributed to its economic miracle,but it can’t meet the demand of the new stage of economic development.The major problem contains three factors:Firstly,the china’s financial system is less capable to meet the demand of its real economy;Secondly,there is no clear boundary between the market and the state;Thirdly,the current regulations and risk managements are losing efficiency.As a vital part of modern economy system,the central government is devoting significant resources for the construction of modern financial system.The key word to reflect on modernity should be the market mechanism.In order to better build a modernized,market-oriented,and adaptable financial system in China,this report has come up with the following seven policy recommendations.