比较金融体系与中国现代金融体系建设

Comparing Financial Systems and Development of Modern Financial System in China

比较各国金融体系可以发现,银行导向的金融体系通常具有更加强烈的政府干预倾向,而在(资本)市场导向的金融体系中金融资源的配置主要依靠市场机制。银行导向和市场导向各有优缺点,前者通常是后发国家实现赶超的工具,而后者则是全球领先国家的根本特征。中国的金融体系具有极端的银行导向特征,同时,政府而不是市场在金融资源的配置中发挥着决定性的作用。中国的金融体系客观上适应了人口红利时期动员储蓄、推动大规模投资的需求,但是,随着中国经济正在面临的结构性变化,这种体系必须改革。改革的基本方向是建立开放的市场导向体系,要让市场在金融资源配置中发挥决定性作用,要发展强大的资本市场以及与资本市场密切相关的机构投资者,要改革人民币的发行机制,推动人民币成为关键储备货币。

Comparing financial systems shows that bank-oriented financial system is more prone to government intervention,while in(capital)market-oriented system financial resource allocation relies on market mechanism.Both of these two systems have their own comparative advantages:the former is often the powerful instrument that less-developed countries use to catch up with the leading country and the later is often the distinguished feature of leading country.The Chinese financial system is the extremely bank-oriented and government rather market mechanism plays the pivotal role in financial resource allocation.This kind of system accommodates to the needs of mobilizing saving and boosting capital investment in early stage of economic development,but it can’t adapt to the structural changes that China economy is facing with.The basic direction of financial reform is to build an opening-up,market-oriented financial system in which market mechanism plays the decisive role in financial resource allocation,to develop powerful capital market as well as institutional investors,and to bolster RMB as one of key reserve currencies in international monetary system.