现代金融体系中的资本市场改革

Capital Market Reform in Modern Financial System

改革开放四十年以来,生产要素潜能得到充分开发,我国经济得以快速发展,但长期来看,资源依赖型经济增长难以持续,未来通过优化经济结构和加强科技创新实现的可持续增长将成为经济发展的主要动力。为了适应结构优化和创新发展要求,有利于创新资本形成的金融资源配置,发展以资本市场为主导的现代金融体系迫在眉睫。然而,当前我国资本市场在市场功能、信用机制、监管等方面均存在缺陷。为了完成现代资本市场的建设,我国应当:理顺行政监管与市场的关系,让市场对资源配置发挥决定性作用;提升立法站位,全面构建资本市场基础性法律规范;推动机构监管和功能监管协同,建设现代行业治理体系;推进资本市场综合税制改革,营造资本市场发展有利环境。

In the past 40 years of reform and opening up,the potential of production factors has been fully developed,and China’s economy has developed rapidly.However,resourcedependent economic growth is difficult to sustain in the long run.In the future,sustainable growth through optimization of economic structure and strengthening of scientific and technological innovation will become the main cause of economic development.In order to adapt to the requirements of structural optimization and innovation development,it is conducive to the allocation of financial resources formed by innovative capital,and the development of a modern financial system dominated by capital markets is imminent.However,China’s capital market has defects in market function,credit mechanism and supervision.In order to complete the construction of modern capital market,China should:Rationalize the relationship between administrative supervision and market,and let the market play a decisive role in resource allocation;Comprehensively build basic legal norms of capital market;Promote synergy between institutional supervision and functional supervision,build a modern industry governance system;Promote the comprehensive tax system reform of the capital market,and create an environment conducive to the development of capital markets.