【双语】“敞开之路”上的金融供应侧变革

发布:2017-06-30 09:45 来历: 我国Betway体育网
在对外敞开新时期,推进金融供应侧结构性变革,能够在推进人民币世界化进程、多层次本钱商场构建、添加金融组织事务机遇及发明绿色金融的开展机遇等层面有所作为。

 

敞开之路上的金融供应侧变革

The 'Belt and Road' and a Growing Role for the Renminbi

/相均泳 李下蹊

By Xiang Junyong and Li Xiaxi

 

“十三五”时期,我国的对外敞开正在迈入新阶段。我国各范畴的开展正以敞开为导向,以处理经济添加和平衡问题。关于金融范畴而言,我国在敞开新时期,在“一带一路”建造的布景下,推进金融供应侧结构性变革,能够在推进人民币世界化进程、多层次本钱商场构建、添加金融组织事务机遇及发明绿色金融的开展机遇等层面有所作为并发生活跃效应。

China's economic opening has made significant progress in recent years, and this is expected to continue under the 13th Five-Year Plan (2016-2020) even as authorities search for ways to attain more balanced economic growth. The "Belt and Road" initiative – which is aimed at boosting trade and infrastructure investment in neighboring countries – is one of the programs that will help continue this drive.

人民币在世界上的位置与我国经济开展程度的长时刻不匹配,是约束我国经济、金融对外敞开的重要因素。因而,推进人民币世界化进程也是金融供应侧结构性变革的重要选项。

The mismatch between China's level of economic development and the international status of the renminbi is an obstacle to future economic growth and the opening of the financial sector to the outside world. Promoting the internationalization of the renminbi is therefore a critical component of the government's efforts to enhance financial structural reform.

在对外敞开中推进人民币世界化进程与我国金融范畴的供应侧结构性变革是相互促进、互利互惠、相辅相成的。人民币世界化进程的推进,能够有用推进我国与交易同伴之间的经济协作与开展,为促进两边交易、经济、钱银及资金的交流供应便当,在必定程度上进步两边互联、互通的功率。如我国与哈萨克斯坦、乌兹别克斯坦等“一带一路”国家的中央银行签署的双方辅币交换协议,在支撑人民币成为区域计价、结算及投融资钱银的一起,还大力拓宽了跨境金融交易管道,推进我国人民币离岸商场的进一步开展,促进人民币世界化。人民币计价及付出走进各国当地商场,也为人民币离岸商场的开展发明了有利条件,为履行我国金融供应侧结构性变革供应了保证。

In fact, promoting the internationalization of the renminbi and supply side financial reform are complementary initiatives. Advances in the use of the renminbi in the global market can effectively promote economic cooperation between China and its trading partners, enhancing cross-border capital movements and providing economic efficiencies. For instance, China's central bank has already reached agreements with the central banks of Kazakhstan, Uzbekistan and other countries covered in the “Belt and Road” on currency swaps that support the use of the renminbi in regional pricing and settlement as well as investment. This can substantially expand cross-border financial transactions and promote the development of China's offshore renminbi market, in turn boosting the internationalization of the renminbi.

为了进一步推进人民币世界化,我国需求做好以下几个方面的作业。一是完善跨境人民币事务方针法规结构,进一步优化跨境交易人民币结算、跨境直接出资人民币结算、跨境金融出资人民币结算和商业银行境外项目人民币借款等方针结构,环绕“一带一路”等重大国家战略,推进人民币跨境投融资事务继续、健康开展;二是稳步、有序地推进金融商场双向敞开,既支撑优质的境外发行主体在境内发行人民币债券,也支撑境内金融组织和企业到境外发行人民币债券,一起便当契合条件的境外组织出资者出资境内金融商场;三是继续推进人民币世界化基础设施建造,推进人民币跨境付出系统建造,完善跨境人民币的结算、清算组织。

In order to sustain the drive to make the renminbi a more international currency China needs to do the following: First, it needs to improve the cross-border renminbi business and regulatory environment as well as optimize renminbi settlement of cross-border trade and cross-border direct investment as well as facilitate renminbi loans by commercial banks. Second, it needs to steadily promote the two-way opening up of the financial sector by supporting efforts to let qualified foreign institutions issue renminbi bonds in the domestic market. Similarly, authorities need to give full support to efforts to let domestic financial institutions and enterprises issue renminbi bonds offshore. Regulators also need to make it easier for qualified foreign institutional investors to invest in the domestic financial market. Third, improvements must be made to the infrastructure needed to internationalize the renminbi by improving the cross-border payment system and cross-border renminbi settlement and clearing arrangements.

 

在敞开中推进多层次本钱商场不断完善

Regulatory Environment

一个国家的本钱商场开展能够反映出其经济水平。从国内的视点考虑,当时,我国的本钱商场依然处在以直接融资为主、直接融资为辅的阶段。直接融资危险相对更大,并且约束较多,审阅时刻过长,监管也存在许多缝隙,这给企业尤其是中小企业的融资途径造成了重重阻止。因而,完善和丰厚金融组织系统,下降融资门槛,推进民间融资阳光化,履行金融供应侧变革势在必行。

A country's capital market development can reflect its economic level. China's capital market is still dominated by indirect financing, or commercial bank loans, with direct financing taking a backseat role. Risks in direct financing are relatively large, with more restrictions and longer audit time and many loopholes in regulation. This creates serious obstacles for companies, particularly small and medium enterprises. Therefore, it is imperative to improve the financial environment by reducing financing thresholds, promoting transparency in private financing and implementing supply side financial reforms.

 

从对外敞开的视点考虑,我国还应抓好“一带一路”战略这一杰出关键,在扩展金融商场敞开程度的一起,加速完善本钱商场的变革。“一带一路”建议是我国鼓舞并欢迎其他国家与我国协作的直接途径,也是进一步加强我国与其他国家资金融通的关键。“一带一路”建造加强了参加各国的交易往来,沿线各个国家和地区的基础设施建造招引了国内外的重视,招引了大宗产品及动力产品的海内外出资,国外企业为了提高其在我国的影响力,更多地挑选与我国企业协作,也加大了我国本钱商场的需求量。这些都为我国在敞开中推进本钱商场的变革供应了必要性和机遇。

China should make full use of the “Belt and Road” strategy to expand the level of access to its domestic financial market as it accelerates capital market reforms. The “Belt and Road” initiative is an effective channel for China to encourage other countries to cooperate with it and the initiative is conducive to strengthened financial intermediation between China and other countries. The initiative should promote trade and attract international attention to infrastructure construction. At the same time it should attract domestic and foreign investment capital, particularly in the energy sector as well as for other commodities. Foreign companies, with an eye towards enhancing their influence in China, may prove to be more willing to cooperate with the Chinese companies, and this should increase demand for financing from China's capital market. These in turn could help set the stage for reform of the domestic capital market.

 

为此,我国需求加大多层次本钱商场的建造力度来习惯敞开新时期的要求。首要,在构建多层次本钱商场的一起,应不断完善和变革金融监管准则,做到权责清楚,实在发挥好“一行三会”的监管及履行功用,有用地避免系统性金融危险。其次,要树立与世界金融商场相习惯的会计准则、监管规矩和法令规章,提高我国金融商场的世界化水平。一起,还要加强金融本钱商场的相关立法准则及法令冲击力度,维护多层次本钱商场秩序,保证多层次本钱商场的稳定开展。再次,要坚持在动态的进程中不断完善多层次本钱商场的功用。除了满意国内企业的融资要求外,还应以合格组织出资者和场外商场为主开展债券商场,构成包含场外、场内商场的分层有序、品种齐全、功用互补、规矩一致的多层次本钱商场系统;一起提高股票、债券商场的对外敞开程度;活跃参加全球办理,以愈加容纳的姿势参加全球经济金融办理系统。

If China is to create a genuinely multi-tiered capital market it needs to adapt to the requirements of greater access and transparency. It needs to improve financial supervision and give full play to the regulatory and administrative functions of the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission to prevent systemic financial risks. China also needs accounting standards, regulatory rules and laws that are fully in accordance with those of international financial markets. At the same time, it should strengthen the relevant legislative system regarding the capital market to maintain adequate market order. In order to meet the financing requirements of domestic enterprises, China should develop a bond market based on qualified institutional investors and an over-the-counter market with complementary functions and uniform rules. At the same time, it is expected to enhance the level of opening up of the stock and bond markets to outside participants.

 

此外,在敞开新时期,我国作为第二大世界经济体,需求进一步完善本钱商场,招引周边国家到我国上市,然后进一步扩展我国本钱商场的敞开程度,推进我国金融本钱商场的构建进程。最终,还应推进双向敞开的战略协作形式,在鼓舞企业“走出去”的一起,也应做好足够预备,迎候其他国家“走进来”。

In addition, as the world's second largest economy, China needs to improve its capital market by attracting foreign companies to list shares on the domestic equities market. Finally, it should also promote a strategic cooperation model of two-way opening up, to encourage Chinese enterprises to "go global."

 

详细而言,关于我国的银行等金融组织来说,一方面,在开辟对外事务的一起,要清晰本身实力,了解整体方针结构,完成合理“走出去”的战略。要实在提高自己的配套服务才能,合理布局境外网点,统筹国内外商场,增强运用国内外资源的才能,整合所服务企业的资源价值链。另一方面,在提高本身硬实力的一起,也应掌握好走向全球的机遇与战略。

Chinese banks and other financial institutions should examine their own strengths and better understand the overall policy framework to realize this global strategy. They need to effectively enhance their own support services with a rational distribution of foreign outlets. They must enhance the coordinated use of domestic and foreign resources, and strengthen their ability to support integrated value chains that include their customers.

 

在敞开中为绿色金融供应新机遇

Green Finance

推进绿色金融开展,以绿色金融撬动绿色可继续开展,是敞开新时期的一项重要任务。首要,可继续性开展的一个核心内容便是保持杰出的全球生态环境,但是,全球简直一切的国家都面临着环境恶化、天然本钱下降的趋势。因而,要想继续、坚定地走经济全球化之路,有必要要让全球的资金流向绿色工业,使环境的恶化程度得到遏止,然后加速可继续性开展的脚步。

Promoting green finance is also essential to sustainable development in a new era of financial opening up. One of the core elements of sustainable development is maintaining a good global ecological environment. However, almost all countries around the world are facing a trend of environmental degradation. Therefore, in order to continue and firmly take the road of economic globalization, it should promote the flow of capital to green industries and give a boost to sustainable development.

 

其次,在金融供应侧变革中,加强金融立异功用对推进变革至关重要,立异绿色金融、发放绿色信贷、推出绿色产品也是金融供应侧变革的要求。绿色金融是要从愈加环保、愈加可继续的视点开展我国的金融项目。因而,供应出资周期长、稳定性好、成本低、能够促进绿色低碳开展及经济开展转型的绿色项目资金在金融商场上尤为重要。

In making financial supply side reforms, there is a need for more financial innovation. This could provide opportunities for green finance, including the issuance of green credits and the introduction of green products. Green finance is to develop China's financial projects from a more environmentally friendly and sustainable perspective. It is particularly important to provide funds for green projects that have lengthy investment periods to enable low-carbon development.

 

此外,推进绿色金融开展,也是我国在敞开新时期的世界职责。在敞开经济格式的协作形式中包含许多开展我国家,大多数还处于生态环境杂乱、经济开展对资源依靠程度高、经济处于工业化和城市化的进程中,因而,在同这些国家的敞开协作形式中,要加强生态环保等相关作业,避免经济开展与生态文明维护失衡,更不能加剧绿色开展与现代工业城市化进程的对立。我国建造“绿色丝绸之路”便是适应世界开展的趋势,承当世界开展职责,也与联合国“2030年可继续开展议程”相一致。

In addition, promoting green financial development is part of China's international responsibilities. In the cooperation model of open economic pattern, many developing countries, most of which are still in the complex ecological environment with their economic development highly depending on the resources, and their economies in the process of industrialization and urbanization. China's construction of a "Green Silk Road" conforms to international development trends and this is consistent with the United Nations "2030 Sustainable Development Agenda".

 

推进绿色金融开展,需求敞开的环境和各国的协同尽力。在我国,绿色金融的开展起步不久,树立完好的绿色金融系统的进程依然任重而道远。面临环境和气候这些巨大的外部性问题,单个国家的力气是不行的,因而,需求我国加强同各国动力尤其是清洁动力的协作,加大相关项目的出资,促进绿色金融为其供应金融资金服务。为贯彻履行绿色金融系统的构建,需求各国之间的协同尽力。比方,我国能够将绿色金融、绿色出资的准则融入其日益添加的对外出资之中;我国能够向其他开展我国家供应技能道路,供其学习、运用;在参加世界首要论坛、参加拟定全球金融办理规矩的进程中,我国能够充沛表达自己对绿色金融的许诺和推进力。

To promote the development of green finance, there is a need for a more open business environment. In China, green finance is still in its early stages, and there is a long way to go in establishing a completely green financial system. In the face of global environmental and climate issues, no one country can act completely on its own without external help.

在经济全球化的进程中,我国逐渐迈入敞开新时期,我国的金融供应侧结构性变革也在这个进程中不断开展。未来,我国仍需求进一步发挥我国在金融商场、金融组织、金融方针等方面的优势,加大金融供应侧结构性变革,进一步提高归纳金融服务才能以及世界事务开辟才能,不断强化我国金融在敞开新时期的世界竞争力。

Therefore, China needs to strengthen cooperation with other countries in projects involving energy – particularly clean energy. In order to successfully construct a green financial system, there must be a concerted effort involving many other countries. But China can integrate the principles of green finance and green investment into its growing foreign investment portfolio. It can also fully express its commitment to this goal of development using global rules of financial governance.

作者相均泳系我国人民大学重阳金融研究院研究员

作者李下蹊系我国人民大学重阳金融研究院实习研究员

Xiang Junyong, research fellow at Chongyang Institute for Financial Studies, Renmin University of China.

Li Xiaxi, research intern at Chongyang Institute for Financial Studies, Renmin University of China.