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KCI등재 학술저널

当代中国金融创新中的风险与监管

兼谈“影子银行”与“监管沙盒”

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中国金融发展已有千年历史, 其始终是封建帝国统治赖以维系的支柱之一。当代中国金融体系的恢复与重建始于1978年十一届三中全会, 至2018年的四十年时间里, 逐渐构建起以中国人民银行(简称“央行”)、证监会、银监会、保监会(简称“一行三会”)为主体的金融分业监管体制。而这一体系, 在2018年3月召开的第十三届全国人大一次会议上, 被调整为由金融稳定发展委员会、央行、证监会、银保监会(简称“一委+一行+两会”)组成的新框架, 并逐步向混业监管体制发展。促成该变革的重要因素之一便是“中国式”影子银行的野蛮生长, 其中分业监管弊端以及金融基本立法缺位责无旁贷。目前大量金融创新公司集聚中国, 积极借鉴域外金融监管立法经验, 则是实现金融创新国际竞争力与国内金融市场稳定的关键。

China s financial system has been envolving for thousands of years, providing foundation for the ruling of the feudal empire. The restoration and reconstruction of the contemporary Chinese financial system began in the Chinese Eleventh CPC Central Committee Third Plenary Session, 1978. In the four decades reaching 2018, the financial regulatory framework gradually came into shape, of which the four pillars include the People s Bank of China (hereinafter, PBOC), the China Securities Regulatory Commission (hereinafter, CSRC), the China Banking Regulatory Commission (hereinafter, CBRC) and the China Insurance Regulatory Commission (hereinafter, CIRC) (hereafter together referred to as “One Bank, Three Commissions”). This framework was further adjusted in March 2018 during the First Meeting of The Thirteenth National People s Congress of People s Republic of China. It is now composed of the Financial Stability and Development Committee (hereinafter, FSDC), the PBOC, the CSRC and China Banking and Insurance Regulatory Commission (hereinafter, CBIRC) (hereafter referred to as “One Committee, One Bank, Two Commissions”), gradually developing into an integrated financial supervision network. One of the important factors that contributed to this change was the wild growth of “Chinese-style” shadow banking. The disadvantages of institutional financial regulation and the lack of basic financial legislations must share the blame. At present, a large number of financial innovation companies are striving in China, actively borrowing practical experiences from extraterritorial financial supervision legislations. They are the key in achieving the international competitiveness of financial innovation and the stability of domestic financial markets.

摘要

一、中国金融监管历史轨迹

二、中国金融分业监管的形成与主要法规

三、中国金融创新与金融风险的形成

四、中国金融风险的制度性诱因

五、影子银行在中国的成因与现状

六、中国金融监管改革方向

七、监管沙盒在中国推行的价值分析

ABSTRACT

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