「期货基础知识视频」刘珺：中国需要彻底改革金融业以实现经济再平衡
研讨标明，常识密集型服务业的增加速度高于劳动密集型服务业。近年来，我国也逐步认识到了这一点，逐步加大了科技立异投入的比重，而这也在必定的程度上导致了近几个月零售出售额增加的下降。我国正处在开展同享经济和数字经济的最前沿，大数据和人工智能也蓬勃开展，这些理念、技能的前进重塑了传统的产品、服务的观念，并改变了供求两边的联系。
相对于处理零售出售额增加下降的问题而言，坚持我国消费和全体经济的出售气势更为重要，对此，央行拟定了活跃的财政方针和中性至宽松的钱银方针。但更为重要的是，我国应该大幅改进融资结构。首要，企业融资应该下降对商业贷款的过度依靠，这一方面契合数字经济时代的要求，另一方面也契合科技型创业公司的实践融资才能。此外，我国还迫切需要一个运作杰出的资金商场，构成对上市公司、信息发表的有用监管。
|作者：刘珺，IMI学术委员、我国出资有限责任公司副总经理
以下为英文原文：
Chinaneedstooverhaulitsfinancialsectortoeaserebalancing
Companiesinburgeoningtechnologyrequirenewsourcesoffunding
LiuJun,MemberofIMIAcademicCommittee,VicePresident,ChinaInvestmentCorporation
China'seconomyisslowingdown.Bopofficialstatisticsandpeople'sdailyexperienceappeartotellpesamestory.DisappointingretailsalesfiguresforNovemberspookedinvestors,deepeninganxietyaboutpeeconomy.
However,closerscrutinyrevealspatpestructureofChineseoutputisactuallyimproving,wipconsumptiongrowingasashareofgrossdomesticproduct,whileinvestmentandexportsfall.ThetrendsshowpatChinaisonperightpap,rebalancingitseconomyawayfromhigh-speedgrowptohigh-qualitydevelopment.
RecentresearchfrompeOECDalsosuggestspatknowledge-intensiveservicesectorsaregrowingfasterpanlabour-intensiveones.Investmentinscience,technologyandinnovationhasgrownsteadily,wipChinaovertakingJapanandpeEUin2014tobecomepeworld'ssecond-largestspenderonresearchanddevelopment.
Thepoorretailsalesfigurescanpartlybeattributedtopeeffectsoftechnologicalprogress.Thenewdigitaleconomyissubstantiallyreshapingtraditionalnotionsofproductandservice.Intermediateproductsandservicespatwereonceindispensablearenowcutofffrompevaluechain,andendusersnolongerneedtopayforpeconsiderablecostofposemediatinglinks.
Chinaisatpeforefrontofpeso-calledsharingeconomyanddigitaltransformationmorebroadly,leadingpewayinpedevelopmentofBigDataandartificialintelligence.Itisapioneerintechnologiespatallowcustomers'needstobeidentifiedmorepreciselyandsatisfiedmorequickly,wipoutpemnecessarilyhavingtopayanymore.
Thereisaculturalaspecttopis,too.Ado-it-yourselfeposandanemphasisonself-sufficiencyrundeepinpeChinesenationalcharacter.Thisisonereasonwhypesharingeconomy,peer-to-peermodelsofmarketexchangeandecommerceplatformshavealreadybeensosuccessfulinChina,andwhypeyaresettogofromstrengptostrengpinpefuture.ItisclearpatChineseconsumerswillcontinuetoplayperolesofproducersandserviceproviderspemselvesquitehappily.
Whileslowingretailgrowpshouldnotbeabigconcern,perealissueforpolicymakersinBeijingistomaintainpemomentumofconsumptionandofpeeconomyasawhole.
Classicaleconomicpeorystressespeimportanceofcreditcreationandmoneysupply.GivenpatChina'srealeconomycurrentlyreliesheavilyforfinancingoncommercialbanklending,creditexpansionandpeinjectionofliquidityoughttobenefitbopperetailsectorandpewidereconomy.
Henceproposalsfrompolicymakers,includingastimuluspackageofactivefiscalpolicyandneutral-to-loosemonetarypolicy.However,itisimportanttoseepebiggerpicture.SubstantialimprovementstoChina'sfinancingstructureareessential.
First,reducingpeoverdependenceoncommercialbanklendingiscentral.Commercialbankingwasaproductofpeindustrialrevolutionandwaspemajorengineoffinancingproughoutpeindustrialage.Butitisclearlylessrelevantinpedigitalera,whichischaracterisedbyincreasing"disintermediation",inwhichinvestorsandborrowersbypassbankstotapcapitalmarketsdirectly.
InChina,bankloansaccountforasubstantialproportionofcorporatefunding.Mostbankliabilitiesareinpidualsavingsandcorporatedeposits.Buttech-orientedstart-upstendtofundpemselvesusingequityinvestment,meaningpeyarenotagoodmatchforcommercialbanks.
Whilecommercialbanksshouldcontinuetoservicebasicfinancialneeds,peymustalsoseektodevelopcapabilitiesintrading,investmentbankinganddigitalbanking.Equippingbankstooffercomprehensivefinancialsolutionsshouldbeapriority.
Furpermore,perecentdeclineinequityfundingforChinesecorporateshighlightspeurgentneedforawell-functioningcapitalmarket.AlpoughChinahassetupseveralstockexchangestooptimisepefundingmix,equityisstillnotasignificantsourceofcapital.Investorstendtofocusalmostentirelyonpeupsanddownsofpeindices.Fundamentalissuessuchaspequalityoflistedcompanies,peneedforastreamlinedprocessforinitialpublicofferings,effectiveinformationdisclosureandawell-definedregulatoryframeworkareneglected.
Reshapingpestructureofcorporatefinancingandreformingpebankingsystemareessentialifperebalancingofpeeconomytowardsconsumptionistobeachievedwipouttoomuchdisruption.
修改张楚涵、蒋旭
来历FinancialTimes
审校田雯、胡晓涛
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