【双语】“开放之路”上的金融供给侧改革
“开放之路”上的金融供给侧改革
The 'Belt and Road' and a Growing Role for the Renminbi
文/相均泳 李下蹊
By Xiang Junyong and Li Xiaxi
“十三五”时期，中国的对外开放正在迈入新阶段。我国各领域的发展正以开放为导向，以解决经济增长和平衡问题。对于金融领域而言，我国在开放新时期，在“一带一路”建设的背景下，推进金融供给侧结构性改革，可以在推动人民币国际化进程、多层次资本市场构建、增加金融机构业务机会及创造绿色金融的发展机遇等层面有所作为并产生积极效应。
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.
人民币在国际上的地位与我国经济发展程度的长期不匹配，是制约我国经济、金融对外开放的重要因素。因此，推进人民币国际化进程也是金融供给侧结构性改革的重要选项。
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.
在对外开放中推动人民币国际化进程与我国金融领域的供给侧结构性改革是相互促进、互利互惠、相得益彰的。人民币国际化进程的推进，能够有效推动我国与贸易伙伴之间的经济合作与发展，为促进双方贸易、经济、货币及资金的沟通提供便利，在一定程度上提高双方互联、互通的效率。如中国与哈萨克斯坦、乌兹别克斯坦等“一带一路”国家的中央银行签署的双边本币互换协定，在支持人民币成为区域计价、结算及投融资货币的同时，还大力拓展了跨境金融交易管道，推动我国人民币离岸市场的进一步发展，促进人民币国际化。人民币计价及支付走进各国当地市场，也为人民币离岸市场的发展创造了有利条件，为落实我国金融供给侧结构性改革提供了保障。
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.
为了进一步推动人民币国际化，中国需要做好以下几个方面的工作。一是完善跨境人民币业务政策法规框架，进一步优化跨境贸易人民币结算、跨境直接投资人民币结算、跨境金融投资人民币结算和商业银行境外项目人民币贷款等政策框架，围绕“一带一路”等重大国家战略，推动人民币跨境投融资业务持续、健康发展；二是稳步、有序地推动金融市场双向开放，既支持优质的境外发行主体在境内发行人民币债券，也支持境内金融机构和企业到境外发行人民币债券，同时便利符合条件的境外机构投资者投资境内金融市场；三是继续推进人民币国际化基础设施建设，推进人民币跨境支付系统建设，完善跨境人民币的结算、清算安排。
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.
在开放中推动多层次资本市场不断完善
Regulatory Environment
一个国家的资本市场发展可以反映出其经济水平。从国内的角度考虑，当前，中国的资本市场依然处在以间接融资为主、直接融资为辅的阶段。直接融资风险相对更大，而且限制较多，审核时间过长，监管也存在诸多漏洞，这给企业尤其是中小企业的融资渠道造成了重重阻碍。因此，完善和丰富金融机构体系，降低融资门槛，推进民间融资阳光化，落实金融供给侧改革势在必行。
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.
从对外开放的角度考虑，中国还应抓好“一带一路”战略这一良好契机，在扩大金融市场开放程度的同时，加快完善资本市场的改革。“一带一路”倡议是我国鼓励并欢迎其他国家与中国合作的直接渠道，也是进一步加强中国与其他国家资金融通的契机。“一带一路”建设加强了参与各国的贸易往来，沿线各个国家和地区的基础设施建设吸引了国内外的关注，吸引了大宗商品及能源商品的海内外投资，国外企业为了提升其在中国的影响力，更多地选择与中国企业合作，也加大了中国资本市场的需求量。这些都为我国在开放中推进资本市场的改革提供了必要性和机会。
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，中国需要加大多层次资本市场的建设力度来适应开放新时期的要求。首先，在构建多层次资本市场的同时，应不断完善和改革金融监管制度，做到权责分明，切实发挥好“一行三会”的监管及执行功能，有效地防止系统性金融风险。其次，要建立与国际金融市场相适应的会计准则、监管规则和法律规章，提升中国金融市场的国际化水平。同时，还要加强金融资本市场的相关立法制度及法律打击力度，维护多层次资本市场秩序，保障多层次资本市场的稳定发展。再次，要坚持在动态的进程中不断完善多层次资本市场的功能。除了满足国内企业的融资要求外，还应以合格机构投资者和场外市场为主发展债券市场，形成包括场外、场内市场的分层有序、品种齐全、功能互补、规则统一的多层次资本市场体系；同时提升股票、债券市场的对外开放程度；积极参与全球治理，以更加包容的姿态参与全球经济金融治理体系。
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，在开放新时期，中国作为第二大世界经济体，需要进一步完善资本市场，吸引周边国家到中国上市，从而进一步扩大中国资本市场的开放程度，推动我国金融资本市场的构建进程。最后，还应推动双向开放的战略合作模式，在鼓励企业“走出去”的同时，也应做好充足准备，迎接其他国家“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."
具体而言，对于中国的银行等金融机构来说，一方面，在开拓对外业务的同时，要明确自身实力，了解总体政策框架，实现合理“走出去”的战略。要切实提升自己的配套服务能力，合理布局境外网点，统筹国内外市场，增强运用国内外资源的能力，整合所服务企业的资源价值链。另一方面，在提升自身硬实力的同时，也应把握好走向全球的时机与策略。
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.
在开放中为绿色金融提供新机遇
Green Finance
推进绿色金融发展，以绿色金融撬动绿色可持续发展，是开放新时期的一项重要任务。首先，可持续性发展的一个核心内容便是维持良好的全球生态环境，然而，全球几乎所有的国家都面临着环境恶化、自然资本下降的趋势。因此，要想持续、坚定地走经济全球化之路，必须要让全球的资金流向绿色产业，使环境的恶化程度得到遏制，从而加快可持续性发展的步伐。
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，在金融供给侧改革中，加强金融创新功能对推进改革至关重要，创新绿色金融、发放绿色信贷、推出绿色产品也是金融供给侧改革的要求。绿色金融是要从更加环保、更加可持续的角度发展我国的金融项目。因此，提供投资周期长、稳定性好、成本低、能够促进绿色低碳发展及经济发展转型的绿色项目资金在金融市场上尤为重要。
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，推进绿色金融发展，也是我国在开放新时期的国际责任。在开放经济格局的合作模式中包括许多发展中国家，大多数还处于生态环境复杂、经济发展对资源依赖程度高、经济处于工业化和城市化的进程中，因此，在同这些国家的开放合作模式中，要加强生态环保等相关工作，防止经济发展与生态文明保护失衡，更不能加重绿色发展与现代工业城市化进程的矛盾。我国建设“绿色丝绸之路”就是顺应国际发展的趋势，承担国际发展责任，也与联合国“2030年可持续发展议程”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".
推动绿色金融发展，需要开放的环境和各国的协同努力。在我国，绿色金融的发展起步不久，建立完整的绿色金融体系的过程仍然任重而道远。面对环境和气候这些巨大的外部性问题，单个国家的力量是不够的，因此，需要中国加强同各国能源尤其是清洁能源的合作，加大相关项目的投资，促进绿色金融为其提供金融资金服务。为贯彻落实绿色金融体系的构建，需要各国之间的协同努力。比如，中国可以将绿色金融、绿色投资的原则融入其日益增长的对外投资之中；中国可以向其他发展中国家提供技术路线，供其学习、利用；在参加国际主要论坛、参与制定全球金融治理规则的过程中，中国可以充分表达自己对绿色金融的承诺和推动力。
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，中国逐步迈入开放新时期，中国的金融供给侧结构性改革也在这个进程中不断发展。未来，我国仍需要进一步发挥我国在金融市场、金融机构、金融政策等方面的优势，加大金融供给侧结构性改革，进一步提升综合金融服务能力以及国际业务开拓能力，不断强化中国金融在开放新时期的国际竞争力。
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.
作者相均泳系中国人民大学重阳金融研究院研究员
作者李下蹊系中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.
