构建“一带一路”倡议实施的金融支持体系  

Building a Financial Support System for the Implementation of the “Belt and Road” Initiative

作　　者：闫小娜[1] 郑联盛[2] 王章慧 YAN Xiaona;ZHENG Liansheng;WANG Zhanghui(Chinese Academy of Social Sciences,100732;Institute of Finance and Banking,CASS,100028;Graduate School of CASS,100028)

机构地区：[1]中国社会科学院直属机关党委 [2]中国社会科学院金融研究所 [3]中国社会科学院研究生院

出　　处：《财经智库》2018年第5期90-100,142,143,共13页Financial Minds

基　　金：国家社科基金青年项目"西方国家金融危机与制度弊端分析研究"(项目编号:14CJL017);国家社科基金重点项目"我国金融体系的系统性风险与金融监管改革研究"(13AJY018);国家社科基金重点项目"‘十三五’时期我国的金融安全战略研究"(15AJY017)的阶段性研究成果;国家留学基金委资助

摘　　要："一带一路"倡议是构建更大范围、更高水平、更深层次区域合作的新机制,有利于构建全球自由贸易体系和开放型世界经济。"一带一路"倡议的实施包含资金融通等金融服务的内在要求,同时亦需要差异化、多元化和综合性的金融服务支撑体系,对金融服务的资金、机构、产品、风控等都提出了实质性需求。未来10年,两个经济带基础设施投资的年度资金需求将达到6000亿美元以上,但是,"一带一路"倡议的资金供给能力相对有限,存在巨大的资金供求缺口。更重要的是,金融支持体系建设存在需求供给负缺口、成本收益不匹配、要约反馈不顺畅、金融与实体经济难融合以及金融服务与风险管理难统筹等问题。为了构建有效的"一带一路"倡议金融支持体系,需要定位金融体系在"一带一路"框架中的作用及边界,注重成本收益性,兼顾政策性,以金融创新引导金融资源实现有效配置,形成自我强化的要约反馈新机制,形成资源配置新体系,实现长期可持续发展。The“Belt and Road”initiative is a new mechanism for building a wider,higher level and deeper regional cooperation,which is conducive to building a global free trade system and an open world economy.The implementation of the initiative contains the inherent requirements of financial services such as finance,and also requires a differentiated,diversified and comprehensive financial service support system.It also proposes substantive needs of financial services,funds,institutions,products,and risk control.In the next 10 years,the annual capital demand for infrastructure investment in the two economic zones will reach more than 600 billion US dollars.However,the funding needs of the“Belt and Road”initiative are relatively limited,and there is a huge gap between supply and demand of funds.More importantly,the fi nancial support system has problems such as negative supply demand,mismatched cost and benefi t,unsatisfactory feedback,diffi cult integration of financial and physical economy,and difficulty in coordinating fi nancial services and risk management.In order to construct an effective fi nancial support system for the“Belt and Road”initiative,it is necessary to position the role and boundary of the financial system in the“Belt and Road”framework,focus on cost-benefi t,consider policy,and guide fi nancial resources to achieve effective allocation and formation of selffinance through financial innovation.The enhanced offer will feedback new mechanisms to form a new resource allocation system to achieve long-term sustainable development.

关 键 词：“一带一路” 金融支持 机制错配 供求匹配 

分 类 号：F36[经济管理—产业经济] F42