宏观审慎政策框架的完善:国际经验与中国实践  

On Improving the Macro-prudential Policy Framework:International Experience and China’s Practice

作　　者：范从来 程一江[2] FAN Cong-lai;CHENG Yi-jiang

机构地区：[1]南京大学长江三角洲经济社会发展研究中心 [2]南京大学商学院

出　　处：《学习与探索》2025年第2期100-110,176,共12页Study & Exploration

基　　金：国家社会科学基金重大项目“金融业制度型开放助推构建新发展格局的路径研究”(23&ZD059)。

摘　　要：2008年国际金融危机以来,建立健全宏观审慎政策框架成为各国宏观调控体制机制改革的主要趋势和关键内容。我国在宏观审慎政策实践方面起步较早,在实践过程中,始终结合国内经济金融实际及形势变化进行全面深入的研究和探索,在治理机制、政策工具、重点领域宏观审慎管理等方面取得了明显成效。然而当今中国已经进入新发展阶段,处在大国经济发展的重要关口,结构转换的复杂性上升,金融体系内部的复杂性、关联性也不断提升,房地产、地方政府债务、中小金融机构等重点领域的存量风险仍在显露,防范化解各类风险的任务仍不宜掉以轻心,必须标本兼治、对症下药。立足新时代经济高质量发展要求,宏观审慎政策仍然存在政策目标不够量化清晰、政策工具体系不完善、风险识别监测机制不健全、政策覆盖面不足等问题,需要借鉴国际宏观审慎政策框架建设经验,坚持以我为主和问题导向,与时俱进,从明晰政策目标、完善政策工具箱、加强风险识别监测、拓宽政策领域等方面持续加强实践探索,加快完善中国特色宏观审慎政策框架。Since the 2008 global financial crisis,establishing and improving macro-prudential policy frameworks has become a key trend and essential component of macro-economic governance reforms worldwide.China began its macro-prudential policy practices relatively early,continuously integrating in-depth research and exploration with the realities and evolving dynamics of its domestic economy and financial system.Significant progress has been made in governance mechanisms,policy tools,and macro-prudential management in key areas.However,today China has entered a new development stage and is at a critical juncture for a major economy.The increasing complexity of structural transitions and the interconnectedness within the financial system have become more pronounced.Risks in key areas such as real estate,local government debt,and small and medium-sized financial institutions are still emerging.The task of preventing and mitigating various risks requires continued vigilance and a targeted approach.Guided by the goal of high-quality economic development in the new era,several issues remain within the macro-prudential policy framework,including the lack of clear and quantifiable policy objectives,an incomplete policy toolkit,insufficient risk identification and monitoring mechanisms,and inadequate policy coverage.Drawing from international experiences in building macro-prudential policy frameworks,China must adhere to a problem-oriented and self-reliant approach,keeping pace with the times.This requires continuous exploration and practice to clarify policy objectives,enhance the policy toolbox,strengthen risk identification and monitoring,and expand the scope of policy applications,thereby accelerating the establishment of a macro-prudential policy framework with Chinese characteristics.

关 键 词：宏观审慎政策 政策框架 国际经验 

分 类 号：F8[经济管理] F124