中国资本市场生态链:从四边形到五边形的扩展  

China’s Capital Market Ecosystem:Expanding from Quads to Pentagons

作　　者：吴晓求 WU Xiaoqiu

机构地区：[1]国家金融研究院

出　　处：《新金融》2025年第1期7-10,共4页New Finance

摘　　要：中国资本市场的稳定和健康发展需要政策的适度引导,政策引导需要尊重市场规律和保护市场机制。近期,中国人民银行推出针对资本市场的结构化货币政策工具,标志着中国资本市场的生态链由四边形升级到五边形,此次创新性工具的出台也是中国人民银行向现代化中央银行转型的关键一步,对资本市场发展有着重大历史意义。在当前经济形势下,财政政策应发挥更大作用,通过减税和扩大支出来稳定经济预期。财政政策相较于货币政策,主要作用于经济结构的改善和经济长期增长,当前是财政政策发力的有利时期,要发挥好财政政策的作用,解决好地方政府债务问题,平衡中央与地方之间的财权与事权,并优化财政体制以提高地方政府经济建设积极性。The stable and healthy development of China’s capital market requires moderate policy guidance,which needs to respect the laws of the market and protect the market mechanism.Recently,the People’s Bank of China(PBOC)launched structured monetary policy tools for the capital market,making the transformation of China's capital market from a quads to a pentagon.The introduction of this innovative tool is also a key step in the transformation of the PBOC into a modernized central bank,which is of great historical significance to the development of the capital market.Currently,fiscal policy should play a greater role in stabilizing economic expectations through tax cuts and increased expenditure.Fiscal policy,compared to monetary policy,primarily serves to improve economic structure and promote long-term economic growth.The current period is a favorable for fiscal policy to exert its influence.It is essential to leverage the role of fiscal policy effectively,address local government debt issues,balance the financial and administrative powers between the central and local governments,and optimize the fiscal system to enhance the enthusiasm of local governments for economic construction.

关 键 词：资本市场 生态链 结构性货币政策 财政政策 

分 类 号：F812[经济管理—财政学] F822