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金融体系在当代中国经济中起到了愈来愈重要的作用。该体系以银行信贷为基础,但金融市场也扮演了角色。最近的历史表明,金融市场缺乏监管和自我调节机制,是危机的滥觞之地。对于中国的社会主义市场经济而言,传统的依靠银行信贷融资的方式更能避免道德风险,并与传统的经济文化更加合拍,因而较金融市场具有更大的优势。中国的公有制企业具有规模效益,不片面追求利润的最大化,并且部分允许企业职工参与企业的管理,对国家的宏观调控反应更加迅速,因而私有化并不完全符合中国的利益。中国不应该追求利率的自由化和人民币的国际化,应该限制银行业务的自由化并探索新的经营和监管模式。
The financial system has played an increasingly important role in contemporary Chinese economy. The system is based on bank credit, but financial markets also play a role. Recent history shows that the lack of a regulatory and self-regulatory mechanism in financial markets is the beginning of a crisis. For China’s socialist market economy, the traditional way of relying on bank credit financing can avoid moral hazard and is more in line with the traditional economy and culture. Therefore, it has a greater advantage over financial markets. China’s public-owned enterprises have economies of scale. They are not seeking the maximization of profits one-sidedly. They also allow enterprises and employees to participate in the management of enterprises and respond more rapidly to the macro-control of the country. Therefore, privatization is not entirely in the interest of China. China should not pursue the liberalization of interest rates and the internationalization of the Renminbi. It should limit the liberalization of banking operations and explore new modes of operation and regulation.