中国的金融体系与经济: 综述
China's Financial System and Economy: A Review
Annual Review of Economics · 2023 · [{"name": "Zhiguo He", "affiliation": ["National Bureau of Economic Research", "University of Chicago"]}, {"name": "Wei Wei", "affiliation": ["University of Chicago"]}]
中文摘要
过去40年间, 中国的金融体系一直是其非凡经济增长中不可或缺的组成部分。我们以社会融资规模(AFRE)——衡量一国年度流动性流量的宽口径指标, 充分反映了中国金融体系的独特特征——这一分类为基础, 回顾了有关中国金融体系及其与中国经济之间联系的近期文献。早期关于中国金融体系的研究侧重于国有企业改革, 而近期文献则探讨了其他更市场化的融资渠道——包括影子银行——这些渠道在2010年后快速增长, 已成为社会融资规模的重要组成部分。这些新融资渠道不仅彼此交织, 而且更重要的是, 往往最终都与中国占主导地位的银行部门相联系。理解这些渠道背后的机制及其内在联系, 对于缓解资本配置扭曲、降低中国潜在的系统性金融风险至关重要。
Abstract
China's financial system has been integral to its spectacular economic growth over the past 40 years. We review the recent literature on China's financial system and its connections to the Chinese economy based on the categories of Aggregate Financing to the Real Economy (AFRE), a broad measure of the nation's yearly flow of liquidity accounting for unique features of China's financial system. While early work on China's financial system emphasizes the state-owned enterprise reform, the recent literature explores other more market-based financing channels—including shadow banking—that grew rapidly after 2010 and have become important components of AFRE. These new financing channels not only are intertwined with each other, but also, and more importantly, are often ultimately tied back to the dominant banking sector in China. Understanding the mechanisms behind these channels and their intrinsic connections is crucial to alleviate capital allocation distortion and mitigate potential systemic financial risk in China.