Financial Lessons Learned

As the Wall Street chaos of 2008 swept the globe,China-with little exposure to subprime mortgages-was one of the only calm ports in the growing financial storm.Ifone lesson can be learned from the crisis,it is this: maintain a constant state of financial vigilance against risks even in boom times.China now faces the task of ensuring its financial health as it further opens to the world amid a global financial landscape reshaped by deep recessions.Economists and finance professors discussed these challenges at the Asia-Pacific Economic and Financial Forum recently held in Beijing.Edited excerpts follow:     

G20 Must Look Beyond the Needs Of the Top 20

After the financial crisis broke out,China was quick to put in place a decisive plan to boost domestic demand,advance eco-nomic restructuring and improve people's well being.These mea-sures have started to produce results.At present,the Chinese economy still faces severe challenges.     

股权众筹“入法”：监管与豁免之平衡

作为一种新型互联网金融模式,股权众筹具有融资成本低、效率高优势的同时面临投资者保护不足的风险。为了充分发挥股权众筹的优势,拓宽小微企业尤其是初创企业融资渠道、降低融资成本,完善我国多层级资本市场,同时兼顾投资者保护,应树立适度监管理念,打破现行法律制度障碍,实现监管与豁免之平衡,构造我国股权众筹监管法律制度。     

对经济安全与经济风险的思考

现实生活中形成了已经或可能对我国经济安全构成威胁的因素主要有 :耕地大量减少、资源浪费严重、环境污染、生态恶化 ,国民经济发展的基础面临严峻考验 ;金融领域的非安全因素日益增加 ;一些产业和一批企业的国际竞争能力严重削弱 ;外贸依存度和资本依存度相对较高 ,出口商品层次较低 ,出口市场过于集中 ;国有企业困难重重。与经济安全问题相联应该备受关注的是经济风险问题。从中长期看 ,我国主要存在潜在的金融风险、产业风险、技术风险、人口风险和决策风险。对我国经济安全与经济风险问题 ,应从国情出发 ,加强研究与监测 ;同时吸收国外的经验和教训 ,尽快制定出有中国特色的经济安全战略 ,建立、健全监测系统和风险防范机制     

当前涉税犯罪规律特点及其工作对策

我国加入世贸组织之后,国民经济发展面临着新的机遇和挑战,同时,与经济发展密切相联的金融财税领域也迎来了新的挑战。     

External Contradictions of the Chinese Development Model: export-led growth and the dangers of global economic contraction

China's development model faces an external constraint that could cause an economic hard landing. China has become a global manufacturing powerhouse, and its size now renders its export-led growth strategy unsustainable. China relies on the US market, but the scale of its exports is contributing to the massive US trade deficit, creating financial fragility and undermining the US manufacturing sector. These developments could stall the US economy's expansion, in turn triggering a global recession that will embrace China. This is the external constraint. These considerations suggest that China should transition from export-led growth to domestic demand-led growth. This requires growing the economy's demand side as well as its supply-side. To avoid stalling the US economic expansion, which is critical to China's growth, China should significantly revalue its currency as part of a generalized East Asian upward currency revaluation. Longer term, China should raise wages and improve income distribution. Under export-led growth, higher wages undermine employment. Under domestic demand-led growth, they support it. The challenge is to raise wages in an efficient decentralized manner. History shows that this requires independent democratic trade unions. However, such unions are currently unacceptable to the Chinese political leadership. Creating a domestic demand-led growth regime therefore requires solving this political roadblock.     

Confidence Matters

China's economy passed over a bumpy road last year. Influenced by the global economic crisis, China faces many uncertainties in 2009. Yao Jingyuan, Chief Economist of the National Bureau of Statistics, gave a speech at the 2009 China Mining Merger and Acquisition Forum at Tsinghua University on January 10 about the risks the country faces and the positive factors that still exist in China's economic development. Excerpts follow.     

金融衍生工具创新风险及其防范

我国需要发展金融衍生产品,但发展衍生产品的基本条件:发达的基础金融市场、完善的风险监控体系、理性市场参与者,在我国还不成熟。文章认为我国应该通过试点,待经验成熟后,再逐步推广,以控制证券市场风险。     

公安院校负债办学的财务风险探讨及对策

现阶段我国高校面临着越来越多的财务风险,文章就公安院校负债办学的成因及产生的财务风险作了详细的阐述,并介绍了美国政府对防范和化解高校财务风险的一些措施和方法,最后提出了针对我国公安院校防范与化解财务风险的对策。     

作为知识和学问的中国传统美学

作为“知识”的中国传统美学,具有珍贵的历史价值,但是,在当今时代,从传统遭遇现代、中国(东方)遭遇西方(全球化)、精神(人文)遭遇物质(科技)3个方面来看,其现实处境不容乐观。而作为“学问”的中国传统美学,因为审美观念转变和治学方法改变,给研究带来了不利的影响,从而要求学者增强自身文学艺术修养并潜心于学术积累。     

“一委一行两会”格局下中国金融监管协调框架探析

金融监管协调以防范系统性风险、维护金融体系稳定为最终目标,是金融监管体制的重要组成部分。自2018年3月以来,中国的金融监管体制呈现出"一委一行两会"的新格局,对金融监管协调提出了更高的要求。本文基于金融监管协调的国际经验,从中央部门协调、央地协调及金融科技发展的角度,分析了当前中国金融监管协调面临的障碍,并根据"矩阵式"管理的思路提出了解决方法并就此构建了相应的金融监管协调框架。本文提出在纵向上应强化央行的核心地位,发挥金融委的协调作用,明确央地权责及目标,强化属地责任;在横向上应重视跨部门协调、统筹金融业综合统计,同时还应与法律建设同步,及时跟踪科技发展,以期更好地发挥金融监管协调的作用。     

论中国金融生态安全

中国是政府主控金融体系的国家,表现为金融的事情实际上相当多的并不是金融部门的事,涉及金融安全或发生在金融部门的风险,原因也可能在金融部门之外;这样,将生态的概念系统地引申到金融领域,恰当定义金融生态、分析金融生态环境,能更好化解金融风险。     

我国金融诈骗犯罪的现状与对策

近年来,包括我国在内的世界各国的金融欺诈案件迅速增加、损失日益加剧,伴随着我国改革开放的发展,金融领域内的欺诈犯罪行为也在蔓延,且呈迅速上升之势。可以说,金融诈骗已成为当前我国经济犯罪活动中危害最大的犯罪类型之一。为了打击金融犯罪、保护国家和人民群众的财产权益、维护金融秩序、保护国家经济安全,应注重相关的立法与执法、协调各方面的力量、共同打击金融诈骗犯罪,从而有效遏制金融诈骗犯罪的产生和蔓延。     

论美国《金融服务现代化法》对我国金融监管立法的启示

《金融服务现代化法》是美国金融法史上一部重大、意义深远的法律,其许多规定对世界各国金融立法和金融监管发展方向产生重要影响。它在金融业实现混业经营前提下所确立的功能监管原则给中国金融监督立法带来有益的启示。中国金融监管立法应考虑构建统一基本法,引入功能监管、双线多头监管制。     

中国梦的实现路径分析

实现中国梦的关键是需要处理好“行政和自治”之间的关系.总结近现代以来中国的历史经验,中国梦的实现关键在于中国共产党的科学领导.中国共产党能够不断推动中国梦的实现进程,取得成绩的原因是其对以民为本的官僚政策治理型同心圆式的权力结构进行了有效的改革,一定程度上破解了近现代以来中国所面临的“行政与自治”关系平衡问题.破解当前中国所面临的一系列社会问题,进一步推动中国梦的实现,仍然需要处理好“行政和自治”之间的关系,从破解行政压倒自治、自治行政化和形式化问题着手.     

武汉城市圈发展战略研究

“两型社会”发展战略的确立,既为武汉城市圈的发展带来新的历史机遇,同时也面临诸多挑战。该文从武汉城市圈的实际情况出发,基于“两型社会”发展战略框架,探索性地提出加快武汉城市圈发展的三大具体战略,即绿金经济和结构调整同步发展、金融强市和科技发展深度结合以及政府管理和市场模式创新互动,以期为政府相关部门提供决策依据和参考。     

WTO and China's Financial Services Sector

Financial services, particularly securities markets, insurance and commercial banking, have played a crucial role in China's post-1978 economic reforms. China has so far established a market structure and a legal framework, and has a growing understanding of how financial services operate in the modern world economy. We will review China's progress in financial services reforms over the last 22 years, describe the commitments China has made to gain WTO entrance, and then evaluate the potential benefits and costs to China's financial sector of WTO accession. We conclude that even with the substantial challenges presented by greatly increased post-WTO foreign competition, China will benefit from the WTO because of a number of factors including a growing pool of well-trained personnel, lessons learned from domestic and foreign development experiences, increasing Chinese economic strength, and continual advancement of China's financial infrastructure.     

金融消费者权益保护法律问题研究

从金融消费者基本概述出发,论述了金融消费者保护的现实意义,并借鉴了美国、日本等外国金融消费市场与金融消费者权益保护的经验,对完善我国金融消费者保护制度提出了立法建议。     

普惠金融视角下中国现代农村金融制度建设分析

普惠金融理念注重弱势群体享受金融服务的权利,近年来逐渐被社会各界所接受。普惠型金融与现代农村金融制度在本质上是相通的。我国正处于经济社会转型阶段,农村金融市场具有发展中国家普遍存在的系统性缺陷,基于法律与契约框架的非人格化交易在农村尚未确立,因而建设现代农村金融制度具有长期性。作为现代农村金融制度建设的重要内容,村镇银行等新型农村金融机构具有显著的普惠型金融特征和外部性,各级政府应当给予补贴和相关政策支持。     

风险理论视阈下学习型政党建设理念的嬗变

我们党的历代领导人都重视学习型政党建设。学习型政党建设理念既是我们党在各个时期历史任务的反映,又是所面临历史形势和任务加强自身建设作出的积极应对。我们党的四代领导集体学习型政党理念各有自己的鲜明特征,理念的变迁背后说明了我们党面临的时代风险,而学习内容和特征则是我们党对时代风险的积极应对。当今我国面临更加复杂的风险,学习型政党的未来理念是建设研究型政党。