中央金融工作会议明确提出，坚定不移走中国特色金融发展道路。新中国成立以后，特别是改革开放以来，中国金融助力创造了世所瞩目的“两大奇迹”（即经济快速发展奇迹和社会长期稳定奇迹）。这一时期中国立足自身国情和发展需要所进行的社会主义伟大实践，突破了从分流到合流的演进逻辑：中国没有亦步亦趋地走西方国家几百年走过的老路，而是创造性地利用了国家信用推动经济发展；以政府为主导的金融体系在快速动员资源、促进储蓄—投资转化、支持经济赶超方面发挥了关键性作用，并有效应对各类风险，避免了危机的发生。因此，无论是理论还是实践都表明，超越金融大分流所暗含的“分流—合流”逻辑、走中国特色金融发展道路是助力中国式现代化的必然选择。
党的二十大报告明确指出，“中国式现代化既有各国现代化的共同特征，更有基于自己国情的中国特色”。两大奇迹的出现提示我们“中国金融一定做对了什么”；与此同时，这也坚定了我们走中国特色金融发展道路的自信。探索中国特色金融发展道路，廓清历史底色、把握中国国情是基本依凭和出发点，回应“人民之问”“时代之问”、助力中国式现代化是价值旨归和着力方向。从根本上来说，中国特色金融发展的逻辑内嵌于中国式现代化发展的大逻辑。 数字化转型网www.szhzxw.cn
一、坚持以人民为中心的发展目标
中国金融发展回应新时代社会主要矛盾的历史性变化，以人民为中心而不是以资本为中心。一是着力提升金融的普惠性和包容性，使低收入群体也能分享增长红利，逐步缩小城乡间、地区间和居民部门内部的收入差距和财富差距，促进全体人民共同富裕。二是建立和完善绿色金融体系，注重转型金融发展，践行ESG（环境、社会和公司治理）理念，更好推进实现“双碳目标”。三是深入推进实施公平竞争政策，使各类资本机会平等、公平进入、有序竞争；正确处理资本和利益分配问题，在保障资本参与社会分配获得增值和发展的同时，更加注重维护按劳分配的主体地位；依法加强对资本的有效监管，全面提升资本治理效能，促进资本规范发展。四是胸怀天下，在不谋求金融霸权的同时，积极发挥中国在稳定世界经济金融格局和构建人类命运共同体方面的重要作用。 数字化转型网www.szhzxw.cn
二、坚持党的领导，完善金融治理
从金融治理角度看，党的领导是中国金融发展的特色和优势所在。首先，党对金融工作的集中统一领导对完善金融宏观调控决策机制尤为重要，这一方面有利于凝聚党内共识，提升经济金融政策的执行效率；另一方面可发挥党的领导在解决部门之间、中央和地方之间分歧的优势，将不同部门、不同层级整合到同一目标下，避免政策效果抵触或留有空白。
其次，党的集中统一领导具有维护国家信用、统领金融与财政、发挥二者协调配合作用的天然制度优势。一方面，中国开发性金融在全球范围内的异军突起，既是创造性地运用国家信用的实践成果，也是兼具财政与金融双重功能、运行于政府与市场之间的金融创新；另一方面，面对所谓的“金融风险财政化”“财政风险金融化”，党的领导将有利于在制度层面压实各方责任，“谁家的孩子谁来抱”，统筹应对财政金融风险的互溢。 数字化转型网www.szhzxw.cn
再次，加强和完善党的领导，促进金融治理现代化。重点是将党的领导嵌入国家治理机制，协调好政府—市场—社会三者的关系，这包括：减少政府干预，发挥市场在风险定价和金融资源配置中的决定性作用；超越“发展型政府”、构建“创新型政府”，更好发挥政府在促进金融更好服务实体经济、规范金融发展方面的作用；注重发挥社会（人民）的力量，着力加强对资本、平台经济、金融科技等方面的社会监督。
三、守住不发生系统性风险的底线
中国经历了40余年的快速发展，但并没有发生危机，这是世所罕见的奇迹。其原因并不在于中国发展模式没有积累风险，而在于中国政府一直居安思危，将不发生系统性风险作为发展的底线。中国在坚持底线思维、防范化解风险方面特色鲜明：一是债务积累与资产积累同步，提升了债务可持续性。二是依靠发展解决问题。中国经济的快速增长消化了金融系统压力，同时政府也擅长“边发展边解决问题”。三是政府兜底有效阻滞了风险蔓延。国有企业的优惠政策、地方政府的发展责任与软预算约束、金融机构的体制性偏好，以及中央政府的最后兜底责任形成所谓“四位一体”赶超发展模式。这一模式虽然一定程度上推高了宏观杠杆率，但因为有政府兜底和积极应对，举凡金融机构、影子银行、房地产、地方债务等领域的风险扩散均受到了抑制。 数字化转型网www.szhzxw.cn
四、坚持“两个毫不动摇”，促进金融更好服务实体经济
服务实体经济是金融发展的初心。更好服务实体经济，需要坚持“两个毫不动摇”，着力解决好以下两大问题。一是以国有占主导的金融机构如何服务好民营占很大体量的实体经济。金融服务讲究“门当户对”，国有主导的金融机构存在所有制偏好，对于（大型）国有企业格外青睐，而对众多（中小）民营企业融资需求的匹配度较低。破解这一难题的关键在于坚持“两个毫不动摇”，继续规范发展民营金融机构，推动金融领域的混合所有制改革以及金融部门治理结构的优化，打造新时代的“门当户对”。二是以银行为主导的金融体系如何支持科技创新。解决这一问题，一方面要求商业银行将高水平科技自立自强作为重点服务领域，保持高技术产业中长期贷款合理增长，加大科技型中小企业知识产权质押融资、信用贷款、首贷和续贷投放力度。另一方面，支持商业银行具有投资功能的子公司、保险机构、信托公司等出资创业投资基金、政府产业投资基金等，为科技企业发展提供股权融资；支持资产管理产品依法投资包括未上市科技企业股权及其受（收）益权在内的权益类资产，实现资管产品期限与其所投资资产期限相匹配、与科技企业成长周期相匹配。此外，进一步扩大直接融资，切实发挥资本市场在支持创新方面的重要作用。
五、增强金融体系韧性，维护金融安全
金融安全是金融发展的底线，维护金融安全是关系我国经济社会发展全局的一件带有战略性、根本性的大事。俄乌冲突、“金融武器化”进一步凸显了增强金融体系韧性、维护金融安全的重要性。
一是以金融高质量发展促进金融安全。通过金融体系结构的优化，提升金融服务实体经济的效能，尤其是充分发挥金融在优化配置风险方面的功能，加强和完善金融监管，强化金融稳定保障体系，健全资本市场功能，提高直接融资比重，提升金融国际竞争力，增强金融体系韧性，以金融发展促金融安全。
二是补齐金融基础设施短板。重点是完善支付清算体系，面对潜在的金融制裁风险，以人民币国际化与数字货币为抓手，加快推进支付结算手段的多元化。 数字化转型网www.szhzxw.cn
三是把握好金融依存性增强与金融自主化发展之间的张力。由于数字化时代的到来，中国需要在技术和标准方面赢得主动。一方面瞄准硬核技术，在芯片、操作系统等“卡脖子”技术上下功夫，“练好内功”；另一方面瞄准规则和标准，积极参与全球金融与数字治理，围绕全球金融安全网、通用人工智能、跨境金融监管、跨境数据流动、市场准入、反垄断、数字货币、数据隐私保护等重大问题探索建立治理规则，提升中国在金融与数字治理领域的话语权。 数字化转型网www.szhzxw.cn
（作者分别为中国社会科学院金融研究所所长、国家金融与发展实验室主任，中国社会科学院金融研究所博士后、国家金融与发展实验室资产负债表研究中心研究员）
翻译：
The logic of financial development with Chinese characteristics is embedded in the logic of the development of Chinese modernization
The Central Financial Work Conference made it clear that we will unswervingly follow the path of financial development with Chinese characteristics. Since the founding of the People’s Republic of China, especially since the reform and opening up, China’s financial sector has helped create the “two great miracles” (namely, the miracle of rapid economic development and the miracle of long-term social stability) that have attracted worldwide attention. During this period, China carried out the great practice of socialism based on its own national conditions and development needs, breaking through the evolution logic from diversion to integration: China did not follow the old path of Western countries for hundreds of years, but creatively used national credit to promote economic development; The government-led financial system has played a key role in rapidly mobilizing resources, promoting savings-investment transformation, and supporting economic catch-up, and has effectively addressed various risks and avoided the occurrence of crises. Therefore, both theory and practice have shown that it is an inevitable choice to go beyond the logic of “diverging and confluence” implied by the great divergence of finance and take the road of financial development with Chinese characteristics to help Chinese modernization.
The report of the 20th National Congress of the Communist Party of China clearly pointed out that “Chinese modernization has the common characteristics of modernization of other countries, and more importantly, it has Chinese characteristics based on its own national conditions.” The emergence of the two miracles reminds us that “China’s finance must be doing something right”; At the same time, this has strengthened our confidence in following the path of financial development with Chinese characteristics. Exploring the path of financial development with Chinese characteristics, clarifying the historical background, and grasping China’s national conditions are the basic basis and starting point, responding to “the people’s questions” and “The Times’s questions” and helping Chinese-style modernization are the value purport and focus. Fundamentally speaking, the logic of financial development with Chinese characteristics is embedded in the larger logic of Chinese-style modernization development.
First, adhere to the people-centered development goal
China’s financial development responds to the historic change of the main social contradiction in the new era, and is people-centered rather than capital-centered. First, we will strive to enhance financial inclusion and inclusiveness, so that low-income groups can also share the dividends of growth, and gradually narrow the income and wealth gaps between urban and rural areas, between regions and within individual sectors, so as to promote common prosperity for all people. The second is to establish and improve the green financial system, pay attention to the transformation of financial development, practice ESG (environmental, social and corporate governance) concept, and better promote the realization of the “double carbon goal”. Third, we will further promote the implementation of the policy of fair competition, so that all types of capital have equal opportunities, fair entry, and orderly competition. We should properly handle the distribution of capital and benefits, and pay more attention to safeguarding the principal position of distribution according to work while ensuring that capital participates in social distribution to gain value and development. Strengthen the effective supervision of capital in accordance with the law, comprehensively improve the efficiency of capital governance, and promote the standardized development of capital. Fourth, keep the world in mind. While not seeking financial hegemony, China should play an important role in stabilizing the world economic and financial structure and building a community with a shared future for mankind. 数字化转型网www.szhzxw.cn
Second, adhere to the Party’s leadership and improve financial governance
From the perspective of financial governance, the Party’s leadership is the feature and advantage of China’s financial development. First of all, the Party’s centralized and unified leadership of financial work is particularly important for improving the financial macro-control decision-making mechanism, which is conducive to building intra-party consensus and improving the implementation efficiency of economic and financial policies. On the other hand, it can give play to the advantages of the Party’s leadership in resolving differences between departments and between the central and local governments, integrating different departments and different levels into the same goal, and avoiding conflicting policy effects or leaving gaps. 数字化转型网www.szhzxw.cn
Secondly, the centralized and unified leadership of the Party has the natural institutional advantages of maintaining national credit, leading finance and finance, and playing the role of coordination and cooperation between the two. On the one hand, the sudden emergence of China’s development finance in the world is not only a practical result of the creative use of national credit, but also a financial innovation that combines the dual functions of finance and finance and runs between the government and the market. On the other hand, in the face of the so-called “financial risk finance” and “financial risk financialization”, the Party’s leadership will be conducive to consolidating the responsibilities of all parties at the institutional level, “whose children are who to hold”, and to coordinate the overflow of financial risks. 数字化转型网www.szhzxw.cn
Third, strengthen and improve the Party’s leadership and promote the modernization of financial governance. The key is to embed the Party’s leadership in the national governance mechanism and coordinate the relationship between government, market and society. This includes: reducing government intervention and giving play to the decisive role of market in risk pricing and financial resource allocation; Go beyond the “development-oriented government” and build an “innovation-oriented government” to better play the role of the government in promoting financial services to better serve the real economy and regulating financial development; Focus on giving full play to the power of society (people), and focus on strengthening social supervision over capital, platform economy, financial technology and other aspects. 数字化转型网www.szhzxw.cn
Third, safeguard the bottom line of no systemic risk
China has experienced more than 40 years of rapid development, but there has been no crisis, which is a rare miracle in the world. The reason for this is not that China’s development model does not accumulate risks, but that the Chinese government has always been prepared for danger, and the occurrence of no systemic risk as the bottom line of development. China has a distinctive feature in adhering to the bottom-line thinking and preventing and defusing risks: First, the accumulation of debt has synchronized with the accumulation of assets, which has improved debt sustainability. Second, we need to solve problems through development. China’s rapid economic growth has absorbed stress in the financial system, and the government is adept at “solving problems along the way.” Third, the government has effectively blocked the spread of risks. The preferential policies of state-owned enterprises, the development responsibilities and soft budget constraints of local governments, the institutional preferences of financial institutions, and the final responsibility of the central government form the so-called “four-in-one” catch-up development model. Although this model has pushed up the macro leverage ratio to a certain extent, the spread of risks in financial institutions, shadow banking, real estate, local debt and other areas has been suppressed because of the government’s backstop and active response. 数字化转型网www.szhzxw.cn
Fourth, adhere to the “two unswerving” and promote the financial sector to better serve the real economy
Serving the real economy is the primary purpose of financial development. To better serve the real economy, we need to adhere to the “two unwavering” and focus on solving the following two major problems. The first is how state-owned financial institutions can serve the real economy, which is dominated by the private sector. Financial services pay attention to “family matching”, state-dominated financial institutions have ownership preferences, especially for (large) state-owned enterprises, while the matching degree of financing needs of many (small and medium-sized) private enterprises is low. The key to solving this problem is to adhere to the “two unwavering”, continue to standardize the development of private financial institutions, promote the mixed ownership reform in the financial field and the optimization of the governance structure of the financial sector, and create a “family match” in the new era. The second is how the bank-led financial system supports technological innovation. To solve this problem, on the one hand, commercial banks are required to take high-level scientific and technological self-reliance as a key service area, maintain the reasonable growth of medium – and long-term loans for high-tech industries, and increase the investment of intellectual property pledge financing, credit loans, first loans and renewal loans for small and medium-sized scientific and technological enterprises. On the other hand, support subsidiaries of commercial banks with investment functions, insurance institutions, trust companies and other venture capital funds, government industrial investment funds, etc., to provide equity financing for the development of science and technology enterprises; Support asset management products to invest in equity assets, including the equity of unlisted technology enterprises and the right to receive (receive) benefits, in accordance with the law, so that the term of asset management products matches the term of the invested assets and matches the growth cycle of technology enterprises. In addition, direct financing should be further expanded to give full play to the important role of the capital market in supporting innovation. 数字化转型网www.szhzxw.cn
Fifth, enhance the resilience of the financial system and safeguard financial security
Financial security is the bottom line of financial development, and maintaining financial security is a strategic and fundamental event affecting China’s overall economic and social development. The Russia-Ukraine conflict and the “weaponization of finance” further highlight the importance of strengthening the resilience of the financial system and maintaining financial security.
First, high-quality financial development will promote financial security. Through the optimization of the structure of the financial system, we should enhance the effectiveness of the financial sector in serving the real economy, in particular, give full play to the function of the financial sector in optimizing the allocation of risks, strengthen and improve financial regulation, strengthen the financial stability guarantee system, improve the function of the capital market, increase the proportion of direct financing, enhance the international competitiveness of the financial sector, enhance the resilience of the financial system, and promote financial security through financial development. 数字化转型网www.szhzxw.cn
Second, we need to shore up weak links in financial infrastructure. The focus is to improve the payment and settlement system, in the face of potential financial sanctions risks, with the internationalization of the renminbi and digital currency as the starting point, to accelerate the diversification of payment and settlement means.
Third, we should grasp the tension between increasing financial dependence and financial autonomy. Due to the advent of the digital age, China needs to win the initiative in terms of technology and standards. On the one hand, it aims at hard core technology, working hard on “card neck” technology such as chip and operating system, and “practicing internal skills”; On the other hand, it aims at rules and standards, actively participates in global financial and digital governance, explores and establishes governance rules around major issues such as global financial safety net, general artificial intelligence, cross-border financial regulation, cross-border data flow, market access, anti-monopoly, digital currency, and data privacy protection, and enhances China’s voice in the field of financial and digital governance.
(The authors are director of the Institute of Finance, Chinese Academy of Social Sciences, Director of the National Laboratory of Finance and Development, postdoctoral fellow of the Institute of Finance, Chinese Academy of Social Sciences, and researcher of the Balance Sheet Research Center of the National Laboratory of Finance and Development.) 数字化转型网www.szhzxw.cn
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