改革开放四十年：中国金融的变革与发展*

改革开放40年，中国金融无论在规模、结构、业态，还是在功能、竞争力和国际影响力等方面都发生了重大而深刻的变革。准确、全面、客观地分析和了解中国金融的现状，总结中国金融40年改革、开放和发展的经验及利弊得失，是进一步推动中国金融的深度改革和全面开放的重要前提。本文从金融资产规模和结构、融资工具和融资机制、金融业态、金融功能和金融风险、金融开放以及金融监管模式等方面系统分析了改革开放40年中国金融的变革和发展，在此基础上提出，中国金融未来的发展方向是构建现代金融体系和与中国经济相匹配的大国金融。

40 YEARS REFORM AND OPENING: THE DEVELOPMENT AND TRANSFORMATION OF CHINAS FINANCIAL SECTOR

After 40 years of the Reform and Opening，Chinas financial sector has undergone significant and profound changes not only in the aspects of the scale, structure, business profile, but also in terms of function, competitiveness and international influence. An accurate, comprehensive and objective analysis of Chinas finance and a summary for the experience of the Chinas past 40 years financial development are important for promoting further Chinas reform and opening in financial area. This paper analyzes the achievement of Chinas financial reform and from which the conclusion can be drawn: the future direction of Chinas financial reform is to construct a modern financial system and a powerful finance for a great nation that can match Chinas economy.