双循环新发展格局下我国影子银行的监管

影子银行作为正规金融体系的有益补充,是发展直接融资的有效渠道,在我国金融业助力双循环新发展格局构建中的作用不容忽视。目前,与其他主要经济体相比,我国影子银行资产规模占GDP比重排名比较靠后,整体体量较小,未来发展空间很大。不过,我国影子银行长期处于监管盲区,传统监管体制无法实施及时而有效的监管,既不利于我国金融系统安全稳定,也不利于双循环新发展格局的构建。特别是金融业内外循环扩大了法律关系模糊带来的消极影响,放大了刚性兑付带来的金融资源循环受阻问题,增加了监管缺乏带来的金融系统不稳定因素,导致我国影子银行监管缺位问题进一步凸显。影子银行是金融系统性风险的一个重要来源,尽管我国已经建立了以中国银行保险监督管理委员会为主体的影子银行监管体系,但分散管理的弊端依然比较明显。为充分发挥影子银行积极作用,助力我国双循环新发展格局构建,应从顶层着手设计有效的监管制度,规避影子银行可能带来的风险。具体而言,一是建立科学完善的全面统计制度,掌握内外循环中的金融家底;二是建立健全规范而有效的管理架构,防范内外循环中的金融风险;三是积极主动参与国际规则制定,实现国内与国际规则的全面接轨以及内外循环规则的连通;四是引入监管负面清单制度,平衡金融创新保护与金融风险防范。

Research on China's Shadow Banking Regulatory Issues under the New Development Pattern of Dual Circulation

As the beneficial complement of formal financial system,shadow banking system is the effective channel for us to develop direct finance;and we should not ignore the role it plays in promoting the construction ofthe new development patternof dual circulation.At present,comparing to other main economic entities,the proportion of China’s shadow banking system asset in GDP is low,and there is more development space for it in the future.However,China’s shadow banking has long been in a regulatory blind zone,the traditional supervision system cannot exercise timely and effective supervision,which not only has seriously threatened the security and stability of China's financial system,but also is not beneficial for the construction of the new development pattern of dual circulation.The dual circulation in the financial industry increases the negative impact brought by the fuzzy legal relation,worsens the hindered circulation of financial resources that is brought by rigid payment,increases the unstable factors in the financial system that is brought by the lack of supervision,and leads to the highlighted problem of the lack of supervision on the shadow banking system in China.The shadow banking system is the important sources of financial systematic risk.Though we have established the supervision system taking CBRC as the main body,drawbacks brought by the decentralized management is very obvious.To give play to the positive role of shadow banking system,and boost the construction of China’s new development pattern of dual circulation,we should start from the top level to design the effective supervision system,and avoid risk that would be brought by the shadow banking system.Specially speaking,first,we should establish a scientific and comprehensive statistical system to control the financial resources in domestic and international circulation;second,we should establish and perfect the standardized and effective management structure to prevent financial risksin domestic and international circulation;third,we should actively participate in the formulation of international rules to achieve the comprehensive domestic and international rules integration and the connection of that;and fourth,we should introduce a regulatory negative list system to balance the protection of financial innovation and the prevention of financial risks.