普惠制金融体系与金融稳定

以全球金融危机为转折点,中国的经济金融运行出现了诸多新迹象,其中的突出问题是金融资源配置的不均衡。一方面,银行业总资产突破100万亿元,相伴随的却是连续两年的实体经济部门融资难;另一方面,在经济下行期和负利率背景下,银行业获得了较高的利润。据此,本文提出如下观点:第一,普惠制金融体系建设的滞后性导致了融资集中和系统性风险积聚,过多的金融资源集中于政府项目和投机领域;第二,普惠制金融体系建设有助于通过分散金融资源配置以换取更为稳定的金融环境;第三,如果金融业侧重中小经济主体融资,则整体盈利水平还将进一步提高,其主要盈利来源将从数量扩张转向风险溢价。

Inclusive Financial System and Financial Stability

Talking worldwide financial crisis as turning pointing, China＇ s economy and finance development represents new characteristics and signs, and the prominent issue is unbalanced financial resource allocation. On one hand, the total as- sets of banking sector break 100 trillion, but along with the real sector financing difficulties lasting two years; on the other hand, in the background of economy decline and negative rate, banking sector earns relatively high profit. Based on the above, we have some conclusions： first, inclusive financial systems lag causes financing concentration and accumulated sys- tematic risk, and too much financial resources is used in government projects and speculation; second, inclusive financial system construction helps providing more stable financial environment by distributing financial resources; third, if the financial industry focuses on medium and small economic subjects, the whole portability level would arise further, and the main source would change from quantity expansion to risk premium.