金融时报 金融时报中英文阅读.docVIP

金融时报 金融时报中英文阅读 FT社评：中国应深化金融改革 Leader_Chinese puzzle of banking reform When the global financial crisis struck in 2008, Chinas financial sector was in relatively good shape. Years of gradual reform and the government-led 2008年爆发全球金融危机时，中国金融业的状况相对较好。多年的渐进式改革，以及政府主导的、以更为商业化的体系为目标的转型，使金融机构在结构、透明度transition towards a more commercially oriented system saw improvements in the structure, transparency and oversight of financial institutions. But the risk is that, in a global sector changing at lightning speed, reform is not moving fast enough. The warning bells were sounded this week by the International Monetary Fund?s inaugural report on the Chinese financial system. While acknowledging the progress made so far, the IMF highlights a “steady build-up in vulnerabilities” that stem from Beijing?s continued iron grip on its banking sector and which should be taken seriously by government authorities. These include the growing complexity of the financial system, in part due to previous reforms. It also cites the rise of shadow banking, and distortions in capital allocation created by the government?s still dominant role in dictating banks? lending policies. In effect the government has been using the financial system to fund public expenditure, thus raising the risk of hidden deficits and unexpected contingent liabilities. Beijing must loosen its grip, not just on how banks lend but on interest and exchange rates. Only this will make banks robust enough to face shocks 和监管方面都有所改善。但风险在于，在一个瞬息万变的全球行业，改革的速度仍 不够快。 本周，国际货币基金组织(IMF)首份针对中国金融体系的报告敲响了警钟。在承认迄今取得的进步的同时，IMF着重指出，北京方面继续严密管制国内银行业，由此导致“脆弱性不断蓄积”，这些脆弱性应 当得到政府主管部门的重视。 此类脆弱性包括金融体系的复杂性不断增加（这在一定程度上可归因于以往的改革）。报告还指出：中国的影子银行业正在发展壮大，同时政府在指导银行放贷政策方面仍扮演着主导角色，造成资本配置不当。实际上，中国政府一直在利用金融体系来资助公共支出，从而提高了隐藏 赤字和意外或有债务的风险。 北京方面必须放松其管制，不仅是针对银行如何放贷，也包括在利率和汇率方面的管制。只有这样才能使各银行足够稳健，能够面对曾使全球金融体系发生痉挛 similar to those that have convulsed the global financial system. There may be a temptation in some quarters of Beijing to dismiss the IMF’s warnings as