摘要
发展新质生产力事关高质量发展和中国式现代化建设全局,同时也对未来金融改革与发展提出新要求和新挑战。本文试图考察这一重大命题提出的背景,辨析相关概念及研究进展,着重厘清作为新质生产力核心标志的全要素生产率的内涵。在此基础上,重点讨论金融角色新定位。本文发现,发展新质生产力意味着中国经济增长模式的重大战略转型,而金融角色定位因不同增长模式而异。针对不同增长阶段的金融角色,我国先后提出“账房”“核心”和“血脉”三个定位。相较于前两者分别对应经济恢复重建和要素投入规模支撑型增长,后者更契合要素组合效率驱动型增长,而要素组合效率驱动型增长的核心便是发展新质生产力。金融角色新定位必然要求金融体系重构。本文随后的讨论发现,党的十八大以来,党中央针对资本市场和金融机构的功能做出了极具历史转折意义的战略性调整。随着资本市场、国有大型金融机构、中小金融机构、政策性金融机构和保险业的功能被重新厘清和各安其位,一个堪当支撑新质生产力发展和中国式现代化历史大任的中国式“最适金融结构”呼之欲出。作为新质生产力兼具技术进步和制度改善双重内涵的逻辑延伸,本文还就金融技术、金融制度及其与金融资源配置效率之间的关系做了进一步梳理。
New quality productivity is not only crucial to high-quality economic development and the future of Chinese-style modernization.It has also posed brand new challenges for finance.This paper looked into the background against which the conception was put forward and considered some related concepts and theoretical evolution,with focus on the connotations of total factor productivity(TFP),which is the key symbol of new quality productivity.On this basis,the paper brought about the idea of the new positioning of financial role.It is found that the role played by finance varies in different developmental periods.In response to the different stages of growth,there have appeared three expressions:the doctrine of cashier,the doctrine of core and the doctrine of blood,with the former two respectively in correspondence with the pattern of recovery and reconstruction growth and that of factor input growth,the latter with a growth induced by combined factors,which constitutes the essence of new quality productivity.The new positioning of financial role surely requires to restructure the financial system.Following the significant strategic adjustment with regard to the function of capital market and financial system on the part of central government,with each on its newly defined place on the market,it seems inevitable that there will come into being a Chinese style optimal financial structure to underpin the new quality development and modernization.In the end,as a logical extension of the new quality productivity consisting of both technological progress and institutional improvement,the paper combed the relationship between financial technology,financial system and financial resource allocation efficiency.
作者
张杰
Zhang Jie(School of Finance,Renmin University of China)
出处
《国际金融研究》
北大核心
2025年第6期3-20,共18页
Studies of International Finance
关键词
新质生产力
经济增长转型
金融角色定位
金融体系重构
New Quality Productivity
Economic Growth Transformation
Positioning of Financial Role
Reconstruction of the Financial System
