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在20多年的金融改革进程中,中国始终面临着战略性的选择问题。没有清晰的改革战略目标,就不可能找到有效的改革路径。鉴于此,2005年,第九届中国资本市场论坛就中国金融发展的战略选择问题作了系统的讨论。当年的主报告通过剖析中国20多年金融改革的核心目标和历史演进路径,并从金融体系形成的外部影响因素、金融功能的内生演变和金融体系的微观结构变迁等多个方面进行论证,指明中国金融体系演进的长远战略目标,即构造一个市场主导型的金融体系,以最大限度地分散风险,保持金融体系足够的流动性,实现经济增长的财富效应,促进存量资源的优化配置。
In the course of more than 20 years of financial reform, China has always been facing a strategic choice. Without a clear strategic goal of reform, it is impossible to find an effective reform path. In view of this, in 2005, the Ninth China Capital Market Forum made a systematic discussion on the strategic choice of China’s financial development. The main report of the year analyzed the core objectives and historical evolution paths of China’s financial reform in more than 20 years and demonstrated from the aspects of the external influence factors of the financial system, the endogenous evolution of financial functions and the microstructure changes of the financial system, The long-term strategic goal of the evolution of China’s financial system is to construct a market-oriented financial system so as to maximize risk diversification, maintain sufficient liquidity in the financial system, realize the wealth effect of economic growth and promote the optimal allocation of stock resources.