Page 47 - NO.161銀行家雜誌

字，不得不依靠中央政府的支持。雖然中國經 時，就是動用了外匯儲備作為其資本重組的資
濟開放後會為地方政府的財務狀況帶來一些改 金池，當時中國的外匯儲備相當雄厚。如今，
善，但整體上仍然脆弱。 中國金融業的規模遠大於20年前，重組的成本
必然也高得多。
監管和監督權力集中受關注 總而言之，全國人大再次為中國和世界

傳遞了重要消息。許多人關注習近平的第三
將監管和監督權力集中在一個小而靈活的 個任期和政府制定的保守年度經濟增長目
高層機構，直接與國務院甚至習近平聯繫，應 標，但鑑於中國金融業的規模和對世界其他
該會使協調變得更加容易，最重要的是，在潛 地區的影響都在成長，新的中央金融機構可能
在的財務困難時期會更加高效。這種監管結構 同樣重要―― 如果這個舉措確實是北京準備對
的另一個關鍵優勢是，當計畫決定重組某個特 金融部門進行重大清理的訊號。（本文作者為
定金融機構時，可以更容易地為其尋找融資。 Bruegel資深研究員、法國外貿銀行亞太首席經
例如，中國在2000年代初期重組最大的銀行 濟學家，譯者為廖珮杏）

hurt Chinese financial institutions. The sector's woes coordination much easier and, most importantly, faster at
have not yet ended but have only been cushioned by times of potential financial distress.
state intervention by lifting borrowing limitations for the Another key advantage of this regulatory structure
developers. The previous tightening of the limitations has is that it could make it easier to link any potential decision
triggered the bankruptcies of some developers, starting to restructure a particular financial institution with funding
with the largest in the world, Evergrande in 2021. to finance the move. When China restructured its largest
And finally, in the past three years, local banks in the early 2000s, it tapped foreign reserves as a

governments have had to bear the bulk of healthcare funding pool for their recapitalization, given their sizeable
expenses related to the zero COVID policy, while seeing amount at the time. Right now, with a financial sector
land sales - their main source of income – plummet due that is so much bigger, the cost of a restructuring would
to the crisis in the real estate sector. In fact, in the third certainly be much higher.
quarter of 2022, all Chinese provinces were running All in all, the National People's Congress has again
fiscal deficits and had to be supported by the central delivered important news for China and the world. Many
government. Although the reopening of the economy have focused on Xi's third term and the government's
should help improve the financial situation of local setting of an underwhelming annual economic growth
government, it remains very fragile. target, but the new centralized financial agency may be

Concentrating regulatory and supervisory powers just as important if it is indeed a sign that Beijing is getting
in a small but agile and high-level agency with direct ready for a major cleanup of its financial sector, which has
access to the State Council and possibly Xi should make ballooned in size and influence on the rest of the world.

台灣銀行家2023.5月號 47

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