《金融稳定法》草案出炉 专家这样解读Law to improve financial

 

4月6日，为建立维护金融稳定的长效机制，央行发布《中华人民共和国金融稳定法（草案征求意见稿）》（以下简称“《金融稳定法》草案”），向社会展开为期一个月的公开征求意见。

 

China's new draft law on financial stability has proposed a comprehensive framework of financial risk prevention that will help navigate¹ the world's second-largest economy through the rising economic and financial headwinds at home and abroad, experts said on Thursday.

专家4月7日表示，最新起草的《金融稳定法》草案提出了全面的金融风险防范机制，将有助于引导作为世界第二大经济体的中国克服国内外日益加剧的经济和金融逆风。

As the fundamental legal basis of China's efforts to fend² off major financial risks, the new legislation will serve to enhance financial resilience, strengthen the real economy and anchor market expectations, they said.

专家表示，作为中国抵御重大金融风险的基本法律基础，该新法律草案将有助于增强金融弹性，夯实实体经济，并稳定市场预期。

The draft law, released on Wednesday, outlined a cross-agency mechanism³ for maintaining financial stability. It orders establishment of a fund for ensuring financial stability, calls for cooperation among different financial regulators and local authorities, and sets out punishments for financial institutions, regulators and individuals failing to perform their duties in terms of preventing financial risks.

4月6日公布的法律草案明确了维持金融稳定的跨机构机制。提出设立金融稳定保障基金，呼吁各金融监管机构和地方政府合作，并强化对未能履行金融风险防范职责的金融机构、监管机构和个人的责任追究。

It is necessary to set up such a mechanism to safeguard the bottom line of preventing major financial risks, especially given "the complex economic and financial situation at home and abroad", the People's Bank of China, the country's central bank, said in a statement when releasing the draft.

中国人民银行在声明中称，面对错综复杂的国内外经济金融形势，有必要建立金融风险防范、化解和处置制度，坚决守住不发生系统性金融风险的底线。

In its statement, the central bank said that although a number of laws had previously⁴ been issued to govern the financial system, there remains⁵ a lack of systematic⁶ arrangements in terms of maintaining financial stability, with relevant provisions scattered⁷ in different sets of law and an absence of rules in relation to some key issues.

人民银行在声明中表示，尽管此前金融立法工作稳步推进，但在金融稳定方面，缺乏统筹安排，相关条款分散于多部金融法律法规中，一些重要问题还缺乏制度规范。

Liu Junhai, director of the Business Law Center at Renmin University of China, said the new law is highly important as it will play a key role in financial risk prevention and coordinated⁸ actions by different authorities in this regard.

中国人民大学商法研究所所长刘俊海认为，《金融稳定法》至关重要，将在金融风险防范和各方协调行动中发挥关键作用。

"The new law will enhance the efficiency of financial risk prevention by reducing uncoordinated steps by different authorities, hence reinforcing the development basis for the financial system and providing the real economy with more solid financial support," Liu said.

他表示：“新法案将通过减少不同部门不一致的步调来提高金融风险防范效率，从而加强金融体系的发展基础，并为实体经济提供更坚实的金融支持。”

The draft law comes amid growing economic pressures at home and abroad. A COVID-19 surge and a real estate downturn have put more strains on the finances of real estate developers, smaller businesses and local governments, while external headwinds such as geopolitical uncertainties⁹ and monetary¹⁰ tightening¹¹ in developed economies are on the rise.

《金融稳定法》草案出台之际，国内外的经济压力日益增大。新冠疫情暴发和房地产市场的低迷给房地产开发商、小企业和地方政府的财政带来了更多压力，而地缘政治不确定性和发达经济体货币紧缩等外部不利因素也在增加。

Economic data has reflected the more complex external environment. Official data showed on Thursday that China's foreign exchange reserves fell to $3.188 trillion at the end of March, down 0.8 percent from a month earlier, due to a stronger US dollar and a fall in international bond markets.

经济数据反映出更复杂的外部环境。4月7日的官方数据显示，由于美元走强和国际债券市场下跌，截至3月底，中国外汇储备降至3.188万亿美元，比一个月前下降0.8%。

Dong Dengxin, director of the Wuhan University of Science and Technology's Finance and Securities Institute, said the new law will improve China's ability to guard against cross-border and cross-sector financial risks and help anchor market expectations.

武汉科技大学金融证券研究所所长董登新表示，《金融稳定法》将提高中国防范跨境和跨部门金融风险的能力，并有助于巩固市场预期。

Notably¹², the fund for ensuring financial stability proposed in the draft law will help stem the spread of risks in the initial stage of a financial crisis by smoothing market fluctuations¹³ and bailing¹⁴ out struggling financial institutions, he said.

他表示，值得注意的是，草案中提出的金融稳定保障基金有助于通过平抑市场波动和救助陷入困境的金融机构，在金融危机初始阶段阻止风险蔓延。

The draft law, which is available for public comment until May 6, said the fund will be used as spare capital to handle major financial risks and will be financed by financial institutions and financial infrastructure¹⁵ operators. The central bank is allowed to provide liquidity¹⁶ support for the fund if necessary.

草案征求意见截止时间为2022年5月6日。草案中明确，金融稳定保障基金将用于具有系统性影响的重大金融风险处置，由金融机构、金融基础设施等主体筹集资金。人民银行可以在必要时为基金提供流动性支持。

Apart from promoting coordinated steps among authorities in terms of risk resolution, the law will also encourage major shareholders¹⁷ of financial institutions to improve their internal risk management, Dong added.

董登新还称，除了在风险解决方面促进政府部门之间的协调同步外，《金融稳定法》还将鼓励金融机构的大股东优化其内部风险管理。

Also to anchor expectations and bolster¹⁸ the economy, China pledged more fiscal¹⁹ and monetary support on Wednesday. It was decided²⁰ at an executive meeting of the State Council to postpone²¹ the old-age insurance premium²² payments of hard-hit enterprises and to set up re-lending facilities to support technological²³ innovation and elderly care services.

此外，为稳定预期和提振经济，中国政府4月6日承诺提供更多财政和货币支持。国务院常务会议决定，对特困行业实行阶段性缓缴养老保险费政策，设立科技创新和普惠养老两项专项再贷款。

Experts added that the country's decision to roll out a law and a fund to ensure financial stability is in line with international practices, as major economies have developed similar mechanisms²⁴.

专家认为，主要经济体已经建立了类似机制，中国推出《金融稳定法》和金融稳定保障基金确保金融稳定的决定符合国际惯例。

After the 2008 global financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in the United States in July 2010 to better scrutinize²⁵ non-banking financial institutions.

2008年全球金融危机后，美国于2010年7月通过了《多德-弗兰克法案》，以更好地审查非银行金融机构。

Meanwhile, the US Treasury²⁶ Department can use the Exchange Stabilization²⁷ Fund-created in 1934-to mitigate²⁸ instability in credit, securities and foreign exchange markets.

同时，美国财政部可以通过1934年创建的外汇稳定基金来缓解信贷、证券和外汇市场的波动。

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