Employees work on a solar panel production line at Shenzhou New Energy Co VCG/VCG via Getty Images

管理中国的全球风险

香港—世界经济和国际体系不但深度联动,更出现了日益激烈的地缘政治对立与冲突。对中国来说,局面因为美国总统特朗普明确将其视为战略对手(而非战略伙伴)而进一步复杂化,更不用说中国内部的大规模社会变迁和全球颠覆性技术革命的冲击。只有通过强有力、持续、及全面的改革才能够成功处理中国目前所面临的多重风险。

一个关键风险点是在金融领域。历史上全球金融危机的源头至少包含四个“错配”,其中三个目前正在折磨中国:

首先,中国金融体系(和欧洲和许多新兴经济体一样)以银行融资为主导,受到期限错配的影响。期限错配源自借短贷长的机制。

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