中国支付清算发展报告（2019） <p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">摘要</span></p><p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;; text-indent: 2em;">《中国支付清算发展报告（2019）》是国家金融与发展实验室支付清算研究中心（中国社会科学院金融研究所支付清算研究中心）推出的系列年度报告的第七本。报告旨在系统分析国内外支付清算行业与市场的发展状况，充分把握国内外支付清算领域的制度、规则和政策演进，深入发掘支付清算相关变量与宏观经济、金融及政策变量之间的内在关联，动态跟踪国内外支付清算研究的理论前沿。报告致力于为支付清算行业监管部门、自律组织及其他经济主管部门提供重要的决策参考，为支付清算组织和金融机构的相关决策提供基础材料，为支付清算领域的研究者提供文献素材。自2013年出版第一本报告之后，连续六本都引起了政策层、实务界和理论界的高度重视与社会的广泛关注。</span></p><p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">&nbsp;支付清算市场发展的核心问题，就是如何处理好效率与安全的“跷跷板”。一方面，在不断加强金融监管、防范系统性风险的大背景下，支付清算强监管将是未来几年的政策基调，支付市场规范发展也是一项长期性任务。另一方面，伴随着新技术的快速发展，支付清算体系也迎来了日新月异的变化，尤其是在零售支付工具领域，各种创新令人眼花缭乱，不断改变着百姓的日常生活。应该说，近年来，我国以移动支付为代表的新金融创新受到全球关注，但是与支付清算领域的表面繁荣相比，整个理论研究的进展严重滞后于行业和市场的发展，这也导致了在政策与实践中难以形成共识，经常陷入各种争议和矛盾。</span></p><p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">本报告由总报告和专题报告两部分构成。总报告全面分析了我国支付清算体系的发展历程、现状特点、存在问题及发展趋势，并且运用量化分析工具考察了支付清算体系与宏观经济运行以及支付清算体系运行与区域经济和金融发展、金融系统稳定、货币政策等的内在关联；专题报告跟踪分析了国内外支付清算体系的发展状况、热点与难点问题，系统梳理了近期支付领域的相关研究文献。期待本报告能够成为一个重要平台，用来促进我们与各界同人加强交流与合作，共同为中国支付清算体系的创新与发展做出贡献。</span></p><p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">&nbsp;</span></p><p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">Abstract</span></p><p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">China Payment and Settlement System Development Report (2019), as the annual report of Research Center of Payment &amp; Settlement, aims to summarize and reflect the various aspects of China&#39;s payment and settlement system and their implication for real economy. It tries to cover the reform and evolution of institutions, rules、and policies on payment and settlement system over the world and track the theoretical frontiers in this area. With ample data and detailed analysis, the report tries to provide reliable and useful references for financial institutes, academic researchers, and regulatory authority. Since its first publication in 2013,the five issues of the annual report have attracted general and intense attention of academics, market professionals, and policy makers.</span></p><p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">The key issue in the development of payment market is the balance between efficiency and security. On the one hand, against the background of strengthening financial supervision and preventing systemic risk, the regulation of payment market will be a basic and long-term task. On the other hand, with the rapid development of technology, our payment and settlement systems are evolving at a breathless pace. Especially in the area of retail payment, all kind of innovations are changing people&#39;s routine life. The financial innovations in China, especially those in mobile payments, have attracted the world&#39;s attention. However, the progress of payment theories is seriously lagging behind the development of industry and market, which contributes to the controversies in policy and practice.</span></p><p style="text-align: justify; text-indent: 2em; line-height: 1.75em;"><span style="font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">The report consists of two parts: general reports and special topics. The general report presents a panorama of China&#39;s payment and settlement system, including its evolution path, current status, existed problems, and future trends and explores the relationship between payment system indexes with macroeconomic variables, regional development, financial risk, and monetary policy with quantitative methods. Special topics keep a track of the development in domestic and foreign payment and settlement systems as well as the hot issues in this area and provide a selective survey of the literature in FinTech and payment innovation. We expect this report to become a platform for the communication between Research Center of Payment &amp; Settlement and all the peoples and institutes interested in this significant area to contribute to the development of China&#39;s payment and settlement system.</span></p><p><br/></p>

进一步规范资产分类标准，意在强化银行业风险管理 4月30日，银保监会就《商业银行金融资产风险分类暂行办法（征求意见稿）》（以下简称《暂行办法》）公开征求意见。《暂行办法》是对2007年银监会发布的《贷款风险分类指引》（以下简称《指引》）的修订和扩充。

构建中国特色社会主义政治经济学 首先，在中国的语境中，政治经济学已不是一个简单的学科门类。它代表着对社会发展经验的总结，远远超越了学科建设的范畴。

社融走弱是否会持续？ 在3月总量与结构均“完美”的金融数据过后，4月的金融数据跌入了低谷。

经济增长动力逐步切换 全球经济的金融化趋势在近二十年逐步加深，金融市场波动对宏观经济的运行带来了不确定性冲击，甚至改变了经济周期的原有轨迹。在此背景下，对宏观经济、金融运行进行高频率的监测和研究受到越来越多的关注。有鉴于此，国家金融与发展实验室（NIFD）与国新指数研究中心经过长期的研究准备，联合推出“国新指数”系列，旨在为宏观分析提供更为丰富的量化视角，并通过高频指数服务于政策制定、学术研究和行业实践。