专访清华大学田轩：金融市场开放应注重制度建设与风险防范

Group 1: Global Economic Trends - China is effectively countering external uncertainties through institutional openness and the implementation of the "dual circulation" development strategy, aiming to address the bottleneck of insufficient domestic demand and inject new momentum for high-quality economic development [1][3] Group 2: Sino-US Trade Relations and Foreign Investment - Despite challenges posed by the tariff war, China remains an attractive market due to its large market size, stable political environment, rich human capital, and improving institutional openness, which collectively create a strong magnet for foreign investment [3][4] - Chinese companies are encouraged to diversify their markets and reduce reliance on a single market by embracing technological innovation, cost reduction, and expanding their networks [3] Group 3: Outbound Investment - Outbound investment is viewed as a crucial strategy for Chinese companies to enhance their capabilities and achieve global expansion, supported by national policies that encourage enterprises to "go global" [4] Group 4: Bay Area Financial Cooperation - The Greater Bay Area should focus on cross-border financial cooperation, intellectual property protection, and industrial ecosystem development to attract foreign R&D centers, leveraging its geographical and resource advantages [5] Group 5: Domestic Circulation Challenges - Local protectionism and factor barriers are identified as major obstacles to the advancement of domestic circulation, necessitating a unified national approach to facilitate the free flow of key elements such as personnel, capital, and data [6] - The private economy plays a significant role in domestic circulation, contributing over 50% of tax revenue, 60% of GDP, and 70% of technological innovations, highlighting the need for supportive measures to address financing challenges and improve the business environment [6] Group 6: Importance of Technological Innovation - Technological innovation is deemed essential for addressing the issue of insufficient domestic demand, with recommendations to enhance consumer spending through increased income levels, improved income distribution, and more consumption scenarios [7] - A well-developed financial system is crucial for supporting technological innovation, with suggestions to further open capital markets to attract foreign institutional investors and reduce financing costs [7] Group 7: Financial Market Opening - The current environment presents a favorable opportunity for further financial market opening, but it should be approached cautiously to avoid the pitfalls experienced by South American countries due to excessive openness [8] - Emphasis is placed on the importance of institutional development and risk prevention in the process of financial market opening, ensuring orderly progress while enhancing transparency and regulatory oversight [8]