东西问｜席睿德：全球秩序重构，中国金融如何平衡开放与安全？

Core Viewpoint - The interview with Alfred Schipke discusses the restructuring of the global order and how China can balance financial openness with security amidst rising global protectionism [1]. Group 1: Development of China's Bond Market - China's bond market ranks second globally in total size and has made significant progress over the years, enhancing its international influence [2]. - The bond market's core advantage lies in its low correlation with the U.S. Treasury market, providing valuable diversification options for global investors [2]. - Future growth of the bond market depends on attracting long-term investors, such as pension funds, and requires reforms in liquidity, credit ratings, and implicit guarantees to improve market efficiency [2]. Group 2: Financial Openness and Security - Despite geopolitical pressures, China’s gradual approach to financial openness is deemed correct, as attracting foreign investment can optimize resource allocation and promote economic growth [5]. - The focus should be on reforming the domestic market regulatory system, which will facilitate a steady progression towards financial openness as the market deepens and financial instruments diversify [5]. - The global financial system faces fragmentation risks, and international organizations can play a crucial role in preventing this by maintaining member stability and ensuring interoperability among different systems [5]. Group 3: Financial Innovations and AI in Finance - Financial innovations like the "Swap Connect" mechanism enhance international standards and facilitate foreign investment in China by helping investors manage interest rate and exchange rate risks [8]. - AI is becoming a transformative force in finance, particularly in risk assessment and company outlook analysis, providing substantial support for evaluating corporate profitability [9]. - While AI excels in processing existing quantitative information, it struggles with obtaining qualitative insights about the future, highlighting the importance of human interaction for deeper understanding [9]. Group 4: Belt and Road Initiative (BRI) and Transparency - The BRI primarily advances through bilateral financing from China, but increasing project transparency and attracting multilateral development institutions and private sector financing can promote a more diversified approach [13]. - Establishing high standards and enhancing project transparency are essential for building broader partnerships, with the Asian Infrastructure Investment Bank serving as a good example of multilateral cooperation [13].