刘尚希 李成威 近年来，经济全球化的发展已进入风险全球化阶段，随着世界各国金融和贸易的相互关联程度在不断加 深，风险关联程度在不断加深。在风险全球化的过程中，任何风险冲击都会产生相比于以往更大的风险 溢出效应。风险随着全球供应链、价值链和资产负债表传导，蔓延到众多经济体，对全球经济增长产生 深远影响。 在全球风险分配中，金融渠道是加剧全球不平等的新力量 全球资源配置、财富分配越来越受到金融风险全球化的影响，全球风险分配实质上已在隐性地支配全球 财富分配。 国际金融危机传导机制，实质上是通过各种金融工具——金融契约传导的，股权、债权及各种金融衍生 品等金融契约更是金融危机传导的高速公路。基于"风险人"假设，任何主体都不由自主地把本应承担的 风险外部化。掌握契约规则解释权的一方更有能力将其自身本应承担的风险外部化，将风险转移给相关 方。这是造成全球经济不平等风险累积的根源所在。在全球治理体系中，金融强国掌握全球风险分配话 语权，更有能力将本应由自身承担的风险转移给他国，加剧全球的不平等。金融强国通过主导制定全球 金融制度，如信用评价、资产估值、风险监管以及数字金融、数字货币等等，在风险分配过程中分配全 球财富。尤 ...

Core Viewpoint - The introduction of the "dual interest subsidy" policy marks the first time the central government has implemented interest subsidies in the consumer sector, aiming to lower credit costs for residents and businesses while boosting consumption and economic circulation [1][2]. Group 1: Policy Implementation - The "dual interest subsidy" policy is designed to support both the supply and demand sides of consumption, directly benefiting households and businesses in the consumer sector [1]. - The personal consumption loan interest subsidy specifically targets the portion of loans used for consumption, breaking from previous practices of blanket subsidies [1][2]. - The policy aims to work in conjunction with existing financial support measures, such as the 500 billion yuan service consumption and pension relending established by the People's Bank of China [2]. Group 2: Financial Coordination - The dual interest subsidy policy is expected to create a synergistic effect with prior financial support policies, reducing financing costs for consumers and businesses [2]. - Financial institutions are encouraged to increase credit supply in the consumer sector, with the central bank providing low-interest relending to commercial banks to stimulate lending [2][4]. - The financial regulatory authority will oversee the implementation of these policies, ensuring that funds are used effectively and in compliance with regulations [3]. Group 3: Focus on Key Sectors - The financial regulatory authority emphasizes the importance of directing credit towards sectors closely related to daily life, such as dining, health, and entertainment [3]. - Special attention will be given to small and micro enterprises, with mechanisms established to facilitate their access to financing [3]. Group 4: Sustainable Development - The sustainability of financial institutions is a key concern, with interest rates for consumer loans determined by banks based on market principles, while the subsidy is provided by the government [4]. - Future efforts will focus on enhancing the attractiveness of consumer financial products and simplifying approval processes to better meet consumer needs [4].

Group 1 - Specialized and innovative small and medium-sized enterprises (SMEs) are crucial for technological innovation and economic development, with over 141,000 provincial-level specialized SMEs and 14,600 "little giant" enterprises cultivated by the end of 2024 [1] - Fiscal and financial policies play a significant role in supporting the development of specialized SMEs, requiring enhanced policy coordination to boost confidence and capabilities amid complex internal and external challenges [1][2] - The collaboration between fiscal and financial policies can create a multiplier effect that stabilizes the economy, promotes employment, and supports enterprise development, with fiscal policy focusing on demand management and structural adjustment, while financial policy emphasizes liquidity management [1][2] Group 2 - Recent efforts by central and local fiscal and financial departments have focused on supporting specialized SMEs, exploring collaborative models, and providing essential resources through various financing services [3] - Despite progress, specialized SMEs face challenges such as an incomplete innovation ecosystem and imbalanced digital transformation, necessitating a broader perspective and expanded space for fiscal and financial policy collaboration [4] - There is a need to optimize tax support policies to enhance innovation autonomy, including increasing the deductibility of R&D expenses and expanding tax incentives for technology transfer [5] Group 3 - Improving the financial service system is essential for enhancing the effectiveness of enterprise financing, with a focus on long-term and patient capital to support specialized SMEs involved in major technological tasks [6] - The capital market's role should be leveraged to deepen comprehensive reforms in investment and financing, facilitating the entry of long-term funds and enhancing the adaptability of capital market systems [6] - Support for the digital transformation of specialized SMEs should be increased through various financial mechanisms, promoting the application of technologies like artificial intelligence and big data in innovation processes [6]

Core Viewpoint - The Ministry of Finance emphasizes the importance of policy banks in supporting eligible urban renewal projects, aiming to enhance the financing mechanism and expand the scope of local government special bonds [1] Group 1: Policy Support - The Ministry of Finance is focusing on the coordination of fiscal and financial policies to promote a sound investment and financing mechanism [1] - There is an initiative to increase support for urban renewal projects through the expansion of local government special bonds [1] - Policy banks are encouraged to provide support for eligible urban renewal projects under the premise of controllable risks and commercial sustainability [1] Group 2: Risk Management and Insurance - The Ministry aims to improve the residential catastrophe insurance system to better provide disaster risk protection [1] - There is an exploration of sustainable investment and financing models for urban renewal that involve government guidance, market operations, and participation from the entire society [1] Group 3: Private Sector Involvement - The Ministry encourages private enterprises to participate in the operation of infrastructure and public utility concessions [1]