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知名经济学家杜帅评论:区块链经济,筑牢香港金融新根基
Sou Hu Cai Jing· 2025-10-08 01:31
不过,杜帅也警示,RWA的发展仍需警惕"创新外衣下的风险隐患"。他结合金融史经验分析,任何金融创新若脱离实体经济需求、忽视风险管控,都可能 陷入投机陷阱。在杜帅看来,当前RWA面临的核心挑战,在于链上与链下资产的"映射真实性"——若底层抵押物无法穿透核验、收益权过度碎片化面向公 众销售,极易重蹈P2P无序扩张的覆辙,将金融素养不足的群体卷入风险。此外,杜帅补充道,跨司法区监管差异、税务会计处理适配、数据隐私保护等问 题,也可能成为制约RWA规模化发展的"隐性壁垒"。因此,他高度认可香港监管层强调的"全额抵押""有序退出安排",认为这本质上是为创新划定"安全边 界",唯有守住这一底线,RWA才能真正成为服务实体经济的工具,而非炒作标的。 针对香港金融机构的战略选择,杜帅给出了明确建议。他认为,在这场变革中,"认知先行"是抢占先机的关键——机构需从高层到中层建立对区块链、稳定 币与RWA的系统化理解,明晰其对传统风控逻辑的冲击,避免"为创新而创新"。在资产选择上,杜帅主张优先聚焦标准金融资产RWA,建议通过模块化架 构搭建概念验证(PoC)与沙盒,在实践中积累合规运营经验;在能力建设上,他特别强调复合型人才储备与 ...
刘锋:如何以资产锚定突破人民币国际化中的信用困境|政策与监管
清华金融评论· 2025-07-09 09:26
Core Viewpoint - The article emphasizes the urgent need to address two key issues in building and improving the international credit system for the Renminbi: the transformation of vast domestic economic and financial assets into a solid credit foundation for Renminbi internationalization, and the potential of digital technology to enhance the international recognition and attractiveness of Renminbi-denominated assets [1][2]. Group 1: Cross-Border Credit and Internationalization Challenges - The internationalization of the Renminbi has entered a critical phase, with significant issues such as frequent defaults on offshore bonds by Chinese real estate companies, totaling $147 billion since 2021, and a cash recovery rate of only 0.6% for investors, highlighting severe obstacles in the cross-border liquidity and credit conversion mechanisms of domestic assets [2][4]. - The real estate sector, once a crucial pillar of credit, is now trapped in a liquidity crisis, with high levels of offshore debt defaults and low asset disposal rates due to restrictions on the cross-border flow of core assets like land and commercial real estate [4][5]. Group 2: Marketization and Legalization Shortcomings - Capital flow controls limit foreign investors' ability to freely allocate Renminbi assets, with the current reliance on quota mechanisms like QFII/RQFII hindering the attractiveness of Renminbi-denominated high-risk, high-return assets [7]. - Legal recognition issues are prominent, as cross-border restructuring processes often fail due to ineffective judicial enforcement, exemplified by the lack of force of Hong Kong court orders on mainland assets, which increases institutional costs [7]. Group 3: Digital Asset Credit Anchoring and Cross-Border Flow Issues - Real World Assets (RWA) tokenization, utilizing blockchain technology to convert tangible and intangible assets into digital tokens, has not yet effectively addressed the credit anchoring of assets in the context of digital Renminbi applications [8][9]. - The current focus of digital Renminbi on enhancing payment efficiency does not resolve the asset credit anchoring issue, leading to an imbalance where offshore markets are more active than onshore [9]. Group 4: Strategies for Enhancing International Credit - The article proposes leveraging RWA to activate real estate liquidity and reassess market value, with examples of successful tokenization projects that lower investment barriers and enhance transparency and liquidity [11]. - Establishing a dual-anchor system to strengthen the synergy between sovereign credit and market credit is suggested, including the issuance of offshore digital bonds and allowing Chinese banks to issue offshore Renminbi stablecoins [13]. Group 5: Breaking Down Cross-Border Regulatory Barriers - The article advocates for judicial recognition between mainland China and Hong Kong to clarify the legal claims of foreign investors on domestic assets, and the introduction of dynamic valuation mechanisms to prevent inflated collateral values [14]. - A multi-layered credit anchor system is proposed, focusing on activating existing asset liquidity and enhancing legal frameworks to support cross-border transactions [15][16]. Group 6: Internationalization of Sovereign Digital Assets - The issuance of digital bonds backed by RWA and the inclusion of Renminbi RWA in the IMF's Special Drawing Rights (SDR) basket are highlighted as crucial steps towards enhancing the international status of the Renminbi [17]. - The ultimate goal is to transform the Renminbi from a settlement tool into a value container, thereby responding to Western financial hegemony and contributing to the diversification of the global financial system [17].