CAJ | 학술논문

中国经济改革经历多次“放权一收权”的周期循环，这不仅体现在财政改革上，也体现在金融改革上。文章从财政一金融交织的视角，探讨中国经济体制改革的内在逻辑及其宏观绩效。研究发现，建国之后特别是改革开放以来，中央与地方在反复博弈中形成财政分权和金融集权的体制框架，由此影响到地方政府行为和资源配置，并最终改善了宏观经济运行。中央一方面通过财政分权激励地方为经济增长而竞争；另一方面为限制地方竞争的金融杠杆及其引发的经济过热，在金融体制上仍维持相对集权以保留调控抓手。中央与地方在财政金融体制设计上的成功，可以对改革开放以来的宏观绩效特别是20世纪90年代中期以来经济周期的平稳化趋势，给出有力解释。
중국경제개혁경력다차“방권일수권”적주기순배，저불부체현재재정개혁상，야체현재금융개혁상。문장종재정일금융교직적시각，탐토중국경제체제개혁적내재라집급기굉관적효。연구발현，건국지후특별시개혁개방이래，중앙여지방재반복박혁중형성재정분권화금융집권적체제광가，유차영향도지방정부행위화자원배치，병최종개선료굉관경제운행。중앙일방면통과재정분권격려지방위경제증장이경쟁；령일방면위한제지방경쟁적금융강간급기인발적경제과열，재금융체제상잉유지상대집권이보류조공조수。중앙여지방재재정금융체제설계상적성공，가이대개혁개방이래적굉관적효특별시20세기90년대중기이래경제주기적평은화추세，급출유력해석。
China＇s fiscal system reform and financial system reform have experienced several cycles of centraliza- tion and decentralization. This paper investigates the internal logic of China＇s economic reforms, and evaluates their macro - economic performance from the perspective of public finance - finance interaction. We show that an institutional framework of fiscal decentralization and monetary centralization has come about as a result of re- peated interaction between the central and local governments, which has affected local governments＇ patterns of behavior and improved overall macro - economic performance. The central government has encouraged local competition for economic growth through fiscal decentralization, while at the same time it has preserved its strict financial control to limit local＇s leverage and reduce macro fluctuations. The successful design of the fiscal - fi- nancial system has contributed significantly to macro - economic performance after the Open Door Reforms, es- pecially during the mid - 1990s.