有效市场与有为政府金融边界重构OA

The principle of"integrating effective markets with a proactive government"put forward at the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China provides policy guidance for resolving the ambiguous boundary between the government and the market in the financial sector and giving better play to the decisive role of the market in resource allocation.Focusing on the redefinition of financial boundaries,this paper combs the evolution of the concept of financial boundaries based on the financial governance practice of socialism with Chinese characteristics,further constructs a theoretical framework,and puts forward innovative ideas of mechanisms to provide a feasible path for the high-quality development of the capital market.The research shows that the redefinition of financial boundaries needs to clarify the basis of rights and responsibilities through the rule of law,realize dynamic calibration through regulatory technology,and balance the security and efficiency goals of the financial market through a coordination mechanism.In practice,the government and the market should make joint efforts:refine the government's"proactive"list in key areas such as risk disposal and state-owned capital management,and strengthen the role of the market in asset pricing and innovation incubation.This transformation of the governance paradigm aims to stimulate the vitality of the capital market through institutional innovation,so as to provide robust financial support for high-quality economic development.