중국 금융하부구조의 제도적 제약과 금융-성장의 관계에 대한 정책적 시사점
Institutional Constraints of Financial Infrastructures and Policy Implications for the Relationship between Finance and Growth in China
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본 연구의 목적은 중국 신용정보시장의 발전 현황을 바탕으로 중국 금융하부구조의 제도적 제약을 분석하고 금융부문의 질적 발전과 경제성장 간의 관계에 대한 사례연구적 시사점을 얻는 데에 있다. 이 연구는 중국 금융부문의 질적 발전이 급속한 경제성장에 선행하여 이루어졌다기보다는 경제성장에 후행하여 점진적으로 전개되고 있다는 점을 강조한다. 정보자본의 축적을 촉진하는 신용정보공유제도는 금융하부구조 중에서 가장 중요한 요소 중의 하나이지만 중국의 신용정보시장은 개인정보보호 관련 법체계 및 적절한 규제환경의 미비로 아직 유아단계에 있으며 이러한 제도적 제약은 금융부문의 고유 기능인 정보생산의 효율성을 떨어뜨리고 있다. 앞으로 국유상업은행의 영업활동에 시장 메커니즘이 더욱 확대되고 금융서비스의 개방이 진척되면 정보공유의 필요성이 강화되고 이에 따라 개인정보보호 관련 법체계에 대한 수요가 증가하면서 법제도적 제약은 완화될 것으로 예상된다.
Abstract
The purpose of this study is to show that the qualitative advances of the financial sector in China can be driven by the mitigation of political constraints faced by the state-dominated baking sector and further economic growth. The qualitative advances of the financial sector in this paper are analyzed by examining the credit reporting industry in China. Information sharing through the membership in a credit reporting system is a critical part of financial infrastructures because it reduces information asymmetries, adverse selection, and moral hazard and hence increases profits of member banks. China's credit reporting industry lacks the crucial regulations it needs. First of all, China does not have a law on data protection. In addition, regulatory systems in the industry are very weak especially in issues with regard to tasks of information furnisher and transborder data flows. The absence of legislation and the legal uncertainty in China is undermining the potential for building up a national credit reporting industry. The underdeveloped legal framework is one of the common phenomena that often take place in less-developed countries. The overall development of the legal system for the credit reporting industry will be gradually achieved by the increased demands for a market-based mechanism in the financial sector. In fact, the current stage of China's legal developments reflects its transitional characteristics of constitutional and legal frameworks and represents a compromise between pursuing market economy and keeping some parts of a centralized economy.
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