On the Negative List Management of Financial Industry and Its Impact on Financial Stability——Take the free trade zone as an example
Entering the high-level opening-up stage,China's financial openness will shift from traditional capital factor openness to institutional openness.The opening up of the financial industry to the outside world is a double-edged sword.On the one hand,the opening up of the financial industry can promote Chi-na's economic growth and enhance financial stability;On the other hand,the further opening up of the fi-nancial industry will bring about faster and larger short-term capital flows,impacting the financial market and affecting financial stability.The implementation of the negative list in the financial industry is an im-portant aspect of institutional openness.This article studies the impact of the implementation of negative list system in China's financial industry on financial stability from the perspective of the supply of negative list system,using the method of multi-period double difference.The research results indicate that imple-menting the negative list system in the financial industry can help promote financial stability in China;In addition,from a regional perspective,there are regional differences in the negative list system of the finan-cial industry,and the impact of the implementation of the negative list system on financial stability in dif-ferent regions varies.Based on the empirical results,the following suggestions are proposed:(1)to gradu-ally expand the coverage of China's free trade zones,further increase the construction of China's free trade zones,form a form of expansion of free trade zones from pilot to national scale,form a replicable institu-tional model,and improve the financial stability of various regions through the implementation of the neg-ative list system in the financial industry of free trade zones;(2)Continuously improve the negative list content of the financial industry and relevant laws and regulations.
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