关键词：外汇储备 适度规模 金融安全 跨境资本流动冲击
Review of Discussions About China’s Foreign Exchange Reserves
After witnessing the drastic fluctuations of foreign exchange reserves in recent years, we have reviewed the previous discussions about China’s foreign exchange reserves. Our main conclusions are as follows: China’s abundant foreign exchange reserves indeed help fend off cross-border capital flow shocks and bought time for exchange rate reforms and adjustments. The aim of defending the reserves is not to keep a certain scale, but to protect market confidence. Defending the reserves is not an alternative for defending the renminbi’s exchange rate; they are actually two sides of one coin. It is not whether the central bank keeps foreign reserves, but how the exchange rate policy is carried out, that constrains the monetary policy.
It’s short-sighted and dangerous to devalue the renminbi with a view to reducing exchange losses of foreign reserves held by the central bank.
关键词：医疗保险 医疗服务价格 支付机制
Evolution of the Provider-Payment System and Healthcare Pricing:International Comparison and Lessons for China
Zhu Hengpeng and Peng Xiaobo
Many local healthcare funds have been in debt recently as medical expenditures increase rapidly. Given the new economic normal state, in which economic growth slows and financial revenues decline, it is better for China to improve management of existing resources than seeking to expand sources of incomes. Therefore, how to raise the distribution efficiency of the country’s limited medical resources has become a focus of discussion by Chinese scholars and policymakers. To that end, it is indispensible to first examine the evolution of healthcare payment methods in other countries. This article summarizes the evolution of the formation mechanism of healthcare service prices and mainly discusses how the healthcare payment methods are determined and adjusted by medical service providers, patients, and insurance companies after the introduction of the healthcare system. The article finds that under the healthcare system, the health service payment mechanism, or the healthcare payment mechanism, plays a key role in guiding healthcare resource distribution and behavior of medical service providers and patients. Meanwhile, through international comparison, the article also discusses the fundamental systematic arrangements that are needed to bring out the role of such a healthcare payment mechanism.