金融自由化程度的日益加深致使国际金融市场间的联动性不断增强，加剧了金融风险的国际传染。文章从国际贸易、投资市场、金融市场3个层面分别筛选出与我国市场关联度较高的国家作为风险传染的样本国，构建金融风险指数，利用VARX模型分析我国与“一带一路”沿线国家金融风险的传染特征。研究发现：（1）我国对中亚、西亚、中东欧区域整体上存在金融风险传染效应，西亚、南亚、独联体、东南亚区域整体上对我国存在金融风险传染效应；（2）中亚、中东欧是我国金融风险净输出的主要区域，其他区域则呈现对我国金融风险的净输入状态；（3）部分国家对我国金融风险的传染方向与其所在区域整体传染方向之间存在一定差异。今后应着力构建并完善“一带一路”沿线国家金融治理协调机制与金融风险传染协调处置机制，加强同“一带一路”沿线国家在金融风险监管层面的信息共享，有效防范金融风险传染。

The increasing development of financial liberalization has led to the increasing linkage between international financial markets, thus laying the foundation for the international contagion of financial risks. The paper selects countries with high market relevance with China as sample countries for risk contagion from three levels of international trade, investment market and financial market, constructs financial risk indexes of China and countries along "the Belt and Road", and analyzes the contagion characteristics of financial risks between China and countries along "the Belt and Road" using BARX model. The research finds that: (1) China has financial risk contagion effect on Central Asia, West Asia and Central and Eastern Europe, while West Asia, South Asia, CIS and Southeast Asia have financial risk contagion effect on China as a whole; (2) Central Asia and Central and Eastern Europe are the main regions of China's net export of foreign financial risks, while other regions show a net import of China's financial risks; (3) There is a certain difference between the direction of transmission of financial risks to China by some countries in different regions and that of the region as a whole. In the future, we should focus on building a financial governance coordination mechanism and a financial risk contagion coordination and disposal mechanism for countries along "the Belt and Road" and strengthen information sharing with countries along "the Belt and Road" at the level of financial risk supervision, so as to effectively prevent financial risk contagion.