“有时候想想，我也去搞搞房地产、搞搞资本市场的投资算了。”搞实业的张先生对《经济参考报》记者说：“我周围的朋友好多都已经不做买卖了，不少人都是拿着前几年挣到的第一桶金，不是投资房地产，就是去资本市场搞投资，虽说都有风险，但收益也是很可观的。像我这样做买卖，一年到头拼死拼活忙生意、跑贷款，挣个100万，但周围那些搞房地产、金融投资的兄弟随随便便就能挣个五六倍于我的收益。现在做生意挺难的，在一些传统行业的市场中，我们很难与那些大公司竞争；想要新开项目，在金融政策方面又处处碰壁，我们这种小买卖在找资金上还很受限制。”

“Sometimes think，I also went to since real estate、Since the investment capital market it。”Make the industry to Mr. Zhang《Economic reference quote》The reporter said：“All my friends have not doing much better，Many people take several years ago to make the first bucket of gold，Is not investment real estate，Is to make investment capital market，Although there are risks，But income also is very considerable。Be like me so unsavoury，All the year round busy business hard、Run loan，Make a 1 million，But those around you who make real estate、Financial investment brother casually can earn a five or six times as many as in my income。Now it is hard to do business，In some of the traditional industry in the market，It is hard to compete with the big companies；Want a new project，In the financial policy and always go to the wall，We children looking for funds on this is still very limited。”

　　像张先生这样的人不在少数，像他朋友那样离开实体经济搞投资的也不在少数。今年以来，随着经济形势的恶化，实体经济空心化等一系列问题日渐显现。于是，一场自下而上带有“倒逼”性质的改革陆续出现，尤其是在金融领域，上半年相继出台了温州金融改革以及资本市场的多项改革举措。然而这还远远不够。在经济由外需驱动转向内需驱动，由投资驱动转向消费投资双驱动的过程中，只推进金融改革并不能满足转型的需求，更多领域、更多环节的改革亟待推进。

Like Mr. Zhang such person is not a few，Like his friend did leave entity economy done investment is not in the minority。Since this year，With the economy the deterioration of the situation，The entity economy, a series of problems KongXinHua exposed gradually。so，With a bottom-up“DaoBi”The nature of the reform in in succession，Especially in the financial field，In the first half have issued the financial reform and many of the capital market reform act。But that is not enough。In the economic driver turned to domestic demand driven by foreign demand，By investment drive to consumer investment double drive process，Only to promote financial reform and the transformation can not meet the demand，More fields、More links to promote the reform of the。

　　承压 金融体制掣肘实体经济 Confined financial system entity economy constraints

　　“不改善金融结构，中国经济将没有出路。”证监会主席郭树清在刚刚结束的陆家嘴金融论坛上表示。

“Don't improve financial structure，China's economy will be no way out。”Securities regulatory commission chairman guo just finished lujiazui finance in the BBS on Wednesday。

　　伴随着我国市场经济的不断前行，服务于实体经济的金融体制改革也在渐进推进。然而一场席卷全球的金融危机，不仅给依靠出口拉动的经济结构带来了冲击，也将配套金融体制的缺陷暴露无遗，金融体制改革在现阶段对于实体经济的掣肘愈发明显。从银行风险到地方债务问题，从中小企业贷款难到日益凸显的民间高利贷问题，这些问题所导致的是，资产的逐渐泡沫化和实体经济的日益空心化。

Along with our country market economy to go on，In the service of the real economy reform of the financial system and the progressive propulsion。However a swept through the global financial crisis，Not only to rely on exports of economic structure bring the impact，Will also supporting financial system defect completely exposed，The reform of the financial system at present for the real economy increasingly clear constraints。The risk to the place from the bank debt problem，From the small business loans difficult to increasingly prominent folk usury problem，As a result of these problems is，Gradually turning into a bubble-and the assets and real economy becoming more KongXinHua。

　　民建中央副主席辜胜阻此前提供的一组统计数据也反映出实体经济要素投入下降这一严峻的形势。据他介绍，工业用电占社会用电总量的70%左右，2012年1月至5月，工业用电量的增长速度较去年同期回落7.9个百分点，其中仅冶金、建材两个行业就带动全社会用电增速回落约3.5个百分点。而另一方面，企业融资难开始转向银行的放贷难，企业再投资的意愿下降，特别是投资实业的意愿不强。

Vice chairman of the central committee with GuShengZu after a group of provide statistical data also reflects economic entity inputs the decreased a serious situation。According to he introduced，Industrial enterprises accounted for about 70% of the total social power，In January 2012 to may，Industrial power consumption growth rate dropped 7.9% compared to the same period last year，One only metallurgy、Building materials industry drive two whole society electricity back about 3.5% growth。And on the other hand，Enterprise financing to begin to turn the bank lending is difficult，The enterprise again investment will decline，Especially the investment industry will not strong。

　　“社会对金融资源分配的严重不公是民营经济遇到最大问题。”上海社会科学院金融与资本市场研究室副主任黄复兴在接受《经济参考报》记者采访时指出，“企业经营缺乏金融支持，很难有好的发展，但是高度集中于五大银行的金融资源，对民营企业存在严重的偏见和歧视。即使有些商业银行依据实际把握的情况，愿意把资金贷给民营企业，也仍要受到监管部门设定的条件制约。民营企业，特别是小微企业很难在银行获得贷款。目前的金融体制已严重影响到我们的资本配置，资源配置，货币的正常流动等各个方面。”

“The distribution of social for financial resources is serious unfairness of private economy in the biggest problem。”The Shanghai academy of social sciences, finance and capital market research laboratory, deputy director of the yellow Renaissance in accept《Economic reference quote》A reporter to interview said，“Enterprise management lack of financial support，It is difficult to have a good development，But highly focused on five big bank's financial resources，The private enterprise has serious prejudice and discrimination。Even if some commercial Banks hold on practical basis，Willing to put money loans to private enterprise，Still also by regulators to set conditions restrict。Private enterprise，Especially small micro corporations to get loans in the bank。The financial system has seriously affected our capital allocation，Resource allocation，The normal flow of money and other aspects。”

　　而实体经济在找寻新的出路过程中，亦开始“倒逼”金融体制的改革。针对现阶段实体经济增速放缓的通道中，金融体制的落后显现出的“矛盾”，今年上半年以来，国家陆续密集出台了一系列改革措施。从温州金融综合改革，到新增Q FII、RQ FII投资额度，再到人民币兑美元汇率浮动幅度扩大至1%，银行存款利率上限放宽至1.1倍……

And the real economy in the search for new way out in the process，Also started to“DaoBi”The reform of the financial system。Aimed at the entity economic slowdown in the channel，The financial system behind the show“contradiction”，Since the first half of this year，Countries have issued a series of reform measures dense。From wenzhou financial comprehensive reform，To add new Q FII、RQ FII investment quota，And then to yuan against the dollar exchange rate fluctuation range expanding from 1% to，The bank deposit interest rate cap raised to 1.1 times......

　　释放 冲破金融垄断 Release the break through financial monopoly

　　在实体经济的推进过程中，金融资源的分配不均等问题日益凸显，而冲破这样的垄断格局亦是迫在眉睫。

In the course of the real economy，Financial resources of uneven distribution of increasingly prominent，And break through such monopoly pattern also is imminent。

　　作为助推经济增长重要的动力，民营经济需要也正在努力冲破束缚其发展的各种垄断利益格局，而中央政府已在政策和执行层面也迈出了切实步伐，温州金融改革撕开了一道缝隙。

As a booster important motive force of economic growth，The private economy need also are trying to break through the development of all kinds of monopoly bound benefit pattern，The central government has set up a file in the policy and executive level also took the practical steps，Wenzhou financial reform tore open a gap。

　　3月28日，国务院常务会议上决定设立温州市金融综合改革试验区。4月，来自浙江省金融工作会议的消息称，浙江省已通过温州金融改革试验区方案实施细则，将于近日公布。浙江还将出台《关于加快金融改革发展的若干意见》，全力打造中小企业金融服务中心和民间财富管理中心。

March 28,，The standing committee of state council on decide to establish a comprehensive financial reform region of wenzhou。April，From zhejiang financial work conference news said，Zhejiang already through the wenzhou financial reform experimental detailed rules for the implementation of the scheme，Will be released recently。Zhejiang will come《To speed up the development of financial reform about some opinions》，To build small and medium-sized enterprise financial services centre and folk wealth management center。

　　“有人说温州进行一个综合改革等于说放开了一个窗口，可以让温州市地方政府根据资金融通情况有可能推动中国利率的市场化，我想可能温州也在做这个事情。”中欧陆家嘴(600663,股吧)国际金融研究院研究员朱小川表示。事实上，深圳在4月也通过了《关于加强改善金融服务，支持实体经济发展的若干意见》，并明确提出要将地方经济发展与金融支持结合起来。

“Some say wenzhou a comprehensive reform is said to release the one window，Can let the wenzhou city local governments according to the financing situation is capable of pushing China the marketization of interest rate，I think maybe the city has also in doing this。”Central lujiazui(600663,Shares it)The international financial institute researchers ZhuXiaoChuan said。In fact，Shenzhen in April also through the......《About improving financial services，Support the real economy certain opinions》，And clearly put to local economic development and financial support together。

　　改革还在继续。继浙江温州金融改革试点之后，广东珠三角地区金融改革步伐也即将迈出。据悉，《珠三角金融改革创新综合试验区总体方案》已于日前获批，这是继温州获批后的第二个金改试验区方案。

Reform continues。The wenzhou of zhejiang financial reform after the pilot，The pearl river delta region in guangdong financial reform step also will take。It is reported，《Financial reform and innovation in the pearl river delta comprehensive experimental overall scheme》Already in the group before，This is the wenzhou approved after the second gold to test plan。

　　利率市场化的信号也在近期进一步释放，不到一个月的时间，央行便两次降息。“加快利率市场化，这是最有效的金融资源分配，使金融资源在阳光下进行运作，减少民间金融市场的混乱，降低金融的权利寻租和道德风险。”黄复兴告诉记者。

Of the liberalization of interest rate in the recent release signals and further，Less than a month's time，The central bank will cut interest rates twice。“To speed up the interest rate marketization，This is the most effective financial resources allocation，Financial resources to operate in the sun，Reduce folk turmoil in the financial markets，The right to reduce financial risk rent-seeking and moral。”Yellow Renaissance told reporters。

　　在资本市场上，证监会在5月发布了关于落实《国务院关于鼓励和引导民间投资健康发展的若干意见》工作要点的通知表示，将采取八大措施进一步支持民营企业融资和发展，并积极鼓励民间资本参股证券期货经营机构，为民营企业的健康发展创造良好环境。

In the capital market，Securities regulatory commission on May issued to carry out《The state council about encourage and guide the healthy development of the private investment in some opinions》The notice of the main said，Will take eight measures to further support the private enterprise financing and development，And actively encourage private capital equity securities and futures business institutions，For the healthy development of the private enterprise to create a good environment。

　　此外，人民币跨境双向贷款也有所突破。6月30日，深圳市金融发展服务办公室主任肖亚非表示，目前正就人民币跨境双向贷款的额度、中央对地方管理权限的下放等领域，与中央相关部门进行商讨和考量。

In addition，RMB cross-border two-way loans also a breakthrough。June 30,，Shenzhen financial development service director of the office XiaoYaFei said，At present is the amount of cross-border two-way loans、The central government to the local administrative privileges down, etc，And the central related departments to discuss and consider。

　　深化 deepening

　　制度“共振”助推结构转型 system“resonance”Thrusting structure transformation

　　经济形势“倒逼”下的金融体制改革已然拉开帷幕，然而要真正实现整体经济结构转型，金融制度的改革仅仅是迈出的一小步，改革需要更多的制度“共振”。

Economic situation“DaoBi”The reform of the financial system is already under the curtain，But to really realize the overall economic structure transformation，The reform of the financial system is only a small step，Reform need more system“resonance”。

　　“在我看来，我们国家现在需要的不仅是金融改革，财税体制、资源价格等一系列的领域都需要跟着一起改。我们民营经济的也知道要经济转型，也想加快转型获取更多的收益，但是从某个方面来讲，也非常需要制度的革新与政策的引导和支持。”张先生向记者感慨道。

“In my opinion，Our country now needs not only is financial reform，Finance and tax system、Resource price, and a series of field needs to be to follow together。We also know that the private economy to economic transformation，Also want to accelerate transformation generate more income，But from a certain extent，Also very need to overhaul the system and policy guidance and support。”Mr. Zhang to reporters regrets way。

　　今年以来，除了金融制度层面的改革非常活跃，其他领域一系列政策措施也有不同程度的推进。半年来，能源资源价格改革得到进一步推进，原油、天然气资源税改革已开始在新疆地区先行，实行从价计征，税率为5%，市场预期未来在全国范围内将逐步推进电力、天然气、成品油、水等资源的价格改革；阶梯电价也于本月在全国范围内开始推行。

Since this year，In addition to the reform of the financial system level is very active，Other areas a series of policies and measures have varying degrees of push forward。Half a year to，Energy resources price get further advance the reform，Crude oil、Natural gas resources tax reform has begun in xinjiang region to go first，From the price of plan impose，Tax rate to 5%，The expected future market across the country will gradually in power、Natural gas、oil、Water resources price reform；Also this month in price in ladder nationwide began to introduce。

　　“在2012年政改难有大的起色的情况下，"倒逼"性质的改革仍将是2012年中国改革的主旋律。”中国经济体制改革研究会副会长、北京改革和发展研究会会长陈剑近日接受《经济参考报》记者专访时强调。

“In 2012 years to have a reform start，"DaoBi"The nature of the reform will still be 2012 years of China's reform of the main melody。”China's economic system reform, vice President of research、Beijing reform and development research association ChenJian recently accepted《Economic reference quote》Reporter interview with emphasis。

　　国家发展和改革委员会宏观经济研究院副院长王一鸣认为，当前深化财税和金融体制改革是加快经济转型的关键环节。现阶段需要健全财力与事权相匹配的体制，促进财政体制更加公开透明。还要放宽金融业市场准入，鼓励发展民间中小型金融机构，引导民间金融健康发展，积极推进利率市场化改革。

The national development and reform commission, wang yiming, deputy director of the academy of macroeconomic research, think，The deepening fiscal and financial system reform is to accelerate the economic transformation of the key link。At this stage of the need to improve financial resources proportionate to the system，Promote the financial system more open and transparent。The financial industry to relax market access，To encourage the development of small and medium-sized private financial institutions，Guide the healthy development of private financial，Actively promote market-oriented interest rate reform。

　　推进资源性产品价格和要素市场改革也是当前经济转型中迫切需要变革的。王一鸣指出，要建立健全资源有偿使用制度和资源环境产权交易制度，形成引导和激励市场主体节约资源、提高资源利用效率的机制。

Promote resource products and factor market price reform was also the current economic transformation in the urgent need to change。Wang yiming points out that，To establish a compensation systems for use of resources and environmental resources property right trading system，Form guide and motivate the market main body save resources、To improve efficiency of resource utilization mechanism。

　　“当前中国经济结构转型已成必然趋势，如何降低转型成本是政策制定者需要考虑的现实问题。”摩根士丹利华鑫基金表示“回顾前期出台的一系列政策可以看出两条主线，一是通过抑制总需求达到挤压资产价格泡沫，调控生活及生产资料价格上涨预期，降低国家在传统能源及矿产资源方面的进口成本付出，并最终改变中国经济对原有高能耗增长方式的路径依赖；再者，依靠结构性财政政策推进经济结构转型。总体来说，经济增速的一定程度回落并不可怕，政策推进经济结构转型的有效性才是关键。”

“China's current economic structure transformation has become an inevitable trend，How to reduce the cost of transformation is policy makers need to consider the reality of the problem。”Morgan Stanley HuaXin fund said“The review on a series of policies can see two strands，One is by inhibiting the total demand to squeeze asset price bubbles，Control life and production material prices expected，Reduce countries in the traditional energy and mineral resources pay the cost of imports，And, eventually, to change China's economic growth mode on the original high energy consumption of path dependence；moreover，Rely on structural fiscal policies promoting economic structure transformation。overall，Economic growth dropped some degree is not fearful，The economic structure of the transition policy effectiveness is the key。”