银行业压力测试结果表明，以17家商业银行为代表的银行体系应对宏观经济冲击的能力较强，在压力情景下，总体仍能保持运行稳健，但部分领域风险值得关注。货币政策的适时适度预调微调也能起到维护金融稳定的重要作用。通过加快推进区域金融综合改革试验工作，为我国的经济转型与金融稳定创造良好的金融条件和金融环境。

Pressure test results show that the banking industry，17 home to commercial Banks, as a representative of the banking system to deal with the impact of macro economic skills，In pressure situation，General can still remain stable operation，But part of the field is worth to pay close attention to risk。Monetary policy in the moderate presetters fine-tuning also could play an important role of maintaining financial stability。Through the accelerating regional financial comprehensive reform experiment work，For our country's economic transformation and financial stability to create a good financial conditions and financial environment。

　　7月20日，国务院副总理王岐山在出席省部级领导干部“金融监管和风险防范”研讨班座谈会时指出，要按照科学发展观的要求，认真贯彻落实全国金融工作会议精神，牢牢把握稳中求进的总基调，加快转变金融发展方式，推进体制机制改革和组织制度创新，加强金融监管，坚决守住不发生系统性、区域性金融风险的底线，更好地服务于经济社会发展，以优异成绩迎接党的十八大胜利召开。笔者认为，防范系统性、区域性金融风险，旨在实现金融稳定。不过，加快金融改革或是防范金融风险、实现金融稳定的治本之道。

July 20,，Vice premier wang qishan in leading cadres at the provincial or ministerial“Financial supervision and risk prevention”The workshop says symposium，According to the requirement of the scientific development concept，Implementing the national financial work conference spirit，WenZhongQiuJin firmly grasp the total fundamental key，Accelerate transformation of the financial development mode，Promote reform of mechanism of system and organizational system innovation，Strengthen financial supervision，Firmly keep not occur systematic、Regional financial risk bottom line，Better service to economic and social development，With the excellent result to meet the party's big victory at 18。The author thinks that，Prevent systemic、Regional financial risk，Designed to achieve financial stability。but，To speed up financial reform or guard against financial risks、To achieve financial stability of the fundamental way。

　　银行部分领域风险值得关注 Bank some fields is worth to pay close attention to risk

　　7月13日，央行发布了《中国金融稳定报告（2012）》，对2011年我国金融体系的稳定状况进行了全面评估。《报告》指出，2011年我国经济继续朝着宏观调控预期方向发展，结构调整有序推进；国内需求平稳增长，外部需求相对稳定；财政收入增长迅速，用于民生和“三农”的财政支出力度加大；货币信贷增速回归常态，人民币汇率稳中有升。

July 13,，The central bank released《China's financial stability report（2012）》，In 2011, the stability of the financial system in China in the comprehensive assessment。《report》Points out that，In 2011, our country economy continue to move in macroeconomic regulation and control expected development direction，Structure adjustment pushed forward；Domestic demand steady growth，External demand relatively stable；Revenue is growing rapidly，Used for the people's livelihood and“Agriculture, rural areas and farmers”Fiscal expenditure has been strengthened；Currency credit growth return to normal，RMB exchange rate have increased slowly。

　　银行业压力测试结果表明，以17家商业银行为代表的银行体系应对宏观经济冲击的能力较强，在压力情景下，总体仍能保持运行稳健，部分领域风险值得关注。证券期货业健康发展，机构数量和资产规模持续增加，业务创新稳步推进，合规监管不断强化，抗风险能力有所增强。保险业总体保持平稳发展态势，资产规模持续扩大，机构体系不断完善，保费收入增长，服务领域拓宽，改革创新继续推进，对外开放水平进一步提高。宏观审慎管理方面也进一步强化。2011年，我国在加强宏观审慎管理方面进行了有益探索，不断加强和改进金融统计和风险监测评估，完善以差别准备金动态调整为着力点的逆周期宏观调控机制，研究加强系统重要性金融机构监管，积极构建危机管理和风险处置框架。下一阶段，应在借鉴国际金融危机教训和国际有效做法的基础上，结合国情，进一步健全宏观审慎政策框架，建立宏观审慎管理和微观审慎监管协调配合、互为补充的体制机制，提高系统性风险防范能力，提升金融支持实体经济发展的可持续性。

Pressure test results show that the banking industry，17 home to commercial Banks, as a representative of the banking system to deal with the impact of macro economic skills，In pressure situation，General can still remain stable operation，Part of the field is worth to pay close attention to risk。Stock futures health development，Agency quantity and asset scale continues to increase，Business innovation steadily，The compliance regulations have improved，The ability to resist risk improved。Insurance maintain steady overall development situation，Continue to expand the scale of assets，Institution system improvement，Premium income growth，Expand service areas，To continue to push forward the reform and innovation，Opening up to a higher level。Macro prudent management of further strengthening。2011 years，Our country in strengthening macro prudent management makes a beneficial exploration，Constantly strengthen and improve financial statistics and risk monitoring and evaluation，To perfect the difference between its dynamic adjustment of reserve the inverse of the macro-control cycle mechanism，Research strengthens the system importance financial institutions supervision，Actively constructing the crisis management and risk disposal framework。Next stage，Should be in reference to the international financial crisis and effective teaching on the basis of practice，According to its actual conditions，Further to improve macro prudent policy framework，Establish macro and micro prudent management prudent supervision coordination、The complementary mechanism of system，Increase systemic risk prevention capacity，Enhancement of financial support to the sustainable development of the economy。

　　由于2011年经济、金融运行中不确定、不稳定因素不断增加，一些重要领域和区域金融风险隐患及其影响至今还依然存在。而这些风险的消除或防范，必须要通过加快金融改革来实现。

Since 2011 the economy、Financial operation of not sure、Unstable factors increasing，Some important fields and regional financial risks and its influence still remain。And those risks to eliminate or prevent the，Must speed up the financial reform to achieve。

应该加快金融改革步伐 Should speed up the pace of financial reform

　　笔者认为，今年下半年，应多策加快金融改革步伐。

The author thinks that，The second half of this year，How to speed up the pace for financial reform。

　　首先，应更新金融稳定理念。今年是“十二五”时期承前启后的重要一年，我国经济与社会发展处于重要战略机遇期，但同时也面临国际国内诸多挑战，为此，防范金融风险、维护金融稳定工作更加艰巨和繁重。但未来的金融稳定并不是为稳定而稳定，而是应通过金融改革来促进金融稳定，这样的稳定才有创新依托，才能为金融可持续发展提供坚实的基础。

first，We should renew financial stability concept。This year is“1025”Following an important year period，China's economic and social development in the important period of strategic opportunities，But at the same time also faces many challenges in international and domestic，For this，Guard against financial risks、Maintain financial stability work harder and heavy。But the future of financial stability and not for stability and stable，But should through the financial reform to promote financial stability，Such stability have on innovation，To provide for financial sustainable development solid basis。

　　其次，货币政策应适时适度预调微调。由于金融稳定的实现是由货币政策的调控要素与中介传导决定，因此，货币政策的适时适度预调微调也能起到维护金融稳定的重要作用。央行今年年内2次下调存准率、2次降息并扩大存贷款利率浮动空间。7月3日，中国银行(601988,股吧)业协会发布的《2011-2012中国银行业发展报告》预计，今年货币政策将维持稳健的总体基调不变，预计存款准备金率年内还会下调1~3次。这些政策操作就是货币政策预调微调的具体体现，有利于缓解银行流动性压力，增强银行信贷投放能力，促进货币信贷合理增长，增强金融对实体经济的支持，这在某种程度上也是维护了金融稳定。

second，Monetary policy should be timely and measurable presetters fine-tuning。Because financial stability is the realization of the readjustment of monetary policy transmission and intermediary factors decision，so，Monetary policy in the moderate presetters fine-tuning also could play an important role of maintaining financial stability。The central bank this year 2 times put down the accuracy、2 times to cut interest rates and expand loan rate floating space。On July 3,，The bank of China(601988,Shares it)Industry association issued《2011-2012 China banking development report》Is expected to，Monetary policy will remain stable this year the overall tone remains the same，The deposit reserve rate years is expected to cut will also 1 to 3 times。These policy operation is monetary policy presetters fine-tune the concrete embodiment，Can help to alleviate the bank liquidity pressure，Enhance bank credit supply capacity，Promote currency credit reasonable growth，Strengthening financial support to the real economy，In some degree is to safeguard the financial stability。

　　其三，加快推进区域金融综合改革试验工作。今年以来，中国的各项区域金融综合改革试验工作在加速推进。1月30日，国家发改委公布的《“十二五”时期上海国际金融中心建设规划》；3月28日，国务院总理温家宝主持召开国务院常务会议，批准实施《浙江省温州市金融综合改革试验区总体方案》；5月17日，央行宣布，在浙江省丽水市试点农村金融改革；6月底，《珠三角金融改革创新综合试验区总体方案》获政府批准。通过加快推进区域金融综合改革试验工作，为我国的经济转型与金融稳定创造良好的金融条件和金融环境。下一步，应进一步做好统一规划，有效布局，加强监管，确保金融改革的有序推进。

thirdly，Accelerate regional financial comprehensive reform experiment work。Since this year，The area of China's financial comprehensive reform experiment work at an accelerating speed。January 30,，Published by the national development and reform commission《“1025”Shanghai international financial center during the construction plan》；March 28,，The state council premier wen jiabao presided the standing committee of state council，For approval《Zhejiang wenzhou financial comprehensive reform region overall scheme》；May 17,，The central bank announced，In lishui, zhejiang province pilot the financial reform in the rural areas；At the end of June，《Financial reform and innovation in the pearl river delta comprehensive experimental overall scheme》Approved by the government。Through the accelerating regional financial comprehensive reform experiment work，For our country's economic transformation and financial stability to create a good financial conditions and financial environment。The next step，Should further make unified planning，Effective layout，Strengthening the supervision，Ensure that the financial reform pushed forward。

　　另外，进一步加强金融宏观审慎管理。宏观审慎管理的核心，是从宏观的、逆周期的视角采取措施，防范由金融体系顺周期波动和跨部门传染导致的系统性风险，维护货币和金融体系的稳定。当下，应加强“一行三会”在宏观审慎管理与行业审慎管理方面的协调配合。而针对我国金融综合经营下金融业务交叉的新趋势，实施跨产品、跨机构、跨市场、跨国界的监管，即功能性监管，实行统一、综合的监管模式必将成为我国金融监管体制最终的选择。

In addition，Further strengthen macroeconomic prudent management。The core of the macro prudent management，From macro、The perspective of inverse cycle to take action，Guard against financial system by the volatility and spread across the department cycle to the systemic risk，Maintain the stability of the monetary and financial system。then，Should strengthen“A line of three will”In the macro prudent management and industry prudent management aspects of coordination。And in view of China's financial comprehensive operating under the financial business cross new trend，Implementation cross product、Across agencies、Cross market、Cross-border regulation，Namely functional supervision，unified、Comprehensive regulatory model will become our financial regulatory system for the final selection。

　　最后，应该尽快择机推出存款保险制度。央行在今年1月上旬召开的工作会议上提出，要进一步做好建立存款保险制度的准备工作。6月26日，中国人民银行上海总部副主任凌涛在2012陆家嘴(600663,股吧)论坛新闻发布会上表示，从我们调研角度看，存款保险制度建立的各方面条件已经基本具备。可以说，我国存款保险制度的建立，不仅有利于防范金融机构系统性风险，维护金融稳定，而且还能够促进银行业有效市场化和有序竞争。希望存款保险制度能够寻找合适的时机尽快出台。 （作者系中国人民银行郑州培训学院教授）

finally，Should the deposit insurance system introduced as soon as possible。The central bank in early January a work conference put forward，To further make establishment of a deposit insurance system to prepare。June 26,，The people's bank of China deputy director of the Shanghai headquarters in 2012 LingTao lujiazui(600663,Shares it)BBS news conference said，From our research perspective，Deposit insurance system establishment of various conditions has been met。Can say，The establishment of the deposit insurance system in China，Is not only beneficial to guard against financial institutions systemic risk，Maintain financial stability，But also can promote effectively the marketization and orderly competition in banking industry。Hope deposit insurance system to find the right time to come as soon as possible。 （The author is the people's bank of China, professor with the school of zhengzhou training）