第1页:上海：梦想与现实 Page 1: Shanghai：Dream and reality 第2页:纽约：危机策源地成避风港 Page 2: New York：The crisis also into haven 第3页:伦敦：危机与底气 Page 3: London：Crisis and the bottom spirit

陆家嘴2012年7月刊 In July 2012 the lujiazui monthly

　

　上海：梦想与现实 Shanghai：Dream and reality

　　文/本刊记者 杨斯媛 肖妍茹 詹晨

Wen/this reporter YangSiYuan XiaoYan ZhanChen radha

　　(金融危机深刻影响了全球金融架构和经济格局，上海建设国际金融中心也吸引了像戴宏一样具有国际化背景的高端金融人才到上海工作。)

(The financial crisis a profound influence on the global financial architecture and economy，Shanghai construction international financial centre has also attracted DaiHong like has the same international background of high-end financial talents to work in Shanghai。)

　　戴宏现在每天早上6:15起床，7：00陪念幼儿园的儿子读半小时书，然后从大柏树附近的家出发。作为交通银行(601328,股吧)总行首席市场风险管理，他要在9点之前准时出现在银城中路的交银大厦。

DaiHong now get up every morning then，7：00 read the son of kindergarten with half an hour to read books，And then from the big cedar house near the start。As traffic bank(601328,Shares it)The head office chief market risk management，He will before 9 o 'clock on time in the silver hand in silver tower of cheng zhong rd.。

　　两年前，他还在纽约工作，因为家不在纽约，上班来回要花五个小时。上海的地铁让戴宏印象深刻，和纽约相比，这里的地铁显然要现代很多。

Two years ago，He also works in New York，Because the house is not New York，Back and forth to work to spend five hours。Shanghai subway let DaiHong impressive，And New York had，Here's the subway obviously modern many。

　　2010年4月，应交行之约，戴宏来沪面试，并于当年7月回国加盟交行。

April 2010，Should make the covenant of，DaiHongLai Shanghai interview，And in the same year in July to return。

　　谈及2008年的金融危机，戴宏依然唏嘘不已。2008年3月，贝尔斯登倒闭次日，当时还在摩根士丹利工作的戴宏收到了时任摩根士丹利董事长兼CEO麦晋桁（John J. Mack）的群发邮件，“最艰难的时刻过去了，我已经看到了隧道尽头的阳光……”

About 2008 financial crisis，DaiHong silently still unceasingly。March 2008，Bear stearns collapse the next day，Still be in at that time the work of Morgan Stanley DaiHong received as chairman and CEO MaiJinHang Morgan Stanley（John J. Mack）Mass email，“The most difficult times in the past，I have seen the end of the tunnel sun...”

　　事实证明，绝大多数华尔街金融家对于危机的判断都是错误的，危机的破坏程度和影响超过了当初最悲观的预期。

Facts prove the，Most Wall Street financiers for crisis judgment is wrong，The crisis of the extent of damage and affects more than the original of the most pessimistic expectations。

　　2008年9月，伴随着华尔街金融风暴，戴宏转战巴克莱，担任巴克莱风险管理战略决策美国分部主任。2009年12月5日，戴宏在美国参加了上海市金融工委组织的“海外高层次金融人才招聘会”，第一次接触交行。

September 2008，With Wall Street financial storm，DaiHong fought barclays，As barclays risk management strategy decision, director of the division。December 5, 2009，In the United States DaiHong attended the steering committee of Shanghai's financial organization“The overseas high-level financial talent recruitment”，In the first contact。

　　一年后，戴宏来到上海参加交行的面试。彼时戴宏手头已经有美国CIT集团(CIT Group)亚洲区首席风险官的Offer。没多考虑，戴宏婉拒CIT，于2010年7月回国，加盟交行。

A year later，DaiHong came to Shanghai for the in the interview。Back then DaiHong have American CIT group in hand(CIT GROUP)Asia area chief risk officer's Offer。No more about，DaiHong declined CIT，In July 2010 to return home，To join in the。

　　“对个人而言，国内发展机会更多。”戴宏说。

“To the individual character，Domestic development opportunity more。”DaiHong said。

　　金融危机深刻影响了全球金融架构和经济格局。

The financial crisis a profound influence on the global financial architecture and economy。

　　在欧美国家经历去杠杆化、调整规模和适应监管改革的过程中：一方面全球经济重心和资本市场开始从西方向东方转移；另一方面，中国的经济和金融活动对全球经济格局的影响正在不断增加。这两方面因素都为上海建设国际金融中心提供了机会，也吸引了像戴宏一样具有国际化背景的高端金融人才到上海工作。

In the European and American countries experience to leveraged、Adjust the scale and adapt to the process of regulatory reforms：On the one hand the global economic focus and capital market began to transfer from the west direction east；On the other hand，China's economic and financial activities on the influence of the global economic pattern is increasing。These two factors are for construction of Shanghai international finance center provides the opportunity，Also attracted like DaiHong has the same international background of high-end financial talents to work in Shanghai。

　　近几年，上海金融业吸引海外留学归国人员约3000人。2008年和2009年，上海先后两次组织招聘团，到美国纽约、芝加哥、英国伦敦、加拿大多伦多等金融人才比较集中的国际金融中心城市招聘高端金融人才。今年7月，上海还将正式对外发布海外高层次人才需求目录，并启动新一轮的海外金融人才招聘。

In recent years，Shanghai's financial industry is to attract overseas education background of about 3000 people。In 2008 and 2009，Shanghai has two organization recruitment group，To the New York、Chicago、London, England、Toronto, Canada, and other financial talent quite centralized international financial center city financial talent recruitment high-end。July，Shanghai will officially released to the overseas high-level talents needs directory，And to launch a new round of overseas financial talent recruitment。

　　国泰基金总经理助理张人蟠曾在美国学习生活了21年，先后在摩根大通、法国工商信用银行等金融机构工作过，2007年回国后，他先出任法国巴黎银行(中国)有限公司固定收益部主管，2009年7月，他加盟国泰基金。

Cathay Pacific fund an assistant to the general manager zhang people had to study in the United States live for 21 years，Successively in jpmorgan chase、French industry and commerce credit bank and other financial institutions，After returning to China in 2007，He first as the French Paris bank(China)Co., LTD. Fixed income department supervisor，July 2009，He joined cathay Pacific fund。

　　“上海非常国际化，基本上没有什么特别需要去适应的。上海建设国际金融中心，不能简单地去和纽约、伦敦、新加坡或者香港等地去比，要用发展眼光看。比如国内财富管理规模只有差不多GDP 的60%，美国、日本都已是好几倍了，未来发展空间很大。”张人蟠说。

“Shanghai very international，Basically nothing special need to adapt。Shanghai construction international financial centre，Can't simply go and New York、London、Singapore or Hong Kong, than to go to，Want to use development vision to see。Such as domestic wealth management scale only about GDP 60%，The United States、Japan already is several times，The future development of the space is very large。”Zhang man said an。

　　不过从事风险管理多年的戴宏也道出了回国工作后需要适应的一些方面。

But for many years engaged in risk management of DaiHong also recognizes come back to work after some of the aspects of the need to adapt to。

　　戴宏认为，纽约和上海的信用体系有很大区别。美国每个人都有 社会安全号SSN（social security number），这个号几乎可以把个人所有信用记录串在一起，银行账号、税号、信用卡号、社会医疗保障号都与之挂钩，把某人社会安全号码输入全国联网的计算机，任何人均可查到自己的背景资料，教育背景、工作经历，与税务、保险、银行打交道时的信用状况、有无犯罪记录等等，银行则可根据申请人过往信用记录，确定其贷款风险。

DaiHong think，New York and Shanghai credit system have very big distinction。All people in the United States have Social security number SSN（Social security number），This number can almost put personal credit record all string together，A bank account、grows、Credit card Numbers、Social and medical security no. And the hook，Take sb. Social security number input nationwide network computer，Any person can find his own background material，Education background、Work experience，And tax、insurance、When dealing with the bank credit conditions、Have a criminal record, and so on，The bank may be past credit records according to the applicant，Determine the loan risk。

　　汉理资本创始合伙人钱学锋是一个地道的上海人，他在卢湾区长大，如今已并入新的黄浦区。钱学锋回上海已经有10多年了，自耶鲁法学院毕业之后，作为一名律师，他曾在华尔街历练7年，中途虽换过律所，但所做多是与中国相关的业务。1999年互联网黄金时代到来，风险投资应运而生。钱学锋回到上海，在软银赛富新成立的风险基金公司任法务总监，从此开始自己的投资生涯。

Daniel founding Partner QianXueFeng han capital is a real from Shanghai，He grew up in luwan district，Now already merged into new huangpu district。QianXueFeng back to Shanghai has more than 10 years，After graduation from Yale law school，As a lawyer，He had been in Wall Street experience 7 years，Although the change law firms，But do is more relevant business with China。In 1999 the Internet era is gold，Risk investment arises at the historic moment。QianXueFeng back to Shanghai，In the new rich founded softbank risk fund company as a legal director，Since then began his career investment。

　　“刚回国时，浦东不少角落都有上世纪90年代的影子，附近有一条路，逢下雨天路况就很泥泞。”钱学锋回忆到，“如今的陆家嘴则高楼林立，马路天桥纵横交错，哪里还有上世纪的影子呢？”

“Just return the，Pudong many corner all have the shadow of the 1990 s，There is a way，Meet the rainy day is very muddy road。”QianXueFeng recalled，“Now, with the lujiazui tall buildings，The road overpass crisscross，In the shadow of the century and where？”

　　10年过去了，钱学锋也从软银独立出来自创一片天地。

10 years，QianXueFeng also independent from softbank started a slice of heaven and earth。

　　上海的PE（Private Equity）发展很快，去年在上海登记注册的就有1200多家。上海建设国际金融中心的内容中有一个新提法就是“上海财富与资产管理中心”，并正式写入“十二五”规划当中。为了吸引更多的PE入驻，去年上海推出了QFLP，截至去年底，包括黑石、凯雷、3i等在内的14家机构获得资格。

Shanghai's PE（Private Equity）Development soon，Last year in Shanghai registered to have many 1200。Shanghai construction international financial centre in the content of a new formulation is“Shanghai wealth and asset management center”，And formal written to the“1025”Planning of。In order to attract more in PE，Last year the Shanghai launched QFLP，By the end of last year，Including blackstone、Carlyle、3 I, 14 agencies for qualification。

　　钱学锋喜欢陆家嘴，“这里金融的氛围正在形成，不仅硬件改善显著，资金和人才都可以找到”。

QianXueFeng like lujiazui，“Here the atmosphere are forming financial，Not only was the hardware improve significantly，Capital and talent can be found”。

　　让钱学锋担忧的是前期PE征收 “浮盈税”的传言，“这让很多PE合伙人LP（limit partner）以及GP（general partner）不淡定起来，上海如果能够在此方面建立良好的绿色税务通道，打消大家的顾虑，将能吸引更多PE来上海。”

Let QianXueFeng concerned about is the PE collection “Float surplus tax”rumors，“It makes a lot of PE Partners LP（Limit Partner）And GP（general Partner）Not calm up，Shanghai if in this aspect can establish good green tax channel，Let everyone's concerns，Will attract more PE to Shanghai。”

　　(上海国际金融中心的发力点和演化路径也越发清晰：力争到2015年基本确立上海的全球性人民币产品创新、交易、定价和清算中心地位。)

(Shanghai international financial center of the swimmer and evolution path more clear：Strive to basically established Shanghai 2015 global RMB product innovation、trading、Pricing and liquidation center position。)

　　高端金融人才的纷至沓来也得益于上海近几年金融业的发展。

The high-end financial talents came in Shanghai in recent years have also benefited from the development of the financial industry。

　　上海金融业联合会和罗兰贝格咨询公司年初发布的“上海金融景气指数”显示：自2006年以来，上海金融业复合增长率为19%，远快于上海市GDP12%的复合增速，指数相对2006年增长了近1.5倍。今年3月发布的2011年度“伦敦金融城全球金融中心指数”（GFCI）最新排名中，上海位居全球金融中心第八位。而去年7月发布的“新华-道琼斯国际金融中心发展指数”（ IFCD）最新排名，上海居第六位。近年来，上海在这两个排名中均稳居前十。

Shanghai's financial industry association and LuoLanBeiGe consulting company released early“Shanghai financial confidence”shows：Since 2006，Shanghai's financial industry is compound annual growth rate of 19%，Far faster than Shanghai GDP12 % of composite growth，Index relative 2006 increased nearly 1.5 times。March this year by year 2011“In the city center of global finance index”（GFCI）The latest rankings，Shanghai global financial center in the eighth。And last July release“Xinhua-the dow Jones international financial center development index”（ IFCD）The latest rankings，Shanghai in sixth。In recent years，Shanghai in the two ranked in the top ten are comfortably。

　　汇丰银行（中国）有限公司行政总裁兼行长黄碧娟认为，“从2008年开始的全球金融危机正在加速全球经济重心和资本市场从西方向东方转移的进程，中国经济和金融活动对全球经济格局的影响正在不断增加，这些变化为上海建设国际金融中心提供了机会。”

HSBC（China）Co., LTD administrative President and President HuangBiJuan think，“Begin from 2008 of the global financial crisis is speeding up the global economic barycenter and capital market direction east from west of the transfer of the process，China's economic and financial activities on the influence of the global economic pattern is increasing，These changes for Shanghai construction international financial centre provides opportunities。”

　　上海金融办主任方星海和黄碧娟看法相似，“ 2008年后世界主要的经济体增长比较乏力、增长缓慢，给上海建设国际金融中心提供了弯道超车的机会，上海有可能迅速发展，然后在量和质方面迅速接近世界一流国际金融中心。”

Shanghai financial do, a HuangBiJuan and a similar view，“ 2008 years of the world's major economies is weak growth、Slow growth，For Shanghai construction international financial centre provides the opportunity to overtake corners，Shanghai is likely a rapid development，And then in the quantity and quality of the world first-class fast approaching international financial center。”

　　方同样有着专业的海外求学和工作背景，1986年清华大学毕业后即赴美国匹兹堡大学攻读经济学。1993年他转学至斯坦福大学并获经济系博士学位。博士毕业后，方的第一份工作是在世界银行，回国后曾先后在建行和上交所工作。

Party also has a professional studied abroad and work background，1986 years after graduating from tsinghua university in the United States at the university of Pittsburgh is economics。In 1993 he transfer to the economics department at Stanford university and doctor's degree。Doctor after graduation，Party first job was working in the world bank，After returning home once successively in the construction bank and ShangJiaoSuo work。

　　方星海还是个土生土长的温州人。因此，当被问及为什么在温州搞金融改革试点时，他说，“温州改革的本质是建立一个自由开放的金融体系，温州的大量民间财富为试点创造了最好的条件，但金融改革通常在国家层面发生，试验不大可能限制在某一区域，因为钱是流动的。”

Mr Fang is a native of wenzhou。so，When asked why make financial reform in wenzhou pilot，He said，“The essence of wenzhou reform is to establish an open and free financial system，A large number of private wealth for wenzhou pilot to create the best conditions，But financial reform usually occur at the national level，Test is not likely to be restricted in a certain area，Because money is flowing。”

　　除了温州外，包括深圳、天津在内的城市在金融创新方面也有所推进。方星海认为，有竞争是好事，全国各地金融业发展得快一点，有助于上海国际金融中心建设的推进。大家都做好金融业，上海的国际金融中心建设才能做得更大。

In addition to the wenzhou，Including shenzhen、Tianjin city, in the financial innovation to promote。Mr Fang think，There is competition is a good thing，All over the country the financial industry development faster，Help to Shanghai international financial center construction of push forward。Everybody can get the financial industry，Shanghai international financial center construction can do more。

　　2009年3月25日，国务院常务会议审议并原则通过了《关于推进上海加快发展现代服务业和先进制造业 建设国际金融中心和国际航运中心的意见》，要求2020年基本建成与我国经济实力以及人民币国际地位相适应的国际金融中心，上海国际金融中心建设的国家战略定位正式确定。随着国家发改委今年发布《“十二五”时期上海国际金融中心建设规划》中明确 “力争到2015年基本确立上海的全球性人民币产品创新、交易、定价和清算中心地位”，上海国际金融中心的发力点和演化路径也越发清晰。

March 25, 2009，The standing committee of state council review and principles through the......《On promoting the Shanghai to speed up the development of modern service industry and advanced manufacturing industry Building an international financial center and international shipping center opinion》，For the 2020 year basic built and China's economic strength and international status of the adapt to international financial center，Shanghai international financial center construction of national strategic orientation officially decided。Along with the national development and reform commission released this year《“1025”Shanghai international financial center during the construction plan》Clearly in the “Strive to basically established Shanghai 2015 global RMB product innovation、trading、Pricing and liquidation center position”，Shanghai international financial center of the swimmer and evolution path more clear。

　　上海财经大学MBA学院院长戴国强今年60岁，他是最早参与上海国际金融中心建设研究的专业学者之一，他说，“上海作为人民币产品中心，这些产品是以人民币作为计价货币而设计的，首先这些人民币产品的自发需求要大，国内外投资者都要买这个产品，买的前提能否自由兑换，这则取决于人民币国际化的程度。两个都有了，交易量才会大，清算、交易、定价就自然形成。”

Shanghai university of finance MBA, dean of the college of DaiGuoJiang 60 years old this year，He is the first international financial center in Shanghai construction of one of the professional scholars，He said，“Shanghai as the yuan product center，The product is the renminbi as currency valuation and of the design，First the RMB of spontaneous products to demand，Domestic and foreign investors to buy the product，The premise of the free exchange can buy，It depends on the extent of the RMB internationalization。Both have the，Volume will be large，liquidation、trading、Pricing on natural form。”

　　回顾纽约、伦敦国际金融中心的发展轨迹，不难发现，其共同点都是本币资产交易、清算、定价中心。领跑全球近百年的纽约，尽管并非所有美国资产管理机构总部均设于此，但这些金融机构的交易、定价和清算几乎都在哈德逊河出海口“集结”完成。

New York review、London the development track of the international financial center，Is not difficult to find，Their common point is local currency assets transaction、liquidation、Pricing center。Leading the global nearly years of New York，Although not all American asset management agency headquarters are located in this，But these financial institutions deal、Pricing and liquidation almost all in the Hudson River sea-going outlets“rally”complete。

　　一位国有银行交易员称，最近这两年，上海在人民币产品推进方面比以前快。之前由于四大国有商业银行的总部都在北京，产品创新决策上，要依赖北京。但情况正在发生变化，比如今年中国银行(601988,股吧)选择在上海设立人民币交易业务总部。其他银行中，兴业银行(601166,股吧)资金部在上海，招商银行(600036,股吧)也打算搬来……

A state-owned bank traders say，The last two years，Shanghai in the RMB products in advance than ever faster。Because before four state-owned commercial bank's headquarters in Beijing，Product innovation decisions，Want to rely on Beijing。But things are changing，Such as bank of China this year(601988,Shares it)Choose RMB established in Shanghai trading business headquarters。Other Banks，Industrial bank(601166,Shares it)ZiJinBu in Shanghai，China merchants bank(600036,Shares it)Also plan to move to......

　　“人民币产品中心对上海至关重要，交易就是定价过程。取得在岸人民币产品定价权，自然会对离岸人民币市场取得越来越大的话语权，一些海外衍生品在定价时已开始参考‘上海价格’。”这位交易员说。

“RMB products to the center of Shanghai is very important，Transaction is a pricing process。The yuan has bet product pricing，Nature will have to offshore yuan market is more and more big power，Some overseas derivatives in pricing, has started to reference‘Shanghai price’。”The traders said。

　　(人民币必须在未来某个时候实现完全可自由兑换，这将有助于让人民币获得与中国经济地位相称的国际地位。)

(RMB must sometime in the future achieving a fully convertible，This will help to let the yuan was obtained with the China economic status of the match international status。)

　　谈及人民币产品中心，人民币国际化自然难以回避。从伦敦、纽约等国际金融中心的形成来看，都跟所在国家货币的国际化密切相关，伦敦成为金融中心是英镑成为国际货币，纽约成为金融中心是美元成为世界货币。

About RMB products center，RMB internationalization natural hard to avoid。From London、New York and other international financial center of the form and see，With in the currency of the country in international closely related，London as the financial center is pounds become international currency，New York a financial center is dollars as the world currency。

　　伦敦金融城政府政策与资源委员会主席傅思途（Stuart Fraser）认为，人民币必须在未来某个时候实现完全可自由兑换，这将有助于让人民币获得与中国经济地位相称的国际地位。值得理解的是，政府也希望逐步实现这一目标，而不是一步到位。对中国而言，可自由兑换的或有麻烦是会有热钱流入。”

The city government policy and resources committee chairman FuSiTu（Stuart Fraser）think，RMB must sometime in the future achieving a fully convertible，This will help to let the yuan was obtained with the China economic status of the match international status。Worth understand is，The government also hope to gradually realize this goal，Not one pace reachs the designated position。As for China，Convertible or have trouble is a hot money inflows。”

　　“人民币国际化目前面临的一个有利条件就是全球有货币替代的需求,金融危机后欧美市场风险较大,欧美国家财政状况不佳。”上海交通大学现代金融研究中心主任潘英丽说，“在此情况下，美元和欧元作为国际储备资产有一定的风险，未来，国际货币体系也不能高度依赖美元，因此要寻找一种较为安全的货币来替代。这对人民币国际化来说，是一个比较好的机会。”

“RMB internationalization facing an advantage is that the global currency substitute a demand,After the financial crisis the European and American market risk is bigger,The European and American countries financial situation is not good。”Shanghai jiaotong university modern financial research center director PanYingLi said，“In this case，The dollar and the euro as an international reserve assets have some risk，future，The international monetary system also can't highly dependent on the dollar，So look for a kind of relatively safe money to replace。The RMB internationalization speaking，Is a better chance。”

　　中国人民银行行长周小川今年在接受第一财经记者采访时表示，人民币国际化主要还是综合实力和金融市场发展的结果，能否国际化最终还是靠市场的选择。

The people's bank of China governor zhou xiaochuan in accept this year first financial reporter to interview said，RMB internationalization is main or comprehensive strength and the result of the development of the financial market，Can international or on the choice of the market eventually。

　　自加入世贸组织后，人民币国际化进程得到了多重因素推进。中国实体经济发展迅速，对外开放日益融入到全球经济化进程中，对外关联的加快也使得货币需求量猛增。 2009年4月8日，国务院决定开展跨境贸易人民币结算试点，随后由最初四个试点城市逐步扩展至全国。今年３月，六部委联合发布《关于出口货物贸易人民币结算企业管理有关问题的通知》，放开跨境贸易人民币结算试点企业，明确所有具有进出口经营资格的企业均可开展出口货物贸易人民币结算业务。此外，境外主体在境内开设人民币银行结算账户、境外机构参与投资境内金融市场等人民币回流渠道也逐步打开。

Since joining the wto，RMB internationalization process gets a multiple factors promote。Chinese entities rapid economic development，Opening up to become more integrated into the global economic processes，Foreign related to speed up also makes money demand soared。 April 8, 2009，The state council to launch cross-border trade RMB pilot，Then the first four pilot city gradually expand to the whole country。In march this year，Six departments jointly issued《As for the export trade in goods RMB settlement enterprise on the management of notice》，Let go of cross-border trade RMB pilot enterprise，Clear all the business qualification of with the import and export enterprise all can develop export goods trade RMB business。In addition，Outside the main body in the territory of RMB bank settlement accounts open、Foreign organizations involved in domestic financial markets RMB investment channels have gradually open backflow。

　　人民币的国际化进程也让一些全球性金融机构看到了机会，2012年4月18日，汇丰银行在伦敦发行了第一只人民币债券，主要针对英国及欧洲大陆国家的投资者，总规模为10亿元人民币。渣打银行则紧随其后，在 5月22日宣布，该行过去四周内在伦敦发行了总计10亿元人民币的商业票据。

The RMB internationalization also let some global financial institutions saw his chance，On April 18, 2012，In London, the HSBC bank released the first only RMB bonds，Mainly aimed at the UK and Europe countries of investors，The total scale for 1 billion yuan RMB。The standard chartered bank, followed，in Announced on 22 May，The bank around London issued within the past a total of 1 billion yuan of commercial paper。

　　“人民币国际化的脚步比大家料想得还要快，每年都会有新产品、新政策出来，比如QFII的审批加快了且门槛放低，人民币的RQFII也自去年12月份开始试点。”张人蟠说，“从资产管理角度出发，人民币国际化其实就是资金从国内流到海外，以及海外的资金流入国内。国内的资金流出去一方面是要把完全是A股组合的资产，放到全球资本市场以分散风险，还有在设备制造、节能减排、新能源这些方面，国内可能会通过并购的方式来买技术、买产品。国外资金流入国内呢就是投资，当然，我们更了解中国市场，愿意提供顾问、咨询以及委托管理业务。”

“The footsteps of RMB internationalization than everyone expected faster，Every year there are new products、The new policy out，Such as the examination and approval of the QFII to speed up and threshold low，The yuan since last December RQFII also began to pilot。”Zhang man said an，“From the Angle of the asset management，RMB internationalization is actually funds from domestic flow to overseas，Inflows into the domestic and abroad。China fund flows out on one hand is to turn completely is A shares of combination of assets，In the global capital market to spread risk，And in the equipment manufacturing、Energy conservation and emission reduction、New energy these aspects，Domestic might through the merger of the way to buy the technology、Buy products。Foreign capital into domestic? Is the investment，Of course，We know more about China market，Willing to provide consulting、Consultation and entrusted management business。”

　　中金公司首席经济学家彭文生认为，目前国外大部分对中国的投资，因为证券市场有所限制，主要还是直接投资。人民币国际化后，尤其是资本账户放开，一个可以预见的结果就是，会有越来越多机构投资者进入中国，这些投资将主要集中于中国的固定收益市场，外国银行、外国央行、保险公司、养老金等等，这些外国机构将可以更多地购买人民币计价的债券。无疑，上海将是最大的获益者。

Cicc chief economist PengWenSheng think，At present foreign to most of China's investment，Because the stock market is limited，Main or direct investment。After RMB internationalization，Especially capital account let go，A predictable result is，There will be more and more institutional investors into China，These investments will be mainly focused on China in the fixed income market，Foreign Banks、Foreign central Banks、Insurance company、Pension, and so on，These foreign institutions will be able to buy more of the renminbi bonds。undoubtedly，Shanghai would be the biggest gainer。

　　作为吸引境外人民币回流的重要载体，国际板一直被视为人民币国际化进程中的最重要举措之一。２０１１陆家嘴论坛上，时任中国证监会主席尚福林一句“我们离推出国际板越来越近了”一度让业界对国际板推出 “预期”升温。不过，时至今日，国际板依然是“只闻楼梯响”。

To attract overseas as an important carrier of the backflow，International board has been regarded as the most important in the process of RMB internationalization one of the measures。2011 lujiazui BBS，The chairman of the China securities he a word“We were more and more closer to launching international board”Once let the industry international board to launch “expected”warming。but，today，International board still is“Smell the stairs only”。

　　2012年6月7日，方星海在“中国上海”就《“十二五”时期上海国际金融中心建设规划》解读时说，推国际板肯定还是试点阶段，不是一下子所有的公司都可以上市，有一个审批过程。

On June 7, 2012，Mr Fang in“Shanghai, China”it《“1025”Shanghai international financial center during the construction plan》Said interpretation，Push international board was surely pilot stage，Not suddenly all the company can be listed，Have a examination and approval process。

　　在方星海看来，中国股市投资者众多，资金也不少，但较缺高质量的上市公司。中国需要引入全球最好的公司在资本市场上市，这些上市的公司要能够给股民带来收益。中国还是贸易顺差大国，外汇储备非常多，这些钱要投到国际好公司的股票上去。

In Mr Fang looks，China's stock market investors many，Money also many，But a lack of high quality of the listed companies。China needs into the world's best companies in the capital market，The listing of the company to be able to bring to the shareholder returns。China is still big trade surplus，Foreign exchange reserve very much，The money can be thrown to the international good company stocks。

　　方星海说，而从时机上来看，全球金融危机以后，中国是亮点，一些国际大公司要进一步融资发展的话，非常愿意到中国来上市，增加它在中国市场的知名度，同时也拓展其中国业务。

Mr Fang said，And from the time to look，After the global financial crisis，China is the window，Some international companies to further financing development words，Very willing to come to China on the market，Add it in the Chinese market awareness，And expand its China business。

　　从监管部门近期关于国际板的表述来看，短期内国际板还不会列入议事日程。

From regulators about recent international board of expression and see，The short term international board is not on the agenda。

　　6月初，中国证监会在回应国际板推出传言时这样表述，“境外企业在境内上市涉及法律、会计、外汇管理等诸多领域，需要在现有框架的研究基础上，进一步完善相关制度安排。目前，各有关部门仍在对境外企业到境内发行人民币股票工作的总体思路、制度规则等进行研究和沟通。推出国际板还没有时间表。”

In early June，The China securities regulatory commission in response to international board launched when rumors this statement，“Foreign enterprise in the domestic listed about legal、accounting、Foreign exchange management and so on many domains，In the frame of the existing research need basis，To further perfect the relevant system arrangement。At present，The relevant departments for the overseas enterprise is still in the territory to the issuance of RMB stock the general idea of work、System rules for research and communication。Launching international board haven't schedule。”

　　(市场的效率、监管框架和法律基础影响着交易成本，而降低交易成本是改善商业环境的关键。)

(Market efficiency、Regulatory framework and legal basis affects transaction cost，And to reduce transaction costs is the key to improve the business environment。)

　　从长远来看，国际板或许也只是上海国际金融中心推进进程中的一个“小插曲”。作为一个国际金融中心，人们总是将上海比肩纽约、伦敦这样的成熟金融中心，尽管还有差距。

In the long run，International board may also just Shanghai international financial center in the process of promoting a“Little episode”。As an international financial centre，People always will Shanghai as New York、London such sophisticated financial center，Although also has the disparity。

　　曾在香港工作多年的黄碧娟表示：“相关软件方面的配套基础设施也很重要，例如，市场的效率、监管框架和法律基础。这些因素影响着交易成本，而降低交易成本是改善商业环境的关键。

Once in Hong Kong for many years HuangBiJuan said：“Related software supporting infrastructure is also very important，For example，Market efficiency、Regulatory framework and legal basis。The factors affecting the transaction cost，And to reduce transaction costs is the key to improve the business environment。

　　“成为国际金融中心的要素是可预计性、透明度以及稳定性，需具有足够的集聚度，稳定的税收和监管环境，能够支持金融业的良好服务，以及完善的法制基础。这样才能给予投资者充分的信心。”傅思途说。

“As an international financial centre are the elements of sex can be expected、Transparency and stability，Needs to have enough concentration degree，Stable tax and regulatory environment，Able to support the financial industry good service，And improve and perfect the legal system。This can give investors the full faith。”FuSiTu said。

　　当然，上海也有自己的优势。作为一个国际化都市和金融中心，人们习惯于在上海前面加一个大字来强调其国际化程度；2011年，上海金融市场交易总额达到420万亿元人民币，证券、股票、期货交易额都已排在全世界前十了；上海背靠一个大陆性经济，就像美洲大陆、欧洲大陆这样的经济体，随着中国经济的发展、人民币国际化的推进，上海国际金融中心建设也会“水涨船高”……

Of course，Shanghai have their own advantages。As an international city and financial center，People used to front in Shanghai and a big word to emphasize its internationalization degree；2011 years，Shanghai financial market transactions amounted to 420 trillion yuan RMB，securities、stock、Futures trading in the world are already row before ten；Shanghai back against a continental economy，As the continent、Continental Europe this economy，With the development of the Chinese economy、RMB internationalization of push forward，Shanghai international financial center construction will be, too“rising”......

　　对于从华尔街到陆家嘴的戴宏们来说，上海真的很值得期待。“上海国际金融中心比华尔街有更高的起点， 2020年，上海国际金融中心应全面超越东京，与纽约和伦敦呈现三足鼎立之势。”戴宏说。

From Wall Street to DaiHong of the lujiazui to it，Shanghai is really something to look forward to。“Shanghai international financial centre is the starting point of the higher than Wall Street， 2020 years，Shanghai international financial center should be full beyond Tokyo，And New York and London into an open three-horse race。”DaiHong said。