本报记者 任晓 黄宽

Our correspondent RenXiao HuangKuan

　　在今年经济增速下滑、央行连续两次降息的背景下，兴业银行(601166,股吧)如何采取差异化经营策略，应对利率市场化挑战。对此，中国证券报专访了兴业银行行长李仁杰。他表示，利率市场化是渐进的过程，近几年兴业银行坚持差异化经营策略，市场化程度较高，利率市场化步伐加快对兴业银行利大于弊。

This year economic growth is in decline、Central Banks cut interest rates for two times the background，Industrial bank(601166,Shares it)How to take differential operation strategy，Deal with interest rate marketization challenge。this，China's stock certificate report the bank President LiRenJie interview。He said，Interest rate marketization is gradual，In recent years the bank adhere to the differential operation strategy，The degree of marketization is higher，Interest rate marketization pace to industrial bank outweigh the costs。

　　中国证券报：利率市场化将对银行业带来哪些挑战?

China's stock certificate report：Interest rate marketization will bring which challenge for the banking industry?

　　李仁杰：利率市场化是我国金融业改革和发展的必然趋势。从宏观面看，国家将综合考虑推进利率市场化的节奏和进度。在全球银行业中，中国银行(601988,股吧)业比较健康，因为我国较好地把握利率市场化的推进进程。显然，如果其他市场没有市场化，仅仅是利率市场化的单边突进，既不现实也难以收到良好成效。过去几年的实践表明，息差和银根松紧关联度更大。2009年货币政策非常宽松，商业银行息差也最小。在宏观调控作用下，去年三季度银行息差达到近年来最大。今年央行在一个月内两次降息，并扩大贷款利率下浮区间，但实际执行结果显示银行息差、利差并未下降太多。

LiRenJie：Interest rate marketization reform and development of China's financial industry is an inevitable trend。From the macro side see，Countries will promote comprehensive consideration of the liberalization of interest rate rhythm and tempo。In the global banking，The bank of China(601988,Shares it)Industry more health，Because the grasp of the liberalization of interest rate of process。obviously，If other market no market，Only interest rate marketization of unilateral dash，Neither reality can also be difficult to receive good results。The practice shows that over the past few years，Spreads and monetary policy more reasonable correlation。2009 years is very loose monetary policy，Commercial Banks spreads to the minimum。In the macro-control role，In the third quarter last year spreads to the biggest bank in recent years。This year in a month the central bank cut interest rates twice，And expand lending rates floating interval，But the actual implementation results showed that bank spreads、Not too much interest decline。

　　在宏观调控下，目前企业的平均融资利率与去年三季度相比出现明显下降。下半年如果实体经济没有明显好转，不排除央行继续降息。但在企业各项成本普遍上升时，还需要综合财税等多方面政策解决问题。

In macroeconomic regulation，At present, the enterprise average interest rate in the third quarter last year compared with financing appeared to decline significantly。If the real economy is not the second half improved obviously，Don't exclude the central bank to continue to cut interest rates。But in each cost rises when the common enterprise，Still need comprehensive fiscal and tax policy aspects to solve the problem。

　　由于兴业银行存贷款比重为所有银行中最低，一般性存款占负债比例约为60%，贷款占资产比重约为40%，其他全部是市场利率定价。利率市场化显示出兴业银行差异化经营策略的比较优势。兴业银行业务涉足信贷市场、货币市场、债券市场、股权市场、另类投资市场等，不会把业务仅仅局限在信贷市场。总而言之，利率市场化步伐的加快对于兴业银行利大于弊。

Because the bank loan proportion in the bank for all the lowest，General deposit accounts for about 60% debt，Loans accounted for assets proportion is about 40%，Other are all market interest rates pricing。Interest rate marketization shows that industrial bank differential operation strategy of comparative advantage。The bank operates in the credit markets、Money market、Bond market、Equity market、Alternative investment market, etc，The business will not only limited in the credit markets。overall，Speed up the pace of market-oriented interest rate for industrial bank outweigh the costs。

　　中国证券报：在当前的宏观经济形势下,贷存比这一指标是否有调整的必要?

China's stock certificate report：In the current macro economic situation,DaiCunBi this indicator of whether there is a necessary adjustment?

　　李仁杰：我认为贷存比不是流动性管理的指标，更多的是宏观调控、控制贷款投放的抓手。我国的贷存比与外汇储备规模、央行货币政策阶段性操作的结果关联度很大。贷存比可以作为一个监控指标，但不应作为一个指令性指标。即使把贷存比作为监控指标，其分子分母的计算口径也需要调整，以反映变化的情况。

LiRenJie：I think DaiCunBi not liquidity management index，More is macroeconomic control、Control of the loan on pupils。China's DaiCunBi and largest foreign exchange reserves、The central bank monetary policy is the result of a relational phases operation。DaiCunBi can be used as a monitoring index，But should not be as a mandatory index。Even if the DaiCunBi as monitoring index，The molecules of the denominator calculating methods need to be adjusted，In order to reflect changing conditions。

　　中国证券报：经济增速下滑过程中，市场普遍担心银行资产质量，兴业银行目前银行资产不良比率反弹的主要压力在哪？

China's stock certificate report：Economic growth in the process of decline，The market is worried about bank asset quality，The bank currently bank assets ratio of the main pressure bad rebound？

　　李仁杰：目前来看，我行地方融资平台贷款、房地产相关贷款的资产质量表现稳定。地方融资平台没有不良贷款，房地产不良率也较低。不良资产反弹的压力主要在浙江地区的生产型企业。浙江地区贷款不良率可能会反弹达到1%，高于全行平均水平，但仍旧在可控范围内。

LiRenJie：So far，I can place financing platform loans、Real estate related loan asset quality performance is stable。Local financing platform no bad loans，Real estate defective rate is low。Bad assets the bounce of the pressure of the main in zhejiang area production enterprise。Zhejiang area defective rate loans may will rebound reached 1%，Higher than the average level of both，But still manageable。

　　中国证券报：兴业银行同业业务是一大特色，也带来高比重的同业负债。有市场人士认为，这将使得兴业银行的流动性稳定变得不太可预见。如何看待？

China's stock certificate report：Industrial bank trade business is one of the features，Also brings high proportion of the debt。Some market experts think，This will allow the bank liquidity stable less predictable。How to look at？

　　李仁杰：我不完全认同这种观点。第一，市场对同业负债在认识和理解上存在偏差。同业负债不等同于隔夜拆借，在计算流动性指标时把所有的同业负债都当成隔夜拆借是错误的。兴业银行的同业负债中隔夜拆借占比微乎其微。

LiRenJie：I don't fully agree with this point of view。The first，The market to trade liabilities in understanding and the understanding exists on the deviation。Trade debt does not equate to overnight，In the calculation of the fluidity indexes all of liabilities as overnight is wrong。Industrial bank of trade in debt of overnight than slim。

　　第二，如果管理得当，同业负债的稳定性好于一般性存款。我国存款的特点是“存款自愿，取款自由”，不论是企业还是个人，只要提前一天通知银行，都可以提前支取存款。同业负债则不允许提前支取，类似于金融负债，在流动性管理、期限管理等方面均好于一般性存款。

The second，If proper management，Trade in general the stability of the liabilities good deposit。The characteristics of the deposit is in our country“Voluntary deposit，Free withdrawal”，Whether enterprise or individual，As long as one day in advance notice bank，Can advance deposit withdrawals。Trade debt is not allowed to draw in advance，Similar in financial liabilities，In liquidity management、Time management are good in general deposit。

　　中国证券报：如何看待银行业的估值？在银行股中QFII为何对兴业银行持股比例较高？

China's stock certificate report：How to look at the valuations of banking？In bank shares QFII are for industrial bank in the higher percentage shares？

　　李仁杰：关于对银行业估值的看法，个人觉得是低估。其中有很多因素，最直接的因素是场内资金偏少。银行业股票都是大盘股，在资金偏少的情况下基金经理为追求业绩排名，将更多的资金投资于中小盘股票。兴业银行2003年与外资谈判，卖给外资的价格是PB是1.8倍，现在银行PB是1倍左右，而且质量要远远好于2003年。未来兴业银行仍然有信心保持资产质量、ROE平稳、整体利润的增长保持前些年的态势。

LiRenJie：For the banking industry valuation of the opinion about，People think is undervalued。There are many factors，The most direct factor is too few funds field。Banking shares are the grail，In the capital of too few fund manager is pursuing performance rankings，Will more capital investment in the small dish stock。Industrial bank in 2003 and foreign investment negotiations，Sold to foreign capital is the price of PB is 1.8 times，Now the bank is about 1 times PB，And quality were far better in 2003。The future industrial bank still have confidence to keep the quality of the assets、ROE smooth、The overall increase profits to keep the situation in previous years。

　　兴业银行上市五年来，ROE稳定在24%-25%左右，处于市场前列。兴业银行把ROE看成是经营中最主要的指标。管理层要为股东提供好的回报，ROE是一个综合指标，体现很多管理措施，管理层希望保持ROE相对稳定。QFII对兴业银行持股比例较高，体现了境外投资者对兴业银行投资价值的认可。

Industrial bank listed for five years，ROE stable at 24% to 25%，Front in the market。Industrial bank ROE as the management of the main index。Management to provide good returns for shareholders，ROE is a composite index，Embodies many management measures，The management wanted to keep ROE relatively stable。QFII to industrial bank holding ratio is higher，Embodies the foreign investors to industrial bank investment value of acceptance。

　　中国证券报：我国银行业同质化较为严重，兴业银行在差异化经营方面有何做法？未来的重点方向是什么？

China's stock certificate report：In China's banking industry more serious homogeneity，Industrial bank in differential operation are there any way？The focus of future direction is??????？

　　李仁杰：由于监管标准的划一性，我国银行业同质化较为严重。兴业银行正努力向实现差异化发展。例如兴业银行的资产负债结构与同业相比有较大不同，兴业银行的存贷款利率浮动区间较大，存贷款在银行资产负债中的比例逐渐减少，非信贷资产占总资产比例已超过50%，且已经实现市场化定价。在市场化、综合化特别是利率市场化成为银行业发展必然趋势下，兴业银行已经提早布局，通过内部系统建设、资金转移定价等手段，不断提高市场的敏锐度，力争各项业务线都走出自己的道路，并在某个局部市场、领域能够建立起相对优势。

LiRenJie：Because of a regulatory standards，In China's banking industry more serious homogeneity。Industrial bank are trying to achieve different development。For example the industrial bank of assets and liabilities structure and trade compared with rather different，Industrial bank loan rate of floating interval is bigger，In bank loan asset liability ratio of the decrease，The credit assets accounting for more than 50% of the total assets ratio，And has been achieved market pricing。In the market、Comprehensive especially interest rate marketization become an inevitable trend development under the banking industry，The bank has early layout，Through the internal system construction、Money means of transfer pricing，Continuously improve market acuity，Strive to various business lines were out of his way，And in a local market、Field can establish the relative superiority。

　　在具体业务类别上，目前兴业银行基本上将业务分成三条线，比较均衡地进行发展：

In the specific business category，At present the bank will be divided into three basic business line，A more balanced on development：

　　对公业务方面，未来会对客户进行分类，大型客户更多的是通过投行直接融资的方式来为他们提供服务。兴业银行会把业务的重点放在中型、小型企业上，银行内部提出了中型企业主办银行的战略。因为从长远来讲，中型企业的成长以及今后业务的多元化为银行提供了广阔的综合经营的空间，而且这也与兴业银行目前的规模比较对等。兴业银行的业务以后一定会更加综合，除了存贷款结算之外，还要做更多的其他业务，比如对于上市、行业并购，银行可以提供财务顾问的服务等。

Public business，The future of customers will classification，Large customer more is through direct financing investment Banks of the way to provide services for them。The bank will be the focus of the business medium、Small enterprise on，The bank's internal put forward the strategy of medium-sized enterprise bank。Because in the long run，Medium enterprise growth and the future of the business diversification for Banks to provide a broad comprehensive management of space，And this also with industrial bank current scope is equivalent。Industrial bank business will be more comprehensive，In addition to outside interest settlement，Still need to do more of other businesses，Like in the listed、Industry mergers and acquisitions，Banks can provide financial advisory service, etc。

　　零售业务仍然是重要的业务线，兴业银行零售业务的模式与其他银行也不完全一样。随着居民财富的增长，兴业银行今后会更多地为客户提供财富管理、资产管理等服务。

Retail business is still important business line，Industrial bank retail business model and the other bank is not just the same。With residents that the growth in wealth，The bank will be more to offer our customers the wealth management、Asset management services。

　　同业业务，包括金融市场业务，是兴业银行的一个特色。兴业银行通过银银平台连接的客户网络已经超过两万个，相当于一家大型银行的网点，而且目前仍处于发展的趋势。同时，网络优势正在发挥效果。

Trade business，Including financial market business，The bank is one of the characteristics。Industrial bank through the silver silver platforms connecting customer network has more than twenty thousand，Equivalent to a large bank network，And still in development trend。At the same time，Network advantage is making progress。