龙飞

LongFei

　　仲夏南国，酷暑难耐。然而位于老城区的广州民间金融街却略显冷清。“刚起步，希望会越来越好。”汇天成融资担保有限公司副总经理何建均如此表示。这条于6月底才成立的民间金融街，正是珠三角金融改革的创新之一。

Midsummer austral，The intense summer heat is hard to。However is located in the guangzhou old folk financial street but slightly cold and cheerless。“Just started，Hope will be better and better。”Collect tiancheng financing guarantee Co., LTD, deputy general manager HeJianJun said。Article the end of June to established folk financial street，It is one of the innovation of the pearl river delta financial reform。

　　作为最早进驻民间金融街的小额信贷公司之一，企业看重的是“珠三角金融改革创新综合实验区”这顶大帽子。然而，在金改的宏观框架之下，细则难出、创新难破却让珠三角金改遭遇了尴尬的起步阶段。

As the first of the financial street in folk microfinance one of companies，Enterprise value is“Financial reform and innovation in the pearl river delta area comprehensive”This large hat。however，In the gold of the macro frame under the change，Rules out hard、But let the innovation difficult in the pearl river delta to the awkward encounter gold in the early stage。

　　细则或逐条推出 Rules or headed out

　　酝酿已久的珠三角金改被誉为“史上最大”的金改，按照广东的设定，珠三角金改包含了5条路径：国际金融、产业金融、农村金融、民生金融、科技金融。

Brewing already a long time of the pearl river delta gold was known as the change“The biggest in the history of”Gold to，According to the guangdong setting，The pearl river delta to article 5 gold contains the path：The international financial、Industry financial、Rural financial、People's livelihood financial、Technology and finance。

　　虽名为珠三角金改，但其框架实际已囊括广东全省。广东省政府发展研究中心副主任李鲁云告诉《中国经营报(博客,微博)》记者，此次金改包括了两大中心，深圳和广州区域性金融中心；三个金融创新平台，深圳前海、珠海横琴、广州南沙；四个区域协调，珠三角与粤东、粤西、粤北。改革的主线从农村金融改革到城市金融创新；从珠三角金融一体化到人民币国际化的国际金融。

Collectively called pearl river delta to gold，But its frame has actually include guangdong province。The government of guangdong province, deputy director of the development research center LiLuYun told《China runs a newspaper(blog,Micro bo)》reporter，The gold to the two big center include，Shenzhen and guangzhou regional financial center；Three financial innovation platform，Shenzhen the sea before、Zhuhai hengqin、Guangzhou nansha；Four regional coordination，Pearl river delta of guangdong and、west、north。The thread of the reform from the financial reform in the rural areas to cities financial innovation；From the pearl river delta financial integration of RMB internationalization to international financial。

　　在广东省委书记汪洋看来，金融将成为广东经济改革的发动机。“要把广东制造转型为广东创造，没有金融的强力支持是不可能的。”汪洋公开表示。按照《广东省建设珠江三角洲金融改革创新综合实验区总体方案》（以下简称《总体方案》），至2015年，金融产业将成为广东省内国民经济的支柱产业，金融业增加值占广东省国内生产总值的比重达到8%以上，2020年该比重将超过10%。

In the guangdong provincial party committee secretary ocean looks，Financial will become guangdong economic reform of the engine。“The guangdong manufacturing transformation for the guangdong creation，No financial the strong support is not possible。”Ocean said publicly that。According to《The pearl river delta of guangdong province construction financial reform and innovation comprehensive experimental plot overall scheme》（Hereinafter referred to as《The overall design of》），To 2015，The financial industry will be the guangdong province is a pillar industry of the national economy，The financial industry in guangdong province sector accounted for 8% of the GDP of Beijing above，In 2020, the proportion of more than 10%。

　　《总体方案》由三大主要部分组成，一是在珠三角地区建设城市金融改革创新综合试验区，二是在环珠三角的梅州市建设农村金融改革创新综合试验区，三是在环珠三角的湛江市建设统筹城乡发展金融改革创新综合试验区。

《The overall design of》By the big three main parts，One is in the pearl river delta region construction city financial reform and innovation comprehensive test，Second, in the ring of the pearl river delta meizhou construction of rural financial reform and innovation comprehensive test，Three in the pearl river delta is ring zhan jiang city construction coordination of urban and rural development financial reform and innovation comprehensive test。

　　这一揽子金融改革创新庞大而复杂，借广东省金融办公室主任周高雄的话来说：“这是国内政策内容最丰富、范围最广的金融试验区。”不过由于层次不一、内容多样，仅仅涉及的城市数量就多达11个，因此参与其中的某地级市官员向记者表示，金改细则统一出台的可能性较低，但各地都开始推进一系列金融产品。

This package of large and complex financial reform and innovation，Borrow financial director of office of guangdong province (weeks words：“This is the most abundant domestic policy content、And most extensive financial area。”But because of different levels、Content diversity，Only the city involved as many as the number 11，So in one city officials told reporters，Gold change rules on a lower risk of unity，But all of a series of financial products began。

　　比如东莞市委常委就审议通过了总规模20亿的“东莞市产业升级转型及创业投资引导基金”，继而以官方引导基金为基点，成立市场化的创投基金。获得引导基金2亿注资的“中科东莞”将是总规模达50亿元的股权投资基金。

For example the dongguan municipal party committee will review of the total size of 2 billion through the“Following the upgrading of the industrial transformation and venture investment guide fund”，And then to the official guide fund for basis points，Established venture capital market。For guidance fund 200 million capital injection“Zhongke the dongguan”Will be total size of 5 billion the equity investment funds。

　　而广州市的目标是加快建立与国家中心城市地位相适应的现代金融体系和金融服务业高端集聚功能区，建立包括金融管理运营中心、银行保险中心、产权交易中心在内的一系列金融服务中心。据广州市金融办主任周建军介绍，广州未来一段时间金融工作将致力于发展“碳排放权交易所”、“股权交易中心”、“期货交易所”三大市场交易平台。

And the guangzhou goal is to speed up the establishment of a national center city status and adapt to the modern financial system and financial services high-end agglomeration functional areas，Establish including financial management operation center、Bank insurance center、Property right transaction center, a series of financial services centre。According to guangzhou, director of financial do ZhouJianJun introduced，Guangzhou future for a period of time will be committed to the development of financial work“Carbon emissions exchange”、“Equity trading center”、“Futures exchange”Three big market transaction platform。

　　借助“广州价格”撬动民间金融 with“Guangzhou price”Move folk financial

　　实际上，这一类型的金融创新在其他省市并不罕见。“珠三角的一系列金改在其他省市都有尝试，只是此次金改更集中，更成体系。”亚银投资首席分析师李大伟表示，这也更考验决策者的智慧。

In fact，This type of financial innovation in other provinces and cities are not uncommon。“A series of gold in the pearl river delta to other provinces and cities have to try，Just the gold change more centralized，More into system。”The silver investment analysts li dawai chief said，This also more test the wisdom of decision makers。

　　其中，突围而出、创新成为金改关键。

Among them，To break out of、The innovation to become gold key change。

　　6月28日广州民间金融街正式开街，当天以本土小贷公司为主的32家金融机构集体进驻。实际上，民间金融改革在温州等地早有先例，与其他省市动辄百余家民间信贷机构集中开业相比，被冠以“国家战略”的广州民间金融改革未显示出夺人声势。

June 28, guangzhou folk financial street formal open street，The local small loan company to give priority to the 32 financial firms in collective。In fact，Folk financial reform in wenzhou, had a precedent，And other provinces and cities over easily folk credit agency focus than opening，Been dubbed the“National strategy”The guangzhou folk financial reform not showing takes one's momentum。

　　位于街道的入口处，一块宽频LED显示着前一天的小额贷款市场平均利率和融资担保市场平均费率。业内人士介绍，这小小的LED屏正是珠三角金改的创新所在——按照早前的规划，广州民间金融街承担的是民间金融改革的创新，肩负着缓解中小微企业融资困境，引导广东民间金融阳光合法化的重任。

Located in the entrance of the street，A piece of broadband LED display the day before the average market interest rates of small loans and financing guarantee market average rate。The personage inside course of study introduces，This little the LED screen is the innovation of the change in the pearl river delta gold--according to earlier planning，Guangzhou folk financial street for the private financial reform is the innovation，Has the middle and small-sized micro enterprise financing difficulties，Guide guangdong folk financial burden the legalization of sunshine。

　　从开街第二天起，这块LED屏就会公布所谓的“广州价格”，希望通过公开详尽的数据掌握民间借贷利率的定价权，先是影响珠三角，进而辐射全国。

From the second day on the open street，The LED screen will be announced the so-called“Guangzhou price”，Hope that through public detailed data to determine the price of a folk lending rate，First influence the pearl river delta，And then the radiation。

　　按照广州民间金融街的管理办法，广州金融办与广州越秀区金融办将作为监管主体实施监管，同时成立金融街管理公司。为引导小额贷款和担保市场规范交易，金融街管理公司将每天发布街内小贷公司、担保公司前一天的市场平均利率和费率，发布时间为第二天上午八点半。

According to the measures for the administration of guangzhou folk financial street，Guangzhou yuexiu district of guangzhou financial do and will do as a regulatory body financial regulation，At the same time management company established financial street。In order to guide small loans and guarantee market to regulate trade，Financial street management company will release small loans in the street every day、The day before the average market guarantee company of interest rates and rates，The time of issue for the second day morning at 8:30。

　　作为市场平均利率和费率的计算依据，金融街内担保公司和小贷公司，要在每个工作日下午六点前，分别将当天每笔新增担保业务和贷款的金额、期限、费率、利率等信息输入越秀区金融办指定系统。担保公司经加权平均计算，得出当日平均费率。这是参照伦敦与上海银行间同业拆借利率的办法，并加以改造，形成民间拆借利率的发布与管理。

As the average market interest rates and premium calculation basis，Financial street and small loan guarantee company within the company，To each working day before six o 'clock in the afternoon，Each new day, pen and the amount of the loan guarantee business、deadline、rate、Interest rates input information yuexiu district designated financial do system。The guarantee company weighted average calculation，The average rate on that。This is according to the London and Shanghai interbank loan interest rate method，And transforming them，Formation of overnight rate folk issue and the management。

　　对此，广东省副省长陈云贤曾雄心勃勃地表示：“温州能做的我们都能做，温州不能做的我们也能试，是广东金融改革创新先行先试的重要政策保障。”

this，The vice governor of guangdong province ChenYunXian had ambitious said：“Wenzhou can do we all can do，Wenzhou cannot do we can try，Is financial reform and innovation in guangdong first try to advance the important policy guarantee。”

　　业内诸多研究者也对此寄予厚望。“在一定交易规模的基础上形成市场利率，并将此利率公开化。当珠三角市场普遍认同这一利率的权威性时，对于其他地区或市场例如长三角，也会成为参考的指标。”亚银投资首席分析师李大伟认为，形成价格指数对于广州而言，则在全国民间金融改革的大潮中掌握话语权。

Many researchers in the industry has been expected to do that。“In certain trading formed on the basis of the size of the market rate，And the publicity of interest rates。When the market is in the pearl river delta share this interest rates when the authority，For other areas or market such as long triangle，Will also be referenced index。”The silver chief analysts think li dawai investment，Formation price index for in guangzhou，In the national civil finance is the situation of the reform of the master discourse。

　　民间金融改革的尴尬 Folk financial reform embarrassment

　　遗憾的是，在实际运作一个多月后，官方公布的广州价格并未获得街区企业的认同。

unfortunately，In the practical operation for more than a month，The official guangzhou price not getting the blocks the recognition of the enterprise。

　　“我们会严格按照市场需求办事，民间金融街的数据暂时不会考虑。”在接受记者查询时，三家位于金融街内的小贷公司负责人均有相类似的表示。

“We will handle affairs strictly according to the market demand，The folk of the financial street temporarily won't consider data。”When accepting a reporter to inquires，Three of the small loans in the financial street is located in the company responsible for the person has the similar said。

　　官方公布的数据显示，在一个多月的运作中，小额贷款10天平均年化利率由最初的21%下调至20.4%，再在7月底上涨至22.19%。

Official figures show，In more than a month of operations，Microfinance 10 days in an average of 21% from the initial interest rate cut to 20.4%，Again in the end of July, rise to 22.19%。

　　但一位不愿具名的小贷公司负责人表示：“我们的利率一直很稳定，这一个多月来，对于同一类型的客户，利率变动微乎其微。”

But one anonymous small loan company officials said：“Our interest rate has been very stable，This more than a month，For the same type of customer，Little interest rate changes。”

　　李大伟对记者分析这一原因的可能性，其一是由于交易规模有限，当市场出现大量的新加入的公司时，利率波动较大。

Li dawai to reporters analysis this reason of possibilities，One is due to the scale of trading Co., LTD，When the market appear a large number of new to join the company，Interest rate volatility is。

　　早前越秀区发改局副局长廖检文曾表示，由于金融街入驻的公司数量及规模有限，在进行数据信息收集时，已将全市正在运作的13家小贷公司也纳入数据范畴内。

Earlier, deputy director of the bureau of yuexiu district hair change by wen said liao，Because the number of companies in the financial street and limited scale，In data information collection，Already in the running in the city will be 13 small loan company also included in data within the category。

　　“在交易量有限的情况下，价格指数波动较大，难以形成权威性。”李大伟表示，“另外，对价格指数权威性有冲击的，是人为调节数据。”我国相关法律规定，超过银行基准利率四倍以上的借贷利率不受法律保护。因此民间金融中利率并非交易的全部，超出法律保护部分，多以“顾问费”、“手续费”等中间费用形式收取。

“In trading Co., LTD，Price index fluctuates greatly，Difficulty in forming the authority。”Li dawai said，“In addition，The price index authority to the brunt，Is the human adjustment data。”Our country related laws and regulations，More than four times more than the bank's base rate of lending rates are protected by law。So in the private financial interest rates is not all transactions，Beyond the legal protection of parts，in“advisors”、“poundage”Among the form such as cost charge。

　　知情人士告诉记者，通常在市场供大于求时，民间金融首先会减免中间费用；而市场求大于供时，又首先增加中间费用，利率的变化反而成为其次。

People familiar with the told reporters，Usually in the market when excess supply，Private finance will first among cuts costs；And the market demand exceeds supply，And first among increase costs，Interest rate changes would be next。

　　业内人士认为，仅从“广州价格”问题上就可以窥见金改整体的创新难题，在民间金融阳光化的问题上有诸多障碍。李大伟也认为，设计某种数据正确、实时地反映民间利率的变动，并将其公开化，这才是民间金融改革的关键所在。

The personage inside course of study thinks，Only from“Guangzhou price”The problem can see the gold of the whole problem to innovation，In the sunshine of private financial had many obstacles。Li dawai also think，Design some data correct、Real time to reflect the folk interest rate movements，And the publicity，This is the key to folk financial reform。