中国的金融改革将如何引领中国进入下一个增长时代？这对于下行风险加剧的中国经济而言是一个迫切需要答案的问题。

China's financial reform will be how to lead China into the next growth age?The downside risks to the Chinese economy grew is a urgent need to answer questions.

　　全国社会保障基金理事会理事长戴相龙在9月12日的2012夏季达沃斯论坛“中国金融改革”分论坛表示，中国金融改革的下一步要在四个方面突破：利率市场化、完善金融机构组织功能、扩大社会资本形成能力以及人民币国际化。中国银行(601988,股吧)董事长肖钢认为，利率市场化和巴塞尔监管协议将对中国银行业产生重大影响。

The national social security fund chairman of board of directors dai xianglong on September 12 2012 summer davos BBS"China's financial reform"Points BBS said,China's financial reform of the next step to break through in four aspects:Interest rate marketization/Perfecting financial organization function/Expanding the social capital formed ability and RMB internationalization.The bank of China(601988,guba)The chairman XiaoGang think,Interest rate marketization and Basel supervision agreement will have a major impact on China's banking industry.

　　围绕中国证券市场的改革和发展，上海市金融服务办公室主任方星海、清华大学中国与世界经济研究中心主任李稻葵、瑞银集团中国区主席兼总裁李一也展开了深入探讨。本节讨论由《第一财经日报》副总编辑杨燕青主持。

Around China's securities market reform and development,Fang xinghai, director of Shanghai's financial services office/Tsinghua university of China and the world economic research center director LiDaoKui/Ubs China chairman and President li also started the thorough discussion.This section discusses the[The first financial daily]Vice chief editor YangYanQing host.

　　利率市场化是金融改革当务之急 Interest rate marketization is urgent financial reform

　　戴相龙提出的首要突破点就是已在业界广泛讨论的利率市场化。

Dai xianglong proposed first breakthrough point is widely discussed in the industry has the interest rate marketization.

　　“对于利率市场化的突破，我特别建议发挥上海银行间同业拆放利率（SHIBOR）的作用。现在已经有八个品种，希望未来能够有更多参加的金融机构，品种更多，交易量更大。”戴相龙表示。

"For interest rate marketization breakthrough,I especially suggest play Shanghai inter-bank loan interest rates(SHIBOR)role.Now there are eight varieties,Hope that the future can have more in financial institutions,More variety,Volume larger."Said dai xianglong.

　　他还建议中央银行能够逐步缩小存贷款基准利率的利差，促进商业银行的其他服务发展，以及发行大面额存款凭证。除此以外，还可以扩大中小金融机构的利率浮动，成立存款保险公司，为利率市场化和商业竞争提供保障。

He also suggested that the central bank can gradually reduce the benchmark interest rates of interest margin,To promote the commercial bank's other service development,And release large denomination deposit certificate.In addition,Can also expand the small and medium-sized financial institutions interest rate floating,Setting up deposit insurance companies,For interest rate marketization and business competition to provide security.

　　此外，戴相龙认为还应该在完善金融机构组织功能上下工夫。今后的金融组织怎么构造？是全能银行，还是金融集团、资本集团，或是成立附属保险公司？戴相龙主张从中国国情出发，成立银行保险证券控股公司，比如银行控股公司，银行本身可以直接经营主业，同时可以投资成立附属或者控股的保险证券公司。

In addition,Dai xianglong think should also perfect the financial institutions in the upper and lower time of organizational function.The future financial organizations how to structure?Is the almighty bank,Or financial group/Capital group,Or established subsidiary insurance company?That dai xianglong from China's national conditions,Form a bank insurance securities holding company,Such as bank holding company,The bank itself can be directly operating business,At the same time can invest established subsidiary or holding insurance securities company.

　　作为中国四大国有银行之一的掌门人，肖钢认为利率市场化和一系列国际金融监管的变化对于中国银行业将会产生非常重要的影响，而其一大影响就是会使中国银行业出现加快转型、加快分化的趋势，其二就是会激励创新 ，此外还会加快中国金融机构的跨国经营步伐。

As one of China's four big state-owned Banks in the world,XiaoGang think interest rate marketization and a series of international financial regulation change for China's banking will produce important influence,And a big influence is will make China banking appear to speed up the transformation/To speed up the differentiation trend,The second is inspires innovation ,In addition also can accelerate China's financial institutions of multinational operation steps.

　　肖钢指出，在利率市场化的情况下，由于各家银行的竞争机制和内部定价机制不一样，所以一定会迫使这些银行转型：“例如，我们过去对大企业贷款比较多，今后由于利差缩小，我们可能会更积极地去发展中小企业。”

XiaoGang pointed out that,In the interest rate marketization of cases,Because Banks competition mechanism and internal pricing mechanism is not the same,So will force these Banks transformation:"For example,We used to big business loans more,In the future due to interest rate differentials narrow,We may be more actively to develop small and medium-sized enterprise."

　　第二大影响就是激励创新。肖钢认为，欧美的银行也都是在监管发生变化的情况下激励金融机构加快创新，中国金融创新还相对滞后，因此这方面还有很大潜力。此外，利率市场化也会加快中国金融机构的跨国经营步伐。由于国内市场变化很大，所以包括中国银行在内的大型商业银行都会加快国际化经营的步伐。

The second big influence is incentive innovation.XiaoGang think,Europe and the United States Banks are also in the regulatory changing incentive financial institutions to speed up innovation,China's financial innovation is relatively lag,So this aspect also has great potential.In addition,Interest rate marketization will also speed up the Chinese financial institutions of multinational operation steps.Because the domestic market changed a lot,So including bank of China, the large-scale commercial bank will speed up the pace of international operation.

　　发展债券市场“一石三鸟” Development of the bond market"A stone three birds"

　　“债券市场是一石三鸟的事情，第一可以减少贷款，第二发展债券市场有利于人民币国际化，外国人拿到人民币可以到中国投资，第三，发展债券市场可以增加贷款证券化。”戴相龙指出，发展债券市场已经成为最制约中国金融改革的问题，

"The bond market is a stone three birds things,The first can reduce loan,The second development of the bond market to RMB internationalization,Foreigners get RMB can go to China investment,The third,Development of the bond market can increase loan securitization."Dai xianglong pointed out that,Development of the bond market has become the most restrict China's financial reform problem,

　　李一也指出，一个完善的金融市场，应该由多方面的金融机构和金融市场组成，包括债券市场、货币市场、期货市场、外汇市场等。中国虽然都有，但并不平衡，债券市场只占20%左右。

Li also pointed out,A perfect financial market,Should the various financial institutions and financial markets composition,Including the bond market/Money market/Futures market/Foreign exchange market.China although has,But not balance,The bond market only 20% or so.

　　对此，李稻葵表示今年3月他提出的政协委员提案就是加快银行资产的证券化，把银行的一部分成熟资产卖到债券市场上去，让银行之外的投资者（比如社保基金）来买。通过这个运作，短期内能够减小银行的再融资压力，让股民放心。长期来说，能够将银行的资产转移到债券市场，在做大债券市场的同时减小银行的相对资产规模，帮助银行“轻装上阵”，从而可以把更多精力放在寻找更好的新投资项目上，包括中小企业。李稻葵希望，在不远的将来，债券市场规模能够超过股市。

this,LiDaoKui said in March this year he put political consultative conference (CPPCC) proposal is to speed up the bank asset securitization,The part of the bank mature assets sold to the bond market up,Make bank outside of the investors(Such as social security funds)To buy.Through the operation,In the short term to reduce the bank refinancing pressure,Let people trust.Long term,Can the bank's assets transferred to the bond market,In the big bond market at the same time reduce the relative size of bank assets,Help bank"lightly",Thus can put more energy in search of better new investment projects,Including small and medium-sized enterprise.LiDaoKui hope,In the near future,Bond market scale can be more than the stock market.

　　

炒股不赚钱的三个原因 Fry not profitable three reasons

　　作为上海金融服务办公室主任，方星海对证券市场的发展有着深刻的思考。他援引香港监管局的研究文章称，自从2001年到2011年这十年之间，投资中国股票市场的平均收益率是1.4%，低于通胀。

As the Shanghai financial services office director,Mr Fang in the securities market development has a profound thinking.He cites Hong Kong regulatory bureau of research, it said,Since the 2001 to 2011 between this decade,China's stock market investment the average rate of return is 1.4%,Below the inflation.

　　“中国作为一个高速增长的经济体，股票投资或者说股权投资应该很赚钱，这也是为什么这十几年来这些私募的PE在中国投资赚得盆满钵满，唯独投资二级股票市场没有赚钱。”方星海说。

"China as a high-speed growth of the economy,Stock investment or equity investment should make a lot of money,This is why the more than ten years these private PE investment in China earn piles,But the investment secondary stock market did not earn money."Mr Fang said.

　　那么，为什么中国的股票市场这么多年来没有给普通投资者带来较多收益？

so,Why are China's stock market over the years did not give ordinary investors bring more benefits?

　　他认为，主要原因有三方面：IPO过程中政府介入过多、股票市场规章制度过于繁复、分红过低。

He thinks,There are three main reasons:In the process of IPO excessive government intervention/The stock market rules and regulations are too heavy and complicated/Share out bonus is too low.

　　“一方面，股票市场上IPO的过程政府介入太多，这个过程经常是受控的，比如说市场好的时候可能IPO略多，但也是供不应求，导致IPO价格非常贵。但在市场不太好的时候，IPO的节奏又特别慢，造成的总体结果就是IPO价格特别高。”方星海解释道，这样就会导致股权收益的很大一部分被一级市场吞掉，到了二级市场投资的时候已经没有太多投资空间。

"On the one hand,The stock market IPO on the process of too much government intervention,This process is often controlled,For example the market good time may be slightly more IPO,But it is also demand exceeds supply,Lead to IPO price is very expensive.But in the market is not so good,The rhythm of the IPO and special slow,Cause the overall outcome of the IPO price is particularly high."Mr Fang explained,This will lead to return on equity is a large part of the primary market swallow,In the secondary market investment and there is no too much investment space.

　　此外，方星海认为股票市场的各种规章制度可能有些过多，管理僵化，使得一些能够给普通投资者带来较多收益的公司不愿在本土市场上市，规章制度繁复导致市场对好的公司缺乏吸引力。

In addition,Mr Fang think a stock market various rules and regulations may be some too much,Rigid management,Make some can give ordinary investors bring more benefits to the company in the domestic market,Rules and regulations to heavy and complicated market for good company unattractive.

　　第三个原因就是说上市企业的分红较少，上市公司在分红方面该如何给普通投资者或中小投资者带来回报的压力并不大。这会导致股价不涨的情况下，投资者通过分红产生收益也较少。

The third reason is the listed companies share out bonus is less,The listed company in dividends aspects how to give ordinary investors or small and medium-sized investors bring return pressure is not big.This will lead to share not the rose cases,Investors through the bonus of generating revenue less also.

　　因此，如何把IPO价格真正降下来、如何使得证券市场对高成长型的公司有吸引力，以及如何对市场增加分红压力，将有助于让更多普通投资者从股市获得收益。

therefore,How the IPO prices really fall down/How to make the securities market for high growth of the company has the attraction,And how to increase the market share out bonus pressure,Will help to let more ordinary investors gain benefits from the stock market.

　　李稻葵也表示，证券市场的改革必须要从治标到治本，从各方面入手：治标是适当放缓IPO，也包括动员一部分长期的资金投入股市、适当把股市债券化，即强行分红。但治本的办法是加强证券相关的司法体系。具体来说，李稻葵呼吁减少地方政府对本地上市公司相关官司的干预，在北京、上海或深圳专门成立高级法院层次的证券厅，来审理所有上市公司违规的案件。

LiDaoKui also said,The reform of the securities market must be from take temporary solution to effect a permanent cure,From all aspects:Take temporary solution is slowing down IPO,Also includes mobilization part of the long-term money into the stock market/The appropriate stock bonds change,Namely forced dividends.But the fundamental approach is to strengthen securities related judicial system.specifically,LiDaoKui calling for reducing the local government to the local listed company related lawsuit intervention,In Beijing/Shanghai or shenzhen set up a high court level of securities hall,To hear all the listed company's contrary case.