今年3月28日，国务院对《浙江省温州市金融综合改革实验区总体方案》的批准，挑动了温州资本的神经。温州市金融综合改革实验区的设立，也开启了国内“自下而上”式的金融改革。

This year on March 28,,The state council to[Zhejiang wenzhou financial comprehensive reform experimental plot overall scheme]approval,Stirred up wenzhou capital nerve.Wenzhou financial comprehensive reform of the experimental area set up,Also open the domestic"bottom-up"Type of financial reform.

　　而将近半年时间过去了，温州金改并未如市场所期望的快速行进，而是带来了更多的彷徨、焦虑，还有更多的期待。

And nearly half a year time past,Wenzhou gold did not change such as market expected post,But has brought more fluctuating/anxiety,There is more looking forward to.

　　“尽管6个月时间都快过去了，目前还是没有明显感到有实质性的变化。总的来说，速度比较慢，现在民间对政策还有较大的期盼。”温州中小企业发展促进会会长周德文向《第一财经日报》记者道出了温州金改的现状。

"Although six months time is almost over,So far I haven't obviously feel substantial changes.In general,slow,Now the folk of the policy and greater hope."Wenzhou small and medium-sized enterprise development council for the promotion of ZhouDeWen President to[The first financial daily]Reporters revealed the wenzhou gold change present situation.

　　“改革步伐慢”、“改革幅度小”、“还要等细则下来”等标签，似乎正逐渐在温州金改的身上明晰。在温州提出金改之初，温州的民间资本跃跃欲试。然而，一个月、3个月，甚至近半年时间过去了，积极性正在被消磨。

"Reform pace slow"/"Reform amplitude small"/"Have to wait down rules"Labels such as,Seem to is gradually in wenzhou gold change body clarity.In wenzhou gold at the beginning of the proposed change,Wenzhou folk capital itch to try.however,A month/Three months,Even nearly half a year time past,Enthusiasm is being kill.

　　如何推进温州金改，以突出金改实验区的效应？这或许是目前各方正在努力求解的问题。

How to improve the wenzhou gold change,In order to highlight the effect of gold to experimental plot?Perhaps this is the parties are trying to solve problems.

　　实质改革难推进 Substantial reform difficult propulsion

　　发端于去年的温州民间借贷风波，将温州推向了风口浪尖。据某证券公司的调研，2011年在温州10万多个企业法人当中，总共有300个中等规模以上企业老板跑路。不过，金改试点的批准却被市场认为是温州“因祸得福”。

Originated in last year's wenzhou folk loan storm,Will wenzhou to in the teeth of the storm.According to some securities company's research,In 2011, more than 100000 of wenzhou enterprise legal person,There are a total of 300 medium scale enterprises above the boss to run road.but,Gold to the approval of the pilot was market think it is lukewarm"A blessing in disguise".

　　“将近半年的时间，我们在民间金融规范管理方面做的一些探索，总体的一个思路是，政府主要是搭平台、建机制、强服务、强监管。”温州市委常委、市政府党组副书记朱忠明日前在北京表示。

"Will nearly half a year of time,We in the folk financial management aspects to do some exploration,Overall a train of thought is,The government is mainly take platform/Built mechanism/Strong service/Strong regulatory."Wenzhou municipal party committee standing committee/The municipal government deputy secretary of the party ZhuZhongMing has said in Beijing.

　　不可否认的是，这半年来，温州在金融改革中的基础框架已经逐步搭建，例如，温州民间借贷登记服务中心的建立，小额贷款公司的发展，民间资本在投资领域的探索等。可以说，在民间借贷阳光化方面搭建了相应的平台。同时，温州金改的布局也在不断向下延伸到区县。

There is no denying that,This half a year to,Wenzhou in the financial reform of the basic frame has gradually set up,For example,Wenzhou folk loan registration service center set up,Small loans, the development of the company,The folk capital in the investment field exploration, etc.Can say,In the folk lending sunshine in turn set up the corresponding platform.At the same time,Wenzhou gold change layout is also in constant downward extension to the districts and counties.

　　朱忠明提供的数据显示，到2011年8月末，温州参与民间借贷的资本是1200亿元左右，比2001年的规模增长了2.4倍。在温州金融风波之后，借贷的金额下降了20%，现在温州的贷款余额约为6800亿元。今年以来，民间借贷的利率虽然一直保持在20%以上水平，但是已经出现了下行的趋势。

ZhuZhongMing to provide the data display,By 2011 at the end of August,Wenzhou folk lending in the capital is 120 billion yuan,More than 2001 years of scale increased 2.4 times.After the financial crisis in wenzhou,The amount of lending fell 20%,Now wenzhou loan balance is about 680 billion yuan.Since this year,Folk loan interest rate although has remained at 20% or above level,But already appeared the descending trend.

　　不过朱忠明指出，由于民间金融的自发性、趋利性和隐蔽性，加上现在法律法规缺位，所以民间金融缺乏有效的监督和约束，还存在着需要高度重视的问题。他还指出了目前温州金改存在的一些难题。

But ZhuZhongMing pointed out,Due to the folk financial spontaneity/QuLiXing and concealment,And now there is a legal laws and regulations, the nun-competitiveness,So the folk financial lack of effective supervision and constraint,There is need to attach great importance to the issue.He also pointed out that the current wenzhou gold to some existing problems.

　　首先是，民间资金充裕，但难以转化为有效的资本，缺乏专业的投资团队，民间对资本的掌控能力较低。其次，民间资金与产业结合的渠道不通畅，缺乏让资金转化为资本的平台。第三则是，引导民间资本进入金融服务领域的探索，发起设立小贷公司、村镇银行、农村资金互助社等，但是总体来看量小、布局窄，发展还存在一些问题，需要进一步引导和深化。

The first is,Folk abundant funds,But difficult to into effective capital,The lack of professional investment team,The folk capital control ability is low.secondly,The folk capital and industry combined with channel not unobstructed,Lack of let money into capital platform.The third is,Guiding non-governmental capital into the financial service fields of exploration,Start to establish a small loan companies/Town bank/The rural mutual cooperatives, etc,But overall a little/Layout narrow,There are some problems,Need to be further guide and deepening.

　　“6个月的进展，我认为各方都不是很满意，现在并没有实验区相应的改革突破。”周德文称。

"Six months of progress,I think all parties is not very satisfactory,Now and no experimental area corresponding reform breakthrough."ZhouDeWen says.

　　诸多细则待定 Backlog many rules

　　“进一步的情况需要看金改的细则。”“细则没有下来，我们也不知道怎么做。”这是目前温州当地从管理层到金融机构甚至持有资金的个人，回答最多的话。温州金改似乎被卡在了相关细则的出台上。

"Further information need to see gold change rules.""Rules don't come down,We also don't know how to do."This is the wenzhou local from management to financial institutions and even hold funds personal,Answer the most words.Wenzhou gold change seems to be stuck in the relevant rules on on.

　　在过去的6个月里，大家翘首企盼的温州金改实施细则落地时间一再推迟。今年7月底，温州金融办称，温州金改细则按照计划会在8月公布，到现在9月已经过半，相关细则依然迟迟未见推出。

In the past six months,We eagerly expecting of the wenzhou gold to be born again and again the detailed rules for the implementation of time delay.By the end of July,Wenzhou financial do say,Wenzhou gold change rules according to plan will be released in August,Up to now has more than half of September,Relevant rules still didn't see out.

　　周德文告诉本报记者，目前温州当地的民间资本还保持着一定的积极性，希望能够积极地参与到金改当中。不过由于监管层的谨慎，诸多细则未落定，使得各方等待观望的情绪日渐强烈。

ZhouDeWen told our reporter,Now wenzhou local folk capital still maintained a certain enthusiasm,Hope to be able to actively participate in the gold of change.But due to the supervisor's cautious,Many rules not settled,That all parties, wait and see mood increasingly strong.

　　“最初计划8月底实施细则就能出来，但现在一点消息都没有，不知道"卡"在哪个环节。我觉得，"卡"在央行等层面的可能性会比较大。”一位接近温州金融办人士向本报记者透露。

"The original plan and the detailed rules for the implementation of the end of the month will come out,But now a little there is no news,Don't know"card"In which part of the.I think,"card"In the central bank and the possibility of level will be bigger."A close to wenzhou financial do people to our reporter said.

　　据了解，金改方案出台之后不久，温州金融办牵头制定的实施细则已经从省里上交到了国务院等待审批，整体规划将历时5年，分为3个阶段来实施，今年就是启动阶段。

It is understood,Gold change to come soon after,Wenzhou financial do lead make the detailed rules for the implementation of the province has been due to waiting for examination and approval of the state council,Overall planning will last five years,Divided into three phases to implement,This year is the start stage.

　　“最终是要形成4个体系：地方金融组织体系、金融服务体系、民间资本体系、风险防范体系，最终破解中小企业多融资难、民间资金多投资难的问题。”该人士表示。

"Finally to form four system:Local financial organization system/Financial service system/Folk capital system/Risk prevention system,Finally break more than small and medium-sized enterprise financing difficulties/The folk capital to invest more difficult problems."This personage expresses.

　　目前，12条金改方案，都需要等待中央作出相关细则。不过现在市场更为关注的是，小额贷款公司转村镇银行、个人直接境外投资等方面的细则出台。

At present,Article 12 gold change scheme,All need of waiting for the central make relevant rules.But now the market more concern is,Small loan companies turn town bank/Personal direct overseas investment and introduced rules.

　　针对小贷公司转村镇银行，朱忠明告诉本报记者，目前申请的小贷有，但是还没有批准相关小贷公司转村镇银行。周德文建议，村镇银行的审批权限，可以下放到省一级，由省来配套相应的小的银行来对接中小企业。同时他还建议，小额贷款公司可以实行备案制。

According to small loan companies turn town bank,ZhuZhongMing told our reporter,Current application of small credit have,But still, no approval related small loan companies turn town bank.ZhouDeWen Suggestions,Bank villages and towns of the examination and approval authority,Can delegate to the provincial level,By the province to form a complete set corresponding small bank to butt small and medium-sized enterprise.He also suggested,Small loan companies can implement records.

　　寻求改革新思路 New ideas for reform

　　由于短期内难以突破制度层面上的束缚，温州金改正在逐步调整步调，试图用新的思路来实现“十二条”任务。

Due to the short term is difficult to break through the shackles of the system level,Wenzhou gold correction step by step in the change of pace,Try to use the new ideas to achieve"Article 12"task.

　　在民间投资方面，被给予最多关注的莫过于开办民营银行，但目前看来，它“诞生”在温州的希望显得越来越渺茫。

In the folk investment,Given the most attention way open private Banks,But now it seems,it"Was born"In wenzhou hope is becoming more and more remote.

　　朱忠明坦言，民间资金主发起设立民营银行，从监管要求来看难度还是非常大。所以，温州正试图以另外两种方式来拓宽民间资本的投资途径，即对农村合作金融机构进行股份制改造，以及增加温州银行业股份中的民间资本比例。

ZhuZhongMing said,The folk capital main start to establish a private bank,From the regulatory requirements to see the difficulty is very big.so,Wenzhou is trying to two other way to broaden the folk capital investment approach,That for rural cooperative financial institutions shareholding reform,As well as increasing wenzhou banking shares of the folk capital ratio.

　　“目前正在推进温州11家农村合作金融机构的股份制改造。同时，在温州银行业增资扩股的过程中，积极吸纳民间资本入股，优化股权结构。”他指出。

"Is currently promoting wenzhou 11 rural cooperative financial institutions of the shareholding system reform.At the same time,In wenzhou banking increase endowment spread process,Actively absorbing private capital contribution,Optimizing equity structure."He pointed out that.

　　除此之外，朱忠明表示，发展新型的金融组织和非银行的金融机构，深化小贷公司的试点，加快发展村镇银行和农村资金互助社，积极争取试点。择优选择民营企业作为主发起人，设立一些类似信托、保险、融资租赁、证券、村镇银行等机构。

In addition,ZhuZhongMing said,The development of new types of financial organizations and non-bank financial institutions,Deepening the small credit company's pilot,Accelerate the development of village bank and rural mutual cooperatives,Actively pilot.Preferential selection private enterprises as the main sponsors,Set up some similar trust/insurance/Financing lease/securities/Town bank institution, etc.

　　在民间融资方面，朱忠明认为，中小企业融资还是以银行、民间借贷等间接融资手段为主，但在经济不景气的情况下，间接融资的成本对于企业来说太高。他表示，未来应该进一步提高直接融资的比重，而目前已经在计划中，包括中小企业债、场外市场等都在做尝试。

In the folk financing issues,ZhuZhongMing think,Small and medium-sized enterprise financing or in the bank/Folk borrowing indirect financing means give priority to,But in the circumstance of economic recession,Indirect financing cost is too high for the enterprise.He said,The future should further improve the proportion of direct financing,And now in the project,Including small and medium-sized QiYeZhai/Otc market and so on all in do try.

　　据悉，温州已经着手制定民间融资管理办法、温州市民间融资管理条例等地方性法规，并将此作为2013年一类立法规划。同时，温州也在着手制定地方金融监管1+X方案，加强对民间金融组织、民间借贷活动的管理，健全地方金融的风险预警机制。

It is reported,Wenzhou has already begun to formulate the measures for the administration of the folk financing/Wenzhou folk financing management regulations and local regulations,And this as 2013 kind of legislation program.At the same time,Wenzhou are also initiate the development of local financial regulation 1 + X scheme,Strengthen the folk financial organizations/Folk lending activities management,Improve the local financial risk early warning mechanism.

　　在温州提出金改之初，温州就开始吸收各方人才，并成立了6个专业小组、3个重点办，计划招募200个金融人才，并且还规划了3万平方米的金融改革办公区。

In wenzhou gold at the beginning of the proposed change,Wenzhou began to absorb all talents,And established the 6 professional team/Three key do,Plan to recruit 200 financial talented person,And also planned for 30000 square meters of financial reform office area.

　　据朱忠明介绍，目前温州在地方金融监管体制方面，已经成立了地方金融管理局，设立了金融犯罪侦查支队、金融仲裁院和金融法庭等。同时，温州还着手建立健全民间金融组织的非现场实时监管系统。

According to ZhuZhongMing introduced,At present in wenzhou local financial supervision system,Has established the local monetary authority,Set up a financial crime investigation team/Financial arbitration court and financial court, etc.At the same time,Wenzhou has set out to establish and perfect the folk financial organization non real-time field supervision system.

　　金融监管疏堵博弈 Financial supervision ShuDu game

　　“这是一个"自下而上"的金融改革，如果完全需要坐等政策下来，不就变成了"自上而下"的改革了吗？这样设立温州金改试验区就没有意义了。”周德文称，目前温州金改的难点在于法律的障碍，他也呼吁在金融改革方面的权限能够下放。

"This is a"bottom-up"Financial reform,If you absolutely need to wait for policy down,Don't become the"top-down"Reform??This wenzhou gold to set up experimental zone, it would be no sense."ZhouDeWen says,Now wenzhou gold change is difficult legal obstacles,He also called for in the financial reform permissions can transfer to a lower level.

　　温州金改是坐等政策细则，还是在允许试错的推进当中完善监管政策？这正是金融监管“疏”与“堵”的博弈，这种博弈在目前温州金改中也得到了较多的体现。

Wenzhou gold was to wait for policy rules,Or allow trial and error of the advancement of perfect regulation policy?This is exactly what financial supervision"hydrophobic"and"plugging"game,This kind of game in the present wenzhou gold change in also get more reflect.

　　不过，监管机构对于民间资本进入银行等领域，依旧保持了谨慎的态度。

but,Regulators for private capital into the bank, etc,Still maintain a cautious attitude.

　　“我认为，现在除了对于大型银行、中型银行要警惕重新政策化，变成政策银行的趋势以外，要放开对小微金融机构的管制，充分地让市场来发挥作用。”中欧国际工商学院经济学和金融学教授许小年近日表示，监管层不必过度担心放开小微金融的管制可能产生的风险，市场可以形成约束机制。

"I think,Now except for large Banks/Medium-sized bank be alert to policy change,Become the trend of the policy bank outside,To let go of financial institutions to small micro control,Fully allow the market to play a role."China Europe international business school professor of economics and finance XuXiaoNian said recently,Supervision layer need not excessive worry let go of small micro financial control possible risk,The market restraint mechanism can be formed.

　　央行温州中心支行相关负责人也表示，期望温州未来3~5年，民营资金、民营企业可以搞社区银行、租赁、保险公司，温州的民间资金可以保留活跃但是不要太乱，个人外汇到境外投资可以畅通无阻等等。

The central bank wenzhou branch center of the relevant person in charge said,Expect wenzhou future 3 ~ 5 years,Private capital/The private enterprise can make community Banks/lease/Insurance company,Wenzhou folk capital can keep active but don't mess,Personal foreign exchange to foreign investment may be unimpeded, etc.

　　“对温州金融改革虽然有些不符合期望的地方，但还是有进步的，在减少金融管制方面肯定是有用的，对把金融自发性的活力释放出来也是有用的。”该负责人称。getty图

"Although some of wenzhou financial reform is not in conformity with the expected place,But still has the progress,In reducing financial control must be useful,To the financial spontaneous energy released is also useful."The officials say.Getty diagram