本报记者 任晓 蔡宗琦

Our reporter RenXiao CaiZongQi

　　中国人民银行17日发布的《金融业发展和改革“十二五”规划》提出，将继续推动社会保障基金、企业年金等中长期资金参与资本市场，探索建立优先股制度，进一步完善上市公司再融资制度和投资者回报机制，鼓励证券公司通过上市增强实力，提升竞争力。货币政策将更加突出价格稳定目标，关注更广泛的整体意义的价格稳定，利率市场化要取得明确进展。

The people's bank of China issued 17[The financial industry development and reform"1025"planning]Put forward,Will continue to promote social security funds/Long-term capital of the enterprise annuity, etc in the capital market,Explore to establish preferred stock system,To further improve the listed company and financing system and investors reward system,Encouraged by a securities company listed gain strength,Enhance competitiveness.Monetary policy will be more outstanding price stability target,Focus on broader whole meaning of stable prices,Interest rate marketization to get clear progress.

　　国务院日前批准了由中国人民银行、银监会、证监会、保监会、国家外汇管理局共同编制的《金融业发展和改革“十二五”规划》。规划提出，“十二五”时期我国金融业发展和改革的主要目标是：金融服务业保持平稳较快增长，社会融资规模适度增长。金融结构调整取得明显进展，直接融资占社会融资规模比重显著提高。市场在金融资源配置中的基础性作用进一步增强，利率市场化改革取得明显进展，人民币汇率形成机制进一步完善，人民币资本项目可兑换逐步实现，多层次金融市场体系进一步完善。金融机构改革进一步深化，大型金融机构现代企业制度逐步完善，创新发展能力和风险管理水平明显提升，金融机构国际竞争力进一步增强。金融服务基本实现全覆盖，坚持金融服务实体经济的本质要求，支持科技创新和经济结构调整的力度进一步加大。金融风险总体可控，金融机构风险管理能力持续提升，系统性金融风险防范预警体系、评估体系和处置机制进一步健全，存款保险制度等金融安全网制度基本建立。

The state council has approved by the people's bank of China/The CBRC/CSRC/circ/Jointly compiled by the ministry of the state administration of foreign exchange[The financial industry development and reform"1025"planning].Plans to put forward,"1025"Period of China's financial industry development and reform's main goal is to:Financial services remain stable and rapid growth,Social financing scale moderate growth.Financial structure adjustment achieved significant progress,Direct financing accounted for the proportion of social financing scale increased significantly.The market in the allocation of financial resources to further strengthen the basic role,Interest rate marketization reform made obvious progress,The RMB exchange rate formation mechanism to further improve,RMB capital project convertible gradually realize,Multi-level financial market system to further improve.Financial institution reform further deepening,Large financial institutions gradually perfect modern enterprise system,Innovation and development ability and risk management level obviously improve,Financial institutions to further strengthen the international competitiveness.Financial services basic realize full coverage,Adhere to the financial services the essential requirements of the real economy,Support scientific and technological innovation and economic structural adjustment efforts to further increase.Financial risk overall controlled,Financial institutions risk management ability to continue to ascend,Systemic financial risk early warning system/Evaluation system and disposal mechanism further perfect,Deposit insurance system a basic financial safety net system.

　探索建立优先股制度 Explore to establish preferred stock system

　　规划提出，大力发展资产管理机构，壮大多元化机构投资者队伍。促进创业投资和股权投资机构健康发展，规范发展私募基金机构。鼓励证券公司、基金管理公司等金融机构不断扩大资产管理业务，适时研究推动期货公司开展资产管理业务。研究放宽公募基金管理机构业务范围。继续推动社会保障基金、企业年金等中长期资金参与资本市场。（下转A02版）

Plans to put forward,Vigorously develop asset management mechanism,Expand diversified institutional investors team.To promote the venture investment and equity investment institutions healthy development,The normalized development of private equity institutions.Encourage a securities company/The fund management companies, and other financial institutions continue to expand the asset management business,Timely research push the futures companies in asset management business.Research relaxing public offering fund management organ business scope.Continue to promote the social security fund/Long-term capital of the enterprise annuity, etc in the capital market.(Turn under A02 edition)

　 （上接A01版）规范发展主板和中小板市场，支持中小企业运用资本市场发展壮大。推进创业板市场建设，提高运行质量和效率，支持创新型经济发展。扩大代办股份转让系统试点，加快建设覆盖全国的统一监管的场外交易市场。探索建立国际板市场。完善不同层次市场间的转板机制和市场退出机制，逐步建立各层次市场间的有机联系，形成优胜劣汰的市场环境。

(On joint A01 edition)Standard development main board and small and medium-sized plate market,Support the small and medium-sized enterprise use of capital market to develop.Propulsion gem market construction,Improve the operation quality and efficiency,Support innovative economic development.Expanding agent share transfer system pilot,Speed up the construction of the nationwide unified supervision of the over-the-counter market.Explore establish international plate market.Perfect different levels between the market turn plate mechanism and market exit mechanism,Gradually establish all levels between market organic connection,Formation of the survival of the fittest market environment.

　 继续深化股票发行制度市场化改革，积极探索发行方式创新，进一步弱化行政审批，强化资本约束、市场约束和诚信约束，完善新股发行询价制度，提高发行定价的合理性。探索建立优先股制度。健全退市制度，坚持优胜劣汰，不断提高上市公司质量，促进一级市场和二级市场协调健康发展。进一步完善上市公司再融资制度和投资者回报机制，引导和鼓励上市公司增加现金分红。

Continue to deepen reform of the system for issuing stock market,Actively explore its way of innovation,Further weakening administrative examination and approval,Strengthen capital constraint/Market constraints and integrity constraint,Perfect ipo inquiry system,Improve the rationality of the issue pricing.Explore to establish preferred stock system.Perfect delisted system,Adhere to the survival of the fittest,Constantly improve the quality of listed companies,Promote the primary market and secondary market healthy development coordination.To further improve the listed company and financing system and investors reward system,Guide and encourage the listed company increase cash dividends.

　 完善债券发行管理体制，加强各部门协调配合，强化信息披露要求，落实监管责任。稳步扩大债券市场规模，推进产品创新和多样化。加强债券市场基础设施建设。坚持市场化改革方向，着力培育商业信用，强化市场约束和风险分担机制，提高市场运行透明度，为债券市场发展营造良好的制度环境。

Perfect bond issue management system,To strengthen the department coordination,Strengthen the information disclosure requirements,Implement supervision responsibility.Expand the size of the bond market,In promoting product innovation and diversification.To strengthen the bond market infrastructure construction.Adhere to the market-oriented reform direction,Focus on cultivating commercial credit,Strengthening market constraints and risk sharing mechanism,To improve the transparency of market operation,For bond market development to create a good system environment.

　 积极支持证券公司做优做强。鼓励证券公司通过上市增强实力，提升竞争力。支持证券公司为企业并购重组提供优质服务。

Actively support securities companies do best and stronger.Encouraged by a securities company listed gain strength,Enhance competitiveness.Support for the enterprise merger and reorganization of securities companies to provide quality services.

　 支持期货公司通过兼并重组、增资扩股等方式，进一步壮大规模和实力。推动优质期货公司开展境外期货经纪业务。

Support futures companies through the merger and reorganization/Increase endowment spread, etc,To further expand scale and strength.Promote quality futures companies to carry out overseas futures brokerage business.

　 健全货币政策操作体系 Sound monetary policy operation system

　 规划提出，“十二五”时期要优化货币政策目标体系。更加突出价格稳定目标，关注更广泛意义的整体价格水平稳定。处理好促进经济增长、保持物价稳定和防范金融风险的关系。合理调控货币信贷总量，保持合理的社会融资规模。在继续关注货币供应量、新增贷款等传统中间目标的同时，发挥社会融资规模在货币政策制定中的参考作用。

Plans to put forward,"1025"Time to optimize monetary policy target system.More outstanding price stability target,Focus on broader meaning of the overall price level stability.Handle promote economic growth/Keeping prices stable relationship and guard against financial risks.Reasonable regulation and control currency credit amount,Keep reasonable social financing scale.In the continue to focus on money supply/New loans, and other traditional intermediate goals, and at the same time,Giving full play to social financing scale in the monetary policy of the reference role.

　 规划提出，健全货币政策操作体系。完善市场化的间接调控机制，逐步增强利率、汇率等价格杠杆的作用，推进货币政策从以数量型调控为主向以价格型调控为主转型。完善公开市场操作目标体系、工具组合和操作方式，增强公开市场操作引导货币市场利率的能力。加强存款准备金工具与公开市场工具的协调配合。充分发挥再贷款、再贴现的作用，支持经济结构调整，促进薄弱环节发展，防范和化解金融风险。根据经济金融形势，合理安排货币政策工具组合、期限结构和操作力度，加强货币政策工具之间的协调配合，强化流动性管理，调节货币信贷增长。

Plans to put forward,Sound monetary policy operation system.Market indirect regulation mechanism,Escalate interest rates/Exchange rate and the role of price lever,Promoting monetary policy to control from quantitative to give priority to with price type regulation is given priority to transformation.Perfect the open market operation target system/Tool combination and operation mode,Strengthen open market operation guide monetary market interest rates ability.Strengthen the deposit reserve tools and open market tool coordination.Give full play to the refinancing/Rediscount role,Support economic structure adjustment,To promote the development of weak links,Guard against and defuse financial risks.According to the economic and financial situation,Reasonable arrangement of monetary policy tools combination/Term structure and operating strength,Strengthen monetary policy tool coordination between,Strengthening liquidity management,Regulation currency credit growth.

　 规划提出，“十二五”时期，金融服务业增加值占国内生产总值比重保持在5%左右，到“十二五”期末，非金融企业直接融资占社会融资规模比重提高至15%以上。银行、证券、保险等主要金融行业的行业结构和组织体系更为合理。

Plans to put forward,"1025"period,Financial services sector accounted for the proportion of GDP remain at around 5%,to"1025"The final,Non-financial enterprises of our country direct financing accounted for the proportion of social financing scale increased to more than 15%.The bank/securities/Insurance and other major financial industry industry structure and organization system is more reasonable.