9月17日，一行三会与外管局正式发布《金融业发展与改革“十二五”规划》，从完善金融调控、优化组织体系、建设金融市场、深化金融改革、扩大对外开放、维护金融稳定、加强基础设施等七个方面，明确了“十二五”时期金融业发展和改革的重点任务。

On September 17,A line of three and safe official release[The financial industry development and reform"1025"planning],From the perfect financial control/Optimization organization system/Construction financial markets/To deepen financial reform/Expand opening to the outside world/Maintaining the stability of financial/Strengthen infrastructure in seven aspects,Made clear"1025"Period financial industry development and reform of the key tasks.

　　仔细研读，不难发现，作为一份纲领性文件，《规划》基本点到了中国“十二五”时期金融改革所需要推进的领域，有不少惊喜，当然，也有疑惑与遗憾。

Carefully read,Is not difficult to find,As a programmatic document,[planning]The fundamental point to China"1025"Period financial reform need to promote field,There are many surprises,Of course,Also have doubts and regret.

　　首先谈惊喜。这份“十二五”规划在战略战术层面上的突破在于，将“坚持金融服务实体经济的本质要求”写入金融改革的主要目标。这表明，决策层吸取了次贷危机的经验教训，希望通过金融改革规制金融机构过度自我循环与自我服务的倾向，当属理念的革新。在此之前，中国的金融业改革，尤其是银行业改革，或多或少地出现了这种自我服务的倾向，比如在2011年，实体经济持续下行，中国的银行业却赚得盆满钵满，一时间“银行暴利论”不绝于耳。

First talk about surprise.this"1025"The strategic planning on the tactical level is the breakthrough,will"Adhere to the financial services the essential requirements of the real economy"Write the main aim of the financial reform.This suggests that,Executives from the subprime crisis lessons,Hope that through financial reform regulation financial institutions excessive self circulation and self service tendency,When the idea of innovation.Before this,China's financial sector reform,Especially the banking reform,More or less appeared the tendency of the self service,For example, in 2011,The entity economy continued to descending,China's banking but earn piles,time"Bank profits theory"jangling.

　　客观地说，“银行暴利”不能简单地归咎于银行业，这是中国金融改革尚未完成的表现。在过去十年里，中国银行(601988,股吧)业改革的主要目标是增强银行体质，将银行业从1998年的“技术性破产”中拉回来。正因如此，决策层对银行业施以利差保护，并设置准入门槛，将行业置于行政垄断之中，保证银行业的发展不会受到太多来自市场竞争的压力。通过此次《规划》可以发现，它与此前“牺牲实体经济保金融”的做法截然相反，强调“金融服务实体经济”，表明中国金融业的发展已进入新的时期。可以预期，在全新的目标下，金融改革的导向与格局也会让人耳目一新。

Objectively said,"Bank profits"Can't simply due to the banking industry,This is China's financial reform is not yet complete performance.In the past ten years,The bank of China(601988,guba)Industry the main goals of the reform is to enhance the bank constitution,Will the banking industry from 1998"Technical bankruptcy"Pull back in.Because of this,Decision-making for the banking industry with carry protection,And set the admittance threshold,In the industry of administrative monopoly,Ensure the development of banking industry will not be too much from the pressure of market competition.Through this[planning]Can be found,It with the previously"Sacrifice entity economy the financial"Practice opposite,emphasize"Financial service entity economy",That Chinese financial industry development has entered a new period.Can expect,In the new goals,Financial reform orientation and pattern also can let a person find everything new and fresh.

　　然后谈疑惑。我们注意到，在谈及构建现代金融组织体系时，《规划》敏锐地捕捉到现代金融业走向混业经营的趋势，称继续积极稳妥推进金融业综合经营试点，推动中信集团公司和光大集团公司深化改革，办成真正规范的金融控股公司。应当看到，当前的中国经济已全面呈现实业金融化、金融混业化的趋势。前者表现在大型实业企业纷纷转型控股集团，成立金融公司，甚至设立银行（比如中石油的昆仑银行），由实业向金融业升级；后者主要体现在，一批金融机构如中信、招商、光大、平安、华融等纷纷混业跨行，涉足银行、证券、期货、保险等领域，打造“金融全牌照”。这种大混业时代正在快速来临，“十二五”规划对此似乎并没有给予足够的重视。

Then talk about doubt.We note that,In the construction of modern financial organization system,[planning]Keenly capture the modern financial industry to mixed operation trend,Says continue to actively yet prudently proceed with comprehensive financial management pilot,Promote the citic group company and everbright group company deepening reform,He really regulate financial holding company.Should see,The current Chinese economy has comprehensive present industrial JinRongHua/Financial mixed change trend.The former performance in large industrial enterprises have transformation holding group,Financial company was established,And even to set up the Banks(Such as petrochina's kunlun bank),The industrial upgrade to the financial industry;The latter is mainly reflected in,A number of financial institutions such as citic/investment/everbright/peace/Wisewin in succession mixed an inter-bank,Into bank/securities/futures/Insurance, etc,make"Financial full licence".The large mixed era is coming quickly,"1025"Planning to did not seem to give enough attention.

　　让人疑惑的是，《规划》虽然捕捉到了这种混业趋势，但在金融监管方面却并没有作出相应的部署，只谈到加强对这部分企业的并表管理和全面风险管理，却没有涉及“分业监管体系是否能适应混业监管”这类更加本质的命题。根据《规划》，“建立有效的"防火墙"制度”，试图将现有的混业金融强行切割，塞入到原有的条条框框中，这种尝试能否成功，又能否解决现在颇让监管层头疼的影子银行问题，还须拭目以待。

Let a person doubt is,[planning]Although caught this mixed trend,But in the field of financial supervision has not make corresponding deployment,Only when it comes to strengthen this part of the enterprise and table management and comprehensive risk management,But is not involved in the"The dividing of the regulatory system would adapt to mixed supervision"This kind of more essence proposition.According to[planning],"To establish an effective"firewall"system",Trying to existing mixed financial forced cutting,Slip into the original in the rules,This attempt to success,And can solve now quite make supervision layer have a headache shadow banking problems,Must wait and see.

　　最后谈遗憾。《规划》提出，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，为直接金融领域的改革提出了具体的量化目标。根据央行此前发布的数据，2011年该占比为14%，还须进一步提升。在《规划》中，为提高直接融资比例，决策层对股票与债券市场的改革均作出了相应的部署，但遗憾的是，相比于股票市场的面面俱到，《规划》对于债券市场改革的措辞仍然模棱两可，很难看出改革的决心。

Finally talk about regret.[planning]Put forward,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%,For direct financial sector reforms, puts forward concrete quantification target.According to the central bank released after the data,2011 the account for more than 14%,Must further enhance.in[planning]in,In order to improve the proportion of direct financing,Decision-making to the stock and bond market reform are made corresponding deployment,But it is a pity that,Compared to the stock market reach every aspect of a matter,[planning]The wording of the reform for the bond market is still ambiguous,It's hard to see the determination to reform.

　　实际上，理论界早已达成共识，困扰中国债券市场发展的主要瓶颈是市场分割与多头监管。在此之前，央行行长与证监会相关人士也分别暗示或明示统一债券市场改革将在“十二五”期间取得明显进展。但很遗憾，《规划》在谈及债券市场发展时，仍然回避统一债券市场的命题，取而代之“加强各部门协调配合”，言下之意是，统一的债券市场并不是“十二五”期间金融改革的主要目标。从这方面看，《规划》对于直接融资两大重点领域，即股票市场与债券市场的部署与安排，有重此轻彼倾向，而不是均衡发展，其中的原因也不难揣测，股票市场由证监会全权监管，而债券市场“多龙治水”的既得利益格局很难打破。可以料想，对这一命题的回避，势必将制约中国债券市场的发展，更限制人民币国际化的前景。《规划》没有在这方面做出突破，让市场略感失望。

In fact,Theorists have reached an agreement,With the development of China's bond market the main bottleneck is market segmentation and long supervision.Before this,Central bank governors and securities regulatory commission relevant personage also implying separately or express unified bond market reform will be in"1025"Period make obvious progress.But we regret,[planning]In reference to the bond market development,The bond market is still avoid unified proposition,instead"To strengthen the department coordination",Implication is,Unified the bond market is not"1025"The major goal of during the financial reform.From the perspectives,[planning]For direct financing two key areas,That is the stock market and bond market deployment and arrangement,Have weight light and the tendency,Instead of balanced development,The reason is not difficult also to fathom,The stock market by the CSRC full supervision,And the bond market"Many dragon water conservancy"Vested interests pattern is very difficult to be broken.Can expect,The proposition of the avoidance,Certainly will will hinder the development of China's bond market,The prospect of more limit RMB internationalization.[planning]Not in this respect to make breakthrough,Let the market slightly disappointed.

　　总之，《金融发展与改革“十二五”规划》试图全面谋划金融领域的改革与发展，这种系统化的改革思维和有限度的突破值得肯定。鉴于这仍然只是一份提纲挈领的规划，并未涉及具体操作与实施方案，我们仍须等待各项实施细则出台。 （安邦咨询）

In a word,[Financial development and reform"1025"planning]Trying to comprehensive plan of the financial sector reform and development,This kind of systematic reform thinking and limited breakthrough worthy of affirmation.In view of this is still only a outlining planning,Does not address the specific operation and implementation scheme,We still have to wait for detailed rules for the implementation of the issued. (AnBang consulting)