本报记者 陈无诤 发自广州、香港

Our reporter Chen no Zheng from guangzhou/Hong Kong

　　周小川最近罕见地写了篇文章，这位央行行长在《中国金融》上呼吁，中国今后若能建立地方政府债务体系，地方债应主要出售给当地居民，以构成对地方政府债务的约束。

Zhou xiaochuan rare recently wrote an article,The governor of the central bank in[China's financial]Call for,In the future China if you can establish the local government debt system,Local debt should mainly be sold to local residents,To build on the local government debt constraint.

　　时间节点选得非常微妙。9月17日，央行公布了酝酿两年之久的金融改革“十二五”规划—中国将稳步推进利率和汇率市场化改革，实现人民币资本项目可兑换，并鼓励和引导民间资本进入金融领域。

Time node choose very subtle.On September 17,The central bank announced the ferment two years of financial reform"1025"Planning - China will steadily interest rate and exchange rate marketization reform,Make the yuan convertible under capital accounts,And encourage and guide the folk capital into the financial sector.

　　“中国金融改革的基本原则是必须坚持市场化和商业化路径。”央行副行长潘功胜9月16日在“国际金融论坛2012年学术报告会”上强调。

"The basic principle of China's financial reform is must adhere to market-oriented and commercial path."The central bank vice President PanGong wins in September 16,"International financial BBS 2012 academic report"Emphasis on.

　　不少外媒评论称，中国“十二五”金融规划为改革定调，应让民间尽可能多地分享金融业改革红利—这和周小川此前反复强调的“温州金改要减少管制鼓励民营”不谋而合。

A lot of external medium review says,China"1025"Financial planning for reform pitch,Should let the folk as much as possible - this bonus share financial sector reform and zhou xiaochuan after repeated emphasis"Wenzhou gold changed to reduce control encourage private"Happen to coincide.

　　在大洋彼岸的美国，权威财经杂志《彭博市场》日前推出了其全球金融50大最具影响力人物，周小川二度跻身榜单，被评为政策制定领域最具影响力人物之一。

On the other side of the United States,Authority financial magazine[Bloomberg market]Has introduced its global financial 50 most influential people,Zhou xiaochuan two degree among the list,Was named policy areas the most influential one of the characters.

　　与此同时，地方金改竞赛趋于白热化。今年以来，温州首发民间金融改革，深圳前海随后打造“特中特”概念。从多领域先试先行的广东，再到近日传言或将成为第三个国家级金融综合改革试验区的福建泉州，包括湖南、海南、天津和武汉等，各地都在积极探路金融改革。

meanwhile,Local gold to turn to white-hot competition.Since this year,Wenzhou folk financial reform start,Shenzhen sea before then build"Particular,"concept.From many areas first try to advance guangdong,To recently rumors or will become the third national financial comprehensive reform pilot area of fujian quanzhou,Including hunan/hainan/Tianjin and wuhan, etc,Everywhere in the active units financial reform.

　　地方政府的中国式金改，究竟该何去何从？从大致方案来看，促进民间资本寻找出路、发展新型金融机构等为实体经济服务是各地一致的思路。逆向来看，如此大规模的改革，对民间资本意味着什么？利好还是利空？

The local government of the Chinese gold change,What this what course to follow?From the general plan to see,To promote the folk capital, looking for a way out/Development of new financial institutions as the real economy service is all the same train of thought.Reverse to see,Such a large-scale reform,The folk capital mean?Good or bad?

　　安邦咨询最新的研究报告称，中国的金融改革应以制度改革和市场开放为重点，在方式上应选择自上而下的路径。当前这种由地方政府推动的自下而上、局部改革的金改模式，恐怕很难达到预期的效果。

AnBang advisory latest research report says,China's financial reform should by system reform and open markets as the key point,In the way should choose the path of from top to bottom.The present by the local government to promote the bottom-up/The reform of local gold change pattern,I'm afraid it is difficult to achieve the desired effect.

　　经济学家吴敬琏亦不看好地方金改，他认为，金融市场是统一的全国性的市场，地方不好做太大的改变，因此地方金融创新是有限的。据不完全统计，目前各地政府稳增长的投资规划已达到17万亿元，但这种靠投资拉动的发展方式不可持续。

Economists WuJingLian nor good place to gold,He thinks,A financial market is a unified national market,Do not place too much change,So local financial innovation is limited.According to incomplete statistics,The country at present the government stable growth of investment planning has reached 17 trillion yuan,But this kind of investment by pulled way unsustainable development.

　　广东金融学院院长陆磊则表示，目前的金融改革，既然是顶层设计，则最终责任人更多地演变为改革设计者。在地方金改目前落地尚悬空的当下，不少金融专家一致表示，地方金改的务实选择，应该错位发展多点突破。

Guangdong financial dean of college LiuLei, said,The current financial reform,Since it's top design,The final responsible persons more evolution for reform designers.In the local gold to be born at present is impending then,Many financial experts agree,Local gold change practical choice,Should dislocation development more breakthrough.

　　各地金改政策密集出台 All gold change policies on intensive

　　一场由各地政府发起的金改争夺战进行得如火如荼。

A by local governments initiate gold to race in full swing.

　　武汉市政府9月10日举行会议，原则上通过《市人民政府关于进一步促进金融改革创新支持实体经济发展的意见》（下称《意见》），提出在武汉探索建立民间金融街、民间资本服务中心等一系列金融改革措施。

On September 10, wuhan municipal government held the meeting,In principle, through the[The municipal people's government on further promote financial reform and innovation to support the real economy development opinions](said[opinion]),Put forward in wuhan exploring to establish folk financial street/The folk capital service center and a series of financial reform measures.

　　不过，《意见》并未提及要建设金融综合试验区的概念，只是表示拟出台30条金融支持政策进一步服务夯实全市经济。

but,[opinion]Did not mention to build financial comprehensive experimental zone of the concept,Just say quasi come 30 of the financial support policy further service tamp the whole city economy.

　　随着金改概念的持续发酵，已有越来越多的地方政府加入到金改竞赛中。此前，福建泉州、湖南等地已先后向国务院上报金改方案。但截至目前，湖南、泉州的金改方案均未获批，使得这场争夺前景仍不明朗。

With the change of gold of the concept of continuous fermentation,For more and more local governments to join gold changed the competition.after,Fujian quanzhou/Hunan have been reported to the state council gold change scheme.But so far,hunan/Quanzhou gold change scheme were not approved,Make for the future still unclear.

　　让泉州对金改方案低调的一个原因是，2012年3月28日，国务院常务会议批准实施《浙江省温州市金融综合改革试验区总体方案》，此举诱发了很多地方政府的申请冲动，例如鄂尔多斯(600295,股吧)、长沙等地都准备申请国家的金改试验区，并且纷纷向国家递交了金改方案，热情很高。为此国家相关部委很审慎，不希望对此进行炒作。

Let the quanzhou to gold to plan low-key one reason is,On March 28, 2012,The state council executive meeting for approval[Zhejiang wenzhou financial comprehensive reform pilot area overall scheme],This induced a lot of local government application impulse,For example, ordos(600295,guba)/Changsha, etc are going to apply for national gold to test site,And have submitted to the national gold change scheme,Enthusiasm high.Therefore the relevant state ministries and commissions is very prudent,Don't want to hype.

　　然而，各地的金改热情仍在持续发酵。湖南省金融办在8月底宣布，湖南省金融改革发展专项方案上报国务院。

however,Around the gold to enthusiasm is still in the continuous fermentation.Hunan province in late August announced financial do,Financial reform and development of hunan province special plan submitted to the state council.

　　地方政府对金改试验区的争夺大战趋于白热化。陕西省日前也发布消息称，为了更好地发挥民间资本对经济的拉动作用，陕西省将在“十二五”期间建立民间资本引导运用服务体系，通过进行金融综合改革试点、支持组建大型民营投资公司等方式，鼓励和引导民间资本进入金融业。

The local government on the gold to the race war tend to be intensified.Shaanxi has also said in a news release said,In order to better play the folk capital to economic role in boosting,Shaanxi will be in"1025"Established during the folk capital guide use service system,Through the carry on the financial comprehensive reform pilot/Support the establishment of large private investment company, etc,Encourage and guide the folk capital into the financial industry.

　　此前的8月16日，《天津金融改革创新“十二五”规划》（下称《规划》）正式出台，天津到2015年金融业增加值将达1800亿元。《规划》显示，金融业将成为天津经济社会持续发展的支柱产业。

Previous August 16,,[Tianjin financial reform and innovation"1025"planning](said[planning])Come on stage formally,Tianjin to 2015 financial industry added value will reach 180 billion yuan.[planning]display,The financial industry will become the tianjin economic and social sustainable development of pillar industries.

　　今年以来，中国在金融领域的改革政策密集出台。汇率波动幅度的扩大、人民币国际化的推进、利率市场化进入新的发展阶段以及资本账户开放提上议事日程，预示着我国的金融改革已经吹响了“集结号”。

Since this year,China in the financial sector reform policies on intensive.Exchange rate fluctuation range expansion/The advancement of RMB internationalization/Interest rate marketization into the new stage of development and capital account liberalization put on the agenda,Indicate China's financial reform has blew"Aggregation number".

　　不过与初期的大张旗鼓相比，温州金改目前似乎进入了一个瓶颈期。5个月过去了，温州金改却没能摆脱当地的“对接魔障”。在政府层面“自上而下”的谨慎与民间诉求“自下而上”的冲动之间，始终存在着难以达成的共识和难以逾越的障碍。

But with that of primary compared in a big way,Wenzhou gold now seems to change into a bottleneck.Five months later,Wenzhou gold changed but not to be able to get rid of the local"Butt demon".In the government level"top-down"Caution and folk appeals"bottom-up"Between the impulse of,There are always difficult to reach consensus and an insurmountable obstacle.

　　南京证券宏观经济研究员张文刚表示，从温州以来的国家层面金改思路和方向来看，金改试点最核心目的是探索金融创新服务实体经济的方式，其次是激活沉淀在民间的资金，而解决中小企业、民营企业融资难则只是解决燃眉之急。

Nanjing securities macro economic researchers ZhangWenGang said,Since from wenzhou national level gold change train of thought and direction to see,Gold to pilot the most core purpose is to explore the financial service innovation way of entity economy,The second is activated precipitation in the folk capital,To solve the small and medium-sized enterprise/The private enterprise financing difficult is just solve the burning issue.

　　日前僵局终于有了突破，浙江省发改委印发了《丽水山区科学发展综合改革试验区总体方案》，标志着浙江丽水农村金改方案的出炉。

Recently the deadlock finally have a breakthrough,Zhejiang development &reform committee issued the[Lishui mountains scientific development comprehensive reform pilot area overall scheme],Marks the zhejiang lishui rural gold change a scheme.

　　丽水是温州金融综合改革试验区的重要组成部分，也是全国首个农村金融改革试点地区。为此专家评论说，丽水农村金改方案的出炉，显示了区域性金融改革已经开始了错位发展、多点突破的金改试验新阶段。

Lishui is wenzhou financial comprehensive reform pilot area is an important part of,Was the first rural financial reform pilot area.Therefore experts commented,Lishui rural gold change a scheme,Shows the regional financial reform has begun dislocation development/Multipoint breakthrough of the gold to test the new stage.

　　这和同为样本之一的广东金改之路殊途同归。按照陆磊的解读，本次广东金改的重中之重，是农村金融改革及城乡统筹，以实现拉低和缩小城乡之间和区域之间的不平衡和差距。

This and as one of the sample of guangdong gold changes the road all roads lead to Rome.According to the interpretation of LiuLei,The guangdong gold to the most important,Is the financial reform in the rural areas and urban and rural areas,In order to realize down and narrow between urban and rural areas and between the region not balance and gap.

　　梅州的金改试验，在于建立一个综合化的金融交易平台，统一进行农业信贷、保险、农户产权等各类交易，还可以考虑进行农产品期货交易等，“珠三角金改中所谓的综合经营，不要理解成大型的金融控股公司”。

Meizhou gold to test,Is to establish a comprehensive financial trading platform,Unity agricultural credit/insurance/Farmers property and other kinds of trading,Still can consider to agricultural futures trading, etc,"The pearl river delta gold change so-called comprehensive operation,Don't understand into large financial holding company".

　　值得注意的是，在泉州和武汉之前，作为金改探索的重要内容，进行民间融资登记和成立民间金融街，正是温州和广州金改的标志性举措。

It is important to note that,In quanzhou before and wuhan,As the important content of gold to explore,Folk financing for registered and established folk financial street,It is wenzhou and guangzhou gold change of symbolic move.

　　但从数据来看，温州民间借贷登记服务中心成立以来对解决民间融资问题的贡献微乎其微，其他改革中最可能落到实处的便只有“民间金融街”了，但让专家担忧的是，这又很可能成为地方政府大搞房地产的借口，而与金融改革的初衷大相径庭。

But from the data to see,Wenzhou folk loan registration service center was founded to solve the folk financing problems little contribution,Other reform into effect the most likely have only"Folk financial street"the,But let experts worry that is,It may well become a local government big make real estate excuse,And the purpose of the financial reform widely divergent.

　　让民资分享金改红利 What let share gold changed bonus

　　由于金改方案尚未获批，各地均未公布方案的具体内容。但从大致方案来看，促进民间资本寻找出路、发展新型金融机构等为实体经济服务是各地一致的思路。

Due to the change of gold scheme has not been approved,All parts of the specific content of releasing the scheme.But in the general plan to see,To promote the folk capital, looking for a way out/Development of new financial institutions as the real economy service is all the same train of thought.

　　相比地方的金改冲动，时间窗口已迫在眉睫。国家发改委学术委员会秘书长张燕生表示，中国金融改革现在不仅面临最佳时间窗口，更是“最关键的时间窗口”。中国提出在利率市场化方面要取得新突破。

Compared with local gold to impulse,Time window is imminent.The national development and reform commission academic committee secretary general ZhangYanSheng said,China's financial reform is now facing not only the best time window,is"The most critical time window".China put forward in interest rate marketization aspect to make new breakthrough.

　　政策的障碍正在逐渐突破。日前，央行发布了“十二五”时期金融业改革和发展规划，力求为今后几年金融业发展提供明确的方向。

Policy barriers are gradually breakthrough.a,The central bank issued a"1025"Period financial sector reform and development planning,For the next several years to the development of the financial industry to provide clear direction.

　　与规划中提出的生硬的总量、增速等数字指标相比，近段时间央行加快推进金融改革的具体举措，更能说明此刻公布这项方案的弦外之音。

And planning of the amount of starch is put forward/Growth index such as digital compared,Near section time the central bank accelerate financial reform of the specific measures,More to the published at the moment of the plan overtones.

　　在刚刚落幕的达沃斯论坛上，作为顶层设计的重点—利率市场化吸引了各方关注的目光。曾任央行行长的社保基金理事会理事长戴相龙在中国金融改革专场建议，“利率市场化要发挥银行间交易协会的作用，让更多金融机构参加，品种也应更多一些，交易量更大一些”。

In just the davos in BBS,As a top design key point - interest rate marketization has attracted the eyes of concern to interested parties.Once was appointed central bank governor dai xianglong social security fund chairman of board of directors in China special financial reform Suggestions,"Interest rate marketization should play the role of the trade association between Banks,Let more financial institutions to participate in,Should also be more varieties,More volume".

　　过去五年，金融改革在很多方面都止步不前，尤其是银行天量信贷并未输送到实体经济急需的部门，民营企业成片倒下。

Over the past five years,Financial reform in many ways are come to a halt,Especially bank day quantity credit does not transfer to the entity economy need department,Private enterprises fall into.

　　为此不少专家建议，当此之际，应让民间尽可能多地分享金融业改革红利。央行的这份规划，画出了清晰的蓝图，但更重要的是推进制度改革的决心。

Therefore a lot of expert advice,When this of,Should let the folk as much as possible to share financial sector reform bonus.The central bank's the planning,Draw a clear blueprint,But more important is to promote the reform of the system of determination.

　　“改革成果最终要接受实践的检验。”周小川此前也多次强调，温州金融综合改革是一个不断探索的过程，需要国家有关部委和浙江省、温州市本着为实体经济服务、本着解决温州经济金融突出问题的态度，进一步解放思想、增强信心、减少管制、鼓励民营、支持创新、大胆探索，积极稳妥地推动改革顺利进行。

"Reform achievement finally to accept the test of practice."Zhou xiaochuan also had many times that,Wenzhou financial comprehensive reform is a constant process of search,Need relevant ministries and commissions of the state and zhejiang province/Wenzhou in for the real economy service/In wenzhou economic and financial problems to solve attitude,Further emancipate the mind/Enhance confidence/Reduce control/Encourage private/Support innovation/The bold exploration,Actively and steadily promote the reform smoothly.

　　关于温州金融改革，上海交通大学金融学教授、中国股权投资研究院院长陈工孟指出，温州金融改革试验区对温州是一把双刃剑，如果用得好，可能有力提升温州产业与温州企业的核心竞争力，将对温州经济的发展与走出困境起到实质性、显著性作用。但是如果方向走偏了，把“金改救实体经济”变成“民间资本炒金改”，那么可能将造成“温州第二个迷失的十年”。

About wenzhou financial reform,Shanghai jiaotong university professor of finance/China's equity investment research institute President ChenGong meng pointed out,Wenzhou financial reform pilot area of wenzhou is a double-edged sword,If use well,May be powerful ascension wenzhou wenzhou industry and enterprise's core competitive ability,To wenzhou economic development and out play a substantial/Significant role.But if the direction bias,the"Gold to save the real economy"into"The folk capital Fried gold change",So may cause"Wenzhou second lost ten years".

　　继温州金融改革提出鼓励民间资本进入金融领域后，广东在本次金融改革方案中，也提出要加快完善金融组织体系，鼓励和引导民间资本进入金融服务领域，加快发展金融后台服务产业和金融服务外包企业。

The wenzhou financial reform put forward to encourage private capital into the financial after the field,Guangdong in the financial reform scheme,Also proposed to speed up the perfect financial organization system,Encourage and guide the folk capital into financial services,Accelerate the development of financial background service industry and the financial service outsourcing enterprises.

　　“广东民间资本具有规模大、隐患多而又可控制的特点，目前广东民间资本规模超过一万亿，超过80%的民间融资都是投入实体经济中，且一切运行良好，不过广东并不满足于此。”广东省金融办主任周高雄表示，广东正在探索，试图把民间资本动员起来，让民营企业的经营规范化和阳光化。

"Guangdong folk capital has the large scale/Hidden trouble much and controllable characteristics,At present more than one trillion guangdong folk capital scale,More than 80% of the folk financing are investment entity economy,And all goes well,But guangdong, not satisfied with this."Guangdong finance director weeks to kaohsiung said,Guangdong are exploring,Try to put the folk capital mobilize,Let the private enterprise management standardization and sunshine change.

　　近日，国务院总理温家宝在经济形势座谈会上表示，鼓励和引导民间投资健康发展的“新36条”相关实施细则已全部出台。银监会就发布了《关于鼓励和引导民间资本进入银行业的实施意见》，并指出民间资本已是中国银行(601988,股吧)业资本金的重要组成部分。

recently,The state council premier wen jiabao in the economic situation symposium on Wednesday,Encourage and guide the healthy development of the private investment"Article 36 new"The detailed rules for the implementation of related all have come.The CBRC is released[About encouraging and guiding the folk capital into the banking of the implementation opinions],And points out that the folk capital is the bank of China(601988,guba)Industry is an important part of capital.

　　广东省银监局副局长何晓军透露说，广东在民间资本进入金融行业上发展较快，初步统计，在广东省银监局辖内的城市商业银行总股本中，民间资本约占1/3的比例，另在辖内的农村中小经营机构总股本中，民间资本占了87.8%。“广东银监局将加强监管引导，积极吸引民间资本进入银行业，并创造条件，鼓励银行机构从民营企业中寻找战略投资者。”

Guangdong silver inspect bureau deputy director HeXiaoJun revealed,Guangdong in the folk capital into the financial industry developed rapidly,Preliminary statistics,In guangdong province (CBRC) then the city commercial Banks in the total share capital,The folk capital accounts for about a third of the scale,The other in then the rural small and medium-sized business institution in the total share capital,The folk capital account for 87.8%."Guangdong silver inspect bureau will strengthen supervision guide,Actively attract private capital into the banking,And create conditions,Encourage bank institution from the private enterprise in search for strategic investors."

　　地方金改更多的还是落地问题。“华南地区制造业非常发达，很多生产要素特别是大宗商品需求量非常大，深圳证券市场种类还不够齐全，前海在这方面可不可以争取更多的政策？”香港大学中国金融研究中心主任宋敏的疑问非常及时。

Local gold changed more or be born problem."South China manufacturing industry is very developed,A lot of production elements especially commodities demand is very big,Shenzhen stock market types are not complete enough also,Sea before in this respect can gain more policy?"The university of Hong Kong, director of the center for the research of Chinese finance SongMin doubt very timely.

　　超越“试点思维” beyond"Pilot thinking"

　　在“十二五”金融规划出台之后，地方金改如何更好地落地，似乎提供了无限的可能。

in"1025"Financial planning issued later,Local gold changed how better to be born,Seemed to offer unlimited possibilities.

　　在广东省社科院研究员黎友焕看来，“地方金改的积极性，主要是地方政府想通过金融改革推动经济社会的转型升级发展。”广东金融学院代院长陆磊也强调称，珠三角金改方案，由广东省层面进行操作，其战略重点不应该放在广州、深圳、佛山这些前沿的城市部分，而更在于缩小珠三角与粤中西部的差距。

Researchers in guangdong province academy of LiYouHuan looks,"The enthusiasm of the local gold change,Mainly is the local governments want to through the financial reform to promote the transformation and upgrading of economic and social development."Guangdong finance academy, acting dean of the LiuLei also emphasizes saying,The pearl river delta gold change scheme,Operate by guangdong level,Its strategic key should not be in guangzhou/shenzhen/Foshan these frontier city part,And more is to narrow the gap between guangdong pearl river delta and the Midwest.

　　黎友焕认为，从现状来看，金改真正需要突破的是具体措施、理念、思维，虽然目前全国各地都掀起金改浪潮，但几乎都是“自我画圈圈”，没有跳出金融体制滞后的框架。因此，真正的改革需要跳出固有的框架。安邦研究团队对此深表赞同，过去搞改革试点，搞特区，这是为了寻求共识、减少失败风险的政治艺术。但现在，中国对金融改革，应该超越“试点思维”。

LiYouHuan think,According to the current situation,Gold changed really need breakthrough is the specific measures/concept/thinking,Although at present all over the country to a wave of gold,But almost all is"Draw a circle self",No jump out of financial system lag framework.therefore,The real reform need to jump out of inherent framework.AnBang research team are agree with this,The past reform pilot,Make dc,This is in order to seek consensus/To reduce the risk of failure of the political art.But now,For China's financial reform,Should surmount"Pilot thinking".

　　尽管国内的金融创新刚刚起步，但对于中小企业金融发展不足、金融资本频频追逐投资热点，与实体经济脱节的批评声音已经有不少。上海国际金融学院院长陆红军在达沃斯论坛期间表示，当前金融与实体经济之间本末倒置的关系是金融伦理问题，金融体系中的各机构都应树立正确的价值观。

Although domestic financial innovation has just started,But for small and medium-sized enterprises lack of financial development/Financial capital frequently chase investment hot spot,And entity of the economic dislocation criticism voice has a lot of.Shanghai international finance, dean of the college of land the reds in davos BBS period said,The current financial and economic entity between put the cart before the horse relationship is financial ethical issues,The financial system in institutions should set up the correct values.

　　“未来的金融应该是实物化的，产业链和金融链应该高度融合。"链"金融应该从中央银行开始，到商业银行、投资银行，甚至村镇银行，它们都应该研究产业链在哪里。”同时，陆红军分别用银色—养老产业、蓝色—海洋产业、金色—细微化金融服务指出了未来金融链关注的重点方向。

"The future financial should be a kind of change,Industrial chain and financial chain should be highly fusion."chain"Financial should from the central bank began,To commercial Banks/Investment bank,Even bank villages and towns,They should study industrial chain in where."At the same time,Land the reds respectively with silver - endowment industry/Blue - Marine industry/Golden - subtle change financial service points out the future direction of financial chain focus of concern.

　　泉州、武汉、湖南三地公布的金改初步方案，均将目光瞄准小贷公司、股权基金、村镇银行、民间借贷服务中心等领域，“雷同”之处颇多。如在解决民间资金出路方面，泉州计划试点开展民间融资登记管理制度，而武汉则是探索设立民间资本服务中心，并建立民间金融街。

quanzhou/wuhan/Hunan released three gold to preliminary scheme,All eyes will be aimed at small credit company/Equity funds/Town bank/Folk loan service center, etc,"identical"Place quite a lot.Such as in resolving the folk capital in a way out,Quanzhou plan to carry out pilot folk financing registration management system,And wuhan is set up to explore folk capital service center,And to establish folk financial street.

　　因此不少专家强调说，要使金改取得期待的成果，地方政府应在金改过程中，根据国家金融战略，站在服务国家金融改革大局的高度，选择最易突破的领域作为优先改革目标，通过错位发展、多点突破，最终取得全面开花的新局面。

So many experts stressed,To make gold to obtain expected results,The local government should be in gold in the process of change,According to the national financial strategy,Standing in the service national financial reform the height of the overall situation,Select the most easy to break through field as a priority reform goals,Through the dislocation development/Multipoint breakthrough,The final of the full bloom of the new situation.

　　“以金融特区的模式推进资本项目开放和人民币国际化值得商榷。中国政府推进金融改革的决心毋庸置疑，但影响市场接受程度的关键，往往取决于各项细则的制定和实施，包括法律、会计、监管以及清算体系等方面的安排。”摩根大通首席中国经济学家朱海滨表示，金融改革中最关键的资金流动并不受地域限制。如果在部分地区进行大规模的资本项目开放试点，资本套利行为必然导致资金向这些地区集聚。这会形成事实上的全国范围内的资本项目开放。

"In the financial district pattern propulsion capital project open and RMB internationalization is questionable.The Chinese government to promote financial reform determination without a doubt,But the impact of the market to accept degree of the key,Often depends on various rules formulation and implementation,Including legal/accounting/Supervision and the arrangement of the liquidation system, etc."Jpmorgan chief China economist haibin said,In the financial reform the key cash flow is not is limited by region.If the parts of large-scale capital project open pilot,Capital arbitrage behavior inevitably leads to capital to these areas concentration.This will form in fact nationwide capital project open.

　　随着各地为稳增长陆续投入新项目，外界开始担心新投资是否会加重地方债务风险。恰好今年也是地方政府偿债关键的一年，今年政府负有偿还责任的债务、负有担保责任的债务与其他相关债务三类共计1.84万亿元。旧债未了，新债又举，中国地方债风险究竟有多大？

As for the steady growth in all in the new project,The outside world began to worry about new investment will increase local debt risk.This year is the local government debt paying a key,This year the government has responsibility to repay the debt/Responsible for the debts of the security liability and other related debt three kinds of a total of 1.84 trillion yuan.Old debt outstanding,New debt and lift,Local debt risk exactly how much?

　　相比“十二五”金改方案，周小川日前刊发在《中国金融》上的文章中指出，从国际经验看，外部债务存在很多道德风险问题。中国也存在相类似的问题，比如地方政府融资平台。如果发债主体为省、市政府，而市场为全国性市场，也会出现举债缺乏制约、道德风险、定价机制失效等问题。

Compared with"1025"Gold to plan,Zhou xiaochuan article in before[China's financial]The article points out,From the international experience to look at,External debt has many moral hazard problem.China also has similar problems,Such as local government financing platform.If FaZhai subject for province/The municipal government,And the market as the national market,Also can appear debt lack of restriction/Moral risk/Pricing mechanism problems such as failure.

　　为此周小川建议，如果中国今后能建立一个地方政府债务体系，地方债应主要出售给当地居民，当地居民会基于自身的养老金、福利等问题来考虑是否购买，这样就构成了对地方政府债务的制约。或许，这亦是地方金改不再悬空，能够真正落地的核心保证。

Therefore zhou xiaochuan Suggestions,If China's future will be able to build a system of local government debt,Local debt should mainly be sold to local residents,Local residents will be based on their own pension/Welfare problems to consider whether to buy,So it will constitute the local government debt restriction.perhaps,This also is the place to gold to no longer impending,Can truly be born core guarantee.