华南新闻中心 李宁

South China news agency li ning

　　和讯网消息 9月26日，越秀集团旗下广州国际金融中心（IFC）正式开业，同时，由越秀集团主办的珠江金融论坛暨“中国金融业改革创新热点问题解析”也在现场举办。第一创业摩根大通证券总裁贝多广在论坛上指出，目前中国的债券工具、金融产品工具很大程度上还没有完全的市场化。下一步如何在国债利率上进一步放开，使得金融市场的固定收益率产品能够更快地找到市场化的基准非常迫切。

HeXunWang news On September 26,Yuexiu group's guangzhou international financial center(IFC)Officially opened,At the same time,Yuexiu group by the pearl river financial BBS and"China's financial sector reform and innovation hot problem analysis"Also in the exhibition site for.The first venture Morgan chase securities President wide pattra in BBS points out,At present China's bond tools/Financial products tool to a great extent, is still not fully marketization.Next step, how to in national debt interest rates further let go,Have made the financial market fixed rate of return products can be faster to find market benchmark is very urgent.

　　贝多广指出，中国的基准利率，无论是存款也好，贷款也好，债券也好，基准利率都是参照银行一年期、三年期、五年期利率。金融市场非常发达的美国也有优惠贷款利率，但是国债利率在指导金融市场方面起了很关键的作用。中国国债是以某个年限的存款利率作为基准上升一点或者是下降一点，但实际上，国外很多利率是参照国债利率的，这反映了中国债券市场金融工具方面还缺乏市场化。

Pattra widely pointed out that,China's benchmark interest rate,Whether deposit or,Loan or,Bonds or,Benchmark interest rate are reference bank annual/three-year/Five-year rate.Financial market is very developed the United States also has a preferential loan interest rates,But Treasury bonds interest rates in the guidance financial markets play a key role.China's public-sector debt is a fixed number of year of the deposit interest rates as reference rise a little or is down a little,But in fact,Many foreign countries and interest rates is according to the national debt interest rates,It reflects the Chinese bond market financial tool is lack of marketization.

　　贝多广建议，非银行的部分，包括以基准类的债券、固定收益类的产品要全部放开、市场化，而且比例要增加，这样整个中国金融的市场化程度就会大幅提高。

Pattra wide Suggestions,Non-bank part of,Including on the standard type of bond/Fixed income class products to all let go/marketization,And to increase the proportion,So the whole China's financial marketization degree could be greatly improve.

　　而对目前市场上谈论颇多的利率市场化问题，贝多广则持谨慎看法。他认为，贷款利率下降，存款利率上升，意味着银行利差缩小，利润下降。而中国的银行体系中，直接是国有的占到了60%，如果将地方政府所有的也加起来，至少要占到80%，利率市场化如果推进得太快，银行体系能不能在短的时间内承受利差的急剧缩小，这是个挑战。

But to talk about on the market at present a lot of interest rate marketization problem,Pattra wide is cautious view.He thinks,Loan interest rates fall,Deposit interest rates rose,Means that the bank interest margin narrow,Falling profits.While China's banking system,Direct is state-owned accounted for 60%,If the local government all add up also,At least 80%,Interest rate marketization if propulsion too fast,The bank system can in a short period of time to spread narrowed sharply,This is a challenge.

　　就此，贝多广认为，利率的市场化不要简单的局限在银行的利率范围，其他方面还是可以有所作为。比如整个社会资金融通80%是靠银行，20%靠市场，靠市场这部分已经实现利率市场化了，如果非银行部分（就是市场化的部分）比例放大，从20%增加到40%或者是50%，银行对于国民经济的影响、银行对于经济的负面影响就会大大减少。

In this,Pattra wide think,Interest rate marketization don't simple limited in the bank interest rate range,Other ways or to be able to serve as somewhat.Such as the society as a whole financing is 80% by the bank,20% by market,On the market this part has realized the interest rate marketization,If non-bank part(Is part of the market)Proportional amplifier,Increased from 20% to 40% or 50%,The influence of the bank on the national economy/Bank for economic negative influence can decrease greatly.

　　对于当前股市的现状，贝多广不同于多数嘉宾的悲观看法。他认为，股市现在与十多年前相比已经真正像晴雨表了。今天股市的情况，充分反应了中国目前的经济、社会、政治状况，从这个意义来讲，股市成为了中国经济真正的晴雨表。

For the current situation of the stock market,Pattra widely different from most honored guest's pessimistic view.He thinks,The stock market now ten years ago and has been compared to really like the barometer.Today the stock market situation,Fully reflects China's current economy/social/Political situation,Will tell from this meaning,The stock market become the country's economic real barometer.

　　贝多广更进一步指出，过去政策也是有误区的，过去十多年一直鼓吹治理结构的改善，其中有一条，讲股东利益的最大化，政策是左右摇摆，一方面考虑到大股东，代表国家的利益和大股东的利益，另一方面又考虑中小股东的利益，两者的利益经常要打架。所谓股东利益最大化的理论已经是落伍的了，因此大家应该更多的关注上市公司利益相关者，他们的利益都应该最大化，而不是单纯考虑股东。

Pattra wide further pointed out,The past policies also is to have the error,Over the past ten years has been for the improvement of the governance structure,There are a,Speak to maximize the interests of the shareholders,Policy is wavering,On the one hand considering the big shareholders,On behalf of the national interests and the interests of big shareholders,On the other hand, consider the interests of small and medium shareholders,The interests of both often want to fight.The so-called shareholder benefit maximization theory has the is behind The Times,Therefore we should pay more attention to the listed company stakeholders,Their interests should maximize,Not only consider the shareholders.

　　“不过，从中国经济、中国社会发展长远角度来看，我对中国的股市是充满信心的。”他最后这样表示。

"but,From China's economic/China's social development long-term point of view,I to the Chinese stock market is full of confidence."He finally said so.