编者按：去年10月29日，中国证监会、中国银监会、中国保监会同时宣布“换帅”，郭树清任证监会主席、党委书记，尚福林任银监会主席、党委书记，项俊波任中国保监会主席、党委书记。在过去的一年里，他们带领的“三会”进行了一系列大刀阔斧的改革、新政迭出，推动金融监管工作再上新台阶，给我国金融监管谱写了新篇章。

Editor's note:Last October, 29,,The China securities regulatory commission/The China banking regulatory commission/China insurance regulatory commission announced at the same time"In handsome",GuoShuQing as chairman of the CSRC/Secretary of the party committee,He let the CBRC chairman/Secretary of the party committee,XiangJunBo as the chairman of the circ/Secretary of the party committee.In the past year,They led"Three will"A series of a shake-up/New Deal public,Promote the financial supervision work to go into another new step,China's financial supervision to compose the new chapter.

　　中国保监会主席项俊波

The chairman of the circ XiangJunBo

　　中国银监会主席尚福林

The China banking regulatory commission chairman he

　　中国证监会主席郭树清

Chairman of the China securities GuoShuQing

　　郭树清力掀资本市场改革风

GuoShuQing force lift capital market reform wind

　　■本报记者 朱宝琛

S our reporter ZhuBaoChen

　　去年10月29日，卸任建设银行(601939,股吧)董事长的郭树清正式出任中国证监会第六任主席。在过去的一年里，郭树清带领的证监会进行了一系列大刀阔斧的改革，取得了不少成就。

Last October, 29,,Former construction bank(601939,guba)The chairman's GuoShuQing formal as the China securities regulatory commission chairman is 6.In the past year,The CSRC GuoShuQing led a series of a shake-up,Have obtained many achievements.

　　有统计称，郭树清出任证监会主席的这一年，公布的各项政策、办法达70条之多，内容涉及“新股发行的审核批准”、“打击炒新”、“严查内幕交易等证券期货犯罪”、“降低交易费用”、“拓宽养老金入市渠道”、“上市公司增加分红”、“完善主板及中小板退市制度”和“创业板退市方案”等方面。

Statistics says,GuoShuQing as chairman of the securities regulatory commission this year,Published policies/Article 70 the way,Content involves"The issuance examination and approval"/"Blow Fried new"/"Attracted insider trading and securities and futures crime"/"Reduce transaction cost"/"Broaden the pension market channels"/"The listed company increase dividends"/"Perfect the main board and small and medium-sized plate delisted system"and"Gem delisted scheme", etc.

　　一券商高层人士指出，郭树清履新之后，在市场掀起了前所未有的改革旋风，包括鼓励分红、重拳治市等都是值得称道的。

A securities trader top personage points out,GuoShuQing after he came,In the market caused unprecedented reform cyclone,Including encourage share out bonus/The punch to city is worth praising.

　　力推分红 Push share out bonus

　　治“重筹资、轻回报”痼疾 governance"Heavy financing/Light return"Chronic illness

　　分红，被业界誉为是郭树清上任以来烧的第一把“火”。这把“火”提出从四方面采取措施提升上市公司对股东的回报：所有上市公司必须牢固树立回报股东的意识；上市公司的红利分配，属于董事会和股东大会的重要决策事项，所有上市公司应采取措施完善分红政策及其决策机制；证监会将进一步加强对上市公司利润分配决策过程和执行情况的监管；立即从首次公开发行股票的公司开始，在公司招股说明书中细化回报规划、分红政策和分红计划，并作为重大事项加以提示，提升分红事项的透明度。

Share out bonus,Is now known as GuoShuQing since taking office is burning the first"fire".this"fire"From the four aspects proposed measures to improve the listed company shareholder returns:All listed companies must firmly set up the consciousness of returns to shareholders;The listed company's dividend distribution,Belong to the board of directors and shareholders' meeting important decision matters,All the listed company measures should be taken to perfect the dividends policy and its decision-making mechanism;The CSRC will further strengthen to the listed company profits allocation decision process and the implementation of the supervision;Immediately from the initial public offering of stock company started,In the company of the prospectus refining return planning/Dividends policy and bonus plan,And as the major issues to tip,Improve the transparency of share out bonus items.

　　在证监会推行分红新政的背景下，上市公司分红的意愿和行动变得更加积极。

In the securities regulatory commission under the background of the New Deal implementation of share out bonus,The listed company dividends will and action become more active.

　　“一直以来，A股首次重筹资、轻回报的痼疾备受诟病，在监管部门的强力倡导之下，上市公司纷纷拟定现金分红计划，这与证监会的大力倡导是离不开的。”上述券商高层人士表示。

"Has been,A shares the first heavy financing/Light returns for the chronic illness,In the supervision department under the powerful advocate,Listed companies have cash bonus plan worked,The CSRC vigorously advocated is not."The securities trader top people said.

　　其实，对于上市公司的分红，此前监管层也出台了诸多的规章制度。如“国九条”要求重视资本市场的投资回报；《关于加强社会公众股股东权益保护的若干规定》要求上市公司应实施积极的利润分配办法；《上市公司证券发行管理办法》中将上市公司的再融资与最近3年的现金分红挂钩等。但这些纲领性文件或规范性文件的出台，并没有从根本上解决A股市场“轻回报”的弊端。

In fact,For the listed company's share out bonus,Previously supervision layer also issued a lot of rules and regulations.if"Nine countries"Requirement pay attention to capital market return on investment;[On strengthening the protection of the rights and public shareholders several provisions]Requirements listed company shall carry out positive profit allocation system;[Measures for the administration of the issuance of securities of listed companies]Will be listed companies financing and again in recent 3 years of cash share out bonus, hook, etc.But these progammatic documents or normative documents come on stage,And not fundamentally solve the A share market"Light return"The disadvantages of.

　　对于郭树清的这一把“火”，业界认为，稳定、持续的红利回报对于改善股市投资文化，引导包括基金等机构投资者更为崇尚价值投资、长期投资并吸引低风险偏好的养老资金入市，都将起到积极的促进作用。

GuoShuQing for this one"fire",Industry think,stable/Continuous dividend return to improve stock market investment culture,Guide including funds institutional investors more advocate the value investment/Long-term investment and attract low risk preference endowment funds to enter the market,Will play a positive role in promoting.

　

　抓“小偷” catch"The thief"

　　严打股市违法违规行为 The stock market to crackdown on illegal behavior

　　除了分红，郭树清重拳治市也被业界所称道，这包括严打内幕交易、严查上市公司造假等。

In addition to share out bonus,GuoShuQing hard blow to city was also praised the industry,This includes analysis of insider trading/Attracted a listed company, such as fraud.

　　以严打内幕交易为例，郭树清的“小偷偷白菜论”已经成为广为流传的郭氏表述：“小偷从菜市场偷一棵白菜，人们都会义愤填膺，但如果有人把手伸进成千上万股民的钱包，却常常不会引起人们的重视。这就是内幕交易的实质。”并郑重声明：中国证监会对内幕交易和证券期货犯罪始终坚持“零容忍”的态度，发现一起坚决查处一起。

To crackdown on insider trading, for example,GuoShuQing of"Small secretly cabbage theory"Has become widespread followings expression:"The thief stole from markets a tree cabbage,People will be filled with indignation,But if someone dived his hand into tens of thousands of people's wallet,But often will not cause the attention of people.This is the essence of the insider trading."And solemnly declare:The China securities regulatory commission on insider trading and securities and futures crime always adhere to"Zero tolerance"attitude,We will tenaciously investigate found together together.

　　此后，一系列积压多年的证券操纵、造假欺诈、内幕交易、老鼠仓等大案重案被查处。如胜景山河(002525,股吧)造假上市案长期逍遥法外的平安证券两名投行保荐人，在郭树清上任后不久，被一纸严厉罚单撤销了其保荐代表人资格。

Since then,A series of backlog years of stock control/False fraud/Insider trading/The mice storehouse, etc to properly major have been punished.Such as mountains and rivers scenery(002525,guba)Cheating in the peace of the long-term listed securities two investment Banks sponsor,In GuoShuQing shortly after taking office,Be a paper severe ticket withdrew its sponsor representative qualification.

　　在此过程中，还有一件事引起各方关注：2011年12月1日，证监会发布[2011]35号公告称，上市公司并购重组委员会委员吴建敏“涉嫌违规持有所审核上市公司股票”，决定对其并购重组审核委员会委员职务予以撤销。

In the process,Another thing attracted public attention:On December 1, 2011,Securities regulatory commission issued [2011] no. 35 announcement to say,Acquisition and reorganization of listed companies WuJianMin committee"Suspected illegal holding the audit the listed company stock",Decided to its merger and reorganization review committee duties revoked.

　　解聘并购重组委员会委员，这在证监会历史上还是首次。

Dismiss merger and reorganization committee,The CSRC history or for the first time.

　　今年以来，证监会更是频繁公布一系列重大案件，包括郑拓“老鼠仓”案、叶志刚操纵市场案等、中恒信操纵股票案等。

Since this year,Securities regulatory commission is frequently published a series of major cases,Including ZhengTa"Mice storehouse"case/YeZhiGang market manipulation case, etc/In HengXin manipulate the stock case, etc.

　　据证监会有关部门负责人介绍，今年上半年中国证监会共受理线索230起，是去年同期的1.9倍；新增案件调查180件，是去年同期新增案件总量的1.7倍。

According to the relevant departments of the SFC controller introduces,In the first half of this year China securities regulatory commission had dealt with 230 cases of clues,Is 1.9 times that of the same period last year;New case investigation 180 pieces,Is the same period last year increased 1.7 times of the total cases.

　　这一切，都是对郭树清“对内幕交易和证券期货市场违规行为零容忍”在行动上最好的回应。

All this,Is to GuoShuQing"On insider trading and securities and futures market violations zero tolerance"In action the best response.

　

　三次降费 Three times JiangFei

　　大幅减轻投资者负担 Greatly reduce the burden of investors

　　9月1日起，沪、深交易所中国证券登记结算公司和四家期货交易所联手，再次大幅度降低A股交易经手费、过户费和期货交易手续费。

On September 1,,Shanghai/Deep exchange the China securities registration and settlement companies and four futures exchange together,To reduce A shares transaction charges/Transfer fee and futures trading commission.

　　这是年内的第三次大幅度降低交易手续费和市场监管费。

This is the third year greatly reduce trading and market supervision fee.

　　其实，对于降低交易成本问题，郭树清在今年全国“两会”期间就有所提及。当时，他在接受媒体采访时表示，证监会正在和有关部门探讨资本市场税收优惠政策。

In fact,For reducing the transaction cost problem,In the GuoShuQing this year"lianghui"Time to mention.At that time,He accepted the media interview said,Securities regulatory commission is and the relevant departments to explore capital market tax preferential policies.

　　业界认为，随着近年来二级市场持续大规模的新股扩容，降低交易成本将有利于提高存量资金的活跃度，同时这也是郭树清任主席以来各项改革举措的重要一环，在不断健全和完善资本市场体系的过程中也将对二级市场中长期走势产生深远的影响。

Industry think,In recent years, with the secondary market for the scale of the expansion of new shares,To reduce transaction costs will help to improve the capital stock of the active degrees,At the same time it is also chairman GuoShuQing since the reform measures is important one annulus,Constantly improve and perfect the system of capital market in the process of the secondary market will have a profound effect on the medium and long term trends.

　

　 引长线资金

Lead long term capital

　　海外投资者看好A股

Overseas investors spot A share

　　继QFII审批提速，并出台系列措施为QFII投资境内资本市场提供便利后，近期交易所又开展全球路演，吸引更多境外长期资金入市。

Following the QFII speed for examination and approval,And issued a series of measures for QFII investment domestic capital market after provide convenience,The recent exchange and will carry out the global road shows,Attract more overseas long-term capital entering the market.

　　其实，倡导、吸引长线资金入市，监管层早已是多次提及。

In fact,advocate/Attract long term capital listed,Supervision layer is already mentioned many times.

　　2011年12月1日，第九届中小企业融资论坛上，郭树清提出“在强化对广大中小投资者服务的同时，要鼓励和引导证券投资基金、养老基金、社保基金、保险资金等机构投资者协调发展，积极引导风险投资、私募股权投资阳光化、规范化运作”；2011年12月15日，在出席《财经》(博客,微博)年会时，郭树清表示“养老保险金和住房公积金可以学习社保基金，投资股市获取收益”；2012年1月9日，在全国证券期货监管工作会上，郭树清再次表态“ 鼓励社保基金、企业年金、保险公司等机构投资者增加对资本市场的投资比重，积极推动全国养老保险基金、住房公积金等长期资金入市。适当加快引进合格境外机构投资者的步伐，增加其投资额度”。2012年2月15日，在中国上市公司协会成立大会上，郭树清特别强调，社保基金投资于资本市场是为“救市”是完全不符合事实的，实际上两者之间是一种相互依赖相互促进的关系。离开股票和债券市场，养老基金、住房公积金的保值增值很难实现，这是世界范围内的共同经验。

On December 1, 2011,The 9th the financing of small and medium enterprises on the BBS,GuoShuQing put forward"In strengthen the small and medium-sized investors services at the same time,To encourage and guide the securities investment fund/Pension funds/Social security fund/Insurance funds and institutional investors coordinated development,Actively guide risk investment/Private equity investment sunshine change/Standard operation";15 December 2011,On the[financial](blog,Micro bo)When annual meeting,GuoShuQing said"Endowment insurance and housing accumulation fund can learn social security fund,Investing in the stock market for income";January 9, 2012,In the national securities and futures supervision work conference,GuoShuQing said again" Encourage social security fund/Enterprise annuity/Insurance companies, such as institutional investors to increase the proportion of investment of capital market,Actively promote the national endowment insurance fund/Housing provident fund and long-term capital entering the market.Appropriate introduction to speed up the pace of qualified foreign institutional investors,Increase the amount of investment".On February 15, 2012,In the Chinese listed company association meeting,GuoShuQing special emphasis on,The social security fund investment in capital market is for"Save city"Is not true,In fact both between is a kind of interdependent promote each other relations.Leave the stock and bond markets,Pension funds/The public accumulation fund for housing construction and increase the value of it is difficult to realize,This is the worldwide common experience.

　　此后，郭树清又有多次提及长线资金入市问题。而随着郭树清多次“路演”，证监系统各部门也在多个场合传达类似观点。

Since then,GuoShuQing and has repeatedly mentioned that long term capital listed problems.But along with GuoShuQing many times"Road shows",Securities regulatory system departments also convey similar views on many occasions.

　　改革新股发行

Ipo reform

　　力推退市制度

Push delisted system

　　今年4月1日，证监会发布《关于进一步深化新股发行体制改革的指导意见（征求意见稿）》，向社会广泛征求意见。新一轮新股发行体制改革前奏吹响。

On April 1,,Securities regulatory commission issued[On further deepening the reform of the system of new shares issued guidance(draft)],To the social widespread questionnaire opinion.A new round of new shares system reform prelude blew.

　　4月28日，证监会正式发布《关于进一步深化新股发行体制改革的指导意见》。新股发行开启新的征程。

April 28,,Securities regulatory commission issued a formal[On further deepening the reform of the system of new shares issued guidance].Ipo open new journey.

　　这一轮新股发行改革，提出从六方面进行改革。包括完善规则，明确责任，强化信息披露的真实性、准确性、充分性和完整性；适当调整询价范围和配售比例，进一步完善定价约束机制；加强对发行定价的监管，促使发行人及参与各方尽责；增加新上市公司流通股数量，有效缓解股票供应不足；继续完善对炒新行为的监管措施，维护新股交易正常秩序；严格执行法律法规和相关政策，加大监管和惩治力度。

This round of reform of the ipo,From six aspects put forward reform.Including perfecting rules,Clear responsibility,Strengthening the authenticity of the information disclosure/accuracy/Adequacy and integrity;Adjust inquiry range and placement ratio,Further perfect pricing constraint mechanism;To strengthen the supervision of the pricing issue,To participate in the issuer and the parties responsible;Add new listed companies circulation stock quantity,Effectively relieve stock in short supply;We will continue to improve the behavior of Fried new regulatory measures,Maintain the normal order of the New Deal;Strict implementation of laws, regulations and policies,Increase supervision and punish strength.

　　经过本轮改革，有分析表明，新股上市首日定价机制进一步完善，新股定价水平渐趋合理，“三高”现象有所缓解，炒新行为得到抑制，一级市场和二级市场均衡协调健康发展的目标初步实现，新股发行体制改革取得了阶段性积极效果。

After the epicycle reform,Have analysis shows that,The first ipo pricing mechanism to further improve,New pricing level gradually reasonable,"Three tenors"Phenomenon to ease,Fried new behavior, be suppressed,The primary market and secondary market equilibrium coordinated healthy development goal preliminary realization,New shares system reform has made a periodic positive effect.

　　除了改革新股发行制度，退市制度改革也破冰。

In addition to the reform of the system for issuing new shares,Delisted system reform also break the ice.

　　2011年11月28日，深交所发布《关于完善创业板退市制度的方案》，正式就创业板直接退市制度征求意见，2012年5月1日起，创业板退市制度正式实施。

On November 28th, 2011,Issued by shenzhen[About perfect gem delisted system solutions],Formal is gem direct delisted system for advice,On May 1st, 2012,Gem delisted system officially implemented.

　　业界认为，退市制度的研究出台有助于价值投资、理性投资、长期投资等正确投资理念的形成，可终结股市“不死鸟”。退市制度作为资本市场的“净化器”，能够促进市场发挥优胜劣汰的功能，在竞争中优化上市公司结构，从源头上保护中小投资者利益。

Industry think,To withdraw from the market on the study of the system of the help to the value investment/Rational investment/Long-term investment and the formation of the correct investment concept,To end the stock market"phenix".Delisted system as a capital market"purifier",To promote the market play the function of the survival of the fittest,In the competition structure optimization of the listed company,From the source to protect small and medium-sized investors interests.

　　项俊波频频调研 力推险资运用市场化

XiangJunBo frequently research push risk information using the marketization

　　■本报记者 傅苏颖

S our reporter FuSuYing

　　今年10月，项俊波任保监会主席已满一周年。这一年中，他带领保监会进行了一系列大刀阔斧的改革，取得了不少成就。其中，最值得市场关注的是，推出一系列险资投资政策措施，为险资投资松绑，显示出监管机构在很大程度上将投资权限归还市场，积极推进险资市场化改革。

In October this year,XiangJunBo as chairman of the China insurance regulatory commission has reached in a week.This year,He led the China insurance regulatory commission on a series of a shake-up,Have obtained many achievements.the,The most worthy of market focus is,Put out a series of risk capital investment policy measures,For risk capital investment relax,Shows that regulators in large part of investment return market access,Actively promote risk capital market reform.

　　频频到各地各机构调研

Again and again to all over the country agencies research

　　早在去年8月颁布的《中国保险业发展“十二五”规划纲要》勾勒了保险投资改革的路径：整合保险产业链，支持保险资金投资养老实体、医疗机构、汽车服务等相关机构股权。在风险可控的前提下，稳步推动保险资金投资不动产、未上市股权和战略性新兴产业，不断拓宽保险资金运用的渠道和范围，鼓励开展资产管理产品创新。

As early as in August last year issued[The development of China's insurance industry"1025"Plan for]Draw the outline of the insurance investment reform path:Integration of insurance industry chain,Support the investment of insurance capital endowment entity/Medical institutions/Auto service and other related institutions equity.In the premise of risks are controllable,Steadily promote the insurance fund investment real estate/Private equity and strategic emerging industry,Expanding the use of insurance funds channels and range,Encouraged asset management product innovation.

　　而项俊波自去年10月29日就任以来，就频频到各地、各机构进行调研，他的足迹似乎很多都与金融改革相关。

And XiangJunBo since last October 29, since the office,It frequently to all over the country/The mechanism research,His footprint seems to many related with financial reform.

　　今年2月3日，项俊波到了海南会见了海南省委书记罗保铭和省委副书记蒋定之。

On February 3,,XiangJunBo to hainan met with hainan provincial party committee secretary and deputy secretary of the provincial party committee LuoBaoMing JiangDingZhi.

　　首站为何选择海南？会谈资料显示，作为自然灾害多发省份，海南是全国首批农业保险试点省份之一，涉农险种广泛推行。并且，随着海南国际旅游岛建设上升为国家战略，海南方面也希望保监会在保险机构设置、保险业务创新等方面支持海南先行。

Why do you choose head of hainan?Talks data shows,As a natural disasters multiple provinces,Hainan is the first one of the agricultural insurance is one of the pilot provinces,Agriculture is planted widely practiced.and,With international tourism in hainan island construction rise to national strategy,Hainan also hope that the China insurance regulatory commission in the insurance institutional setup/Insurance business innovation support hainan first.

　　3月7日、12日，项俊波又分别会见了深圳市委书记王荣一行和武汉市委书记阮成发、市长唐良智一行，而这两大城市也均为当前金融改革前沿阵地。

March 7,/12,XiangJunBo respectively and met with the shenzhen municipal party committee secretary WangRong a line and wuhan municipal party committee secretary RuanChengFa/The mayor TangLiangZhi a line,And the two cities are also for the current financial reform forefront.

　　4月22日，在随同国务院副总理王岐山到上海对保险业进行调研之后，项俊波又到江苏调研，并于4月26日抵达温州进行实地调研。

April 22,With vice premier wang qishan to Shanghai to the insurance industry after investigation,XiangJunBo again to jiangsu research,And on April 26th arrived in wenzhou field research.

　　“保险资金运用的新政策新措施，可以在温州市金融综合改革试验区先行先试，并重点研究保险资金投资温州基础设施建设项目、参与温州产业投资基金、参与温州保障性住房、养老产业、医疗产业等领域的支持政策。”项俊波表示。

"Insurance funds utilization of new policy new measures,Can be in wenzhou financial comprehensive reform pilot area first try first,And key research insurance funds investment wenzhou infrastructure construction project/Participate in wenzhou industrial investment fund/Participate in wenzhou indemnificatory housing/Endowment industry/Medical industry and other areas of support policy."XiangJunBo said.

　　自此之后，保监会对外宣布将于出台投资新政，并公布了十大创新方向：资产配置、委托投资、债权投资、股权及不动产、基础设施债权计划、境外投资、融资融券、衍生品、创新产品和托管产品。

Since then,The China insurance regulatory commission announced on investment in the New Deal,And published ten big innovation direction:Asset allocation/Entrusted investment/Debt investments/Equity and real estate/Infrastructure creditor's rights plan/Overseas investment/margin/derivatives/Innovative products and trust products.

　　有条不紊推进改革

In an orderly way reform

　　借着“金改”的东风，项俊波对险资运用大刀阔斧的改革意欲何为？

Through the"Gold change"Easterly wind,XiangJunBo information to risks by using a shake-up intent?

　　保险资金的运用是保险产业的重要组成部分，将积聚的保险闲置资金运用于投资、筹资是保险资金的生命力所在。为经济建设提供资金，为社会的稳定发挥作用。随着我国保险市场的快速发展，保险筹资规模日益壮大，应对市场的激烈竞争，迫使保险公司对提升保险资金运用效益、降低投资风险提出了更高的要求。

The use of insurance funds is an important part of the insurance industry,Will the accumulation of insurance idle money used in investment/Financing is the vitality of the insurance funds.For economic construction funds,For social stability play a role.With the rapid development of our country insurance market,Insurance financing growing size,To deal with the fierce competition in the market,Forced insurance company to improve insurance funds utilization benefits/Reduce investment risk put forward higher request.

　　保监会统计数据显示，截至2011年底，我国保险业总资产已经高达6.01万亿元，但去年保险资金投资收益率只有3.6%。

The China insurance regulatory commission statistical data display,By the end of 2011,The insurance industry in our country has total assets as high as 6.01 trillion yuan,But last year only 3.6% rate of return on investment of insurance funds.

　　今年6月中旬的保险股集体疯涨，其导火索便是6月11日-12日，保监会组织的那场“保险投资改革创新闭门讨论会”商议13项保险投资新政（征求意见稿）。

In the middle of June this year the collective insurance stocks for the exits,The fuse is June 11-12,The circ organization"Insurance investment reform and innovation forum closed door"A New Deal counsel and insurance investment(draft).

　　而放宽保险资金投资债券、股权和不动产的品种、范围和比例的限制，允许保险公司委托有关金融机构进行投资，以及增加境外市场投资工具等；业内所有能预期的投资渠道，都或将在此轮新政中渐次向保险资金放开。

Relax and insurance funds invest in bonds/Equity and real estate varieties/The scope and the proportion limit,Allow insurance company entrusts the financial institutions for investment,As well as increasing the overseas market investment tools, etc;The industry can all expected investment channels,All or will be in this round of the New Deal in the insurance funds gradually to let go.

　　一个多月过后，13项投资新政中的《保险资金债券投资管理办法》、《保险资金委托暂行管理办法》、《保险资投资股权和不动产暂行管理办法》以及《保险资产配置管理暂行办法》陆续出台。

After more than a month,And investment in the New Deal[Measures for the management of insurance fund investment in bonds]/[The interim measures for the administration of insurance funds entrusted]/[Endowment insurance investment equity and real estate interim administrative measures]and[Insurance interim measures for the administration of asset allocation]Comes on stage in succession.

　　对照项俊波主张的“推进保险资金市场化改革”方向，上述四项新政中的《保险资投资股权和不动产暂行管理办法》较为明显，其开放程度可谓超出预期。

Control XiangJunBo claim"Promote insurance capital market reform"direction,The above four of the New Deal[Endowment insurance investment equity and real estate interim administrative measures]obvious,Its openness is faster than expected.

　　四项险资新政下发过后，不到一个星期，保监会又推出《保险公司控股股东管理办法》，直指关联交易，杜绝控股股东侵占保险公司利益。

Four risk information issued by the New Deal after,Less than a week,Circ and launch[The insurance company controlling shareholder management measures],Directed at connected transaction,Put an end to the controlling shareholders encroach on insurance company interests.

　　但是，政策的发布并非一帆风顺。讨论稿原本是10项，业内人士指出，市场将其诠释为13项，剩下的9项何时发尚无时间表。该人士指出，有关部门对此也存在不同意见，有人担忧渠道放得过开，风险会难以控制。

but,Policy issue is not plain sailing.Discussion paper was ten,The personage inside course of study points out that,Market will explain it for 13 items,The rest of the 9 when there is no timetable for hair.This personage points out,The relevant departments are there are different opinions,Some fear channel put too open,Risk will be difficult to control.

　　而项俊波并非受此干扰，他正按照自己最初的设计有条不紊地推进改革。按照他的总体改革思路是，去行政化色彩，推市场化运作，让更多的资源配置由市场自由选择；规范市场秩序，治理人身险销售误读，车险理赔难等两大病痼，保护消息者利益，对外塑形象。

And XiangJunBo not by this interference,He is according to their original design in an orderly way to push forward the reform.According to his overall reform train of thought is,Color to the administrative,Push marketization operation,Let more resource allocation by market freedom of choice;Standardize market order,Management life insurance sales misreading,Auto insurance claims difficult two Gu a serious illness,To protect consumers interests,Foreign plastic image.

　　对此，专家表示，解决销售误导，包括投资新政等都旨在加强内功，只有投资收益提升，保险公司的偿付能力才能提高。作为宏观经济中一部分的商业保险正逐步走向完善。从商业保险自身机制来看，应发挥的作用亦日趋重要。与此同时，一个稳健的市场也要有保险资金作为后盾。

this,Experts say,Solve sales misleading,Including investment the New Deal, etc are designed to strengthen internal work,Only investment income ascension,The solvency of insurance company to improve.As a part of the macro economy of commercial insurance is gradually toward completion.From the commercial insurance mechanism to see,Should play role also are becoming more and more important.meanwhile,A steady market also to have insurance funds as the backing.

　　尚福林

he

　　大力推进银行业体制变革

Vigorously promote banking system reform

　　■本报记者 夏 青

S our reporter summer green

　　相比证监会主席郭树清履职后的大刀阔斧、新政迭出，同样履政一年的银监会主席尚福林坚持“稳中求进”。这正如他履职后在《求是》杂志刊发的署名文章《严守风险监管底线》中提出的一样。

The CSRC GuoShuQing chairman compared after resumption of drastic/New Deal public,The same shoe administration a year of banking regulatory commission chairman he insist on"WenZhongQiuJin".This as he after the resumption[Truth from facts]The magazine publish articles signature[The supervision on risks the bottom line]Put the same.

　　对此，尚福林解释：“稳”，就是要严守风险底线，促进银行业稳健运行，维护金融稳定。银行监管工作要做到“进”，就是要坚定不移地推进深化银行业改革开放，提升金融服务水平，进一步推进自身监管能力建设。

this,He explain:"stability",The bottom line is to risk,To promote sound operation of the banking industry,Maintaining the stability of financial.Banking supervision of work to do"into",Is to unswervingly promote deepening reform and opening up the banking industry,Improve the financial service level,Further their own regulatory ability construction.

　　履职一年稳中求进

A year WenZhongQiuJin resumption

　　“稳”是静，需要耐心；“进”是动，需要勇气。

"stability"Is static,Need patience;"into"Is moving,Need courage.

　　一方面，坚持稳中求进，保持政策的稳定性和连贯性。尚福林要求，要稳步实施包含资本、杠杆率、流动性、拨备等丰富内涵的新监管标准，推动银行业进一步转变发展方式，增强稳健经营和可持续发展的内生机制。

On the one hand,Adhere to the WenZhongQiuJin,Keep the policy stability and consistency.He requirements,To steady implementation includes capital/Leverage ratio/liquidity/A provision and rich connotation of new regulatory standards,To promote banking further transformation development mode,Enhance stable operation and sustainable development of the endogenous mechanism.

　　在过去的一年中，一些此前备受关注的资本监管新规、服务收费新规陆续兑现。其中，值得关注的是，6月8日，中国银监会发布《商业银行资本管理办法（试行）》，并宣布将于2013年1月1日起实施。

In the past year,Some previous capital regulation of concern new gauge/Service charge new gauge has cash.the,There is concern,June 8,Issued by the China banking regulatory commission[The measures for the administration of the commercial bank capital(trial)],And announced on January 1, 2013 the implementation.

　　新的资本监管体系既与国际金融监管改革的统一标准保持一致，也体现了促进银行业审慎经营、增强对实体经济服务能力的客观要求。

New capital supervision system both with and international financial regulatory reform unified consistent,Also reflected the promoting banking prudent management/Enhance to economic entity that the service capacity of the objective requirements.

　　尚福林还要求，中国银行(601988,股吧)业需要进一步提升风险管理水平，准确把握风险防线，着力防范系统性区域性风险。要以加强风险缓释措施为重点，提高风险抵御和损失吸收能力。银行业要定期对信用风险，特别是集中度较高贷款领域，开展动态压力测试。对于因市场变化而导致押品价值下降、无法覆盖贷款本息的，要及时补充足值的抵押担保。

He also requires,The bank of China(601988,guba)Industry need to further enhance the level of risk management,An accurate grasp of the risk defence,To prevent systemic regional risk.To strengthen the risk slow-release measures as the focal point,Raise the risk to resist and loss absorption ability.Banking on a regular basis to credit risk,Especially in high concentration field of loans,To carry out dynamic stress test.Due to changes in the market and the fall in the value of the product/Can't cover the principal and interest of loans,To timely supplement sufficient value of the mortgage guarantee.

　　目前，银监会高度关注银行体系流动性风险。今年将推行商业银行流动性风险监管新标准，督促商业银行深化对新的流动性监管指标的理解和应用，加强对流动性风险的监测，强化融资来源稳定性管理，建立更有效的流动性风险管理体系。

At present,The CBRC high attention banking system liquidity risk.This year will be introduced in commercial bank liquidity risk supervision new standard,Supervise and urge commercial Banks to deepen the new liquidity supervision index of the understanding and application,To strengthen the monitoring of liquidity risk,Strengthen financing source stability management,The establishment of a more effective liquidity risk management system.

　　此外，为规范商业银行服务价格，保护金融消费者合法权益，促进商业银行业务的健康发展，在充分调研、广泛征求意见的基础上，银监会联合中国人民银行、国家发展改革委共同起草了《商业银行服务价格管理办法（征求意见稿）》。强化了对商业银行服务价格的监督管理，明确了政府价格主管部门、国务院银行业监督管理机构和中国人民银行的管理职责，细化了处罚规定。

In addition,In order to regulate the commercial bank service price,To protect the financial the legitimate rights of the consumers,To promote the healthy development of the commercial banking,In the full investigation/On the basis of extensively solicit the opinions,The people's bank of China banking regulatory commission jointly/The national development and reform commission jointly drafted[The measures for the administration of the commercial bank service price(draft)].To strengthen the commercial bank service price supervision and management,Has been clear about the government price departments/The banking supervision institution of the state council and the people's bank of China management responsibilities,Detailed the penalty provision.

　　另一方面，尚福林着重推进银行业的改革，其中最重要的成果就是民营资本进入银行业取得了实质性的突破。

On the other hand,He focuses on promoting the reform of the banking industry,One of the most important achievements is private capital into the banking made substantial breakthrough.

　　5月26日，银监会及时出台了《鼓励和引导民间资本进入银行业的实施意见》。

On May 26,The banking regulatory commission (CBRC) timely[Encourage and guide the folk capital into the banking of the implementation opinions].

　　《实施意见》首先明确表态支持民营资本与其他资本按同等条件进入银行业。其中，一是对于民营企业参与城市商业银行风险处置的，持股比例可以适当放宽至20%以上。这表明民营资本参股城市商业银行的最高入股比例终于与境外资本参股各类银行的最高比例看齐了。二是支持民营企业参与村镇银行发起设立或增资扩股。村镇银行主发起行的最低持股比例由20%降低为15%。当村镇银行进入可持续发展阶段后，持股比例还可以调整。这就是说，在以后村镇银行中，发起行可以降低其比例，从而使村镇银行有可能变为纯民营的银行。进而使村镇银行成为民营资本的主战场。

[Implementation opinions]First clear statement support private capital and other capital according to the same conditions to enter the banking industry.the,A is for private enterprises to participate in the city commercial bank risk disposal,Shareholding ratio can relax appropriately to more than 20%.This suggests that private capital participation city commercial bank in the highest proportion finally with overseas capital participation of all kinds of bank's highest proportion the emulate.The second is to support private enterprises to participate in the villages and towns bank to launch or increase endowment spread.Town bank launched the Lord did minimum shareholding ratio by 20% reduced to 15%.When the town bank into sustainable development phase,Shareholding ratio can be adjusted.This means that,In the later in the bank villages and towns,Launch line can reduce its proportion,So that the village bank is likely to become a pure private bank.And town bank become the main battlefield private capital.

　　机制改革是未来重点

Mechanism reform is the key

　　近十年来银行业发展日新月异，银行面临的金融环境已经今非昔比。银行业盈利模式这一核心问题上，我国的银行业始终未出现较大的改观。银行业如何摆脱对传统业务的依赖，加强业务创新和中间业务拓展，是中国银行业转型的重要课题。不仅如此，在欧债危机尚未平息的背景下，国际金融格局正发生着深刻变化，国内金融业改革也在向深水区挺进，这一切对银行业监管提出了新挑战，如何使银行系统更安全稳健、更有竞争力。

In the past ten years banking development change with each passing day,Banks are facing financial conditions have is not what it was.Banking profit model the core issues,China's banking always does not appear bigger change.How to get rid of the banking industry to the traditional business depend on,Strengthen business innovation and intermediate business development,Is China's banking industry transformation of the important topic.Not only that,In the debt crisis under the background of not calm,International financial pattern is undergoing profound changes,Domestic financial sector reform also to deep water area in advance,All this banking regulation to put forward new challenge,How to make the banking system more safe and steady/More competitive.

　　在利率市场化、汇率自由化、人民币国际化，银行业如何打破垄断？银行业如何在竞争中提升竞争力和服务水平？都是需要通过改革打通一条道路。

In the marketization of interest rate/Rate liberalization/RMB internationalization,The banking industry how to break the monopoly?The banking industry how to enhance their competitiveness in the competition and service level?Are all need through the reform through a road.

　　对于改革，尚福林曾说：“如果说八年前的改革是体制改革，那么下一阶段的改革重点就是机制改革。”

To reform,He once said:"If the eight years ago reform is the reform of the system,So the next phase of the reform is to focus on mechanism reform."

　　尚福林在《财经》杂志撰文更是具体的阐释了自己对于银行业机制改革的观点，

He in[financial]Magazine articles is explained by specific for banking mechanism reform point of view,

　　他在文中指出，银行需要建立有效的约束机制，提升资本管理的前瞻性，在经营中综合考虑风险、收益、资本的平衡关系，强化资本对资产的刚性约束，坚决走出“面多了加水，水多了加面”的粗放循环。

He pointed out that in this paper,A bank needs to establish an effective constraint mechanism,Ascension capital management prospective,In the operation of the comprehensive consideration of the risk/income/The equilibrium relation between the capital,To strengthen the capital assets of the rigid constraint,Firmly out of"Surface much water,More water and surface"'s extensive cycle.

　　他指出，随着国民经济的增速逐步放缓，银行资产规模的基数日益扩大，银行业保持同水平的高速发展已不太现实，为此，各银行要在制定出符合宏观经济形势和自身发展实际的年度经营计划，避免给分支机构造成过大压力。

He pointed out that,As the national economy growth slowdown in step by step,Bank assets scale expanding base,Keep the rapid development of the banking industry TongShuiPing has not too realistic,therefore,Banks to formulate conform to the macro economic situation and its own development actual annual business plans,Avoid to cause excessive pressure branches.

　　尚福林在上述文章中提到，银行业于2010年进行的以A+H配股为主要形式的资本补充，这种资产扩张而倒逼资本补充的现象不可持续。银行业在经营中要综合考虑风险、收益、资本的平衡关系，强化资本对资产的刚性约束。

He in the article above mentioned,The banking industry in 2010 to A + H match as the main form of capital supplement,This kind of assets expansion DaoBi capital supplementary phenomenon unsustainable.In the operation of the banking industry to comprehensive consideration of the risk/income/The equilibrium relation between the capital,To strengthen the capital assets of the rigid constraint.

　　不过，这样的机制改革不是一蹴而就的，而需要一步步渐进。在证监会任上近十年，完成了股权分置改革，推出了中小板、创业板、股指期货和融资融，啃下了一块块“硬骨头”。期待这位金融老兵在重回银行监管领域后，也能带领中国银行业完成体制改革。

but,Such mechanism reform is not achieved overnight,But need to step by step progressive.In any securities in recent ten years,Completed the reform of non-tradable shares,Introduced a small and medium-sized plate/gem/Stock index futures and margin,KenXia the benevolent"Hard bone".Looking forward to the financial veterans in the back to banking supervision after the field,Can also lead the China banking complete system reform.