让金融发挥现代经济核心作用，需要三个“势在必行”—金融支持实体经济升级换代，金融体系多样化的综合改革，构建可持续的政策性融资机制

Let financial play the role as the core of modern economy,Need three"Is imperative"- financial support upgrading entity economy,The financial system of diversified comprehensive reform,Constructing sustainable policy financing mechanism

　　现实生活里，我们正面对着一个很严峻的挑战：在全球金融危机的冲击下，我们引以为豪的长三角经济“增长极”已出现过温州实体经济层面的资金链断裂的实质性危机。虽然在各层面人士的共同努力下，危机得以较快平息，但实际上其余波仍存，最近又有些“风声吃紧”的迹象。

In real life,We are facing a very serious challenges:In the global financial crisis under the impact of,We are proud of the Yangtze river delta economic"Growth pole"Wenzhou has seen real economy level of capital chain rupture substantive crisis.Although in each level under the joint efforts of people,Crisis to quickly quell,But the fact is that the rest of the wave are still,Recently some"Tight wind"signs.

　　金融是现代经济社会发展中仍在继续发展和创新的一个前沿领域，它像是整个经济生活的血液循环系统或心血管系统，渗透进所有的经济活动和市场交易，并以信用助推和放大。称它为“核心”，就在于其带有对全局的支撑功能，对发展、成长的放大式的支持功能。与此同时，如果处理不好这个“核心”，它可能会脱离整个服务对象，“核心”就变成了“空心”。

Finance is the modern economic and social development is still in the continue development and innovation of a frontier field,It seems the whole economic life blood circulation system and cardiovascular system,Penetrate into all economic activities and market transaction,And with credit boost and amplification.Called it"core",Lies in its with global support functions,To develop the/Growing amplified support function.meanwhile,If we cannot deal with this"core",It may be from the service object,"core"Becomes a"hollow".

　　怎样使金融发挥现代经济核心作用，进而助益于发展和全局，我就此指出三个“势在必行”。

How to make financial play the role as the core of modern economy,Then helpful in development and global,I pointed out that this three"Is imperative".

　　金融支持实体经济升级换代势在必行

Financial support the upgrading of entity economy is imperative

　　金融归根到底是为实体经济服务的。中国现在不可回避的金融问题，概括地说，是在总体杠杆率仍低的情况下，却已明显地存在经济与金融联结中的较大风险和融资失位。

Financial in the final analysis is for the real economy of the service.China is now inevitable financial problems,To sum up,Is in the overall leverage ratio is still low,Has obviously existing economic and financial coupling of the larger risk and financing lost motion.

　　既然金融是核心，是为实体经济服务的，那实体经济迫切需要什么呢？

Since finance is the core,For the real economy of the service,The entity economy urgent need?

　　比如温州，在充满争议中发展到上个世纪末，已经赢得近乎一片赞扬声，原来对温州的指责、批评，基本平息下去了，外界已普遍对温州的发展状况欢欣鼓舞。一度热闹的所谓“温州模式”和“苏南模式”之争，事实上因更看重温州在市场经济发展中的适应性而得到更多人的认同。但是，几年之后，温州却出现了所谓“产业空心化”的问题，地区实体经济迫切需要升级换代。按照“主体功能区”的概念，温州、浙江和长三角应该是优化开发区，就是在实体经济这个层面能够有效地加快发展方式转变、实现升级换代的区域，但事实是，温州没有做到。温州和其他类似的“增长极”区域之所以有负众望，背后的问题之一就是金融并没有能够提供有效的支撑。

Such as wenzhou,In the controversial to the end of last century,Has won almost a piece of positive recognitions,The original of the accused of wenzhou/criticism,Basic calm down,The outside world have common development of wenzhou exult.Once busy so-called"Wenzhou mode"and"Sunan mode"struggle,In fact for more important in the development of the market economy in wenzhou adaptability and get more recognition.but,A few years later,Wenzhou is the emergence of the so-called"Industry KongXinHua"problems,The real economy in urgent need to upgrade.According to the"Main body function region"concept,wenzhou/Zhejiang and long triangle should be optimized development zone,Even in the real economy of this level can effectively speed up development mode change/The upgrading of realization of the area,But the fact is,Wenzhou didn't do.Wenzhou and other similar"Growth pole"Area is didn't come up to expectations,Behind the problem is one of the financial and failed to provide effective support.

　　在实体经济层面所积累矛盾的爆发，导致2011年下半年温州辖区内几十家企业（许多是当地排名靠前的大企业）资金链断裂，出现企业家“跑路”的现象，因为这些老板不仅担心政府问责，还担心债主和其他方面采取非常手段，威胁到自身人身安全。之所以酿成这个局面，首先是实体经济碰到了阻碍其继续上升的“天花板”—既有技术的天花板，又有制度的天花板。这两块“天花板”制约着升级换代，积累了大量难以解决的问题，在金融危机外来压力之下，终于到了一个临界点，较全面地在温州爆发了。

In the real economy level have accumulated the outbreak of the conflict,Lead to the second half of 2011 wenzhou dozens of enterprises within their respective jurisdictions(Many are local ranking the front of the big enterprise)Capital chain rupture,Appear entrepreneurs"Run road"phenomenon,Because the boss is not only worried about government accountability,Also worry that the creditor and other aspects to take drastic measures,Threat to their own personal safety.The reason to this situation,The first is the real economy met hinder its continue to rise"ceiling"- both technical ceiling,And a system of the ceiling.These two pieces of"ceiling"Restricts upgrading,Accumulated a lot of difficult problem to solve,In the financial crisis under external pressure,Finally came to a critical point,A more comprehensive broke out in wenzhou.

　　所以，考虑金融问题，首先要跳出金融看现实生活的需要，我们必须明确地表述—“以金融切实有效地支持中国实体经济升级换代”这一点势在必行。

so,Considering the financial issue,First of all to jump out of financial see the need of real life,We must clearly expression -"With financial effectively support China's real economy upgrading"It is imperative under the situation.

　　金融体系多样化的综合改革势在必行

The diversity of financial system comprehensive reform is imperative

　　温州实施金融综合改革试点非常必要、重要，这个改革可以说是逼出来的、不得不推进的改革。现在，各方面对它抱有种种期待，归结为一点，就是要乘势形成多样化的金融生态，从而让货币市场、资本市场，乃至整个金融市场出现多样化的金融产品和融资工具，让它们相互间达到“无缝连接”的状态，以回应各种市场主体的融资需要。

Wenzhou implementing financial comprehensive reform pilot is very necessary/important,This reform can be said to be forced out/Have to promote reform.now,All parties have a variety of looking forward to face it,Boil down to a little,Is to takes advantage of a favorable situation form diversified financial ecology,Thus make money market/Capital market,And even the whole financial market appear diversified financial products and financing tool,Let them to each other"Seamless connection"state,In response to all kinds of the main body of market financing needs.

　　为什么过去的金融支持严重失位呢？温州危机后，我参加过一个现场会，当地人民银行的领导非常自豪地说，相关评价体系的结果显示，温州的金融生态连续七年都名列全国第一。这个说法非常有讽刺性：金融既然是支持经济发展的，在温州资金链断裂后，承担调节管理之责的领导本应好好查找原因，但他却仍无愧疚地大谈温州金融生态指标连续七年全国第一！那么，他所津津乐道的指标是什么呢？是在人民银行系统的考核中没出多少账面上的损失，等等。但是，整个温州经济的实际运行情况已经跟这些指标没多少关系了，在很多情况下，近乎于由高利贷主导当地的融资状况了。虽然高利贷的存在已经由来已久，但它的负面作用不可否认，在金融危机冲击下，民间金融集聚了大量的风险，并在温州实实在在地爆发出来了。

Why the past financial support serious lost motion?Wenzhou crisis after,I have participated in a fake,The local people's bank's leadership is very proud to say that,The result shows that the related evaluation system,Wenzhou financial ecological seven consecutive years ranked the first.It is a satire:Financial since is to support economic development,In wenzhou capital chain after fracture,Take charge of the management regulation of leadership should be to find the reasons,But he was still no guilty about talking about the wenzhou financial ecological index the first seven years in a row!so,He is fond of relating index is what?Is in the people's bank of the assessment system are not much book losses,, etc.but,The wenzhou economic actual operation has been talking to these indicators didn't have much relationship,In many cases,Near by usury leading local financing the situation.Although the existence of usury has already,But its negative effects do not deny,In the financial crisis impact,Folk financial gathering a lot of risk,And in wenzhou, truly, the out.

　　温州企业的创立与发展，以前得不到来自正规金融机构的支持，早早就以草莽形式产生了抬会、摇会、地下钱庄等，某种意义上，这种非正规金融对发展还是有益的，所以，管理部门没有简单地把它们全部“掐死”。所以，在正规金融力量很有限、左右不了温州发展大局的情势下，逐步演变成当地企业几乎依靠高利贷解决融资问题。当金融危机这个外部冲击到来后，在温州实体经济融资压力可承受度的临界点上，资金链断裂了，原来的运行机制不能循环了，矛盾就充分暴露了。这是一记颇有力度的警钟，它表明温州金融业态很不适应经济和社会发展的需要。所以，我们必须寻找替代它的新业态，这必然要通过改革形成能提供有效供给的其他金融形式，促使经济与金融的良性互动一步一步发展起来。比如小额贷款、政策性融资，这些可以适应不同层面（包括草根层面）、不同规模（包括小微企业）和不同经济活动（包括战略性新兴产业和新农村建设等）的多样化金融产品的供给，应该能够大体上无缝地、全覆盖地使各种各样的实体经济活动都能得到融资。特别是对企业的创新活动和升级换代的市场资源配置，应由常规金融与政策金融提供的“低利贷”和由小额贷款公司等提供的“中利贷”主导，把副作用甚大的高利贷边缘化，乃至把它挤出去！这才是金融发展、金融改革应该具备的境界。

Wenzhou enterprise establishment and development,Not before from the formal financial institutions to support,In early greenwood form produced will carry/Wave will/Underground Banks, etc,A sense,This kind of informal finance for development or useful,so,The management does not simply put them all"strangled".so,In the formal financial strength is very limited/About the wenzhou development overall situation conditions,Gradually evolved into the local enterprise almost depend on usury to solve the financing problem.When the financial crisis the external impact after arrival,In wenzhou economic entity of financing pressure endure degree of critical point,The capital chain rupture,The original operation mechanism can't the cycle,Contradiction is fully exposed.This is a quite remember the strength of the alarm bell,It shows that the wenzhou financial format is not adapt to the requirement of economic and social development.so,We must look for alternative its new format,This must through the reform formation can provide effective supply of other financial form,Make economic and financial benign interaction developed step by step.For example small loans/Policy financing,These can be adapted to different level(Including grass root level)/Different scale(Including small micro enterprise)And different economic activities(Including strategic new industries and new rural construction, etc)The diversity of the supply of financial products,Should be able to seamlessly in general/Full cover to make all kinds of entity economy activity can be financing.Especially for enterprise's innovation and the upgrading of market allocation of resources,Should by conventional financial and policy financial offer"Cheap credit"And by small loan companies, such as the provision of"The credit in the"leading,The great side effects of usury marginalization,And put it out!This is the financial development/Financial reform should have border.

　　第二个势在必行就是指金融综合改革应当使不同产业、不同层级、不同身份的市场主体都有可能得到融资支持，特别是要以多样化的金融支持实体经济的升级换代与创新。

The second is imperative is refers to financial comprehensive reform should make different industries/Different levels/The identity of the different market main body are likely to get financing support,Especially in diversified financial support upgrading of entity economy and innovation.

　　构建可持续的政策性融资机制势在必行

Constructing sustainable policy financing mechanism is imperative

　　政策性金融在上个世纪80年代后期就已在我国进行过探讨，当时已从机构设置方面作了安排，但在后来的发展探索中，路径却越来越模糊了。

Financial policy in the 80 s has been in our country are discussed,At that time already from institutional setup of the arrangement,But in the later development of exploration,But more and more blurred the path.

　　近年，管理部门和金融研究者大多有意无意地回避“政策性融资”这一概念。我个人始终认为，这个问题是无可回避的，应该把这样一种特定机制构建的问题提升到中国如何实现后来居上的现代化战略目标的历史大背景下。

In recent years,Management departments and financial most researchers intentionally or unintentionally avoidance"Policy financing"This concept.Personally, I always think,This problem is an inevitable,Should have such a specific mechanism structure problem ascension to China how to realize the modernization of seizing the strategic goals of the historical background.

　　我们当然不是要以政策性金融体系替代商业性金融体系，但它在商业性金融体系发展当中，要与之相互呼应而不可回避，应把政策性金融体系一并考虑进制度建设。

We of course not to policy financial system alternative commercial financial system,But it is the commercial financial system of development,To the mutual echo and inevitable,The policy financial system should be considered in system construction together.

　　尽管支持中小微企业、支持“三农”、支持企业创新等说法呼喊了很多年，但有多少以商业化定位的银行和金融机构具有可持续的、真正内生的支持动机与行为？答案很简单，没有，不可能有！有的可以一次性地支持，可以政治表态式地支持，但就是没有内生持续的力量。从机理上说，如果提供真正的支持，必须矫治“市场失灵”，形成以财政支出作为后盾，实施“政策性资金、市场化运作、专业化管理、信贷式放大”的一整套机制和制度安排，这是多样化金融体系的构建里要解决的实质问题之一。

Although support small and medium-sized micro enterprise/support"Agriculture, countryside and farmers"/Support enterprise innovation, saying shout for many years,But how many to the positioning of the commercial Banks and financial institutions have sustainable/Real endogenous support motivation and behavior?The answer is very simple,no,There can be no!Some may disposable to support,Can political statements type support,But there is no endogenous continuous power.From the mechanism on said,If provide real support,Must correctional"Market failure",The formation of a financial expenditure as the backing,implementation"Policy funds/Market operation/Professional management/Credit type amplification"A complete set of mechanism and system arrangement,This is the construction of diversified financial system to solve one of the essence of the problem.

　　但是，构建这个机制的难度非常明显，有两个要点必须坚持：一是要总结过去的成败得失，在机制上要坚持风险共担。如果财政介入后，各方就都把风险一股脑儿推给财政，那么这个机制马上就带来“道德风险”，也就是说，马上就带来了不可持续的问题。二是支持有政策性融资需求的小微企业和创新企业不可能“有求必应”，如何挑选支持对象？这就要求必须形成能够经得住考评的、规范的、有透明度的支持对象的遴选机制，它应当是一种有专家参与、集体决策的机制。虽然在这种机制下，不能保证百分百都正确、成功，但选择的整个程序必须经得住严格的“审计式考评”，必须适应公共财政的公众参与和问责制的发展。贴息、信用担保，以及其他方式是政策性融资的支持手段，其可持续性首先要求遴选程序是公正的。所有的这些支持都可能产生失败案例，要靠专业化和公正性把失败率控制在可承受的低水平状态，这就客观地要求有规范化的、具备能够经得起公共裁量的遴选与考评机制。

but,The difficulty of constructing this mechanism is very obvious,There are two points must adhere to:One is to sum up the past the success or failure of the gain and loss,In the mechanism to adhere to the risk sharing.If the financial after intervention,All parties to the risk completely push to finance,So this mechanism brought immediately"Moral risk",That is,Immediately brought the unsustainable problem.The second is to support a policy financing needs of small micro enterprise and innovation enterprise impossible"responsive",How to choose support object?This request must be able to withstand formation of pa/standard/Have the support of the transparency of object selection mechanism,It should be a kind of experts to participate in/Collective decision-making mechanism.Although in this mechanism,Can't guarantee is correct/success,But the choice of the entire program must stand strict"Audit type appraisal",Must adapt to the public finance and public participation in the development of the accountability system.discount/Credit guarantee,And the other way is to policy financing support means,Its sustainable first requests the selection procedure is fair.All of these support are possible to produce failure case,Want to rely on specialization and impartiality in the failure rate control can withstand low status,It is objectively require a standardized/Have to withstand public discretion selecting and appraisal mechanism.

　　所以，政策性融资机制的打造势在必行，关键是上述两种可以抑止“设租、寻租”的机制，必须一并打造好。在温州等地的金改试点中，有效地把政策性融资机制纳入金融多样化体系，形成相关制度建设，已时不我待。

so,It is imperative to make policy of financing mechanism,The key is the above two can retarding"Set rent/rent-seeking"mechanism,Must make good together.In wenzhou, etc of the gold to the pilot,Effectively put the policy financing mechanism into financial diversity system,Formation related system construction,Has time will not wait for me..