中国金融业发展壮大的历史，就是一部打破“大一统”金融体制，转型为多层次、多主体、多元化的金融业的历史。

The history of China's financial industry development,Is a break"united"Financial system,Transformation for multi-level/multi-agent/Diversified financial history.

　　正是得益于三十余年金融业的改革发展，在2008年的全球金融危机中，中国金融业不但全身而退，更反超了西方的金融巨头。与GDP规模位居世界第二相一致，中国金融业成长为国际金融体系中不容忽视的重要力量。

It is benefit from more than 30 years of reform and development of the financial industry,In 2008, the global financial crisis,China's financial industry not only retreats,More claim the western financial giant.With GDP scale consistent ranks second in the world,China's financial industry growth for the international financial system should not be ignored in the important strength.

　　英国《银行家》杂志公布的2011年全球前1000家银行排序显示，工商银行(601398,股吧)、建设银行(601939,股吧)2010年的净利润分别达到325亿美元和264亿美元，分列全球第一、第二名。

British[bankers]Magazine published in 2011, the world's top 1000 Banks sort display,Industrial and commercial bank of(601398,guba)/Construction bank(601939,guba)2010 net profit reached $32.5 billion and $26.4 billion,Parse the world's first/The second.

　　若以一级资本排序，工行、建行、中行与农行分列全球第六、第八、第九和第十四位。若以排序变动幅度而论，在位置上升幅度最大的全球十大银行中，中国银行(601988,股吧)业占据半壁江山。

If the level of capital sort,icbc/CCB/Bank of China and the agriculture bank parse global sixth/The eighth/9 and 14 a.If the order amount of variation,In position up the largest amount of the world's ten largest bank,The bank of China(601988,guba)Industry occupies deodorants.

　　“从1978年，人民银行既发行钞票、又吸收储蓄的金融“大一统”开始，历经三十余年的图治，中国金融业正呈现出银行、信托、证券、保险等各类金融机构百舸争流的景象。”

"From 1978,People's bank is issuing/And absorption of the financial savings"united"Began to,The chart for more than thirty years,China's financial industry is present a bank/trust/securities/Insurance and other kinds of financial institutions to win scene."

　　“包打天下”与“百家争鸣” "BaoDaTianXia"and"Schools of thought contend"

　　“中国经济改革是以市场为导向，金融体制的改革也是以市场为导向。”在中央财经大学银行业研究中心主任郭田勇看来，改革开放以前，经济是一种高度集中的计划经济体制，金融则是“大一统”的金融制度。

"China's economic reform is take the market as the guidance,The reform of the financial system and take the market as the guidance."In the central university of finance and banking research center director guo TianYong looks,Before reform and opening up,Economy is a kind of highly centralized planned economic system,Financial is"united"Financial system.

　　所谓大一统，就是人民银行一家包打天下，不但身兼中央银行的职能，还开办吸收储蓄等商业银行业务。这一框架下，中行仅仅是人行专营外汇业务的一个部门；农行也是人行专为农村提供金融业务的部门。此外，财政部还下设建行，专门管理和分配拨给建设项目的政府资金。

The united,The people's bank of is a BaoDaTianXia,Not only the body and the functions of the central bank,Also open absorption savings of commercial Banks.Under this framework,Bank of China is just pedestrian specializes in foreign exchange business of a department;Agriculture bank is also a pedestrian designed for rural provide financial business department.In addition,The ministry of finance also has the construction bank,Specialized management and distribution of the construction project to government funds.

　　最初的变革发生在1984年：工商银行从人民银行中分立而出，加上之前的中行、建行、农行，中国形成了四大专业银行体系。与此同时，人民银行则专注于中央银行的职能。

The initial change took place in 1984:From the people's bank and commercial bank in the division,Combined with the bank of China before/CCB/Agriculture bank,China formed four professional banking system.meanwhile,The central bank of the people's bank of the functions of the focus.

　　中国的这种专业银行体系持续了约十年之久，1993年12月，国务院下发了《关于金融体制改革的决定》，全面重塑中国的金融体系。事实上，从效果看，这一决定基本奠定了今后中国金融生态的大框架。

China's this kind of professional banking system lasted for about ten years,In December of 1993,The state council issued the[Decision on financial reform],Comprehensive to reshape China's financial system.In fact,From the effects of see,This decision basic laid the future of China's financial ecological big frame.

　　上述决定提出的金融体制改革的目标是：建立在国务院领导下，独立执行货币政策的中央银行宏观调控体系；建立政策性金融与商业性金融分离，以国有商业银行为主体、多种金融机构并存的金融组织体系；建立统一开放、有序竞争、严格管理的金融市场体系。

The above decided to put forward the reform of the financial system goal is:Set up under the leadership of the state council,Independent implement monetary policy, the central bank of macroeconomic regulation and control system;Establish policy finance and commercial finance separation,In state-owned commercial Banks as the main body/Many financial institutions co-existing financial organization system;Built up a unified and open/And orderly competition/Strict management system of financial market.

　　根据上述决定，1994年，国开行、农发行、进出口银行相继成立。在此之后，股份制银行、农信社、城信社也渐次登上金融舞台，一时间，中国的银行业呈现百家争鸣的局面。

According to the above decision,In 1994,,Countries operation/NongFaHang/Import and export bank established.After that,Joint-stock Banks/Rural credit cooperative/The city club also gradually on financial stage,time,China's banking industry present situation of schools of thought contend.

　　国有银行“突围” State-owned Banks"breakout"

　　在银行业迅速扩张的同时，中国迎来了改革开放后一次重大的机遇——加入WTO。加入WTO，意味着中国金融业要和实力、经验远胜于己的西方金融机构竞争。

In the banking industry rapid expansion at the same time,China welcomed after reform and opening up a major opportunity - accession to the WTO.Accession to the WTO,Means that China's financial industry will and strength/Experience is far better than oneself western financial institutions competition.

　　撇开入世不谈，更重要的是，当时以四大行为代表的中国银行业在快速发展过程中已积累了大量的风险。以国有大行为例，四大行报告的不良贷款率约25%，但市场的估计基本在35%至40%之间。

Apart from wto not to talk,More important is,At that time by four big behavior on behalf of the Chinese banking in the rapid development process has accumulated a lot of risk.The state-owned big behavior exemple,Four line report bad loans of about 25%,But the market estimates basic between 35% and 40%.

　　当时国际上甚至流行着一种观点，即认为中国的商业银行技术上已经破产。

In the world at that time and even popular with a point of view,Is thought that China's commercial bank technology is bankrupt.

　　人民银行副行长潘功胜在其专著《大行蝶变》中称，在改革节奏上，亚洲金融危机加大了中国金融改革的紧迫感。

People's bank vice President PanGong wins in the book[Big line control variable]Said in a,In the reform on the rhythm,The Asian financial crisis increased China's financial reform sense of urgency.

　　中行国际金融研究所副所长宗良介绍称，亚洲金融危机之后，国家采取了一系列措施推进国有大行改革：1998年，通过财政发行2700亿特别国债补充国有大行资本金；1999年，成立四大资产管理公司承接国有大行和国开行剥离的1.4万亿不良资产。

Bank of China international finance deputy director of the institute ZongLiang introduction says,After the Asian financial crisis,The state has adopted a series of measures to promote state-owned large line reform:In 1998,,Through the financial issue 270 billion special Treasury bonds added state-owned large line capital;In 1999,,The setting up of the four big state-owned asset management companies to undertake large line and countries of operation stripping 1.4 trillion bad assets.

　　到了2003年，中国金融业改革迎来高潮：当时，国家决定启动大型商业银行股份制改革，创造性地运用国家外汇储备注资大型商业银行，按照核销已实际损失掉的资本金、剥离处置不良资产、外汇储备注资、境内外发行上市的财务重组“四部曲”方案，全面推进改革。

By 2003,China's financial sector reform have high tide:At that time,Countries decided to start large-scale commercial bank stock reform,Creative use of national foreign exchange reserves capital injection large commercial bank,According to cancel after verification has actual loss of capital/Stripping disposal of bad assets/Foreign exchange reserves capital injection/Issue and listing of the financial restructuring"tetralogy"scheme,Comprehensive reform.

　　2005年，建行率先在香港上市，中行、工行则于2006年上市，农行在2010年也登陆了资本市场。国有大型商业银行股份制改革终于顺利圆满完成。

In 2005,,The construction bank listed in Hong Kong,boc/Icbc is listed in 2006,Agriculture bank in 2010 also landed capital market.Large state-owned commercial bank joint-stock reform finally complete smoothly.

　　在交行首席经济学家连平看来，这一系列的改革取得了丰硕的成果：银行的整体实力明显增强，公司治理也发生了重大变化，国际地位也得到大幅提升。

In handing in travel chief economist even flat looks,This series of reform have made great achievements:Bank overallstrength obvious enhancement,Corporate governance has also undergone a significant change,International status has also been improved significantly.

　　证券、保险齐头并进 securities/Insurance neck and neck

　　一直以来，在中国的金融业结构中，商业银行的资产规模占比超过90%以上。不夸张地说，银行业的改革发展，在相当程度上代表了金融业的成就。但需要强调的是，银行业天翻地覆变化的同时，证券、保险、信托等其他非银行业金融机构并未沉寂。

Has been,In China's financial industry structure,Commercial bank assets accounted for more than 90% than.No exaggeration to say,Banking reform and development,To some extent, represents the financial achievements.But need to be emphasized,Banking snafu change at the same time,securities/insurance/Trust and other non banking financial institutions not silence.

　　资本市场方面，从上世纪90年代，上海和深圳两家证券交易所筹备成立算起，中国的资本市场已历经20余年的发展。

Capital markets,From the 1990 s,Shanghai and shenzhen stock exchange was established two for counting,China's capital market has over 20 years' development.

　　截至目前，我国投资者账户已经超过1.6亿，市场规模也已升至世界第二，规模上已是十足的世界级市场。

So far,Our country has more than 160 million investors account,The size of the market also has risen to the world's second,Scale has been a world market.

　　保险市场方面，改革开放之初，我国保险市场由一家公司经营，全部保费收入只有4.6亿元。而行至2007年底，全国保险公司已达到110家，总资产2.9万亿元，实现保费收入7000多亿元，市场规模增长1500多倍。

Insurance markets,At the beginning of the reform and opening up,Our country insurance market by a company's business,All premium income is only 460 million yuan.And step to the end of 2007,The national insurance company has reached 110,Total assets of 2.9 trillion yuan,Achieve premium income of more than 7000 yuan,Market scale growth of more than 1500 times.

　　保监会原主席吴定富曾在署名文章中称，保险已经渗透到经济社会的方方面面，逐步成为服务民生、改善民生和保障民生的重要手段，成为支持投资、扩大消费和保障出口的重要因素。

The former chairman of the China insurance regulatory commission WuDingFu have been at the sign said in this paper,Insurance has penetrated into every aspect of the economy and society,Gradually become people's livelihood service/To improve the livelihood of the people and an important means of guarantee the people's livelihood,Become support investment/Expand consumption and guarantee export of important factors.

　　此外，信托、租赁、担保、典当等其他非银行业金融机构更是在最近三十年经历了一个从无到有、从小到大的过程。2008年以来，中国信托业的信托资产规模每年以约一万亿元的增长不断刷新纪录，2012年6月末达到5.54万亿。

In addition,trust/lease/guarantee/Pawn and other non financial institutions in the banking industry is in recent 30 years experience a start from scratch/The process of since the childhood.Since 2008,China's trust industry trust asset scale to about one trillion yuan a year growth constantly refresh record,At the end of June 2012 to 5.54 trillion.

　　填充央行工具箱 Fill the central bank toolbox

　　一方面，金融机构主体日益多元化，另一方面，中国的金融基础设施；货币政策调控手段也在日益丰富。

On the one hand,Financial institutions subject diversification,On the other hand,China's financial infrastructure;Monetary policy means are also increasingly rich.

　　改革开放之前，财政是国民收入分配主体。财政政策在经济运行调控中占据主导地位，货币政策实际上是综合信贷政策，强调的是“钱随物走”。资源的分配主要通过行政命令决定，某种意义上来说，当时并没有真正的货币政策。

Before reform and opening-up,Finance is the main body of the national income distribution.Fiscal policy in the economic operation regulation and control the dominant,Monetary policy is actually a comprehensive credit policy,Emphasis is"Things go with money".In the allocation of resources mainly through administrative command decision,A sense,There was no real monetary policy.

　　1983年9月，国务院作出决定，由人民银行专门行使中央银行的职能。此后，人民银行设立了人民银行理事会，作为协调决策机构；建立存款准备金制度和中央银行对专业银行的贷款制度，初步确定了中央银行制度的基本框架。

In September of 1983,State council made the decision,The people's bank special exercise the functions of the central bank.Since then,People's bank set up a people's bank board,As a coordination decision mechanism;The establishment of a deposit reserve system and the central bank to professional bank loan system,The central bank has been preliminarily determined the basic framework of the system.

　　1995年《人民银行法》获得通过，首次以国家立法形式确立了人民银行作为中央银行的地位。根据《人民银行法》，央行不得向财政透支，央行的独立性得到大大加强。

In 1995,[On the people's bank]Get through the,For the first time in national legislation form established people's bank as the central bank's position.According to[On the people's bank],The central bank can not to financial overdraft,The central bank's independence have greatly enhanced.

　　行至目前，人民银行宏观调控工具箱中的工具已经大大丰富，不但有利率、存款准备金率等威力巨大的“终极武器”；更有央票、正逆回购等公开市场操作工具，其中尤其值得一提的是央行票据。

Step to at present,The people's bank of the macroeconomic regulation and control toolbox tools has greatly enriched,Not only have interest rates/The deposit reserve rate, and other powerful"Ultimate weapon";More central ticket/Is reverse repurchase of open market operation tool,The what be worth to be carried particularly is central bank bills.

　　“2003年以后随着流动性过剩压力增大，大规模对冲与公开市场操作工具不足的矛盾凸显。”人民银行货币政策司司长张晓慧表示，为此，人民银行积极开展公开市场操作工具创新，从2003年4月起发行央行票据，为顺利完成公开市场对冲操作任务提供了可能。

"2003 years later with excess liquidity pressure increases,Large-scale hedge and open market operation tool shortage of contradictions."People's bank monetary policy department priests ZhangXiaoHui said,therefore,People's bank actively carry out open market operation tool innovation,From April 2003 issuing central bank bills,For smooth completion of open market hedge operation mission to provide the possibility.

　　以2006年至2010年11月为例，央行共开展公开市场操作约33万亿元，其中发行央行票据约20万亿元，开展回购操作约13万亿元。央行票据的发行，极大地对冲了外汇占款的压力，成为中国化解通货膨胀压力的主要手段。

In 2006 to November 2010 as an example,The central bank in the open market operation a total of about 33 trillion yuan,The issuing central bank bills of about 20 trillion yuan,Carry out repurchase operation of about 13 trillion yuan.The central bank note issuance,Greatly hedge the funding of foreign exchange of the pressure,Become China's resolve inflation pressure main means.

　　在央行完善中央银行职能的同时，此前对金融机构的监管职责则分解至银监会、保监会、证监会三家监管机构之中。

In the central bank perfect of central bank functions at the same time,The responsibility of supervision and regulation of financial institutions is decomposition to the CBRC/circ/Securities regulatory commission of three regulators.

　　2003年，中国银监会在北京正式挂牌成立，加上央行、保监会、证监会，中国金融管体系中的“一行三会”组织架构正式成行。

In 2003,,The China banking regulatory commission was formally founded in Beijing,Plus the central bank/circ/CSRC,China's financial pipe system in"A line of three will"Organizational structure it formally.

　　汇改变迁 Change by moving

　　谈到中国的金融改革，无法回避汇率形成机制这个核心话题。

When it comes to China's financial reform,The formation mechanism of exchange rate is unable to avoid the core topic.

　　1994年之前，我国先后经历了固定汇率制度和双轨汇率制度。1994年，汇率体制实施重大改革，人民币官方汇率与外汇调剂价格正式并轨，我国开始实行以市场供求为基础的、单一的、有管理的浮动汇率制。

1994 years ago,China has experienced a fixed exchange rate system and dual exchange rate system.In 1994,,Exchange rate system implementation of major reform,The official exchange rate and exchange regulate price formal and axle,China began to implement based on market supply and demand/single/A managed floating exchange rate system.

　　汇率并轨之后，人民币对美元汇率保持稳中有升，海内外对人民币的信心不断增强。在1998年亚洲金融危机期间，中国政府承诺人民币不贬值。

Exchange rate after and the,The RMB against the us dollar exchange rate keep have increased slowly,Both at home and abroad for the renminbi to enhance confidence.In 1998 during the Asian financial crisis,The government of China has promised that the RMB is not devalued.

　　而随着亚洲金融危机影响逐步减弱以及中国经济金融体制改革不断深化，2005年7月21日中国再次完善人民币汇率形成机制，人民币对美元一次性升值2%。但在2008年国际金融危机期间，为了应对危机，人民币汇率短暂收窄了浮动区间。

But along with the Asian financial crisis influence gradually weakened and China's economic and financial system reform deepening,On July 21, 2005 China once again we will improve the RMB exchange rate formation mechanism,A one-off revaluation of the RMB against the us dollar 2%.But in 2008, the international financial crisis period,In order to deal with the crisis,The exchange rate for the renminbi short narrow the floating interval.

　　直至2010年6月19日，中国再次启动汇改，此后汇率改革稳步推进。就在今年，央行还曾扩大了人民币对美元每日浮动区间，从之前的上下0.5%扩大至上下1%。

Until June 19, 2010,China start again remittance change,Since then exchange rate reform steadily.In this year,The central bank had expanded the RMB against the us dollar daily floating interval,Up and down from 0.5% before to expand the up and down 1%.

　　对外经济贸易大学金融学院院长丁志杰认为，2005年以来，在自主、可控、渐进原则下，人民币汇率改革不断推进、深化，尽管中间有所波折，但以市场供求为基础的有管理浮动汇率制度正趋于完善。

Foreign economic and trade university financial dean of college DingZhiJie think,Since 2005,In the independent/controlled/Gradually under the principle,The RMB exchange rate reform/deepening,Although intermediate has twists and turns,But based on market supply and demand have management floating exchange rate system is more perfect.

　　统计显示，从2005年7月份算起，真实的人民币汇率升值已经超过了25%。

Statistics show that,From July 2005 count,True appreciation of the RMB exchange rate has exceeded 25%.

　　“至少从现阶段来说，非常明显的是，人民币汇率已经接近于均衡水平。”彼得森国际经济研究所高级研究员尼古拉斯·拉迪称，在过去五年中，中国进行了很多、很大力度的汇率改革。

"At least at the present stage from it,It is very clear,RMB exchange rate has close to YuJunHeng level."A senior fellow at the peterson institute for international economics nicolas radi says,In the past five years,China has carried out a lot of/Great strength of the exchange rate reform.

　　在2010年汇改重启的同时，人民币还迎来了另一项重大的变革，即人民币国际化开始起步。

In 2010 to remit to restart at the same time,Yuan also ushered in another major change,RMB internationalization is beginning.

　　截至2011年末，人民银行与韩国、马来西亚等14个国家和地区的中央银行和货币当局签署了总额为1.3万亿元人民币的双边本币互换协议。而整个2011年，以人民币进行结算的跨境货物贸易累计发生额就已高达1.56万亿元。

By the end of 2011,The people's bank and South Korea/Malaysia, 14 countries and regions of the central bank and monetary authorities signed RMB 1.3 trillion bilateral local currency swap agreement.But in the whole of 2011,To RMB settlement of cross-border trade in goods accumulated incurred amount has been as high as 1.56 trillion yuan.