金融就像现代经济社会的血液循环系统，它媒介所有的市场交易和经济活动，并以信用助推和放大。称它为“核心”毫不夸张,这个核心如果处理不好，它会脱离整个服务的对象，“核心”就变成了“空心”。

Financial like modern economic society's blood circulation system,It is medium all the market trading and economic activities,And with credit boost and amplification.Called it"core"It is no exaggeration,The core if processes is not good,It will be from the service object,"core"Becomes a"hollow".

　　通过温州危机的具体案例，可以看出金融在现代经济中怎样发挥核心作用。

Through the wenzhou crisis of the specific case,Can see that financial in modern economy how to play a central role.

　　金融业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。美国和发达经济体在金融发展、金融深化的“研究生阶段”出现了衍生品过度膨胀、杠杆率过高的问题，而中国充其量只是金融深化的“小学阶段”。

Financial in the final analysis is for the real economy of the service.The United States and developed economies in the financial development/Financial deepening"Graduate student stage"Appeared derivatives excessive expansion/The problem of high leverage ratio,China is at best financial deepening"Primary school".

　　温州出现了产业空心化问题，实体经济迫切需要升级换代。温州、浙江和长三角应该是优化开发区，是实体经济能够有效地加快发展方式转变、实现升级换代的区域，但事实上温州没有做到。温州和其他类似的“增长极”区域有负众望，后面存在的一大问题是金融没有能够有效提供支撑。

Wenzhou appeared industry KongXinHua problem,The real economy urgently need to upgrade.wenzhou/Zhejiang and long triangle should be optimized development zone,Is the real economy can effectively speed up development mode change/The upgrading of realization of the area,But in fact wenzhou failed to do.Wenzhou and other similar"Growth pole"Regional didn't come up to expectations,Existing behind a big problem is not able to provide effective financial support.

　　这一次实体经济层面积累的矛盾爆发，导致了2011年下半年温州辖区之内几十个企业出现了资金链断裂后企业家“跑路”的现象。酿成这个局面的过程中，实体经济碰到了“天花板”——既有技术的天花板，又有制度的天花板。到了一个临界点后，温州爆发了这场危机。要考虑金融问题，应跳出金融看实体经济升级换代对于金融支持的迫切要求。

This time the real economy level accumulated contradictions outbreak,Led to the second half of 2011 wenzhou within the jurisdiction of dozens of enterprise appeared after the capital chain rupture entrepreneurs"Run road"phenomenon.Spawn in the process of this situation,The real economy met"ceiling"- both the ceiling of the technology,And a system of the ceiling.Came to a point,Wenzhou broke out the crisis.Want to consider financial problems,Should jump out of financial see the real economy for the upgrading of the urgent requirement of financial support.

　　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是非常必要和重要的，改革可以说是逼出来，不得不做的。这里所针对的问题是：为什么过去的金融支持严重失位？

Wenzhou implementing financial comprehensive reform pilot is very necessary and important,Reform can be said to be forced out,Have to do.Here the problem is:Why the past financial support serious lost motion?

　　温州企业的创业和发展，在正规金融方面以往得不到像样的支持，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，这种非常规金融也是有益的，所以政府管理部门并没有把地下钱庄简单地全掐死。但必须寻找以后应替代它的新业态，要通过改革形成其他金融形式的有效供给，使经济与金融的良性互动一步一步发展起来。

Wenzhou business and development,In the formal financial aspects in the past can not get the support of the good,In early greenwood form produced will carry/Wave will/Underground Banks, etc,A sense,This kind of abnormal financial is also useful,So the government management departments and not simply underground Banks all strangled.But must find later should replace it new format,The reform form other financial forms of effective supply,Make economic and financial benign interaction developed step by step.

　　在常规金融之外生长出来的小额贷款公司等其他金融形式，包括政策性融资，这些适应不同层面、不同规模、不同经济活动的多样化的金融产品的供给，最后应能够大体上无缝地、全覆盖地使实体经济活动得到支持。特别是对于企业创新活动、对于升级换代关键性的市场活动，能够跟上融资机制、能够由金融发力给予支持。

In the conventional financial besides growth out of small loan companies and other financial form,Including policy financing,These adapted to different level/Different scale/The diversity of different economic activities of the supply of financial products,The last should be able to seamlessly in general/To make a complete coverage of entity economy get the support activities.Especially for enterprise innovation activities/For the upgrading of key market activity,To keep up with the financing mechanism/Can the financial hair force support.

　　构建可持续的政策性融资机制势在必行。 Constructing sustainable policy financing mechanism is imperative.

　　政策性金融于1980年代后期在中国就有探讨，近年来，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个概念，但我个人始终认为这个问题是无可回避的，应该把这样的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赶超这样一个大的历史背景下、首先在战略的层面上加以考虑。

Policy finance in 1980 s in China is discussed,In recent years,Management departments and financial researchers mostly consciously or unconsciously to avoid policy financing this concept,But personally I always think the question is an inevitable,Should have such a specific mechanism structure problems,Ascend to how to realize the modernization of China come catch up with such a great history background/First of all in strategic level into consideration.

　　不是要以政策性金融体系替代商业性金融体系，而是在商业性金融体系发展当中，要相互呼应地、不可回避地一并考虑制度建设问题。

Not to policy financial system alternative commercial financial system,But in the commercial financial system of development,To the mutual echo/Inevitable consideration together in system construction problems.

　　最简单地说，有两个要点必须坚持。首先，要总结过去这方面的成败得失，在机制上一定要坚持风险共担。如果财政介入后，各方就都把风险一股脑推给财政，那么这个机制马上带来的是“道德风险”，也就是说，马上带来了不可持续的问题；其次，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，这也应当是有专家参与集体决策的机制。贴息、信用担保、还有其他的方式是政策性融资的支持手段，其可持续性首先是要求遴选程序是公正的。

The most simply said,There are two points must adhere to.First of all,To sum up the past the success and failure, gain and loss,In the mechanism must adhere to the risk sharing.If the financial after intervention,The parties to the risk on the finance,So this mechanism immediately bring is"Moral risk",That is,Immediately brought the unsustainable problem;secondly,Must be able to withstand formation of pa/standard/Have the support of the transparency of object selection mechanism,It also should be the expert to participate in collective decision-making mechanism.discount/Credit guarantee/And there are other ways of financing is the policy support means,Its sustainable first is to require selection procedure is fair.

　　（作者系财政部财政科学研究所所长，本文只代表个人观点）

(The author is the ministry of finance financial science institute director,This paper only represent personal point of view)