本报记者 黄颖莹 张莉

Our reporter HuangYingYing ZhangLi

　　中国经济正处于转型期，经济潜在增速处于系统性下降阶段，改革带来的制度红利将成为经济新的增长动力。业内人士认为，今年以来，各地金融改革创新措施不断推出，从温州金改到广东金改，引导资金流向实体经济都是各地金改的重点。金融行业作为国民经济中举足轻重的行业，未来金融业制度层面的变革无疑将会对经济产生重大影响。

China's economy is in transition,Economic growth potential in systemic decline stage,Caused by the reform of economic system bonus will become new growth power.The personage inside course of study thinks,Since this year,All financial reform and innovation measures continuously introduce,From wenzhou gold is changed to guangdong gold change,Direct funds flow to the entity economy is the key to all gold.Financial industry plays an important role in the national economy as a industry,The future financial system level change will undoubtedly have a major impact on the economy.

多地金改尝试不断 Much gold to try to constantly

　　温州民间借贷危机揭示了中小企业的融资困境。今年3月底，《浙江省温州市金融综合改革实验区总体方案》获批，温州金改就此拉开序幕。温州的问题是资金多，投资难，中小企业多，融资也难。

Wenzhou folk loan crisis reveals the small and medium-sized enterprise financing difficulties.By the end of march this year,[Zhejiang wenzhou financial comprehensive reform experimental plot overall scheme]approved,Wenzhou gold on the change began.Wenzhou problem is more than money,Investment difficult,More small and medium-sized enterprise,Financing are hard to.

　　温州金融改革主要分为四个方面：一是民间融资；二是民间投资；三是地方监管；四是加强主要金融机构对小微企业的服务。安信证券指出，温州金融改革若要取得成功，最终离不开全国范围内金融改革一系列配套工程，例如金融法律的基础建设、实质上的利率市场化和机构市场化。这些建设都围绕着一个核心目的，那就是利率的市场化与机构的市场化。

Wenzhou financial reform is mainly divided into four aspects:One is the folk financing;The second is private investment;Three is the place supervision;The fourth is to strengthen the major financial institutions to small micro enterprise service.Anxi securities pointed out that,Wenzhou financial reform if you want to succeed,Finally from the nationwide financial reform a series of supporting engineering,Such as financial legal infrastructure/Virtual interest rate marketization and market mechanism.These construction all around a core purpose,That is the marketization of interest rate marketization and institutions.

　　另一个令人瞩目的是珠三角地区的金融改革。今年6月《珠三角金融改革创新综合试验区总体方案》获批，从具体方案看，政策涉及城市金融改革创新综合试验、农村金融改革创新综合试验、城乡统筹发展金融改革创新综合试验等方面。国海证券(000750,股吧)认为，从深度上来看，本次金改涉及人民币资本项目可兑换、区域金融市场建设等国家金融改革重点领域和关键环节；从广度上看，在金融市场、金融组织、金融产品等方面皆有创新空间，涉及国际金融、科技金融等。

Another remarkable is the pearl river delta region in the financial reform.In June this year[The pearl river delta financial reform and innovation comprehensive test site overall scheme]approved,From the concrete scheme to see,Policy involves city financial reform and innovation comprehensive test/The rural financial reform and innovation comprehensive test/The balanced urban and rural development financial reform and innovation comprehensive test, etc.GuoHai securities(000750,guba)think,From the depth to see,The gold change involves RMB convertible under capital accounts/Regional financial market construction and other countries financial reform key areas and crucial links;Look from the breadth,In the financial markets/Financial organizations/Financial products both creative space,Involved in international financial/Technology and finance, etc.

　　此外，成都、天津等地陆续公布了自己的金融业发展“十二五”规划。9月多部门编制的《金融业发展和改革“十二五”规划》获批，明确提出了“十二五”期间我国金融业发展改革的目标。

In addition,chengdu/Places such as tianjin have released their own financial industry development"1025"planning.9 month of the departments[The financial industry development and reform"1025"planning]approved,Explicitly put forward"1025"China's financial industry during the development and reform of the target.

打破制度瓶颈 Breaking system bottleneck

　　业内人士认为，过去十年我国依赖投资和出口拉动经济增长，但这种做法不具有可持续性，经济潜在增速将会处于一个系统性下降阶段，改革带来的制度红利会成为经济新的增长动力。金融行业作为国民经济中举足轻重的行业，制度层面的变革无疑将会产生重大影响。

The personage inside course of study thinks,Over the past ten years in China depend on investment and exports to stimulate economic growth,But this kind of practice is not sustainable,Economic growth potential will be in a systematic decline stage,Caused by the reform of economic system bonus will become new growth power.Financial industry plays an important role in the national economy as a industry,System level change will undoubtedly have a significant impact.

　　随着国内人口结构趋于老龄化，我国所能享受的人口红利即将结束。人口的老龄化和青壮年劳动力供给的持续下降，将经由劳动力要素供给以及与此相关的社会储蓄和资本积累两方面，制约经济增长。国海证券认为，目前经济增长放缓与金融抑制有关，2008年以来我国的银行系统与地方财政体系已积累起相当风险，无法再承担依靠规模刺激增长的传统经济发展方式，客观要求改革现有的金融体系，以改善资源配置效率、促进生产率的提高。

Along with the domestic population structure tend to aging,Our country can enjoy the demographic bonus is coming to an end.The aging of the population and the labor force supply substantially continued to decline,Through the labor factor supply and the related social savings and capital accumulation two aspects,Restrict economic growth.GuoHai securities think,The present economic growth and financial inhibition relevant,Since 2008 China's banking system and local finance system has been built up quite a risk,Unable to bear on scale stimulate growth of the traditional economic development mode,Objective requirement of the existing financial system reform,In order to improve the efficiency of resource allocation/Promote the productivity.

　　事实上，较高的经常账户贸易差额从另外一个侧面说明国内并不缺少资本，而是缺少更为有效的投资渠道。尽管最近几年贸易差额有所回落，但中国在世界分工体系中的地位决定了扭转贸易差额将会是一个长时间过程。而金融行业制度层面的变革将对经济产生重大影响。

In fact,High current account balance of trade from another side interpreted that is not the lack of capital,But a lack of more effective investment channels.Although in recent years trade balance somewhat fall after a rise,But China in the status of world division of labor system determines the torsion balance of trade will be a long process.But financial industry system level change will have a major impact on the economy.