本报记者 陈莹莹

Our reporter ChenYingYing

　　未来深化金融体制改革的着力点在哪，利率市场化、汇率市场化应该如何推进。围绕这一系列话题，我们特邀国务院发展研究中心金融研究所综合研究室主任陈道富，对我国金融体制改革的方向和路径进行分析。陈道富认为，未来经济发展方式转变后，金融体制的功能也应随之变化，应该更加市场化、更加开放。

Deepening the reform of the financial system in the future is the key,Interest rate marketization/Exchange rate marketization should be how to promote.Around this a series of topic,We invited the state council development research center, financial research institute comprehensive research director ChenDaoFu,To our country financial system reform direction and path analysis.ChenDaoFu think,The future of the mode of economic development after transformation,The function of the financial system should also be changed,Should be more marketization/More open.

　　金融体制应更市场化 Financial system should be more marketization

　　主持人：如何理解十八大报告中提出的“深化金融体制改革”，未来深化金融体制改革的着力点和突破口在哪？

The host:How to understand the eighteenth big report puts forward"Deepening the reform of the financial system",The future to deepen the reform of the financial system key point and the breakthrough?

　　陈道富：金融体制改革的方向要明确，我们目前的金融体制在相当程度上是为了满足过去集中资源办大事的粗放式经济增长方式。而在未来经济发展方式转变后，金融体制的功能也应随之变化，应该更加市场化、更加开放，开放是指对内开放和对外开放的过程。

ChenDaoFu:The direction of the reform of the financial system to clear,Our present financial system is to a certain extent in order to satisfy the past focus resources to do great things of the extensive economic growth mode.And in future economic development mode change after,The function of the financial system should also be changed,Should be more marketization/More open,Open is refers to the internal, opening up and the process of opening up.

　　金融体制包括市场机制、基础设施、国外监管等。在金融体制改革和转轨的过程中，应确实保证和经济增长相适应。十八大报告中提出“深化金融体制改革”，其中提到的利率市场化、人民币国际化应该就是两个重要的改革突破口。

Financial system including market mechanism/infrastructure/Foreign supervision, etc.In the reform of the financial system and the process of transition,Should really guarantee and adapt to economic growth.Eighteen big report put forward"Deepening the reform of the financial system",The mention of interest rate marketization/RMB internationalization should be two important reform breakthrough.

　　宏观调控措施中一系列体制变革，都需要通过利率市场化和资本项目可兑换等作为推进的主要突破口。由此带动金融体制的转变，从而实现金融体制的功能转变。

The macroeconomic regulation and control measures of a series of system change,All need through the interest rate marketization and capital account convertibility, etc as the main propulsion breakthrough.Thus promote the transformation of the financial system,So as to realize the function of the financial system change.

　　主持人：今年以来，利率市场化不断推进，在未来的利率和汇率市场化进程中，将存在哪些困难和阻碍？

The host:Since this year,Interest rate marketization advancement,In the future interest rate and exchange rate in the process of marketization,There will be what difficulties and obstacles?

　　陈道富：今年以来，利率市场化的进程在加快。而有部分观点质疑利率市场化什么时候才能真正开始。必须注意的是，利率市场化并不是一个时点，而是一个过程。最近这段时间，债券市场发展很快，在这样的情况下，商业银行逐步脱媒，同时也被迫参与一些市场。这实际上是利率市场化需要达到的结果，即各种金融市场的竞争越来越激烈，从而激励金融机构为投资者提供更加适合的产品。随着竞争加剧，利率市场化进程会更快，并且会带动一系列相关的参与主体转型。

ChenDaoFu:Since this year,Interest rate marketization process to speed up.And some views question interest rate marketization when it's time to really start.Must pay attention to is,Interest rate marketization is not a date,It is a process.Recently this period of time,The bond market develops very quickly,In such cases,Commercial Banks gradually disintermediation,At the same time also forced to participate in some markets.This is actually interest rate marketization need to achieve results,That is all kinds of financial market competition is more and more fierce,The incentive for investors to financial institutions to provide more suitable products.Along with the competition,Interest rate marketization process will be faster,And will drive a series of related participation main body transformation.

　　而在汇率市场化方面，近年进展也很快，汇率波动幅度扩大到1%，这就是进步。但也存在一些问题，首先，汇率不仅仅是经济的价格指标，汇率问题在国际市场上，很多情况下与国家利益紧密相连，所以各国的汇率机制改革都非常谨慎。

And in exchange rate marketization aspects,Recent progress quickly,Exchange rate fluctuation range expanded to 1%,This is progress.But there are also some problems,First of all,Exchange rate is not only economic price index,Exchange rate in the international market,Many cases and national interests are closely linked,So countries exchange rate mechanism reform are very cautious.

　　其次，我国外汇市场的市场化，需要有一定广度和深度的外汇市场，需要有一个机构来管理外汇风险。同时，市场的参与主体，能够相对理性地进行调整。而我国的汇率改革在相当一段时间内，只是汇率水平的变化，而未来能否根据趋势积累外汇头寸，汇率波动幅度加大之后，头寸如何调整等，这都需要投入较多时间和资金。

secondly,The marketization of China's foreign exchange market,Need to have a certain width and depth of the foreign exchange market,Need to have a mechanism to manage foreign exchange risk.At the same time,Market participation main body,Be able to be relatively rationally adjust.And China's exchange rate reform in quite some time,Only the level of exchange rate changes,But the future trend can according to the accumulation of foreign currency positions,Exchange rate fluctuation range after increase,Position to adjust,All this requires more time and money.

　　加大支持实体经济力度 Increase support entity economic strength

　　主持人：十八大报告中提出“支持实体经济发展的金融体系”，那么金融机构应该如何加大对实体经济的支持力度？

The host:Eighteen big report put forward"To support the real economy development of the financial system",So financial institutions should be how to strengthen the support to the entity economy?

　　陈道富：“支持实体经济发展的金融体系”，其实应从其对立面来理解，即反对与实体经济脱离的、虚假繁荣和过度投机的金融体系。中国经济需要发展，也需要发展风险管理、服务实体经济的金融市场。而且，支持实体经济发展强调的是金融体系的功能，即我国经济需要从原来的粗放式经济增长方式，转向更加市场化、更加集约化的增长方式，金融体系要为这个转变过程提供服务。

ChenDaoFu:"To support the real economy development of the financial system",In fact from its opposite to understand,That is against with the entity economy of from/False prosperity and excessive speculation of the financial system.China's economic development needs,Also need to develop risk management/Service entity economy of financial markets.and,To support the real economy development emphasis is the function of the financial system,Namely our country economy needs from the extensive economic growth mode,To become more market-oriented/More of the intensification of the growth mode,The financial system for the transformation of the process to provide services.

　　从这个角度来说，只要经济机制合适，不产生资产泡沫，金融机构就应该全力服务于实体经济。

From this point of view,As long as economic mechanism suitable,Do not produce asset bubble,Financial institutions should full service in the real economy.

　　主持人：根据最新公布的数据，部分上市银行在一些地区的不良风险激增，银行在支持实体经济的同时应怎么样控制风险？未来中国的金融系统有可能发生系统性和区域性风险吗？

The host:According to the latest figures,Part of the listed Banks in some areas of bad risk surge,Bank in support of the real economy at the same time should be how to control risk?The future of China's financial system could happen systemic and regional risk?

　　陈道富：在经济转轨过程中，我国经济运行也处在较大的波动过程中，必然会产生一些风险。从这个角度来看，任何一个国家都不可能避免和消除系统性和区域性风险。

ChenDaoFu:In the economic transition process,China's economic operation is also larger fluctuation process,Will produce some risk.From this point of view,Any country is impossible to avoid and eliminate systemic and regional risk.

　　关键问题是，如何管理系统性和区域性风险。如果采用合适的手段，在合理的时间里安排渠道，通过一定的规模逐步释放系统性风险，比如允许市场经过一些失败到达成功，从而在这个试行的过程逐步释放系统风险。也就是说，应适当允许一些不良贷款的出现，允许银行的贷款结构调整。我认为，系统性风险在相对较长的时间内会逐步消化和释放，风险也是可控的。

Key problem is,How to manage systematic and regional risk.If use appropriate means,Within a reasonable time arrangement channel,Through the certain scale gradually release the systemic risk,Such as to allow market after some failure to success,Thus in this trial implementation process gradually release system risk.That is,Should be appropriately allow some bad loans appear,Allow the bank loan structure adjustment.I think,Systemic risk in a relatively long time will gradually digestion and release,Risk is controllable.