备受瞩目的温州金融综合改革试验区落地细则终于揭晓。温州市政府于11月23日公布了细则全文。

High-profile wenzhou financial comprehensive reform pilot area ground rules announced finally.Wenzhou government in November 23 released full rules.

　　这个细则全称为《浙江省温州市金融综合改革试验区》，为浙江省政府2012年90号文件。与今年3月28日金改区获国务院批准设立之际发布的《浙江省温州市金融综合改革试验区总体方案》的12条（下称国12条）对比，这个“细则”稍显详细，但与此前温州市政府上报的方案相比却内容迥异。

The rules all called[Zhejiang wenzhou financial comprehensive reform pilot area],For the government of zhejiang province in 2012 no. 90 document.And this year on March 28, gold change area was approved by the state council released the[Zhejiang wenzhou financial comprehensive reform pilot area overall scheme]Article 12(Says countries under article 12)contrast,this"rules"Slightly detailed,But with the previously reported lukewarm state municipal government scheme but compared different content.

　　一些上报方案中的重要内容，如民资可组建村镇银行、组建股份制商业银行、民间利率市场化等，在细则中只字未提。

Some reported the important content in the scheme,What if a bank can villages/A joint stock commercial bank/Folk interest rate marketization etc,Nothing in the rules.

　　这一结果出乎外界意料。此前，从今年3月28日国务院批准设立温州金融综合改革（下称“温州金改”）开始，这一地方细则在审批系统里已经酝酿了大半年。国庆节前，浙江省和温州市两级政府一度预备在9月29日公布细则。但各媒体在接到发布会通知的次日，又被通知发布会取消。

The results from the outside world expected.after,From this year on March 28, approved by the state council financial comprehensive reform in wenzhou(said"Wenzhou gold change")Began to,The local rules in the examination and approval system has been around for a few months.Before the National Day,Wenzhou city in zhejiang province and two levels of government to prepare once on September 29 published rules.But the media in received conference notice the next day,And be notified conference cancellation.

　　“这个方案是浙江省和温州市两级政府各部门经过几上几下，不断修正、完善，今天才出台的。”温州市政府金融办主任张震宇向本报记者解释说。

"This scheme is zhejiang province and wenzhou two levels of government departments after a few a few next,revise/perfect,Today just published."Wenzhou government financial do ZhangZhenYu director to our reporter explained.

　　“与国12条相比，细则的一个关键点是将"依法"改为"根据有关规定"，这就为作为试验区的温州自行制定"有关规定"，留下了发挥空间和回旋余地。”原温州体制改革办公室主任马津龙指出：“从这样的意义上说，金融垄断壁垒的政策缺口疑似打开，下一步就看温州改革的具体行动了。”

"Article 12 compared with countries,The rules for a key point is will"According to law"instead"According to the relevant provisions of the",It is as the wenzhou on its own, formulate"Relevant provisions",Left play space and room for manoeuvre."The original wenzhou system reform office director MaJinLong pointed out:"From such a sense,Financial monopoly barrier policy gap suspected open,The next step will see wenzhou reform concrete action."

　　从“依法”到“根据有关规定”

from"According to law"to"According to the relevant provisions of the"

　　乍看之下，细则内容多少令外界有所失望。它对“国12条”的每一条原则均加以细化说明。但看上去似乎并没有增加多少具体的新内容。比如个人境外直接投资一项，这是“国12条”中就已经有的内容，细则也未见更多具体的发挥。

At first glance,How many rules to the outside world has disappointed content.it"Countries article 12"Every principles are refined to explain.But look how much did not seem to increase the new content.Such as personal foreign direct investment a,This is"Countries article 12"Are some content,Rules also did not see more specific play.

　　为数不多的亮点之一，是允许小额贷款公司通过向机构发行小额私募债的方式进行再融资。此前，在现行监管政策下，小额贷款公司的借贷资金无法从民间融资。

One of the few bright spot,The company is to allow small loans to institutions through issuing small SiMuZhai way refinancing.after,In the current regulatory policy,Small loan company's loan fund can't from folk financing.

　　细则还鼓励积极发展各类债券产品。比如以地方政府债务率作为控制指标，探索符合条件的地方融资平台发行私募债券，争取高收益票据等创新产品在温州先行先试等。

Rules also encourage positive development of all kinds of bonds products.Such as the local government ZhaiWuLv as control index,Explore qualified local financing platform private bond issue,For high yield bills innovative products in wenzhou first try first, etc.

　　审批权下放也受到强调。细则特别提到，浙江省政府要求省级各有关部门要积极争取国家下放相关审批权限，在机构设立审批及项目报批过程中给予支持。

Decentralized rights have also been stressed.Rules specific mention of,Zhejiang provincial government for the relevant departments should actively fight for national down relevant examination and approval authority,In the institutions set up for examination and approval and project approval process support.

　　细则虽然看上去并无多少令人兴奋的细节，但是，相比“国12条”，细则在个别措辞上的微妙变动，却耐人寻味。

Although the rules seem to be much exciting details,but,Compared with"Countries article 12",Rules in individual phraseological subtle changes,But intriguing.

　　在“国12条”中提出“鼓励和支持民间资金参与地方金融机构改革，依法发起设立或参股村镇银行、贷款公司、农村资金互助社等新型金融组织”，而在细则中，这一表述则是：“支持民间资金参与地方金融机构改革，鼓励民间资金根据有关规定发起设立或参股村镇银行、贷款公司、农村资金互助社等新型金融组织”。

in"Countries article 12"Put forward in"To encourage and support the private funds to participate in the local financial institution reform,Established according to law or equity town bank/Loan company/The rural mutual cooperatives and so on the new financial organizations",And in the detailed rules,This expression is:"Support the folk capital to participate in the local financial institution reform,Encourage private funds in accordance with the related regulations to launch or equity town bank/Loan company/The rural mutual cooperatives and so on the new financial organizations".

　　在这里，“依法”改成了“根据有关规定”。

here,"According to law"Changed to"According to the relevant provisions of the".

　　马津龙认为，这一改动暗示了民资组建村镇银行为什么在细则里未被提及，因为民资组建村镇银行与现行监管法规有所抵触，2007年银监会的《村镇银行管理暂行规定》和2009年银监会的《小额贷款公司改制设立村镇银行暂行规定》，都规定村镇银行的主要发起人、最大股东必须是银行业金融机构。

MaJinLong think,This suggests that a change what village bank why not mentioned in the rules,Because what village bank established with the current supervision regulations have conflict,2007 years of the CBRC[Bank villages and towns management interim provisions]And 2009 of the CBRC[Small loan companies established restructuring village bank interim provisions],All provisions of village bank main sponsors/Biggest shareholder must be banking financial institutions.

　　“在一个普遍垄断的金融制度条件下，不要说作为主要发起人、最大股东，哪怕是最小股东，现有的银行业金融机构的作用也是决定性的。”由此，马津龙认为，诸如此种“微妙”措辞，实际上是为温州自行制定“有关规定”，开放民资进入金融领域留下自行操作的空间和回旋余地。

"In a common monopoly under the condition of the financial system,Don't say as the main sponsors/Biggest shareholder,Even the least shareholders,The existing banking financial institutions is the decisive role."this,MaJinLong think,Such as this"subtle"The phrase,In fact, on its own, formulate for wenzhou"Relevant provisions",What was the opening into the financial sector leave to operation of the space and room for manoeuvre.

　　“12条大纲只讲原则而不交代具体细节，就是为了给地方更大的空间。”张震宇称，“金融改革没那么容易，需要全社会的互动，更需要上级的支持。”

"Article 12 outline only speak principle without replacement details,Is to give place to more space."ZhangZhen parity,"Financial reform is not so easy,Need to all social interaction,The more the need of higher support."

　　剥离8大项 扩容金改

Stripping 8 categories flash gold change

　　据本报记者梳理，温州金融办曾提出的8个项目包括设立民间借贷登记中心、民间资本管理中心、发展小额贷款公司、启动农村合作金融机构股份制改造，组建温州市地方金融监管中心等。方案起草约两个多月后，这8个项目从方案中被剥离。

According to our correspondent comb,Wenzhou financial do once put eight projects including the establishment of folk loan registration center/The folk capital management center/The development of small loan companies/Start rural cooperative financial institutions shareholding reform,Form wenzhou local financial supervision center, etc.Scheme draft about more than two months,The 8 items from scheme is stripping.

　　还有利率市场化、个人资本“自由行”等，也是使得金改区方案一再难产的“敏感”项目。

And interest rate marketization/Personal capital"Freedom ride", etc,Also make gold change area scheme of dystocia again and again"sensitive"project.

　　“有些创新项目牵涉面太广，与现行法规有冲突，审批难度比较大的，我们就暂时把它们拿下来，以便金改区方案能尽快通过而不被卡住。然后再通过另外一些途径寻求突破，来弥补一些创新项目被剥离的遗憾。”上述参与过金改区方案修改的温州官员解释说。

"Some innovation project they too wide,With the current laws have conflict,The examination and approval of the difficult,We will leave them off,In order to gold change area scheme can pass it as soon as possible and not to be blocked.And then through other ways to break through,To make up for some innovative project was stripping regret."The above participated in gold change area scheme modified wenzhou official said.

　　比如民资办村镇银行比较难获批，就暂时不在细则里提及，而另外通过开放小贷公司发行小额私募债的办法，为村镇一级的民间融资另辟蹊径。“整个方案的修改，项目删减的背后逻辑基本就是这样。”这位官员透露。

For example what do town bank approved more difficult,Was temporarily not described in detailed rules,And the other through the open small loan companies issuing small SiMuZhai way,For town level of folk financing resources."The whole scheme changes,Project cutdown behind logic basic is such."The official said.

　　剥离“敏感”项目的同时，又利用“给地方更大空间”的原则，大力扩充一些地方自主性较强的金改项目。据张震宇透露，温州政府操作方案上的金改项目，已经从初始透露的13项，逐渐增设到目前的78项。

stripping"sensitive"Project at the same time,And use"To place greater space"principle,Vigorously expand some local autonomy strong gold to project.According to ZhangZhenYu revealed,Wenzhou government operation scheme of gold to project,Has revealed from initial 13 items,Gradually add to the present 78 items.

　　“这些项目一般不需要中央政府审批，温州可以提前安排实施。”上述参与金改区方案修改的温州官员说，接下来还将会边运行边调整，根据需要，在国12条和地方细则的框架下增加新的金改项目。

"These programs usually do not require the examination and approval of the central government,Wenzhou can advance arrange implementation."The above participate in gold change area scheme modified wenzhou officials said,The next will edge operation side adjustment,According to the need,Article 12 in countries and local rules under the framework of adding new gold to project.

　　张震宇表示，上述78个项目的实施方案正在制订，已经启动或正在推进中的项目占了80%。即便是一些需要中央批准，目前条件不成熟的项目如个人境外直投也并未放弃，正在进行前期准备工作。

ZhangZhenYu said,The 78 project implementation plan is being drawn up now,Have start or are promoting the project accounts for 80%.Even some of the central committee for approval its need,At present the conditions are ripe, and project such as personal overseas straight investment also did not give up,Ongoing preparation work.

　　尽管地方政府用心良苦，温州民间舆论仍然对金改区一年多来的推进颇多争议。尤其是呼声甚高的民资组建股份制银行的试验屡次被剥离后，一部分舆论对这场改革持悲观看法。

Although the local government for all one's pains,Wenzhou folk public opinion on the gold still change area for more than a year of propulsion quite a lot dispute.Especially the voice of a very high what joint-stock Banks has the test after stripping,Part of the public opinion to this reform pessimistic views.

　　同时，围绕这场改革到底应该是自上而下还是自下而上，是政府还是民间主导，争议声也此起彼伏。“在温州的金改中，政府表现太强势，民间与官方缺乏互动。”温州中小企业促进会会长周德文批评说。

At the same time,Around this reform is what should or bottom-up from top to bottom,Is the government or folk dominant,Dispute sound also to break out."In wenzhou of the gold in the change,Government performance is too strong,Folk and official lack of interaction."Wenzhou small and medium-sized enterprises promotion association President said ZhouDeWen criticism.

　　多位参与金改项目运作的温州人士也向记者承认“某些项目的确出现跟民间需求脱节的情况。”比如温州金融改革广场，5层大楼，投入运行几个月，至今仍然门可罗雀。

Participate in project operation more than gold to the wenzhou people are also admitted to the reporter"Some projects appear indeed with folk demand disjointed situation."Such as wenzhou financial reform square,5 layer building,Putting into operation a few months,Still there is few visitors.

　　“这是一场由上而下，也是由下而上的改革，见成效需要时间。”针对各种争议，张震宇这样解释。

"This is a by go up and down,Also from the reform,See results need time."According to various disputes,ZhangZhenYu such explanations.