主持人：中国在发展资本市场这样一条道路中，机构是我们资本市场发展的一个重点，特别是公募基金这块。我先请叶董事长讲一讲在中国资本市场的经验。过去这几年在公募基金的发展中遇到了一些什么问题？实际上这个问题也可以在侧面折射出中国资本市场遇到的问题。

The host:In the development of China's capital market in such a way,Agency is our capital market development of a key,Especially public offering fund this.I first please leaf chairman say in China's capital market experience.Over the past few years in the public offering fund development met some of what problem?In fact this problem can also be in the side reflects China's capital market problem.

　　叶俊英：资本市场的问题应该放到更高、更宏观的层次去看，其发展需要投资者对中国有一个比较稳定、综合的预期，除了经济发展预期之外，还包括对中国社会、政治、外交、军事等多个领域的预期，可能比国外情况更复杂。

YeJunYing:The problem of capital market should be in higher/More macro level to see,Its development needs investors to China has a relatively stable/Integrated expected,In addition to economic development beyond expectations,Also include the Chinese society/political/diplomatic/Military and other fields expected,May be more complex than abroad.

　　最近，监管部门对金融业出台了许多市场化的举措。公募基金行业多年喊诸如“要放开业务范围，行业准入”的口号，现在真的放开了，行业实际上非常焦虑，感觉茫然。大家希望放开什么呢？行业准入这个门关起来，然后增加我们的业务范围、投资自由度。然而，这不可能，开放是一起放，行业准入也放开。

recently,The supervision department of finance issued many market measures.Public offering fund industry for many years, such as shout"To let go of the business scope,Industry access"slogan,Now really let go of the,Industry in fact very anxiety,Feel at a loss.We hope to let go of what?Industry access this door lock up,Then add the scope of our business/Investment degree of freedom.however,It can't be,And opening up is to put together,Industry access also let go.

　　真正市场化之后，会像在香港一样，设100个机构都可以，法律范围内，想做什么业务都允许，问题在于能否做得起来？核心竞争力在哪里，品牌是否能树立，是否能培养核心团队？市场放开以后的竞争是血淋淋的，大家可能还没有做好准备，这个意义上说，行业将来要过一段比较艰难的日子。

After the real market,Would like in Hong Kong,Set 100 institutions can,Within the scope of the law,Want to do business is allowed,The problem is whether do it up?Core competitiveness in where,Brand can set up,If you can cultivate core team?Market open later competition is bloody,You may still not ready,This sense,Industry will have a difficult day.

　　主持人：下面讨论另一个问题，是跟我们论坛主办的地方有关系。我们来到广州， 也想听听广州在金融创新和改革方面的一些设想，请广州金融办的陈平副主任给我们介绍一下。

The host:In the following discussion on another question,With our BBS is sponsored by the place has relationship.We came to guangzhou, Also want to listen to guangzhou in the financial innovation and reform ideas,Please guangzhou financial do Chen ping, deputy director of the introduce to us.

　　陈平：来自基层最大的感触是，整个金融改革创新，核心点在于要服务实体经济，不能单纯为金融而金融。相应的，金融市场呈现相匹配的多层次性。改革开放三十年来，整个资本市场从无到有、从乱到治、到稳到快，现在创新发展期，我认为要加快发展“新三板市场”。

Chen ping:From the basic maximum feeling is,The financial reform and innovation,It is to service the real economy,Can't purely for financial and financial.corresponding,Financial market present matching sinica.Reform and opening up 30 years,From the entire capital market/From disorderly to cure/To stability to fast,Now the innovation development period,I think that to speed up the development"The new SanBan market".

　　2006年，中关村成为新三板市场试点的第一家，我们马上去学习，希望第二次扩大试点的时候，能够把广州列进去，很遗憾没有成功。今年二月，陈云贤副省长拜会郭树清主席，指示广东省也要搞试点，不到半年时间，我们成立了广州股权交易中心，该中心与其他市场有所不同，定位“金融综合服务”的平台，企业进来门槛比较低，能得到一系列的融资服务（包括直接和间接融资），同时要求规范运营。广州股权交易中心实实在在回归了金融本原，为实体经济服务，这是我们在资本市场的创新。

In 2006,,Zhongguancun become new SanBan market pilot first,We'll go to learning,Hope that the second to expand the pilot,The guangzhou column can go in,Unfortunately, no success.In February,ChenYunXian vice governor GuoShuQing met the President,Indicating guangdong province will make pilot,Less than half a year time,We set up guangzhou equity trading center,The center and other market is different,positioning"Financial integrated services"platform,Enterprise in low threshold,Can get a series of financial services(Including direct and indirect financing),At the same time the requirement standard operation.Guangzhou equity trading center, regression financial primitive,For the real economy service,This is our in capital market innovation.

　　主持人：我们看起来，广州的文化底蕴还是比较倾向于实体经济。据我自己的观察。它还和我们所观察的一些其他地方不太一样。这一点可能我们需要听听国际上的一些经验。

The host:We look,Guangzhou culture or tend to the real economy.According to my own observation.It is also what we observe and some other places are different.It may we need to listen to the international some experience.

　　项安达：资本市场未来五年到十年内最重要的一个课题，可能是人民币国际化对国内外资本市场的影响。最近许多媒体和经济学家鼓吹中国要加快开放资本项目，开放资本价格，背后的逻辑是境外人民币的发展已经开始慢下来，在香港的人民币存款或者海外人民币资产的发展，增长速度较以前减缓了，所以要为人民币的发展提供一些动力。

Item anda:Capital market in the next five years to ten years in one of the most important topic,May be RMB internationalization of domestic and foreign capital market influence.Recently many media and economists for China to speed up the opening up of the capital projects,Open capital price,The logic is behind the development of overseas RMB has started to slow down,In Hong Kong's RMB deposit or overseas RMB assets development,Growth rate slowed than before,So the development of RMB to provide some power.

　　若干重要的潜在风险被实业界、学界忽略了，即人民币国际化对中国银行(601988,股吧)体系的影响在哪里？中国金融资产超过80%都沉淀在银行体系内，表面看，国内银行体系和人民币国际化距离可能有点远，实际看，人民币如果完全走向开放，带来一些新“利润池”的同时会给银行带来新风险，包括汇率和利率风险。我认为，既然国内资本市场和银行体系对于投放资金和分配资源的有效性仍有待提高，开放人民币的节奏应该保守一点。

Some important potential risk is business circles/Scholars ignore the,RMB internationalization is to the bank of China(601988,guba)The influence of the system in where?More than 80% of China's financial assets are deposited in the bank system inside,Surface see,Domestic bank system and RMB internationalization distance might be a little far,Actual see,RMB if fully to the open,Brought some new"Profit pool"At the same time will give bank brings new risks,Including the exchange rate and interest rate risk.I think,Since the domestic capital market and banking system to put their money and allocate resources there is a need to further improve the effectiveness of,The rhythm of the RMB should be a little conservative.

　　但是，这并不意味着无事可做，应该利用境内外两个资本市场相对隔离的状态，先对境外人民币产品（包括海外的人民币债券、相关衍生产品以及私募基金等）进行开放，跨境投资的额度逐步放开，成为中国金融机构的试点力。

but,This does not mean that have nothing to do,Should use both at home and abroad, two capital market relative isolation state,The first to overseas products(Including overseas of RMB bonds/Related derivatives as well as private funds, etc)open,Cross-border investment quota gradually let go,Become China's financial institutions pilot force.

　　主持人：下面我想请李肃来谈一谈。他的背景是律师，对创业这一块有很深的理解，因为我们这个课题谈到金融制度方面的问题，从法律的角度，从您这样一个特殊的视野看看我们制度设计上还有什么问题？

The host:The next thing I'd like to please LiSu to talk about.His background is a lawyer,For any business this one have a deep understanding,Because we talked about this subject financial system problems,From the legal Angle,From you such a special field of vision to see us on system design are there any questions?

　　李肃：一直在讨论股市的问题，其实涉及到对中国的信心。许多人的倾向性的意见都是比较悲观的，在我眼里，中国现在是整个经济发展的最好时期。比如，在基本面结构来说，产业在向内地大规模转移，河南、江西、四川等内陆省份，现在劳动力到处短缺，有人说中国劳动力成本高了，企业就全死了，结果呢？中西部省份的GDP暴涨。此前能源、资源大规模涨价，大批央企暴富之后，其投资冲动同样在引导整个产业升级。最近十八大，又推出了“收入倍增”计划，中国经济的未来绝不悲观。

LiSu:Have been discussing the problem of the stock market,Actually involves confidence in China.Many people's orientation opinion is the more pessimistic,In my eyes,China is now the whole economic development the best period.For example,In the fundamentals for structure,Industry in mass transfer to the mainland,henan/jiangxi/In sichuan and other inland provinces,The present labor shortages everywhere,Someone said the Chinese labor cost high,Enterprise is all dead,The result?The Midwest province GDP boom.Previously energy/Resources in large scale,A large number of renmin after money,Its investment impulse also in guide the industrial upgrading.Recently the eighteenth big,And introduced"Income multiplier"plan,China's economic future never pessimistic.

　　主持人：目前市场这么低迷，您认为如何刺激经济、提振股市？

The host:The present market so downturn,Do you think how to stimulate the economy/To boost the market?

　　刘纪鹏：我们提出要提振股市，许多人担心，股市起来的财富效应会波及目前的地产调控。首先要厘清股市和楼市对于国民经济的影响。房地产进入二级市场以后，基本上是炒家的事，但是资本市场如果起来，吸纳的资金能够直接作用到实体经济，比如高科技行业，而且不存在银行中介的风险。

LiuJiPeng:We offered to boost the market,Many people worry about,The stock market up wealth effect will sweep the current real estate regulation.First of all to clarify the stock market and property market for national economic influence.Real estate into the secondary market later,Is basically ChaoGu things,But the capital market if up,Absorbing funds to direct role to the real economy,Such as high-tech industries,And does not have the risk of bank intermediary.

　　目前市场这么低迷，不断下跌是制度、人为和政策的因素，大规模发展直接融资根本起不来，所以我主张当前要大力提振股市。房地产市场应该按照循序渐进的原则健康发展，这事关共同富裕、国家稳定。

The present market so downturn,Falling is system/Human and policy factors,The large scale development of direct financing fundamental can't get up,So I advocate at present, it is necessary to vigorously to boost the market.The real estate market should be in accordance with the principle of gradual healthy development,This is common prosperity/The country's stability.

　　（本文根据现场嘉宾发言整理而成，未经发言者本人确认）

(In this paper, according to the spot guest speech finishing and become,Without the speaker I confirm that)