金融观察

Financial observation

　　温州金改的总体方向，在形式上应该是致力于解决两个问题，一是过剩的民间资本到哪里去？二是小微企业融资困境如何解决。

Wenzhou gold the overall direction of change,In form should be devoted to solve two questions,One is the excess of the folk capital where to go?The second is small micro enterprise financing difficulties how to solve.

　　日前，温州金改的“省12条”细则公布，主要体现出两方面完善。一方面，在法律制度方面进一步细化，为民间资本“正名”奠定基础。如明确要推动温州民间融资管理条例制定、开展民间借贷服务中心试点、健全民间融资监测体系，并推出温州利率指数等。

a,Wenzhou gold change"Article 12 provinces"Rules published,Mainly reflects two aspects perfect.On the one hand,In the legal system of further refinement,For the folk capital"name"Lay the foundation.Such as clear to boost wenzhou folk financing management regulations/Carry out folk loan service center pilot/Improve the folk financing monitoring system,And introduction of wenzhou rate index, etc.

　　另一方面，在开拓民间投资融资渠道方面有所细化。如在促进民间的间接融资方面，推动专业化民间小额资金管理机构发展，积极开展民间资本管理公司试点等；在民间直接融资方面，促进包括债券在内的各类新型产品发展。

On the other hand,In the development of non-governmental investment financing channels to refining.Such as in promoting folk indirect financing issues,Promote professional folk small fund management institution development,Actively carry out folk capital management company pilot, etc;In the folk in direct financing,Promote including bonds, all kinds of new product development.

　　总的来看，该细则对于支持民间融资健康、规范发展有了更大促进作用。但是，由于缺乏自上而下顶层设计的配套推进，如借贷人条例这样全面规范民间借贷的规则一直没有推出，同时仍未突破现有的金融体制框架，所以，该细则的意义仍是产生示范效应和外溢效应。

overall,The rules for support folk financing health/Standard development have a greater role in promoting.but,Due to the lack of top-down top design supporting propulsion,Such as lenders regulations such comprehensive standardized folk lending rules has not introduced,At the same time still not break through the existing financial system frame,so,The significance of the rules is still produce demonstration effect and the spillover effect.

　　温州金改的总体方向，在形式上应该是致力于解决两个问题，一是过剩的民间资本到哪里去？二是小微企业融资困境如何解决。

Wenzhou gold the overall direction of change,In form should be devoted to solve two questions,One is the excess of the folk capital where to go?The second is small micro enterprise financing difficulties how to solve.

　　对于温州金改，“研究开展个人境外投资试点，探索建立规范便捷的直接投资渠道”最具突破性，也是放松资本项目管制的重要步骤。实际上，2011年初温州就曾经想要试点，但后来被叫停。这项改革的意义，一是拓展了个人在全球财富管理和资产配置的渠道；二是有助于个体企业和小微企业更好地走出去；三是意味着资本项目开放的新尝试，为推动人民币国际化提供支撑。

Wenzhou gold for change,"Research in the overseas investment of individual pilot,Exploring to establish a standardized convenient direct investment channels"The most breakthrough,Also relax capital project control of important steps.In fact,At the beginning of 2011 wenzhou once want to pilot,But then have been stopped.The significance of the reform,One is to expand the individual in the global wealth management and asset allocation of the channel;The second is help individual enterprise and small micro enterprises better go out;The third is means that capital projects open to try something new,In order to promote the internationalization of RMB to provide support.

　　如果从温州金改在整个国家金融改革过程中发挥的作用和效果来看，我们觉得可以打60分。之所以及格，是因为它起到了重要的示范效果，也意味着自下而上改革正式被承认；没有打分太高，一是因为缺乏顶层制度推进的保障，二是在凝聚核心改革方向、具体细则落实方面还有不足，原则性、模糊性描述还是有点多。

If from wenzhou gold to change in the whole country in the process of financial reform play the role and effect to see,We think we can play 60 points.Is to pass the exam,Because it plays a important demonstration effect,Also means bottom-up reform officially recognized;No marking is too high,A because they lack the top system propulsion safeguard,The second is the core in condensed reform direction/Specific implementation rules and shortage,principle/Fuzziness description or a little more.

　　就温州金改的完善方向来看，一是应该把政策资源集中在民间金融改革方面，避免“撒胡椒面”式的分散；二是在民间资本的机构准入方面真正有所突破；三是要明确并且适度下放给地方政府以合理的金融管理权限，同时避免过度行政干预，使民资与民企成为改革主角，不要使金改成为地方政府的“独台戏”。

Is the perfection of wenzhou gold change direction to see,One is the policy should be resources have to be focused on folk financial reform,avoid"Without sauces and"Type dispersion;Second, in the folk capital institutions access a breakthrough for real;3 it is to want to clear and moderate transferred to local government in a reasonable financial management authority,At the same time avoid excessive administrative intervention,What make with the corporation become reform leading role,Don't make gold to become the local government"Alone spectacle".

　　杨涛(中国社科院金融所金融市场研究室主任)

Yang tao(By the Chinese academy of social sciences financial have financial market research director)