时报时评

Times review

　　鉴于地方区域金融的发展，我国各项区域金融综合改革试验工作全面加速。从某种意义上说，区域金融改革或将成为我国金融改革的一个新突破口。

In view of local regional financial development,Our country various regional financial comprehensive reform experiment of the overall work of the acceleration.In a sense,Regional financial reform or will become China's financial reform of a new breakthrough.

　　周子勋

ZhouZiXun

　　时隔八个月，浙江省政府制定的温州金融综合改革实施12条细则（以下简称“金改细则”）于11月23日面世。据悉，在这份金改细则中，针对民间融资市场，温州将建立民间融资监测体系，形成民间融资利率指数即“温州指数”，另外，温州还将积极争取高收益票据等创新产品在当地先行先试。在金融产品创新方面，温州金改细则也提出，要积极发展各类债券产品。

After eight months,Zhejiang wenzhou formulated by the government of the financial comprehensive reform implementation of article 12 rules(Hereinafter referred to as"Gold change rules")Available on November 23,.It is reported,In this golden change in the rules,According to the folk financing market,Wenzhou folk financing will build monitoring system,Formation folk financing rate index namely"Wenzhou index",In addition,Wenzhou will also actively strive for high yield bills innovation products in the local first try first.In the financial products innovation,Wenzhou gold change rules are put forward,To actively develop the products of all kinds of bonds.

　　在笔者看来，温州金融综合改革试点的正式启动可以看作是当前我国金融改革的一个缩影，将成为当前推动金融改革的主力，为我国经济再起航“探路”。从温州金融改革放眼全国金融改革，鉴于地方区域金融的发展，我国各项区域金融综合改革试验工作全面加速。从某种意义上说，区域金融改革或将成为我国金融改革的一个新突破口。

In the author looks,Wenzhou financial comprehensive reform pilot official start can be regarded as the current our country finance reform a miniature,Will become the main force of promoting financial reform,For our country economy set sail again"units".From wenzhou financial reform in national financial reform,In view of local regional financial development,Our country various regional financial comprehensive reform experiment of the overall work of the acceleration.In a sense,Regional financial reform or will become China's financial reform of a new breakthrough.

　　这并非空穴来风，对于中国金融改革方向，央行行长周小川在11月17日国际金融论坛上的一番表态耐人寻味。他指出，中国金融改革既有自上而下的改革，也有自下而上的组成。多数人会关心中央作的金融改革，比如大型银行的改革、汇率的改革以及应对金融危机的改革，却忽视了自下而上的改革。

This reinforces,For China's financial reform direction,Central bank governor zhou xiaochuan on November 17, international financial BBS on a comment afford for thought.He pointed out that,China's financial reform both top-down reform,Also has the composition of from bottom to top.Most people will care about the central for financial reform,Such as large bank reform/The reform of the exchange rate and deal with the reform of the financial crisis,But ignore the bottom-up reform.

　　周小川在演讲中回顾了中国近年来十个自下而上的金融改革试点，称中国金改自下而上的改革并不少，只是没有人把这些试点汇总来看到其重要性。他提到了上海市谋求国际金融中心的试点、深圳前海先行先试、天津滨海新区、重庆两江新区、海峡西岸和平潭、长株潭“金融同城”、新疆对上合组织其他国家开放、温州金改、福建泉州进行金融服务实体经济的新模式发展试点、浙江丽水农村金融改革试点。这种对于金融改革地方经验的强调，让人不禁联想，中国下一轮金融改革莫非将由地方发动？

Zhou xiaochuan in the speech reviews China's recent ten bottom-up financial reform pilot,Said China gold to bottom of the reform and many,But no one put these pilot summary to see its importance.He mentioned the Shanghai international financial center for the pilot/Shenzhen sea before first try first/Tianjin binhai new area/Two new district of chongqing/The west coast of the strait and pingtan/changzhutan"Financial city"/Xinjiang to sco organization other countries open/Wenzhou gold change/Fujian quanzhou on financial service entity economy development the new model of pilot/Zhejiang lishui rural financial reform pilot.This for financial reform places emphasis on experience,Let a person can't help association,The next round of China's financial reform will not by local engine?

　　事实上，自2008年下半年国际金融危机爆发以来，在“4万亿”巨额投资计划的推动下，地方金融应运而生，并迅速扩张，成为我国金融市场发展的重要影响力量。

In fact,Since the second half of 2008 since the outbreak of the international financial crisis,in"4 trillion"Huge investment plan driven,Local financial arises at the historic moment,And rapid expansion,Become China's financial market development important influence power.

　　据报道，内蒙古自治区2005年地方金融机构在全区的金融总量不到8%，而到了2011年4月，地方金融资产总量达4000多亿元，在1.16万亿元金融总量中占到了30%，每年增长速度在25%以上，再加上从事小额贷款、服务于中小企业和农牧民的这些资产，在全区占比将达到50%。

According to the report,Inner Mongolia autonomous region in 2005, local financial institutions in the financial amount less than 8%,And in April 2011,Local financial assets totaled more than 4000 yuan,In 1.16 trillion yuan of total finance in up to 30%,Every year the growth rate in more than 25%,Plus engaged in small loans/Service to small and medium-sized enterprises and farmers of these assets,In the accounts for more than 50%.

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　　广东的地方金融发展更为迅速，2006年金融资产不到6万亿元，但从2007年开始，政府激励金融产业布局，结果2007年金融资产比2006年增加了7500亿元，到2011年达到12万亿元。而在今年6月份的广东省金融工作会议上，广东省副省长陈云贤表示，在金融改革的推动下，到2015年广东省金融机构总资产将达到20万亿元。其中，地方金融资产占金融机构总资产的比重提高到30%以上。这种地方金融发展势头在全国多地都得到印证。

Guangdong's local financial development more rapidly,In 2006 financial assets of less than 6 trillion yuan,But since 2007,The government incentive financial industry layout,Results in 2007 than in 2006 financial assets added up to 750 billion yuan,By 2011 reach 12 trillion yuan.In June this year guangdong province financial work meeting,Vice governor of guangdong province ChenYunXian said,In the financial reform under the push,To 2015, total assets of financial institutions in guangdong province will reach 20 trillion yuan.the,Local financial assets accounted for the proportion of total assets of financial institutions increased to more than 30%.This kind of local financial development momentum all over the country have been confirm.

　　值得注意的是，虽然我国金融体系的市场化程度在加深，但事实上，金融机构的市场化服务能力并未显著增强，农村金融服务缺失的情况更是如此。从我国整体金融发展的需求来看，金融机构及金融产品准入限制的市场化、金融市场体系的统一与完善、中小企业融资体系的建设、当前特定阶段政策性金融（包括“三农”金融）的扶持、市场不断开放条件下的货币政策调控体系、宏观审慎性监管框架建设与调控监管部门间的协调等问题依然存在。

It is important to note that,Although the degree of marketization of China's financial system in deepening,But in fact,Financial institutions market service capacity did not significantly enhanced,The rural financial service missing even more so.From our country overall financial development needs to see,Financial institutions and financial products the marketization of access restrictions/The unity of the financial market system and perfect/Small and medium-sized enterprise financing system construction/The current policy finance specific stage(including"Agriculture, countryside and farmers"financial)support/Open market continuously under the condition of monetary policy regulation and control system/Macro prudential supervision framework construction and control supervision department coordination between problems still exist.

　　中国金融改革的方向必须转变，从国有金融机构的改革与发展转向满足中国市场的金融服务需求，转向继续消除金融市场化的障碍，推动金融市场的进一步对内开放。而地方金融机构的发展与管理，已成完善我国金融体系的关键环节。可喜之处在于，“十二五”规划纲要首次对地方金融管理提出，要完善地方政府金融管理体制，强化地方政府对地方中小金融机构的风险处置责任。央行副行长潘功胜在日前举行的2012年重庆金融开放论坛上也指出，区域性金融改革要立足本地实际，科学规划，合理布局，突出区域特征，实现差异化发展，避免一哄而上。

China's financial reform direction must change,State-owned financial institutions from the reform and development to meet the market demand of China's financial services,To continue to eliminate obstacles of financial market,Promote financial market open further internally.And the development of the local financial institutions and management,To perfect our country's financial system has been the key link.The good news in,"1025"For the first time, the plan for local financial management puts forward,To improve the local government financial management system,Strengthening the local government on the local medium and small financial institutions risk disposal responsibility.The central bank vice President PanGong wins in 2012 held a chongqing financial open BBS is also pointed out,Regional financial reform should be based on the local actual,Scientific planning,Reasonable layout,Prominent regional characteristics,To realize the development of differentiation,Avoid YiHongErShang.

　　总而言之，我们需要站在更加宏观的角度审视金融改革。现在，虽然地方上的改革意愿很强，但只有意愿而无系统性安排，显然是不够的，地方上的改革也容易遇到瓶颈。正如有关专家所言，“自下而上”与“自上而下”的中国式金融改革当然都重要，但若说哪个是困扰中国金融改革的关键，目前来看，“自上而下”改革的滞后，恐怕才是中国金融改革亟须突破的地方。尤其是，金融资源牵一发动全身，涉及多个维度，“自上而下”的金融改革势必不能拘束在金融领域内，而是一场综合性改革。

overall,We need to stand on a more macro perspective financial reform.now,Although the local reform intend to strong,But only intend to and no systematic arrangement,It is not enough,The local reform is likely to encounter bottlenecks.As experts said,"bottom-up"and"top-down"Chinese financial reform of course is important,But if we say, which is the key to the reform of China's financial problems,So far,"top-down"Reform lag,I'm afraid is China's financial reform, e. g. breakthrough place.especially,Financial resources to lead a launch the whole body,Involving multiple dimensions,"top-down"Financial reform will be not at home in the financial field,But a comprehensive reform.