温州金改雷声大雨点小，当细则出台终于下雨时，下的是毛毛雨。

Wenzhou gold changed much cry and little wool,When the rules when it rains come finally,The drizzle.

　　温州金改的核心是盘活民间资金，在实体经济与民间资金之间搭建桥梁。温州金改要达到活跃民间资金、建立民间借贷中心的目标，对以往的反思必须准确。

Wenzhou gold change core is to revitalize the folk capital,In the real economy and private capital to build Bridges between.Wenzhou gold changed to achieve active folk capital/To establish the goal of folk loan center,In the past must be accurate reflection.

　　以往温州民间资金与企业、个人借贷者之间通过地下渠道建立沟通渠道。所有的借贷者几乎实行统一的利率，货币泛滥时利率下降，货币紧张时利率上升。可见，当地金融市场缺乏针对不同的贷款对象的准确定价，信用体系建设乏力，对借贷者没有进行风险评级，缺乏活跃而有效的会计师事务所、律师事务所、评级机构、担保机构等中介机构。出现大面积违约时，或者采用野蛮的民间暴力手段催债、或者动用政府力量拒绝银行等金融机构收回贷款。对于民间本地股权投资机构等，缺乏强有力的制度建设，以信用建设与活跃的市场吸引全国民间资金进入。

Previous wenzhou folk capital and enterprise/Between individual borrowers by underground channels to establish communication channels.All borrowers almost unified interest rates,Monetary flood when interest rates fall,Monetary nervous higher interest rates.visible,The local financial market lacks according to different loan object accurate pricing,Credit system construction lack of power,To borrowers did not undertake risk rating,Lack of active and effective accounting firm/Law firm/Rating agencies/Guarantee agencies agencies.There is great when breach of contract,Or the savage folk violence dunning/Or the use of government power refused to Banks and other financial institutions and recover loans.For folk local equity investment institutions, etc,The absence of strong system construction,To credit construction and active market to attract funds into the national folk.

　　此次温州金改仍未能挠到痒处。

The wenzhou gold failed to change flexible to itch place.

　　细则核心有三点，一是创新民间金融。包括科技贷款、小额担保贷款、经营权质押贷款、股权质押贷款、知识产权质押贷款、林权抵押贷款、海域使用权抵押贷款等支农支小信贷业务。积极探索试点排污权抵押贷款、农房抵押贷款、土地承包经营权抵押贷款、农业设施及农业机械抵押贷款等。

Rules are three core,One is the folk finance innovation.Including technology loan/Small assure loan/Right of pledge loan/Equity pledge loan/Intellectual property rights pledge loan/Forest right mortgage/Right to use sea areas shall mortgages and other support a little credit business.Actively explore pilot of pollution-discharge right mortgage loans/Crackage mortgage/The contracted management of land mortgage loans/Agricultural facilities and agricultural machinery mortgage loan, etc.

　　所有上述创新可以归结为一句话，就是扩大质押标的范围，从房地产拓展到知识产权等虚拟资产，并非本质创新，而是抵押标的物创新。以往银行在从事企业贷款、农户贷款时尝试过，之所以未能大面积推广，缘于信用不彰，当知识产权得不到保护、土地承包范围在征地过程中屡屡更改，加之市场信用尚未形成铁律，此类标的物均为高风险标的物。

All the above innovation can be summed up in one word,Is expanding pledge target range,From real estate development to the intellectual property rights and virtual assets,Is not essential innovation,But mortgage innovation subject matter.Previous bank is engaged in business loans/Peasant household loans tried,Failure to large area promotion,Because credit inconspicuous,When intellectual property rights can not get protection/Land contracting scope in the process of change in land expropriation repeatedly,Together with market credit has not been formed iron law,Such subject matter are high risk subject matter.

　　中国之所以房地产抵押盛行，就是因为房地产是极少可信的抵押品种，在经济下行周期跑路行为屡禁不绝，如何确保上述抵押品的价值，需要的是当地对私有产权的保护、对失信行为的严惩。而在细则中，这方面被一笔带过。至于温州综合金融指数，与现在公布的民间借贷利率相比，到底有多大的改变？指数越清晰越好，如道琼斯指数简单而直观，如义乌小商品指数明示了小商品交易的冷热，这些指数能够历经岁月考验获得成功，就是因为信用、目标明确、简易直观。

The reason for China's real estate mortgage prevailing,Is because real estate is rarely credible mortgage varieties,In the economic descending cycle run road LvJinBuJue behavior,How to ensure that the value of the collateral,Need is the private property rights protection/To discreditable behavior severely punished.And in the detailed rules,This is one has brought.As for the wenzhou comprehensive financial index,And now the folk lending rate by compared,How much change?The more the better index of clear,Such as the dow Jones index is simple and intuitive,Such as yiwu small commodity index express the commodity trading cold and hot,These index to test after years success,Is because credit/targeted/Simple intuitive.

　　第二点是金融机构、金融产品的拓展。如探索小额贷款公司发行中小企业私募债、试点民间资本管理公司、推动温州银行引进战略投资者、增资扩股、上市融资。争取在温州设立财务公司、金融租赁公司、信托公司、消费金融公司等非银行金融机构。支持民营资本进入证券、投资咨询等领域，争取在温州设立证券公司，支持更多的证券、基金、期货公司到温州设立分支机构。鼓励地方金融机构以控股、参股的方式探索综合经营等。

The second is financial institutions/The expansion of financial products.Such as exploration small loan companies issuing small and medium-sized enterprise SiMuZhai/Pilot folk capital management company/Wenzhou bank to promote the introduction of strategic investors/Increase endowment spread/Listed financing.For the establishment of finance company in wenzhou/Financial leasing company/Trust company/Consumer financial company non-bank financial institutions.Support private capital into the securities/Investment consulting, etc,For the establishment of securities companies in wenzhou,Support more securities/fund/Futures companies to set up branches in wenzhou.Encourage local financial institutions to holding/Participation way to explore integrated management, etc.

　　难道温州银行争取到境内外大型战略投资者、温州多一家券商、多几家信托公司就能让温州成为金融中心，这显然只是表象。民间金融机构为什么非要集中到温州而不是其他地方，或者温州有一流的经商环境与商人队伍，或者温州与深圳、上海相比，有这些地方不具备的市场活跃度与市场高信用，吸引了各方交易者，显然，增加券商、银行并不能获得这些金融行业发展的根基。

Don't try to wenzhou Banks and large strategic investors/Wenzhou many a brokers/Many several trust company can make wenzhou has become a financial center,This obviously just representation.Folk financial institutions why don't focus to wenzhou rather than other place,Or wenzhou have the first-class business environment and merchants group,Or wenzhou and shenzhen/Compared to Shanghai,Have these places do not have market liveness and market high credit,Attracted traders all parties,obviously,Increase brokers/Bank and can't get these financial industry development foundation.

　　不止温州，包括其他一些省份，提出建设区域金融中心的口号时，往往在短期内建设文交所、贵金属交易所，泥沙俱下、鱼龙混杂，其标的物的估值、交易制度的公平甚至经受不起几个月的考验。温州不应该重走失败的金融中心的老路。

More than wenzhou,Include some other provinces,Put forward the construction of the regional financial center slogan,Often in the short term into the construction of the text/Precious metals exchange,NiShaJuXia/Good and evil people mixed up,The valuations of subject matter/The fair trading system even bear the test of a few months.Wenzhou should not ChongZou failed financial center made.

　　第三，开展个人境外直接投资试点。境外直投牵涉到境内外资金来往，非温州一地能说了算，必须由国务院统一部署领导，事实上，一旦出现失控情况，境外直投的窗口也很容易关闭，境外直投是被看重的创新，也是大幅放行可能性不太大的创新。

The third,Carry out personal foreign direct investment pilot.Overseas straight investment involves both at home and abroad, with money,The wenzhou a can have the final say,By the state council must be unified deployment of leadership,In fact,Once appear situation out of control,Outside the window of the straight investment is also very easy to shut down,Overseas straight investment is the innovation of value,Also contributed greatly to release not very likely innovation.

　　到目前为止，温州金改中真正接地气的创新在于借贷登记平台让民间借贷阳光化，引进一批中介机构入驻，提供民间借贷登记、公证、资产评估等服务，这是未来民间金融活跃的土壤，关键问题是中介机构到底起什么作用，信用与惩处制度语焉不详，我们只能等待未来更细的细则出台。另一方面，此次细则强调，加强和改进金融犯罪侦查工作，建立民间金融大案要案督办制度，加强民间借贷风险提示等，这是向信用体系建设向前进了一小步，但不是根本性突破。

So far,Wenzhou gold to the real ground gas innovation lies in the lending registration platform for folk lending sunshine change,Introduce a group of intermediary organizations established,Provide folk loan registration/notarization/Assets evaluation and other services,This is the future folk financial active soil,The key problem is the intermediary exactly what role do you,Credit and punishment system not elaborate,We can only wait for the future more fine rules issued.On the other hand,Emphasis on the rules,To strengthen and improve financial crime investigation,To establish the private finance major cases supervision system,Strengthening folk loan risk warning, etc,This is the credit system construction into a small step forward,But not a fundamental breakthrough.

　　温州经济面临转型，中国经济面临转型，抓住转型过程中的要害，以民间信用体制建设，建立阳光借贷平台，才是温州金改的出路。难道我们对此前三十年温州民间金融屡战屡败的反思，仅仅局限于这十二条吗？

Wenzhou economy faces a transformation,China's economy is facing transformation,Caught in the process of transformation of the key,To folk credit system construction,Establish sunshine lending platform,Is the wenzhou gold change a way out.Can't we had 30 years of wenzhou folk financial repeatedly fought and lost reflection,Limited to this article 12?