中国工商银行(601398,股吧)城市金融研究所课题组

The industrial and commercial bank of China(601398,guba)City financial research institute group

　　课题负责人：詹向阳、樊志刚，课题执笔人：李露

Research project:ZhanXiangYang/FanZhiGang,Subject penner:LiLou

　　近年，国内民间借贷市场迅猛发展，其潜在风险也有所积聚。在此情况下，去年底以来，以温州为代表的部分地区启动了金融综合改革，从区域层面探索实施一系列政策措施，引导当地民间金融规范发展。从改革启动以来的效果看，民间借贷风险并未明显缓解，新的问题仍不断涌现。

In recent years,Domestic private lending market rapid development,The potential risk will be accumulated.In this case,Since late last year,In wenzhou as a representative of parts start the financial comprehensive reform,From regional level explore the implementation of a series of policies and measures,Guide the local folk financial standard development.Since the launch from the effect of the reform of the watch,Folk credit risk has not significant relief,New problems are constantly emerging.

　　同时，相关政策对于长期以来存在的投、融资渠道狭窄，民间资本的不平等市场地位等体制性问题涉及甚少。长远来看，要从根源上化解民间借贷风险，启动深层次的经济金融体制改革势在必行。

At the same time,Relevant policy for the long-standing problem of pitch/The financing channel is narrow,The folk capital inequality market position and systematic issue involves little.The long run,From the root of resolving the folk credit risk,Start deep economic and financial system reform is imperative.

　　本轮民间借贷风险总体情况

This folk credit risk overall situation

　　本轮民间借贷风险主要表现为以下几方面：

This folk credit risk mainly for the following aspects:

　　第一，民间借贷规模较大，参与主体众多。

The first,Folk lending large scale,Participation main body many.

　　由于民间借贷的表现形式较为隐蔽，又长期游离于监管边缘，其规模难以准确统计。人民银行的调研显示，国内民间借贷资金量逐年增长,2008-2009年存量资金增长28％。

Because the form of folk lending is hidden,And long-term free in supervision edge,Its size is difficult to accurate statistics.The people's bank of research shows,Domestic private lending financing volume increased year by year,2008-2009 stock fund growth of 28%.

　　进入2011年以后增长更快，保守估计，国内民间借贷资金存量规模超过3.5万亿元。民间借贷热点地区资金规模占当地经济总量的比重基本在15%以上，有的地区超过50%。

In the 2011 years later growth faster,Conservative estimate,Domestic private loan fund stock size of more than 3.5 trillion yuan.Folk lending hotspots capital size of the local economy in the proportion of basic above 15%,Some areas more than 50%.

　　从参与主体看，资金供、需方包括城镇居民、个体工商户、民营企业、农户乃至机关及企事业单位工作人员等，涉及多个行业、阶层，参与主体众多。

See from the participation main body,Funds for/The buyer including urban residents/Individual and industrial and commercial door/Private enterprises/Farmers and authority and enterprise or business unit personnel, etc,Involved in many industries/class,Participation main body many.

　　第二，融资利率较高。

The second,Financing rate is higher.

　　2011年9月至年底，民间借贷利率处于阶段性高位，据不完全统计，全国民间借贷年综合利率为25%左右，有的高达40%-50%，明显高于一年期贷款基准利率的四倍（2002年1月发布的《中国人民银行关于取缔地下钱庄及打击高利贷行为的通知》中规定，民间个人借贷利率由借贷双方协商确定，但双方协商的利率不得超过中国人民银行公布的金融机构同期、同档次贷款利率的4倍。超过上述标准的，应界定为高利借贷行为），也高于大部分企业正常的利润率水平。

September 2011 to the end of the year,Folk lending rate in high stage,According to incomplete statistics,The national folk lending interest rates in comprehensive is about 25%,Some as high as 40% - 50%,The benchmark one-year lending rate is obviously higher than four times(Issued in January 2002[The people's bank of China about banning illegal private bank and blow usury behavior of the notice]Specified in the,Folk personal lending rate by lending to determine both parties,But both parties shall not exceed the rate published by the people's bank of China's financial institutions over the same period/With class 4 times the loan interest rate.More than the standard,Should be defined as usury lending practices),Also higher than most of the enterprise normal profit margin level.

　　第三，资金用途除企业生产经营外，主要用于房地产投资、矿产资源开发、赌博等投机氛围较浓领域以及银行融资垫款。

The third,Capital USES in addition to the production and operation of enterprises,Mainly used in real estate investment/Mineral resources development/Gambling and speculative atmosphere is strong field and disbursements bank financing.

　　据人民银行温州中心支行统计，2011年上半年温州民间借贷资金用于生产经营、房地产项目投资和集资炒房、银行还贷垫款的分别占35%（较2007-2008年期间下滑了53个百分点）、20%和 20%。同时，资金转手环节变多，“空转”而没有进入生产领域的资金增加，是民间借贷中风险较大的部分。

According to the people's bank wenzhou branch center statistics,In the first half of 2011 wenzhou folk lending funds for production and operation/The real estate project investment and financing form/The bank loan disbursements (35%)(A 2007-2008 period dropped 53%)/20% and 20%.At the same time,Reshuffling link to grow,"idle"But not into production areas of the capital increase,Is the folk lending risk in large part.

　　第四，“链环式”债务危机频发，风险涉及面大，企业受影响程度深。

The fourth,"Link type"Frequent debt crisis,Involve great risk,Enterprise influence of deep.

　　在民间借贷盛行地区，企业对民间借贷依赖度较高，相互担保现象普遍，“链环式”债务危机频发。由于民间借贷主要依赖非法讨债，企业主在资金困境下只好一走了之或以其他极端的方式来应对。2011年9月起，温州、鄂尔多斯(600295,股吧)发生多起企业倒闭和企业主逃逸事件，大多数与民间借贷存在着较大的关联。

In the folk lending in area,The enterprise to folk lending high dependency,Mutual guarantee universal phenomenon,"Link type"Frequent debt crisis.Due to the folk lending mainly depends on illegal pay the rent,Business owners in the capital crisis had to walk away or other extreme way to deal with.September 2011,wenzhou/ordos(600295,guba)Happened several business failures and business owners escape event,Most folk lending and there are obvious correlation.

　　第五，小城市逐渐成为高风险点。与大中城市相比，小城市相对闭塞且经济基础相对薄弱，正规金融体系不够发达，投资渠道狭窄，民众法制意识和金融知识薄弱，浓厚的“熟人文化”更易形成“跟风效应”。在一些中小城市，民间借贷涉及政府机关等多个系统，“羊群效应”的作用下，民间借贷大案要案频发。从浙江丽水“小姑娘”案、台州王凤菊案，到金华集资案、江山陈小林案都是典型的例子。

The fifth,Small city gradually become high risk point.Compared with the large and medium-sized cities,Small city relative block and economic foundation relatively weak,Formal financial system is not developed,Investment channel is narrow,The public consciousness of legal system and financial knowledge is weak,strong"Acquaintances culture"Are more likely to form"Follow suit effect".In some small and medium-sized cities,Folk lending involving government agencies, and other system,"Herd behavior"Under the action of,Folk lending frequent major cases.From zhejiang lishui"The little girl"case/Taizhou WangFengJu case,To the funding case/JiangShanChen Lin case is a typical example.

　　第六，农村地区民间借贷的潜在风险需高度关注。

The sixth,Rural folk lending to the potential risk of high attention.

　　与城市地区相比，农村的投、融资环境更为恶劣，农民从正规金融机构贷款的难度大，富余资金更难找到投资渠道。近年农民的支出压力日益增大，支出的增长超过了收入的增长速度，融资服务跟不上，农民不得不借助于相互救助。

Compared with the urban areas,Rural cast/The financing environment is more severe,Farmers from formal financial institutions of the loan is difficult,Surplus funds harder to find investment channels.In recent years, farmers' spending pressure increases day by day,The growth of spending more than income growth,Financing service can't keep up,Farmers have to with the help of mutual aid.

　　应该说，民间借贷是社会经济发展到一定阶段，企业和居民财富逐步积累、产业资本向金融资本转化、正规金融不能完全满足社会需求等因素综合作用的结果，其出现和发展有一定的必然性。

Should say,Folk lending is the social economy develops to a certain stage,Enterprises and residents gradually accumulate wealth/Industrial capital to finance capital transformation/Formal financial cannot completely satisfy the needs of society, such as a result of the integrated effects of factors,Its emergence and development has a certain inevitability.

　　但当前民间借贷的风险及种种乱象，已经给企业经营和经济运行带来了较大的不利影响：

But the current folk lending risk and a variety of the mess,Has been to the enterprise management and economic operation has brought more adverse impact:

　　首先，助长高利贷行为，加重企业经营负担。民间借贷为了吸收存款，往往倾向于“高息揽款、高息放贷”的经营模式，尤其在正规金融体系流动性收紧的情况下，民间资金作为替代物价格飙升，形成事实上的高利贷。较高的利率水平下，企业利用民间借贷融资无异于“饮鸩止渴”，经营负担大大加重。

First of all,Encourage usury behavior,Increase enterprise management burden.Folk lending to absorb deposits,Often tend to"Tight embrace of/Tight lending"Business model,Especially in the formal financial system liquidity tightening cases,The folk capital as alternative prices,Formation in fact of usury.Higher interest rates down,Enterprise use private-loan financing would be"The remedy is worse than the",Business burden greatly aggravated.

　　第二，助长非法集资行为，扰乱金融秩序。由于国内法律对民间借贷和非法集资的界定不清，只要未经金融主管部门行政许可的机构向社会不特定人群借贷资金，都有非法集资之嫌，因此现实中民间借贷与非法集资往往紧密联系。随着近年民间借贷的快速发展，非法集资活动也呈上升势头，个别地区甚至呈高发和蔓延态势，严重影响了经济金融秩序。

The second,Encourage illegal financing behavior,Disturb the financial order.Due to the domestic law of the folk lending and illegal financing definition is not clear,As long as without the financial departments of the administrative licensing agency to social specific populations loan fund,There are illegal financing too,So the reality folk lending and illegal funds are often closely related.In recent years, with the rapid development of private lending,Illegal financing activities also shows ascendant trend,The individual parts of the high incidence and spread the situation,Seriously affected the economic and financial order.

　　其三，社会资金脱实向虚，经济的泡沫化程度和波动性加剧。在利率水平不断高企的背景下，近年大量资金流入房地产、矿产开发、农产品市场，导致这些市场大起大落。此外，在民间借贷风险的高发区，企业将资金用于赌博等不良嗜好，加剧了经济的波动性。

thirdly,Social capital to take off to the virtual reality,Economic frothy degree and increased volatility.In the interest rate level constantly high background,In recent years, a lot of money into real estate/Mineral development/Agricultural products market,Lead to these markets are always ups and downs.In addition,In the folk lending in the high risk,The enterprise will funds for gambling and other bad habits,Increased economic volatility.

　　第四，形成债务纠纷，引发社会问题。民间借贷市场的各种无序乱象为债务纠纷埋下了隐患。据统计，2008年以来浙江民间借贷案件数量和金额快速上升，今年达到五年来最高。上半年受理民间借贷案件58037件，涉案金额283.9亿元，同比分别增长27%和130%。从案件形式看，同一主体作为原告或被告的系列案增多，有的背后还有大量欠缺投资渠道、盲目逐利的普通老百姓作为隐名出借人。这类案件影响面大，传导性强，易引发连环诉讼、上访，甚至群体性事件。

The fourth,Form debt disputes,Cause social problems.Private lending market all kinds of disordered mess for debt disputes the hidden trouble.According to the statistics,Since 2008 the number of zhejiang folk lending and the rapid increase of the amount,The highest this year to five years.In the first half of 58037 cases accepted folk lending,Involving a value 28.39 billion yuan,Year-on-year growth of 27%, respectively, and 130%.See from the form,The same subject as the plaintiff or the defendant in a series of increasing,Some lack of investment channels and a large number of behind/The blind by the ordinary people as a dormant lender.This kind of case big influence,Conductivity strong,Easy cause serial litigation/petitions,Even group incidents.

　　第五，影响国家宏观经济调节效应的有效实现。目前的宏观调控主要着眼于正规金融体系，对游离于正规金融体系之外的民间资金难以进行有效监管，不仅表现在宏观调控对资金价格和资金总量的控制力有所削弱，还表现在相当部分民间资金流向国家产业政策限制的行业和领域，为经济结构调整带来负面影响。

The fifth,Affect national macroeconomic regulation effect effectively realized.The current macroeconomic regulation and control is focused on the formal financial system,For free in the formal financial system outside of the folk capital be difficult to carry on the effective supervision,Not only displayed in the macroeconomic regulation and control to fund price and the total amount control of funds to weaken,Still behave in quite a part of the folk capital flow to the national industrial policy limit industries and fields,For the economic structure adjustment brings negative effect.

　　民间借贷风险集中显现的原因

Folk credit risk concentration of reason appeared

　　当前民间借贷市场的乱象与上世纪90年代国内农村合作基金会风波在表现形式上具有一定的相似性，但二者的形成原因却大相径庭。上世纪80年代中期起，部分乡村地区在集体经济组织成员之间进行内部融资，形成了农村合作基金会并迅速发展壮大。90年代以后基金会风险逐渐暴露，高利贷盛行，呆、坏账积聚，支付困难导致部分地区爆发挤兑事件。

The current private lending market and the mess in the 1990 s the domestic rural cooperative foundation storm in performance in the form of a certain similarity,But the formation reasons but vary widely.Since the mid 1980 s,Part of the rural areas in the collective economic organizations between members of the internal financing,Formed a rural cooperative foundation and rapid development.After the 90 s foundation risk exposed gradually,Usury in,stay/Bad debt accumulation,Payment difficulties in some areas outbreak run events.

　　究其原因，主要在于地方政府和农业行政管理部门在利益需求驱动下，为扩大对金融资源的控制力，对基金会的运作过程、资金来源和流向进行较大的干预，导致其运作偏离设立初衷，资金投放的非农化趋势严重。

Investigate its reason,Mainly lies in the local government and agricultural administrative departments in interests driven by demand,For increasing the financial resources to control,On the foundation of the operation process/Capital source and flow for larger intervention,To set up its operation deviates from the original intention,Money put on the non-agriculture serious trend.

　　同时，基金会一直游离于金融监管之外，内部经营管理较为粗放，本身积聚了较大的风险。与此相较，本次民间借贷风险爆发的原因更加错综复杂，既有经济金融运行中一些特定现象的直接诱因，也有中国经济体制层面的一些深层次原因。

At the same time,The foundation has been free financial supervision outside,Internal management more extensive,Itself accumulation is a great risk.Compared with the,The folk credit risk outbreak of reason is more complicated,Both economic and financial operation of some particular phenomenon of direct incentive,Also has the Chinese economic system level some profound reason.

　　直观地看，近期民间借贷风险集中显现的直接诱因有三：

Intuitively see,Recent folk credit risk concentration appeared three direct cause:

　　一是2011年以来，在外需明显萎缩、内需增长较为乏力的背景下，中小企业经营面临较大困境。从企业景气指数的变化可见一斑，2011年四季度，小型企业景气指数和中型企业景气指数均降至近三年最低值。今年以来，中型企业景气指数继续下跌，小型企业景气指数有所回升，但远小于同期大型企业景气指数。企业经营受困，自身“造血”功能不足导致资金流紧张。

One is 2011 years,Now in the obvious atrophy/Domestic demand is relatively weak background,Small and medium enterprises faced with great difficulties.From the enterprise boom index change is obvious,2011 in the fourth quarter,Small business boom index and medium-sized enterprise boom index are dropped to the lowest nearly three years.Since this year,Medium-sized enterprise boom index continue to fall,Small business boom index have rebounded,But far less than the same period of large enterprise boom index.Enterprise management under siege,itself"hematopoietic"Function leads to cash flow stress.

　　二是宏观政策有所收紧加剧企业资金困局。2011年货币政策由松趋紧，市场资金面有所收紧，小企业获得银行贷款的难度增大。2011年末中小企业贷款余额同比增长18.6%，比上年末下降3.9个百分点。今年以来货币政策有所放松，但上半年末小微企业贷款仅增长21.4%，增速较上年末仍有所下降。为渡资金难关，企业纷纷寻求民间借贷“救急”。

The second is the macro policy tightening has increased enterprise fund predicament.In 2011 by the loose monetary policy tightening,Market financing area has tightened,Small businesses increased the difficulty of a bank loan.By the end of 2011 small and medium-sized enterprise loan balance year-on-year growth of 18.6%,More than ShangNianMo fell by 3.9%.Since this year to loosen monetary policy,But at the end of the first half small micro enterprise loans rose by only 21.4%,Growth is ShangNianMo still declined.For over money difficulties,Enterprises have to seek private lending"emergency".

　　三是部分企业偏离主业，资金脱离实体经济导致资金风险增大。近年国内一些企业收缩主业，将资金投入房产、矿产、私募甚至民间借贷，2011年以来房市走低、资本市场持续低迷导致企业资金风险急剧增大。

The third is the main part of the enterprise deviation,Funds from the real economy lead to increased risk capital.In recent years, domestic some main enterprise contraction,Put money into real estate/mineral/Private even folk lending,Since 2011 the housing low/Capital markets continue to slump in enterprise capital risk increases sharply.

　　此外，企业主挪用资金参与赌博也是企业倒闭、企业主跑路的重要诱因。监管部门的调研显示，温州82家企业老板潜逃的原因统计为：投资过度约占20%，不良行为（赌博）约占60%。投机炒作之风使民间借贷超越了安全边界而呈现高利贷化、全民化的危险倾向。

In addition,Business owners misappropriation of funds involved in gambling is all washed up/Business owners run road important incentive.The research shows that the supervision department,Wenzhou 82 enterprise boss lam reason for statistics:Excessive investment accounts for about 20%,Bad behavior(gambling)About 60%.The wind of speculating that folk lending beyond the security boundary and present usury change/The founder of dangerous tendency.

　　深层次来看，本次民间借贷风险集中爆发本质上是我国经济和金融改革发展进程中的派生现象。

Deep to see,The folk credit risk concentration outbreak is essentially China's economic and financial reform and development in the process of deriving phenomenon.

　　首先，传统行业升级和转型导致中小企业正常“死亡”。近年来，中小企业面临的产业层次低、技术装备和技术含量低、人才瓶颈等问题始终未得到有效破解,资源环境约束的增强和新增劳动力数量的下降使得企业通过提高劳动生产率消化上涨成本的余地进一步缩小，亟须转到具有更高回报率的高端产业。

First of all,Traditional industry upgrading and transformation of small and medium-sized enterprise to normal"death".In recent years,Small and medium-sized enterprises face with low level of industry/Technology and equipment and technology content is low/Talent bottleneck problems has not been effectively crack,Resources and environment to enhance and constraints of the labor force decline makes enterprise through improve labor productivity digestion rising cost room for further reduced,It is urgent to turn to have a higher rate of return of high-end industry.

　　在这一优胜劣汰的过程中，技术创新能力相对落后的企业难免正常“死亡”。从浙江省的情况看，该地区大多数行业为毛利率在10%以下的加工制造业，且短期内转型升级的难度较大。据我行浙江省分行的调研显示，2011年以来浙江省关停的中小企业主要集中在服装、制鞋、眼镜、造纸、皮革、机械等传统制造行业。

In the process of the survival of the fittest,Technology innovation ability is relatively backward enterprise is normal"death".From the view of zhejiang province,The area most industry for gross profit rate under 10% processing manufacturing,And in the short term of the transformation and upgrade of great difficulty.According to zhejiang branch of our study,Since 2011 the small and medium-sized enterprises in zhejiang province shut mainly concentrated in the clothing/shoe/glasses/paper/leather/Machinery and other traditional manufacturing industry.

　　其次，“金融抑制”使得部分经济主体的融资需求无法从正规金融渠道获得满足，催生了民间借贷市场的高速、畸形发展。

secondly,"Financial repression"The economic subject made part of the financing needs cannot be satisfied from the formal financial channels,Led to the folk lending market high speed/Deformity development.

　　根据麦金农等人提出的“金融抑制”理论，政府通过对金融活动和金融体系的过多干预抑制了金融体系的发展，金融体系的滞后发展反过来又阻碍了经济的发展，从而形成金融抑制和经济落后的恶性循环。

According to the proposed McKinnon, etc"Financial repression"theory,The government through the financial activities and financial system intervenes the inhibition of the development of the financial system,The financial system lag development in turn hindered the development of the economy,Thus forming financial repression and economic backward vicious cycle.

　　在不同的经济体制下，“金融抑制”的表现形式有所不同，在中国具体表现为：

In different economic system,"Financial repression"The performance of the different forms,The specific performance in China:

　　一是利率管制导致金融资源配置低效率。政府对名义利率的上限做出硬性规定，而较高的通胀率进一步拉低了实际利率水平。较低的利率一方面导致储蓄者不愿将钱存入银行体系，另一方面，较低的贷款利率又刺激了借款者的亢进需求，这必然导致资金的需求远大于供给。为此，金融机构只能以“配给”方式授信。

One is of interest rates lead to low efficiency of the allocation of financial resources.The government of the nominal interest rate upper limit to make hard and fast rules,And higher inflation further down the actual interest rate level.Lower interest rates on the one hand lead to savers don't want to put money in the bank system,On the other hand,Lower loan interest rates and stimulate the demand of borrowers hyperthyroidism,This will inevitably lead to the need for the funds far greater than supply.therefore,Financial institutions can only to"rationing"Way credit.

　　在资金价格受管制的情况下，商业银行更倾向于将资金借给经营较稳定、风险较低的国有企业和大型民营企业，而风险较高的中小企业只好求助于非正规市场，这种“配给”授信方式导致金融资源的配置效率低下。

In the capital price regulated cases,Commercial Banks tend to lending money management is stable/A lower risk of state-owned enterprises and large private enterprises,And a higher risk of small and medium-sized enterprises have to turn to informal market,this"rationing"Credit way results in the low efficiency of the allocation of financial resources.

　　二是社会投、融资体系不健全。债务融资和股权融资形式都比较单一，公司债券市场不发达，主要服务于小企业的小额信贷机构相对缺乏，私募股权市场、场外交易市场也不发达。相应的，企业和居民的债权和股权投资需求也难以得到满足。

The second is for social/Financing system is not sound.Debt financing and equity financing form are single,The bond market is developed,The main service in small relative lack of microfinance institutions,Private equity market/The over-the-counter market is not developed.corresponding,Enterprises and residents of the creditor's rights and equity investment to satisfy demand.

　　三是利率双轨制。由于正规金融市场与民间金融市场的资源并不流通，当民间金融市场的利率高于正规金融市场时，市场的调节机制难以发挥作用。尽管部分资金通过非正规的渠道从正规金融市场流入民间金融市场，但这种带有寻租性质的资金更多投向对资金有刚性需求的那部分企业，并不能有效降低民间金融市场的平均利率，更不能阻止民间金融市场向高利贷市场的异化。

The third is the double interest rates.Due to the formal financial market and folk financial market resources does not flow,When the folk financial market interest rates are higher than normal financial market,The adjustment of the market mechanism to play a role.Although part of funds through informal channels from the formal financial market into folk financial markets,But the more money with rent-seeking nature of capital to a rigid demand that part of the enterprise,And can effectively reduce the average rate of private financial market,More can't stop folk financial market to usury market alienation.

　　总之，长期以来的“金融抑制”使得部分经济主体的融资需求无法从正规金融渠道获得满足，而利率的不完全市场化又使资金价格难以完全发挥调节资金供需的作用。在此背景下，民间借贷较快发展顺应了强烈的民间融资需求，并在特定范围内真正实现了利率市场化。

In a word,long"Financial repression"The economic subject made part of the financing needs cannot be satisfied from the formal financial channels,Interest rates and the incomplete market and the capital price is difficult to fully play the role of regulating capital supply and demand.In this context,The rapid development of private lending complied with strong folk financing needs,In certain range and realize the marketization of interest rate.

　　化解民间借贷风险应采取哪些政策措施

Dissolve the folk credit risk should take what policy measures

　　1.短期政策建议

1. The short-term policy Suggestions

　　在当前阶段，对民间借贷不能一味打击取缔，而应在监管和规范中助其发展壮大。短期来看，民间借贷的监管方向是疏堵并举，一方面明确民间借贷的合法地位，使民间资本更好地为中小企业和实体经济服务，另一方面对民间借贷活动实施有效管控，遏制高利贷、非法集资行为，保障借贷双方合法权益。通过以上两方面促其阳光化、合法化、规范化，最大限度地趋利避害，发挥其对实体经济的“供血”功能。政策的重点：

In the current stage,The folk lending can not blindly to crack,And should be in supervision and specification to help them develop.Short term,Folk lending supervision direction is ShuDu simultaneously,On the one hand clear legal status of private lending,Make the folk capital work better for small and medium-sized enterprises and the real economy service,On the other hand the folk lending activities implement effective control,Contain usury/Illegal financing behavior,Security lending legal interests of the two parties.Through the above two aspects to promote the sunshine change/legalization/standardization,Maximize the disadvantages,Play to the entity economy"blood"function.The key policy:

　　一是加强立法，赋予民间借贷主体及其行为应有的法律地位。

One is to strengthen the legislation,Give the folk lending main body and its behavior should be legal status.

　　修订现有相关法律法规，明确开办民间借贷中介机构的条件，对非法融资活动做出准确界定并明确处罚标准和实施办法，明确民间借贷的管理部门。在此基础上，择机出台民间借贷专项法律法规，对民间借贷主体双方的权力、义务、交易方式、契约条件、期限利率、税收、违约责任以及权利保障等方面加以明确，规范和保护正常的民间借贷行为。

Revise the related laws and regulations,Clear open folk lending conditions of intermediary agencies,For illegal financing activities accurately and clearly defined standards and the measures for the implementation of the punishment,Clear folk lending management department.On the basis of,The folk lending on special laws and regulations,Both sides of the main body of folk lending power/obligations/Way to trade/Conditions of contract/Term interest rates/tax/Liability for breach of contract and the rights, so as to clear,Regulate and protect normal folk lending practices.

　　二是尽快建立和完善民间融资监测、统计体系，对于民间金融的规模、投向和风险状况做到“心中有数”。

The second is to establish and perfect as soon as possible the folk financing monitoring/Statistical system,For the size of the folk finance/Casting and risk status to do"Know fairly well".

　　建立民间金融活动的备案和信息登记制度，尤其对融资规模较大企业实行强制性登记备案；建立民间借贷监测指标体系，定期采集民间借贷活动相关数据，掌握民间借贷资金来源和投向、利率水平、交易对象等情况，为监管部门制定宏观政策提供数据支持；建立监测通报系统，由各地人民银行、银监局、统计局等部门定期开展调查统计，监测辖内民间融资的总量、利率、资金来源及运用情况，并进行信息披露和风险提示。

Establish folk financial activities of the record and information registration system,Especially for large scale financing enterprises implement mandatory registration;Establish folk lending monitoring index system,Regularly collecting folk lending activities related data,Master of folk loan fund source and casting/Interest rates/Transaction object, etc,For supervision departments to formulate macro policy provide data support;Establish monitoring and reporting system,The local people's bank/Silver inspect bureau/Bureau of statistics departments regularly carry out investigation statistics,Monitoring facility to the amount of folk financing/Interest rates/Capital source and application situation,And the information disclosure and risk warning.

　　三是建立多层次融资服务体系，建立和完善以服务中小企业为主要方向的小型或专业金融机构。

Three is to establish a multi-level financing service system,To establish and perfect service to small and medium-sized enterprises as the main direction of small or professional financial institutions.

　　扶持社区银行、村镇银行、小额贷款公司、融资性担保公司等小型或专业金融机构的发展壮大，进一步丰富社会融资服务体系。通过鼓励增资扩股、小额贷款公司资产证券化试点等方式，做大做强小额贷款公司。

Support community Banks/Town bank/Small loan companies/Financing guarantee companies, such as the small financial institutions or professional development,Further enrich the social financing service system.By encouraging increase endowment spread/Small loan company asset securitization, etc,Bigger and stronger small loan companies.

　　推进农村合作金融机构股份制改造，并将其作为民资进入金融领域的重要途径，吸引具有雄厚实力的民间资本进入，成为国有银行的有机补充。择优选择民营企业作为主发起人，设立信托、保险、融资租赁、证券、村镇银行等机构，试点小额贷款公司转制村镇银行。

Promote rural cooperative financial institutions shareholding reform,And what will it as an important way in financial field,Have strong power to attract private capital into,Become the state-owned Banks organic supplement.Preferred choice of private enterprises as the main sponsors,Trust is established/insurance/Financing lease/securities/Village Banks and other institutions,Pilot micro-credit company bank transformation of villages and towns.

　　四是严厉打击和遏制高利贷、非法集资等地下黑色金融活动，保证民间借贷市场规范化运作。

The fourth is to crack down on and contain usury/Illegal financing etc underground black financial activities,Ensure that the folk lending market standardization operation.

　　坚决取缔以牟取暴利或其他非法目的为导向的民间金融活动，严厉打击民间金融组织中存在的高利贷、洗钱等非法活动以及暴力追债、投机诈骗等显失公平并造成严重危害的行为。

Resolutely to profiteer or other illegal purpose as the guidance of the folk financial activities,Crack down on folk financial organization existing usury/Money laundering, and other illegal activities and violence dunning/Speculative fraud etc unconscionability and cause serious harm behavior.

　　此外，由于民间借贷市场表现为较强的区域性，目前其监管规范主体主要落在各级地方政府及相关部门。鉴于此，地方政府与“一行三会”分支机构需要设立明确的监管分工，并有实施细则进行具体说明。只有权力边界清晰，地方政府的责任才能落到实处，从而避免地方享受改革收益却不承担最终风险，也避免地方政府为谋取地方利益对民间借贷过多干预，重蹈上世纪90年代农村合作基金会的覆辙。

In addition,Due to the folk lending market performance for strong regional,At present the supervision standard subject mainly falls on the local governments at all levels and relevant departments.In view of this,Local governments and"A line of three will"Branches need to set up a clear division of supervision,And to specify the detailed rules for the implementation.Only power boundaries clear,The responsibility of local government can land on feet,To avoid local enjoy reform income but does not assume the risk finally,Also avoid local government is to seek the interests of the local folk lending too much intervention,Repeat the 1990 s rural cooperative foundation problem.

　　2.中长期政策建议

2. Long-term policy Suggestions

　　中长期来看，政策将着力于建立系统、完善的社会投、融资体系，提高社会资金的配置效率，确立民间资本的平等市场地位，切实提高民间资本的获利能力，落实对中小企业和产业升级的财税扶持，从源头上化解民间借贷风险。

Long-term to see,Policy will focus on establishing the system/Perfect social cast/Financing system,Improve the social capital allocation efficiency,Establish the equality of folk capital market position,In order to improve the folk capital profitability,Implement for small and medium-sized enterprises and industrial upgrading of fiscal support,From the source dissolve folk credit risk.

　　令人欣慰的是，年初以来国内利率市场化的改革明显提速，尽管该项改革短期内不一定会对化解民间借贷风险起到立竿见影的效果，但对于不同经济部门在金融市场中获得同等地位，实现金融资源在不同市场的有效配置具有重要意义。

It is encouraging,Since the beginning of the domestic interest rate marketization reform speed obviously,Although the reform in the short term will not necessarily to dissolve folk credit risk have immediate effect,But for different economic sectors in the financial markets for the same position,To achieve financial resources in different market effective configuration has the important meaning.

　　除利率市场化改革外，中长期需要切实推进的改革还包括：

In addition to the market-oriented interest rate reform,Long-term need to promote reform includes:

　　第一，加快债券市场尤其是区域性债券市场的发展，使其逐步成为中小企业中长期资金的主要来源和短期资金的辅助来源。

The first,To speed up the bond market, especially the development of the regional bond market,The small and medium-sized enterprises gradually become the main source of long-term capital and short-term capital auxiliary source.

　　目前，国内债券市场各种中小企业债务融资工具的实施效果均不理想，主要原因在于融资门槛较高，发行环节繁琐，获得担保困难。

At present,The domestic bond market all kinds of small and medium-sized enterprise debt financing tool implementation effect is not ideal,The main reason is that the financing threshold is higher,Issue link trival,A secured difficult.

　　鉴于此，下一阶段加快中小企业债券市场发展的重点是，从债券产品结构看，设计和发行更加切合中小企业特征的债券产品；简化发行流程，进一步推进债券发行审批制向注册制的转型；转变中小企业债务融资工具的传统担保做法，对其不必过度增信，而是适度提高收益吸引力，达到投资者的风险承担和收益相匹配的目的。

In view of this,The next stage to speed up the small and medium-sized enterprise bond market development is the key,See from bond product structure,Design and release more small and medium-sized enterprises with characteristics of bond products;Simplified release process,Further advance the bond issue to the transformation of ShenPiZhi registration system;Small and medium-sized enterprise debt financing tool change the traditional security practice,The don't have excessive credit,But moderately increasing income attraction,To investors of risks and benefits the purpose of the match.

　　从债券发行流通的区域结构看，积极探索发展区域性债券市场。目前国内债券市场无论是以上交所、深交所为主的场内交易市场还是以银行间债券市场为主的场外交易市场，都是全国性的债券市场，发行主体和投资主体基本是信用等级高、实力强的金融机构和大中型企业。这种大机构发行、大机构投资的“双大”结构，使债券市场难以为中小企业提供有效的投融资服务。

From the issue of circulation regional structure to see,Explore development regional bond market.At present the domestic bond market in ShangJiaoSuo/Shenzhen primarily floor market or in the market of the bond between the bank primarily over-the-counter market,Are national bond market,Issue subject and investment subject basic credit rating is high/Strong financial institutions and large and medium-sized enterprises.The large institutions issue/Big institutions of investment"Double big"structure,Bond market for small and medium-sized enterprises to provide effective investment and financing services.

　　鉴于此，尝试有步骤地发展区域性债券市场，以区域内企业作为发行主体，制订相对宽松、有利于中小企业的债券发行制度，逐步发展为中小企业债券融资的新渠道。同时，试点私募债权投资基金，以扩大区域性债券的投资主体范围，将民间资金有序地纳入到债券市场中来。

In view of this,Try to step by step development regional bond market,To area enterprise as the main issue,Make relatively loose/To small and medium-sized enterprise bond issue system,Gradually developed for small and medium-sized enterprise bond financing of the new channel.At the same time,Pilot private debt investments funds,In order to enlarge regional bond investment subject range,Will the folk capital orderly into the bond market to.

　　第二，场内、场外两个市场并重，培育成熟的中小企业股权融资体系。

The second,field/Street two pay equal attention to the market,Cultivating mature small and medium-sized enterprise equity financing system.

　　对于场内股权融资市场，深化股票发行制度市场化改革，加快探索发行方式创新，弱化行政审批，强化资本约束、市场约束和诚信约束，完善新股发行询价制度，提高发行定价的合理性。其中，创业板市场在逐步降低融资准入门槛的同时，对投资者实行严口径准入管理，重点培育一批专业化的投资团队，吸引私募基金、慈善基金、风险投资家等加入到投资团队中，防止散户对创业板进行过度炒作。

For the field equity financing market,Deepening the reform of the system for issuing stock market,To speed up the explore its way of innovation,Weakening administrative examination and approval,Strengthen capital constraint/Market constraints and integrity constraints,Perfect ipo inquiry system,Improve the rationality of the pricing issue.the,Growth enterprise market in gradually reduce the financing admittance threshold at the same time,For investors to strict caliber access management,Cultivate a group of professional investment team,Attract private equity fund/Charity fund/Venture capitalists, etc to join the investment team,Prevent retail to gem for excessive speculation.

　　对于场外交易市场，要整合国内现有的场外交易市场，从法律法规、监管归属、投资主体等方面对其进行系统设计，构建有层次的场外股权交易市场体系，促使其逐步成为中小企业的一个主要融资途径。

For the over-the-counter market,To integrate the domestic existing over-the-counter market,From the legal laws and regulations/Regulation belongs to/The investment main body of the system design,Build a level of otc equity market system,Led to the small and medium-sized enterprises gradually become one of the main financing way.

　　第三，打破利益格局，破除体制障碍，使民间资本公平地进入正规金融和实体经济多个领域。

The third,Break benefit pattern,Break system obstacle,Make the folk capital fair access to formal financial and real economy fields.

　　2005年和2010年，“非公36条”和新“非公36条”发布，旨在通过系统性的政策支持民间资本进入多个领域和行业。政策颁布几年，相关措施仍未充分落实，大多数行业没有出台实施细则或细则不细，能源、公共事业等多个领域进展甚微，公平竞争、平等准入的市场环境仍未形成。

In 2005 and 2010,"Non-state-owned 36"And new"Non-state-owned 36"release,Aims to systematic policy support folk capital into the fields and industry.Policy issued a few years,Relevant measures are still not fully implement,Most industry not issued detailed rules for the implementation of the rules or not fine,energy/Public utilities little progress, and other fields,Fair competition/Equal access market environment is still not form.

　　要改变这一现状，需要从根本上打破现有的利益格局，抓紧制定和实施民间资本进入金融、能源、公共事业、战略性新兴产业等多个行业切实可行的实施细则，在将民间热钱引向正规金融和实体经济领域的同时，提高民间资本的获利能力，使民间资本也能够获得与国有资本相当的收益水平。

To change this situation,Need to fundamentally to break the existing pattern of interests,To formulate and implement the folk capital into financial/energy/Public utilities/Strategic emerging industry and other industries the detailed rules for the implementation of practical and feasible,The folk hot money to formal financial and entity economy at the same time,Improve the folk capital profitability,Make the folk capital can also get a state-owned capital income level.

　　第四，强化并落实对中小企业的财税扶持政策，鼓励企业加快技术革新和产业升级步伐，为中小企业发展创造良好的外部环境。

The fourth,Strengthen and implement fiscal support to small and medium-sized enterprise policy,Encourage enterprises to speed up the pace of technological innovation and industry upgrading,For small and medium-sized enterprise development, and create a good external environment.

　　在前述各项改革逐步向前推进的过程中，政府对中小企业提供财政援助和税收优惠不失为缓解其资金困境更为直接有效的政策措施。按照2011年10月国务院出台的“支持小型微型企业金融财税政策措施”的要求，逐条落实对小微企业加大税收扶持力度的各项政策措施。

In the various reform gradually advancing process,The government for small and medium-sized enterprises to provide financial assistance and preferential tax is ease its money trouble more effective policy measures.According to in October 2011, the state council issued"Support small miniature enterprise financial fiscal policy measures"requirements,Item by item implement for small micro enterprise increase tax support for the various policy measures.

　　与此同时，进一步加大对产业升级的财税支持力度。通过设立产业发展专项基金，完善税收激励政策等，支持新兴产业发展壮大，引导企业加快技术革新，掌握核心技术，占据产业链高端，从根本上提升竞争力和生存能力。

meanwhile,Further strengthen the industrial upgrading of fiscal support.Through the establishment of special fund industry development,Perfect tax incentive policy, etc,Support emerging industry development,Guide enterprises to quicken the pace of technological innovation,Grasp core technology,Occupy the high-end industry chain,Fundamentally enhance competitiveness and survival ability.

　　综上，本轮民间借贷风险集中爆发以来，其风险点突出表现为民间借贷资金规模巨大且来源复杂，借贷利率的高利贷化倾向和资金“脱实向虚”倾向明显，债务危机频发，企业受影响程度较深。以温州为代表的国内部分地区启动区域性金融综合改革以来，在遏制民间借贷的高利贷化倾向和“脱实向虚”倾向两方面取得了一定的成效。

In conclusion,This folk loan risk since the outbreak of the concentration,The risk point outstanding performance for folk loan fund the huge and complicated source,Lending rate of usury tendency and capital"Off to the virtual reality"Tendency obvious,Frequent debt crisis,Enterprise influence of deep.In wenzhou as a representative of the domestic parts start regional financial comprehensive since the reform,In the containment folk lending tendency and usury"Off to the virtual reality"Two tendencies have made some achievements.

　　但是，当前民间借贷的问题并不仅仅局限于民间金融本身，某种程度上来说，它是民间资本要求打破各种利益格局，公平地进入正规金融和实体经济领域，追求与国有资本同等收益的诉求与相对滞后的经济金融体制二者矛盾的集中体现，而金融综合改革对这些深层次问题涉及甚少。

but,The current folk lending is not only confined to the folk finance itself,Some extent,It is the folk capital requirements to break all kinds of interests,Fair access to formal financial and entity economy,The pursuit of state-owned capital gains and the same appeal and the relative lagging behind the economic and financial system embodies the contradiction between,And the financial comprehensive reform on the deep problem involves little.

　　因此，在民间借贷风险仍较为突出，新的问题不断涌现的背景下，启动深层次的经济金融体制改革势在必行，改革的方向是建立系统、完善的社会投、融资体系，提高社会资金的配置效率，切实提升民间资本的获利能力，引导民间资金从“地下”走到“地上”，从灰色地带流向正规金融和实体经济领域。

so,In the folk credit risk is still relatively prominent,New problems under the background of emerging,Start deep economic and financial system reform is imperative,The direction of the reform is to establish a system/Perfect social cast/Financing system,Improve the social capital allocation efficiency,To improve the folk capital profitability,Guiding non-governmental funds from"underground"Went to"The ground",From the grey zone to formal financial and entity economy.

　　商业银行的关注点是什么

Commercial bank's concerns is what

　　对商业银行来说，在当前形势下，既要高度关注和防范民间借贷风险向商业银行的传染，又要积极应对金融领域改革对银行经营的潜在挑战。同时，还要按照监管层的要求，积极拓展中小企业相关业务，加大对中小企业的金融扶持。

For to commercial Banks,In the current situation,Both high attention and prevent folk credit risk of commercial Banks to infection,And to actively respond to the financial sector reform on bank business potential challenges.At the same time,And according to the requirements of the regulatory layer,Actively develop small and medium-sized enterprise related business,Increase financial support to small and medium-sized enterprises.

　　第一，高度关注和防范民间借贷风险向商业银行的传染。

The first,High attention and prevent folk credit risk of commercial Banks to infection.

　　民间借贷风险向银行体系的传导途径主要有三：一是银行信贷资金直接流入民间借贷市场，二是企业和居民套取银行贷款用于民间借贷市场贷款或借款，三是企业因担保偿付导致资金链断裂，波及正常生产经营。

Folk credit risk to the bank system of the three main pathways:One is the bank credit funds directly into private lending market,The second is the enterprise and residents show the bank loans for private lending market lending or borrowing,Three is the enterprise by the guarantee to pay capital chain rupture,Affected the normal production and operation.

　　对于第一种风险传导途径，要求商业银行加强内部控制，切实防范操作风险，针对性地开展员工异常行为排查，严防银行员工参与民间借贷及非法集资，强化对员工特别是基层管理人员和客户经理的行为约束，牢固建立银行与民间借贷之间的“防火墙”。

For the first kind of risk conduction way,For commercial Banks to strengthen internal control,To guard against operational risk,Targeted to develop the employee deviant behavior regularly,Take strict precautions against bank employees involved in the folk lending and illegal financing,Strengthen staff especially the grass-roots management personnel and customer manager behavior constraints,Firmly establish bank and folk between lending"firewall".

　　对于第二种风险传导途径，要求商业银行加强全流程贷款管理，把好客户准入关，在贷后管理上严格按照银监会要求的实贷实付和受托支付进行操作，并通过企业结算账户、财务报表等获取账户和财务信息，根据企业资金走向和利息支出等因素进行判断。

For the second kind of risk conduction way,Require commercial Banks to strengthen the whole process management of loans,Good customer access,After the credit management in strict accordance with the requirements of the banking regulatory commission (CBRC) real credit real pay and pay for the operation,And through the enterprise settlement account/Financial statements and financial information for account,According to the enterprise capital and interest expenses to factors such as the judge.

　　同时，审慎开展与中介机构的业务合作，防止部分中介公司帮助放款人将银行资金用于民间借贷，高度关注和防范从事高利贷、非法理财或非法集资等违规行为的中介机构，杜绝与违规经营的中介开展合作。

At the same time,Prudent conduct and intermediary business cooperation,Prevent partial intermediary company help lenders will bank funds for folk lending,High attention and protection in usury/Illegal financing or illegal financing violations such as intermediaries,Stop and illegal business cooperation between the intermediary.

　　对于第三种风险传导途径，则要求商业银行不仅要加强对客户的了解和甄别，稳妥地拓展中小企业客户，还要重点加强对民间借贷风险高发行业和领域的风险监控。对关联企业互保情况，需改善关联企业保证，增加非关联企业保证或抵押。在第二还款来源方面积极创新担保方式，丰富抵质押品范围，切实强化风险缓释能力。

For the third kind of risk conduction way,Insist on commercial Banks should not only strengthen the customer's understanding and discrimination,And steadily develop small and medium-sized enterprise customer,And strengthening of the folk loan risk high-risk industries and areas of risk monitoring.To affiliated enterprise mutual insurance situation,Need to improve affiliated enterprise guarantee,Increase the affiliated enterprise guarantee or mortgage.In the second source of repayment actively innovation assure means,Rich mortgaged, pledged product range,To strengthen risk slow-release ability.

　　此外，为了有效地隔离民间借贷风险向银行体系的传染，在民间借贷活跃地区，可建立与当地监管部门、银行同业、工商、行业协会等之间的定期沟通机制，及时掌握当地民间借贷的资金规模、投向等信息，加大对民间借贷动向的监测力度。同时，评估民间借贷对当地经济的影响程度，并通过压力测试等方式评估系统性风险爆发的可能性，及时预判、防范潜在风险。

In addition,In order to effectively isolating folk credit risk to the bank system infection,In the folk lending active areas,Can be set up and local regulatory authorities/Banks/commerce/Industry association between regular communication mechanism,To grasp the local folk loan capital scale/To information such as,Strengthen the folk lending trend monitoring strength.At the same time,Evaluation of folk loan the influence degree of the local economy,And through the pressure test and assess the possibility of systemic risk outbreak,Timely anticipation/Prevent potential risks.

　　第二，积极应对利率市场化改革带来的盈利增长和竞争加剧的双重压力。

The second,Coping with interest rate marketization reform brought about earnings growth and competition of the double pressure.

　　随着利率市场化改革的加快并逐步进入核心环节，商业银行面临更加严峻的市场竞争和盈利增长的双重压力，对其盈利模式、经营结构、管理水平、创新发展能力等提出了全方位的更高要求。

With the interest rate marketization reform speeding up and gradually into the core link,Commercial Banks face more severe market competition and earnings of the double pressure,The profit model/Management structure/Management level/Innovation and development ability put forward higher requirements of all.

　　为此，要求商业银行加快构建更加精细化、富有弹性的利率管理体系，根据不同产品的资金成本、竞争策略、客户价值、风险程度和目标利润来合理灵活定价，增强定价管理的科学性和市场适应性。

therefore,Require commercial Banks to accelerate the establishment of a more elaborate/Elastic interest rate management system,According to different products of the capital cost/Competition strategy/Customer value/Degree of risk and target profit to reasonable agile pricing,Enhance pricing management to be scientific and market adaptability.

　　第三，积极应对金融脱媒对商业银行经营的挑战。

The third,Coping with financial disintermediation in commercial bank management challenge.

　　随着债券市场和股票市场的持续发展，未来社会直接融资渠道会更加顺畅，尤其大型企业可以凭借较高的评级，以更低的成本在资本市场获得资金，对银行体系的融资依赖程度将越来越低。在此趋势下，商业银行应顺势而为，坚持业务结构和收益结构转型的方向不动摇。

Along with the bond market and stock market's sustainable development,The future society direct financing channels will be more smooth,Especially large enterprise can with higher ratings,At lower cost in capital market receive money,To bank financing system depends on will more and more low.In the trend of,Commercial Banks should take advantage of an opportunity and for,Adhere to the business structure and income structure transformation direction not be moved.

　　在规范中间业务收费管理的前提下，拓展具有发展潜力的中间业务领域，培育快速成长的业务线，打造差异化、品牌化并具有行业竞争力的产品，优化整体业务格局。同时，推动资产管理、委托管理、代客交易等金融资产服务加快发展，使之成为商业银行业务和收益结构转型的重要力量。

In the specification of the intermediate services under the premise of management fees,Development has the potential for the development of intermediate business areas,Foster fast growing business line,Make differentiation/The brand and has the profession competitive products,Optimization of overall business pattern.At the same time,Promote asset management/mandate/Valet trading financial assets to speed up the development of service,To become a commercial bank business and revenue structure transformation of the important strength.

　　第四，进一步扶持优秀中小企业发展。

The fourth,Further support good small and medium-sized enterprise development.

　　按照监管层关于加大对中小企业金融扶持力度的要求，商业银行应加快建立和完善针对小企业的独立风险定价机制和成本利润核算体系，建设高效的信贷审批机制、风险管理机制以及单独的小企业贷款风险分类和损失拨备制度等。利用供应链融资等具有针对性的融资方式，围绕龙头企业，实现批量拓户，积极稳妥地拓展中小企业客户基础，加大对中小企业的金融扶持力度。积极跟进新“非公36条”实施细则，为民间资本进入铁路、市政、能源、电信、教育、医疗等领域做好相关金融服务。

According to the regulation layer about increase sme financial support for the requirements,Commercial Banks should establish and improve the independent risk for small business pricing mechanism and cost profit accounting system,Construction and efficient credit approval mechanism/Risk management mechanism and separate small business loan risk classification and loss provision system, etc.Use of supply chain financing has specific mode of financing,Around the leading enterprise,Realize batch extension door,Actively and steadily develop small and medium-sized enterprise customer base,Strengthen the financial support for the small and medium-sized enterprises.Actively follow up the new"Non-state-owned 36"Detailed rules for the implementation of the,For private capital into the railway/municipal/energy/telecom/education/Medical care and other fields related to financial services.

　　同时，积极开展银证合作，利用丰富的企业客户资源，引荐资质较好的企业发行债券，代理销售债券理财产品或直接作为债券投资人，助力中小企业打通债券融资渠道。此外，在当前宏观经济形势较为严峻，中小企业经营面临较大困境的背景下，商业银行还应注意防范对中小企业信贷政策“急转弯”，抽走资金导致信贷资产的潜在风险增大的可能性。

At the same time,Actively carry out cooperation silver-colored card,Use of abundant enterprise customer resources,Introduce qualification good enterprise issue bonds,Acting sales of bonds or financial products directly as a bond investors,Help small and medium-sized enterprises through bond financing channels.In addition,In the current macroeconomic situation is severe,Small and medium enterprises under the background of facing great difficulties,Commercial Banks should also pay attention to the prevention for small and medium-sized enterprise credit policy"Sharp turn",Draw money lead to credit assets increased risk potential possibility.

　　（因篇幅之限，本文发表时有所删节）

(Because of the limited space,This article was published to abridge)