十年来，中国金融业发展始终保持与对外开放的宏观政策和完善市场经济体制的总体目标相一致，融入新的管理理念与技术，建立了社会主义经济体制下的现代金融体系，并有力地推动了经济发展。

Ten years,The development of China's financial industry always maintain and opening up of the macro policies and perfect market economic system overall goals,Into the new management concept and technology,Established a socialist economic system of the modern financial system,And has given a powerful impetus to economic development.

　　作为金融业的三大支柱，中国的银行业、证券业、保险业经受住了各种风险和考验，取得了举世瞩目的成就。但随着国际和国内的经济形势的变化，未来中国金融业的机遇与挑战并存，金融企业必须做出一些改变与调整来追求卓越发展。

As the three pillars of the financial industry,China's banking/securities/The insurance industry to survive the various risks and test,Made remarkable achievements.But along with the domestic and international economic situation changes,The future of China's financial industry opportunities and challenges,The financial enterprise must make some changes and adjustment to the pursuit of excellence development.

　　一、银行业发展历程步履稳健，开拓未来增长空间重在思变求新

a/Banking development are robust,Future growth space is thought change innovation

　　十年发展期间，中国银行(601988,股吧)业稳中求进，市场地位和实力显著提升，服务国民经济与社会发展的效率和能力日益增强，实现了全方位发展：（1）银行体系逐步健全。四大国有商业银行陆续完成股改，多家股份制商业银行和城市商业银行成功上市，国家开发银行商业化改革帷幕拉开，中小金融机构规范发展；（2）经营管理模式开始转变。随着国际国内金融竞争的日益激烈，商业银行综合经营的趋势日益明显，金融业出现了银行、证券、保险三业相互渗透、共同发展的趋势，货币市场与资本市场开始接轨，一些大型银行正渐进式地向证券、保险领域扩张；（3）银行业监管体制不断完善。自2003年银监会正式成立以来，出台了一系列法律法规和规范性文件，内容涵盖资本充足率、流动性风险管理、理财产品经营、中小企业贷款等领域，并响应国际化的监管要求，引进国际行业标准巴塞尔协议；（4）国际化步伐加快。近年来我国国际地位不断提升，许多商业银行开始推行国际化战略，在跨国经营、海外并购、境外上市融资等方面取得了较大进展。

During the past ten years,The bank of China(601988,guba)Industry WenZhongQiuJin,Market position and strength significantly increased,Service of the national economic and social development of the growing efficiency and ability,Realize the all-round development:(1)The bank system gradually perfect.Four big state-owned commercial Banks have complete reform,Many share-holding commercial Banks and city commercial Banks listed on the success,The state development bank commercialization reform open the curtain,The development of small and medium sized financial institutions regulating;(2)Management pattern began to change.Along with the international and domestic financial competition increasingly fierce,The trend of the comprehensive management of commercial bank is more and more obvious,The financial industry in the bank/securities/Insurance SanYe mutual infiltration/Common development trend,Money market and capital market began to practice,Some big Banks are forwarded to the securities/Insurance field expansion;(3)Banking supervision system constantly improved.Since 2003 since the establishment of formal banking regulatory commission (CBRC),Issued a series of laws and regulations and regulatory documents,Contents include the capital adequacy ratio/Liquidity risk management/Financial product business/Small and medium-sized enterprise loan, etc,And respond to international regulatory requirements,Introduce the international industry standard Basel agreement;(4)To speed up the pace of internationalization.In recent years China's international stature,Many commercial Banks began to implement internationalization strategy,In the multinational business/Overseas mergers and acquisitions/Overseas listed financing has made great progress.

　　银行业要在未来不断变化的经济环境中巩固现有领先优势就必须着力提高创新能力。中国银行业目前正受到经济减速、利率市场化改革和金融业准入门槛降低等多重压力，银行业的盈利增速正逐季下降。面对越来越不宽松的经营环境，商业银行继续保持核心竞争力需要从以下几个方面努力：第一，在传统的存款业务上精耕细作，防止出现大面积的不良贷款反弹，如房地产、地方政府融资平台等重点领域；寻找新的盈利增长点，将更多资源向中小企业倾斜，把深挖中小企业业务作为未来的突破口；同时重视个人金融业务，扩大零售客户群。第二，在中间业务方面，适应未来电子化、网络化的潮流，加强与商户和第三方支付机构的合作，提高在产业价值链中的地位，大量增加中间业务收入。第三，混业经营上加强产品创新，在不违背监管要求的前提下适当向保险、证券、信托租赁这些行业进行渗透，不断延伸金融触角。第四，抓住人民币国际化的历史机遇积极拓展跨境结算等国际业务。

The banking industry in the future to the changing economic environment, strengthen existing lead must strive to improve innovation ability.China banking is currently by the economic slowdown/Interest rate marketization reform and financial industry admittance threshold and reduce the multiple pressures,Banking earnings growth by season is fall.In the face of more and more not comfortable operating environment,Commercial Banks continue to maintain core competitiveness needs efforts from the following several aspects:The first,In the traditional deposit business intensive cultivation,Prevent large area of bad loans rebound,Such as real estate/The local government financing platform, and so on key areas;Looking for new profit growth point,More resources to the small and medium-sized enterprise tilt,The deep cut small and medium-sized enterprise business as the breach of the future;At the same time pay attention to personal financial business,Expanding retail customer base.The second,In the middle business,To adapt to the future electronic/The trend of the network,Strengthen and merchants and the third party payment mechanism of cooperation,To improve the status of the industry value chain,A lot more intermediate business income.The third,Mixed operation to strengthen product innovation,In does not violate the premise of appropriate regulatory requirements to insurance/securities/Trust lease these industries to penetration,Extending financial antenna.The fourth,Seize the historical opportunity RMB internationalization actively expand cross-border settlement and other international business.

　　二、证券业规范运作成效卓著，转型与差异化是未来制胜关键

two/The securities industry standard operation into its own,Transformation and differentiation is the key to the future

　　证券公司近年来在定向增资、上市融资、引入战略投资者、增加公积金和风险准备金等政策支持下，不断充实资本，完善资本补充机制，加速行业整合和外延式发展，盈利能力得以恢复。中国证券业在行业规模、产业结构布局、治理方法和监管制度等方面基本具备了一个相对完整的现代金融行业形态。（1）形成基本完善的业务结构。目前，中国证券业已经形成了保荐上市、证券承销、证券经纪和财务顾问等证券产品供给的各中介业务单元，拥有证券自营、资产管理、基金代销和投资咨询等证券产品需求的完整产业链条。（2）证券市场法制建设不断加强。近年来，关于证券公司监管和风险处置的基本制度、为保护投资者合法权益等法律法规的颁布都标志着中国证券业市场的法制建设进一步加强。（3）证券市场开放程度稳步提高。入世以来，在推进外资机构参与境内市场和支持境内企业、机构参与境外市场方面，我国证券业付出了诸多实践，如恢复审批合资证券公司，扩大具备条件的合资证券公司业务范畴等。

Securities companies in recent years in directional endowment/Listed financing/Introducing strategic investors/Increase the risk reserve fund and policy support,Constantly enrich capital,Perfect capital complementary mechanism,Accelerate industry integration and denotative development,Able to restore profitability.China's securities industry scale/Distribution of industry structure/Management methods and supervision system basic have a relatively complete modern financial industry form.(1)The basic form of perfect business structure.At present,China's securities industry has already formed the sponsor listed/underwriting/Securities brokerage and financial advisers securities product supplies the intermediary business unit,Have self-managed securities/Asset management/Fund sell goods on a commission basis and investment consulting securities products demand complete industry chain.(2)Stock market continuously strengthen legal construction.In recent years,About securities company supervision and risk disposal of the basic system/For the protection of the legitimate rights and interests of investors and other laws and regulations promulgated by the all marks China's securities market legal system construction to be strengthened further.(3)Securities market opening degree improved steadily.Since its accession to the wto,In promoting foreign institutions to participate in the domestic market and support of domestic enterprises/Institutions involved in overseas markets,Our country securities pay many practice,Such as restoring approval joint venture securities companies,Expand the qualified joint venture securities company business category, etc.

　　过去中国证券业以零售为主导、关注现货市场、同质化的业务模式难以为继，未来走向卓越要依靠战略转型和培育差异化能力。一方面，证券公司必须确定业务的侧重点——零售经纪、机构经纪、投资银行或者资产管理，国外大型投行的先进经验也有力地印证了这一点；另一方面，证券机构应在各自业务领域内提供更具差异化的产品与服务，通过以质取胜来提高收益水平。专攻零售经纪的公司应将业务重心放在高净值及富裕客户群体；以机构经纪为重点的公司可以为机构客户提供升级服务和增值服务，包括固定收益、外汇和大宗商品、衍生品、融资融券等；主营投资银行业务的应重视上市公司再融资发行、中等市值IPO以及海外上市；以行业研究见长的公司要更多地关注蓬勃发展的债券市场，转移股票市场的过剩研究能力。

In the past China's securities to retail as the leading factor/Focus on the spot market/The homogeneity of unsustainable business model,The future excellence depends on strategic transformation and cultivate the ability of differentiation.On the one hand,A securities company must determine the emphasis of the business, retail brokerage/Prime brokers/Investment banking or asset management,Large foreign investment Banks advanced experience forcefully proves this point;On the other hand,Securities institutions should be in their respective business field provide more differentiated products and services,Through the best to improve the income level.Specialize in retail brokerage company business should be centered on high net worth and affluent customers;With prime brokers for the focus of the company can provide for institutions to upgrade services and value-added services,Including fixed income/Foreign exchange and commodity/derivatives/Margin, etc;The main investment banking should attach importance to the financing of listed companies to issue/Secondary market value IPO and overseas listing;To industry studies company wants to focus more on the vigorous development of the bond market,Transfer of surplus stock market research ability.

　　三、保险业十年发展成绩斐然，前瞻战略引领未来跨越式发展

three/The ten years of development has made brilliant achievements,A forward strategy to eagerly anticipate the future great-leap-forward development

　　自2003年成为我国金融系统开放最早的行业起，我国保险业在过去十年取得了极大进步，一跃成为全球最重要的新兴保险大国，在国内外金融保险市场的影响力和竞争力与日俱增，归结起来主要有如下几大成就：（1）行业规模逐年扩大，全国保费收入年均增长18.7%，保险机构总资产达到2002年的十倍；（2）结构调整能力不断提高。价值较高的保障型产品和期交产品得到推广，一些关系到民生改善和社会稳定的业务增长迅速。另外，经过十年来的发展和政策导向支持，中国各区域保险市场的协调性日益加强；（3）风险化解能力大幅提升。中国保险业始终把防范风险作为发展的主线，在保持行业平稳较快发展的同时积极化解了历史遗留包袱，而且有效防范了金融危机等各种新的风险，有力地维护了国家经济金融安全；（4）服务全局功能显著增强。保险业较好地发挥了经济“助推器”、社会“稳定器”和灾害事故“减震器”作用，不仅在保障经济社会稳定运行和人民群众生活方面发挥了积极作用，更成为优化金融结构、提高金融市场资源配置效率的重要力量。

Since 2003, China's financial system become the earliest industry open up,The insurance industry in China in the past ten years has made great progress,Had become the world's most important emerging insurance powers,In the domestic and foreign financial insurance market influence and competitiveness grows day by day,Sum up, mainly has the following several great achievements:(1)Industry scale grows year by year,The premium income grew at an average annual rate of 18.7%,Insurance institutions total assets of 2002 years of ten times;(2)Structural adjustment ability to continuously improve.Value higher safeguard model products and period into products get promotion,Some relations to improve the people's livelihood and social stability to the rapid growth of business.In addition,After ten years of development and policy orientation support,In each region of China insurance market increasingly strengthen coordination;(3)Ability to dissolve the risk increases.The China insurance always take risk prevention as the main development,In maintaining the smooth and quick development of industry at the same time actively resolving the burden left over by history,And effectively preventing financial crisis, etc. Various kinds of new risks,Effectively maintain the national economic and financial security;(4)Service global function significantly enhanced.The insurance industry better play to the economy"booster"/social"stabilizer"And disasters and accidents"Shock absorber"role,Not only in the protection of economic and social stability and people's life plays a positive role,More become optimize the financial structure/Improve the financial market resources allocation efficiency the important strength.

　　未来保险企业的卓越发展建立在把握社会、经济变化形势和紧跟政策走向的基础上。

The future of insurance enterprises outstanding development based on grasp social/Economic change situation and follow the direction of the development of policy based on.

　　首先，我国人口的老龄化趋势对于保险公司发展个人、团体养老保险业务是一个良好契机，保险公司要鼓励有条件企业通过商业保险建立多层次养老保险计划，合理投资于医疗机构和养老实体。其次，随着我国人均收入水平的不断提高，对于耐用消费品的需求也会相应增加，保险企业应稳步发展与住房、汽车消费等相关的保险。再次，十八大报告中强调要惠及民生，因此要积极发展“三农”保险，进一步扩大农业保险覆盖范围，开发农业和农村小额保险及产品质量保险，更好地服务民生。此外，发挥保险公司机构投资者作用和保险资金投融资功能，进一步放开保险投资渠道以扩大保险业盈利空间，同时加强对实体经济的支持作用。

First of all,China's population is aging trend for insurance company personal development/Community endowment insurance business is a good opportunity,The insurance company will have to encourage conditional enterprise through the commercial insurance establish mutiple level endowment insurance plan,Reasonable investment in medical institutions and endowment entity.secondly,With China's per capita income levels rising,For consumer durables demand will also increase,Insurance enterprises should develop steadily and housing/Auto insurance, etc.again,The eighteenth big stressed in the report to benefit the people's livelihood,So to develop"Agriculture, countryside and farmers"insurance,Further expand agricultural insurance coverage,The development of agriculture and rural small insurance and product quality insurance,To better serve the livelihood of the people.In addition,Play to the insurance company institutional investors function and insurance capital investment and financing function,Further open insurance investment channels in order to enlarge the insurance industry profits space,At the same time to strengthen the function of support the real economy.

　　在“十二五”即将起航之际，站在新的历史高度，我们必须以更大的决心和更高的智慧来推进金融业改革和创新，在新的伟大实践中谱写金融产业变革和发展的新篇章，助力金融企业走向卓越之旅。

in"1025"Set sail to the,Standing at a new historical height,We must take more determination and higher wisdom to promote financial reform and innovation,In the new great practice write financial industry reform and the development of a new chapter,Power financial enterprise excellence trip.

　　（作者系中央财经大学中国银行业研究中心主任、博士生导师）

(The author is the central university of finance and economics, director of the China banking research center/Doctoral tutor)