徐以升

XuYiSheng

　　中共中央总书记习近平12月在广东调研时指出，加快推进经济结构战略性调整是大势所趋，刻不容缓。12月召开的中央经济工作会议也再度强调，要牢牢把握扩大内需这一战略基点。

The CPC central committee general secretary xi jinping in December in guangdong research pointed out,Accelerate the strategic adjustment of the economic structure is the trend of The Times,urgent.December at the central economic work conference also emphasized again,To firmly grasp the expansion of domestic demand the strategic basis points.

　　在2008年全球金融危机之后，中国宏观政策的总基调就从外转向了内，并开启了以内需为主的经济转型。从重投资到重消费，中国经济体系转型的战略已经明确。但抓手在哪里？以金融转型推动经济转型，实际上是一条不二之路。

After the global financial crisis in 2008,China's macro policy of total tone from outside to inside,And opened to the economic transformation of the domestic demand.A heavier investment to heavy consumption,China's economic system transformation of the strategy has made it clear.But the pupils are in where?With financial transformation promote economic transformation,Is actually a road of no 2.

　　过去几十年，通过实际低利率、金融管制等多种政策组合推动的金融抑制政策，服务于工业化和实体经济发展，是中国取得工业化战略成功的一条重要逻辑。中国金融系统一直具有鲜明的“准财政职能”。在计划经济时代是“财政信贷综合平衡”，改革开放到1998年金融体系一直具有一定程度的“半财政职能”或“准财政职能”。

The past few decades,Through the actual low interest rates/Financial controls and other policies promote the financial repression policy combination,Service in the industrialization and economy development,Is China's industrialization strategy success an important logic.China's financial system has been characterized"Accurate financial function".In the era of planned economy is"Financial credit comprehensive balance",Reform and opening up to the financial system in 1998 has been a certain degree"Half the fiscal functions"or"Accurate financial function".

　　在2003年的国有银行业改革中，市场本寄望于实现金融尤其是银行体系的“去财政化”改革，但2008年金融危机导致了某种回潮。金融的“准财政职能”加剧了对非财政领域各民营经济主体的挤压，承担准财政职能还意味着金融风险的累积。

In 2003 the state-owned banking reform,Market the hope on the realization of financial especially banking system"To CaiZhengHua"The reform,But the 2008 financial crisis led to a resurgence.Of the financial"Accurate financial function"Increased to FeiCaiZheng each subject of private economy in the field of extrusion,For accurate financial functions also means that the accumulation of financial risks.

　　时至今日，加快推进经济结构战略性调整，以金融转型推动整体金融改革、推动整体经济转型已刻不容缓。就此话题，《第一财经日报》近日专访了上海交通大学安泰经济与管理学院教授潘英丽。

today,Accelerate the strategic adjustment of the economic structure,With financial transformation to promote financial reform as a whole/Is of great urgency to promote the overall economic transformation.This topic,[First financial daily]Recent interview with Shanghai jiaotong university professor PanYingLi antai college of economics and management.

　　

金融抑制四阶段 Financial inhibition of four stages

　　第一财经日报：以低利率和金融管制为特征，中国明显存在金融抑制，并通过金融抑制支持了工业化和实体经济的发展。您怎么看中国的金融抑制？

First financial daily:Characterized by low interest rates and financial control,China's obvious financial repression,And through the financial support for the industrialization and the development of the real economy.What do you think of China's financial repression?

　　潘英丽：金融抑制政策是大多数发展中国家，包括战后日本实施的一种服务于工业化战略的金融配套政策。其基本特征是低利率政策和政府对低成本资本配置的行政管制或积极干预。政府通过实施低利率政策，人为降低资本成本，以鼓励资本密集型工业的固定资产投资，并通过产业政策和行政管制手段将供不应求的廉价资本导入政府需要重点发展的产业和企业。

PanYingLi:Financial repression policy is most developing countries,Including the post-war Japan of the implementation of a service in industrialization strategy of financial support policies.Its basic characteristic is the low interest rate policy and government of low cost capital allocation of administrative control or positive intervention.The government through the implementation of the low interest rate policy,For reducing the cost of capital,To encourage the capital-intensive industry investment in fixed assets,And through the industrial policy and administrative control measures will be in short supply of cheap capital into the government needs to focus on the development of industry and enterprise.

　　我将中国金融抑制政策的实施划分为四个阶段，每个阶段的基本特征相同，但表现形式有所不同。

I will be the implementation of China's financial repression policy is divided into four stages,The basic characteristics of each stage,But different forms.

　　第一阶段是1952~1985年农产品统购统销时期。政府通过实施工农业产品价格剪刀差政策，压低农产品收购价并提高作为农业生产资料的工业品价格将农村剩余价值转移到工业部门中来，并通过工业利润上缴国家形成了几无成本的工业资本原始积累。据专家估算，这一时期国家从农村获取的转移收益大约为8000亿元；同期国有经济固定资产投资总额为14420.18亿元，其中国家的投资总额为8451亿元。通过价格剪刀差转移的资本分别占到55.5%和95%。

The first stage is from 1952 to 1985 agricultural products unified purchase and sale period.The government through the implementation of industrial and agricultural product price policy of price scissors,Lower purchase price of agricultural products and improve the agricultural commodity prices of the means of production to transfer rural surplus value in industrial sector,And through the industry profits over the country formed a few no cost of industrial capital primitive accumulation.According to expert estimates,This period the country from the transfer of the rural income is about 800 billion yuan;State-owned economy over the period of fixed assets total investment is 1.442018 trillion yuan,One of the national total investment is 845.1 billion yuan.Through price price scissors transfer of capital account for 55.5% and 95% respectively.

　　第二阶段大致为1979~1993年收获货币化利益的阶段。改革开放之初中国以M2占GDP比例衡量的货币化程度仅为25%，货币增长超过经济增长的超发部分由货币化程度的提高所稀释，从而不会引起通货膨胀。中国人民大学教授张杰的计算显示，1978~1996年间，M2增长25.2%，减去GNP增长率9.7%和物价上升6.82%，货币超发比率为8.68%。这一时期不引起通货膨胀的货币超量发行收益约为 8447亿元, 年均占GDP的5.4%，1993年高达GDP的11%。1991年M2占GDP比例达到97%，1992~1993年出现了20%以上的高通货膨胀。这意味着货币化利益已经耗尽，通过货币超发支持政府投资的政策不再具有可行性。

The second stage is roughly for the interests of the gain currency in 1979-1993.At the beginning of the reform and opening up China to M2, GDP ratio to measure the degree of currency is only 25%,Monetary growth over economic growth of hair of diluted by the enhancement of currency,Which can not cause inflation.The calculation of zhang jie, a professor at the university of the Chinese people,From 1978 to 1996,M2 growth rate of 25.2%,Minus the GNP growth rate of 9.7% and 6.82% price rises,Currency - 8.68%.This period does not cause inflation currency issued by income is about 844.7 billion yuan, With an average annual 5.4% of GDP,As high as 11% of GDP in 1993.1991 M2 proportion of GDP reached 97%,From 1992 to 1993, appeared more than 20% of the high inflation.This means that the money has run out of interest,By money - send support the policy of the government investment is no longer feasible.

　　第三阶段是1991~1997年银行功能的财政化时期。改革开放前半期具有“藏富于民”的特征。城乡个人收入占GNP的比例从1978年的50%增加到1995年70%。相比较，国家总的财政收入占GDP的比例则从1979年的34%下降到1997年的10.7%。改革开放过程中，由于内部大规模的隐性失业，国有企业长期存在亏损。由于财政实力下降，这一时期的财政补贴是逐年下降的，而通过国有金融渠道的隐性补贴迅速上升。

The third stage is the function of the bank in 1991 ~ 1997 period of CaiZhengHua.Is in the first half of the reform and opening up"Han people"The characteristics of the.Urban and rural income accounted for the proportion of GNP increased from 50% in 1978 to 70% in 1995.Compared to,Countries the proportion of the total fiscal revenue to GDP has fallen from 34% in 1979 to 10.7% in 1997.In the process of reform and opening to the outside world,Due to internal mass of recessive unemployment,State-owned enterprises loss exist for a long time.Because of the financial strength,This period of financial subsidies is declining year by year,And through state-owned financial channels of implicit subsidies rising rapidly.

　　此外，国有企业的资本结构也呈现出银行贷款代替国家注资的趋势。“拨改贷”的金融资源配置过程，替代了政府财政制度。国有商业银行通过给国有企业发放工资贷款、“饺子”贷款、“安定团结”贷款，起到了稳定国有经济和整个宏观经济的作用。这一时期国有银行不良贷款的积累，可以看作是经济改革的社会成本在国有银行体系内的沉淀。

In addition,The capital structure of the state-owned enterprises also revealed a trend of bank loans instead of national capital injection."BoGaiDai"The financial resource allocation process,Instead of the government financial system.State-owned commercial Banks through the payroll to state-owned enterprise loans/"dumplings"The loan/"Stability and unity"The loan,Played a steady state economy and the role of the whole macro economy.The accumulation of state-owned Banks non-performing loans during this period,Can be regarded as the social costs of economic reform in the state-owned banking system within the precipitation.

　　第四个阶段是1997~2006年，国有企业和国有银行内部沉淀的改革成本，借助股票市场和存款低利率政策向中产阶层分摊的“改革成本社会化”时期。改革可以看作制度建设投资，成本即时发生，收益则分摊在未来各个时期，因此改革成本借助国家信用，通过政府债券市场的发展，或者通过国有银行与股票市场的跨时期转移，是经济改革拥有可行性并取得成功的条件。

The fourth stage is from 1997 to 2006,The reform of the state-owned enterprises and state-owned Banks internal precipitation cost,With the stock market and low deposit interest rate policy to the share of the middle class"Socialization reform cost"During the period.Reform can be regarded as the system construction investment,Immediate cost happen,Benefits may share all times in the future,So the cost of reform of national credit,Through the development of the government bond market,Or by state-owned Banks and the stock market - period,Is the condition of economic reform has feasibility and succeed.

　　我国政府做出这种选择，具有内在的合理性和必然性，从而也拥有事实上的合法性。1997年证监会15号文件提出“证券工作要为国有企业改革和发展服务”，要为“国有企业补充资本金，收购有发展前景的、亏损的国有企业尽心尽力”。这意味着中央政府启动了借助股市将改革成本向中产阶层分摊的“社会化”过程。

Our government to make the choice,Has intrinsic rationality and inevitability,And also have the legality of the fact.CSRC 15, 1997 file"Securities work to serve the reform and development of state-owned enterprises",for"State-owned enterprise supplementary capital,Acquisitions have the prospects of development/Losses of the state-owned enterprises trying my best".This means that the central government launched by the stock market will reform the cost allocation to the middle class"socialization"The process.

　　通过重组、上市和产权转让，国有资本得以收缩战线，完成了战略调整和整体盈利。截至2006年，（除农业银行(601288,股吧)外）国有银行经过不良资产剥离、存贷款利差补贴、央行再贷款、财政注资、外汇储备注资和引进战略投资者等举措，完成了资产重组和上市融资的全过程，银行业整体稳健指标达到国际水平。

Through the restructuring/Market and property right transfer,The state-owned capital to contraction front,Completed the strategic adjustment and overall profitability.By the end of 2006,(In addition to the agricultural bank(601288,Shares!)outside)Through state-owned Banks non-performing assets/Loan interest subsidies/The central bank is given/Financial capital injection/Foreign exchange reserve, capital injection and the introduction of strategic investors,Complete the whole process of the asset restructuring and listing,Banking industry as a whole stable index has reached the international level.

　　在股票发行融资方面，政府通过股票发行的额度管理维持相对高的发行市盈率（即融资的低成本），并通过发行审批制度将低成本融资特权分配给特定产业和国有企业。2006年股权分置改革基本完成，为国有股权带来了升值和变现的便利。至此，国有企业和国有银行内部沉淀的改革成本社会化分摊过程已全面完成。这一年银行利润达到2004年的10倍。股票指数也开始了快速上升。

In the stock issue of financing,The government through the stock issuance of quota management to maintain relatively high issue p/e ratio(Namely, the low cost of financing),And through the issuing of the examination and approval system will be low cost financing privilege assigned to specific industries and state-owned enterprises.Equity division reform in 2006 completed,Brought state-owned equity appreciation and liquidation.So far,The reform of the state-owned enterprises and state-owned Banks internal precipitation socialization of cost allocation process has been completed.This year the bank profit ten times as many as in 2004.Stock index also started the rapid rise.

　　实际上，2006年应该是金融抑制政策退出的最佳时间之窗，年末银行业将对外资银行全面开放人民币业务，再让存款人补贴银行已毫无道理。如果及时实施利率的市场化，并在实施有效监管的前提下逐渐退出发行审批制度，中国今天本可以有一个结构更为合理、发展更为可续的经济格局。

In fact,2006 should be financial repression policy to withdraw from the Windows of the the best time,At the end of the banking industry will be fully opened to foreign Banks RMB business,Let depositors subsidy Banks has no sense.If timely implementation of interest rate marketization,And on the premise of implementation of effective supervision gradually withdraw from the issuance examination and approval system,China today could have a structure is more reasonable/More to the development of the economic structure.

　　

金融抑制产生一系列严重问题 Produce a series of serious problem financial repression

　　日报：2006年是金融抑制政策最佳的退出时间窗口，2008年的金融危机则进一步耽搁了金融抑制政策的退出，甚至一定程度上加剧了金融抑制。您认为这是否已经刻不容缓？

daily:In 2006, is the best time to withdraw from the financial repression policy window,The 2008 financial crisis further delay the financial repression policy of exit,Even to a certain extent, increased financial repression.Do you think whether this is urgent?

　　潘英丽：是的。中国以低利率和行政配置廉价资本的金融抑制政策在取得工业化战略和渐进经济改革成功后未能及时退出，其社会成本呈现日益递增趋势。

PanYingLi:yes.China with low interest rates and administrative allocation of cheap capital financial repression policy after the industrialization strategy and gradual economic reform success failed to quit,The social cost showed a trend of increasing day by day.

　　中国四阶段的金融抑制政策不仅具有推进工业化战略的历史使命，而且还在中国成功的渐进经济改革过程中扮演着核心的角色，其积极意义不应该低估。但是，金融抑制政策未能及时退出已经带来一系列严重问题，从金融抑制走向金融有序发展的金融转型已经迫在眉睫、势在必行。

China's four stages of the financial repression policy not only has the historical mission of promoting industrialization strategy,But also in the success of China plays a key role in the process of gradual economic reform,Its positive significance should not be underestimated.but,Financial repression policy failed to exit has brought a series of serious problems,From the financial repression to financial and orderly development of the transition is imminent/It is imperative to.

　　日报：金融抑制政策未能及时退出，已经带来怎样一系列的严重问题？

daily:Financial repression policy failed to quit,What has brought a series of serious problem?

　　潘英丽：是的，中国抑制型金融体系的主要问题可以归纳为如下几点：

PanYingLi:yes,China inhibited type financial system of the main problems which can be classified into three categories as follows:

　　第一，资金融通对银行体系的过度依赖、低利率政策和给银行的高利差补贴政策相结合，创造了信贷需求和供给的急剧膨胀，导致了融资结构和产业结构的严重失衡。2011年中国企业外部融资的80%仍来自银行体系，债券和股票融资分别占12%和8%。银行作为吸收居民存款的审慎性金融机构实施着信贷抵押政策。

The first,Financing of the banking system relying too much on/Low interest rate policy and to the bank's high interest subsidy policy combination,Created the rapid expansion of credit supply and demand,Leads to the financing structure and serious imbalance of industrial structure.In 2011, 80% of China's enterprise external financing is still from the banking system,Bonds and stocks financing accounted for 12% and 12%, respectively.Bank as residents deposits of prudential financial institutions to implement the credit mortgage policy.

　　有抵押品的房地产业、制造业固定资产投资和地方政府投资项目出现了流动性泛滥和投资泡沫。国际货币基金组织的专家指出，中国制造业产能利用率已从本世纪初的90%下降到2011年的60%。相比较，无抵押品的农业、高新技术产业和服务业则出现流动性干旱和投资不足。资金融通对银行体系的过度依赖正在导致融资的二元结构与产业结构的日益失衡。

A collateral of the real estate industry/Manufacturing industry and local government of investment in fixed assets investment projects in the flood of liquidity and investment bubble.The international monetary fund the experts said,China's manufacturing industry capacity utilization has decreased from 90% at the beginning of this century to 60% in 2011.Compared to,Without collateral of agriculture/High and new technology industries and services have liquidity drought and lack of investment.Financing to the banking system's excessive dependence on cause the binary structure of financing and the growing imbalance of industrial structure.

　　第二，银行信贷的另一局限性在于，其对经济的支持主要表现为对增量投资项目的融资，而不是促进存量资本的调整或产业整合。因此，具有抵押品要求的信贷扩张，助长而不是缓解产业结构的失衡。2009~2011年中国的固定资产投资总额接近81万亿，随着过剩产能释放期的到来，银行体系已大规模积累的隐性信贷风险有可能集中爆发出来。而银行体系的总分行制度和大而不能倒定律，将会把各种企业经营风险、道德风险和社会犯罪风险集中转嫁给国家财政。

The second,Another limitation is that the bank credit,The main support for the economic performance of incremental investment project financing,Instead of promoting the adjustment of the stock of capital or industrial integration.so,With the credit expansion of collateral requirements,Encourage rather than ease the imbalance of industrial structure.From 2009 to 2011, China's total fixed asset investment of nearly 81 trillion,With the advent of the excess capacity release period,Banking system has large accumulation of recessive out credit risk is likely to be concentrated.And the banking system ZongFenHang system and big and can't pour principle,Will bring the various business risks/Moral risk and social risk of crime focus on to national finance.

　　如果上世纪90年代改革的社会成本通过银行中介和股票市场平台，在本世纪向中产阶层分摊的社会化过程有其合理性和合法性，那么，金融不改革或改革停滞所造成的财富向少数利益集团转移，亏损向国家财政集中，并通过挤占本应向低收入群体倾斜的政府公共产品实施新一轮的银行救助或重组，那将不再具有合理性和合法性基础。

If the social cost of the reform of 1990 s through the intermediary bank and the stock market platform,In this century to the middle class share the socialization process has its rationality and legitimacy,so,Financial reform or not reform stagnation caused by the wealth of the shift to a few interest groups,Losses to the state finance concentration,And through the practices should be leaning to the low-income public product implementation of a new round of bank rescue or reorganization,It will no longer have rationality and legitimacy foundation.

　　第三，有效保护中小投资者的司法执法制度的缺失，和股票发行的行政审批制度一起，已导致资本市场功能的扭曲和瘫痪。政府主导的产业升级（淘汰落后产能）和（发展战略新兴产业的）产业发展政策已经陷入失效状态，例如地方政府隐瞒实际钢铁产能以便规避中央政府淘汰小钢铁的要求，战略新兴产业也已快速出现产能过剩。这些态势都强烈地表明，中国经济转型急需资本市场发挥企业并购、优胜劣汰的存量资本调整功能，通过促进行业领先的高效率企业做大做强，实现微笑曲线价值链的全覆盖来完成产业的升级；急需风险资本市场寻找、筛选和培育战略新兴产业。

The third,The effective protection of small and medium-sized investors of the lack of judicial enforcement system,And the stock issue of the administrative examination and approval system,Has led to the function of capital market distortions and paralysis.The government-led industrial upgrading(Eliminate backward production capacity)and(Development of strategic emerging industries)Industrial development policy has been in state failure,Such as local government concealed the actual steel production capacity in order to avoid the central government out of small steel requirements,Strategic emerging industry has quickly appeared excess capacity.These trends are strongly suggests,Economic transformation in China are in urgent need of capital markets play enterprise mergers and acquisitions/Superior bad discard the stock of capital adjustment function,By promoting industry leading high efficiency enterprise bigger and stronger,Realize the smile curve the complete coverage of the value chain to complete the upgrade of industries;In urgent need of venture capital market/Screening and cultivate strategic emerging industries.

　　但是，目前无论是股票主板还是创业板市场都未能有效发挥这些作用。突击入股、财务报表造假、包装上市、巨量“圈钱”、设租寻租等活动暗流涌动，公平、公开、公正原则受到侵犯；中小投资者屡遭伤害，财富向少数利益集团快速转移；透支未来利润的高市盈率更是成为企业高管套现离场的动力。股票市场的融资功能陷入瘫痪，资本配置功能严重扭曲。

but,Now whether or second board stock market have failed to effectively play the role.Assault a shareholder/Financial statement fraud/Listed on the packing/Huge amount"Turn the money"/A rent rent-seeking activities such as the undercurrent,fair/public/Justice principle is infringed;Small and medium-sized investors have been hurt,Wealth to a few interests group transfer quickly;Overdraft future profits high p/e ratio is a enterprise executives notable crowd.The stock market financing function paralyzed,Capital allocation function of serious distortion.

　　第四，资本市场发展停滞和企业融资对银行体系过度依赖的结构失衡，也已导致银行体系自身发展的不可持续。上市审批制度和股票市场发展受阻也导致中国企业股权融资相对不足。企业的高负债率和产能过剩等因素已经导致银行体系放贷困难和放贷意愿的下降；股票市场融资功能的瘫痪则首先表现为对商业银行股权再融资的拒绝。银行体系陷入资本金不足的状态将直接限制商业银行的整体放贷能力。

The fourth,Capital market development stagnation and corporate finance to bank system relying too much on the structure of the imbalance,Has also led to the development of the banking system itself unsustainable.Listed on the examination and approval system and stock market development obstruction in Chinese enterprise relative shortage of equity financing.Enterprise of high ratio and excess capacity and other factors have led to the banking system of lending difficulties and lending will decline;Stock market financing function of paralysis, first by of equity refinancing to commercial Banks to refuse.The banking system in the condition of insufficient capital will directly restrict the whole lending ability of commercial Banks.

　　第五，金融领域的短期暴利与实体经济的经营困难形成鲜明对照，正在引发社会资本“脱实入虚”的产业空心化趋势。根据中国企业联合会《2012中国500强发展报告》，其中工农中建交5家商业银行的营业收入和利润占500强的比例分别为5.7%和32.2%，而272家制造业企业的两项占比分别是42.7%和25%。企业借款余额2012年第一季度较2010年同期增长29%，借款利息支出则增长了95.65%。

5.,Short-term profits and economic entity in the field of financial management difficulties of contrast,Are caused by social capital"From reality into the virtual"KongXinHua trend of industry.According to the China enterprise confederation[China's top 500 development report 2012],The workers and peasants of the diplomatic relations between the five revenues and profits of commercial Banks accounted for the proportion of the top 500 were 5.7% and 32.2% respectively,And two 272 manufacturing enterprises accounted for 42.7% and 42.7%.Enterprise loan balance in the first quarter of 2012 compared to the same period in 2010 increased by 29%,Loan interest expenses is increased by 95.65%.

　　尽管企业利润下降的原因较为复杂，商业银行通过提高利率获得高利润有其覆盖未来信贷高风险的个体理性，但是显然已导致竭泽而渔的集体非理性。“脱实入虚”表现为民营产业资本日益演化为投机热钱，中央国有企业产业资本则全方位向金融业转化与渗透。事实是，金融业并不直接创造财富，金融GDP只是金融业在发挥其功能时占用的社会资源。当前金融业的高利润完全是体制和机制的扭曲造成的，反映的是金融体系运行的低效率。

Although the reasons of the decrease of corporate profits is more complicated,Commercial Banks to raise interest rates to obtain high profits has its cover the individual rationality of credit risk in the future,But obviously has led to the collective irrational the goose that lays the golden eggs."From reality into the virtual"For private industrial capital increasingly evolution for speculative hot money,The industrial capital of the state-owned enterprises is to all financial industry transformation and penetration.The fact is that,The financial industry is not directly create wealth,Financial GDP just financial industry occupied when play its function of social resources.Of the current financial profitable is caused by the distortion of the system and mechanism,Reflects the low efficiency of the financial system.

　　

金融转型的内涵是政府立场的转变 The connotation of financial transformation is the change of the position

　　 日报：在2010年的一篇名为《为何需要加快金融转型》的文章中，您第一次提出“金融转型”概念，金融转型的含义是什么？

daily:In a 2010 paper named[Why need to speed up financial transformation]In the article,The first time you put forward"The financial transformation"The concept of,The financial transformation is the meaning of what?

　　潘英丽：金融转型是指实施了近60年的金融抑制政策的退出，也是一个市场导向的整体金融改革过程。

PanYingLi:Financial transformation is to point to the implementation of the financial repression policy for nearly 60 years of exit,Is also a market orientation of the whole process of financial reform.

　　除了通常意义上的金融改革与开放，我赋予金融转型的最重要内涵，是政府立场的转变，即政府立场应从帮助企业筹集廉价资本，转变为保护投资者和债权人权益，帮助中小投资者防范商业的欺诈，使市场真正发挥有效配置社会资源的作用。

But usually in the sense of financial reform and opening to the outside world,I gave the financial transformation of the most important connotation,Is the change of the position,The government position should help enterprises to raise cheap capital,To protect investors and creditors' rights and interests,To help small and medium-sized investors to prevent commercial fraud,Make the market give full play to the role of effective allocation of social resources.

　　政府帮助企业筹集廉价资本的立场是由新中国建立之初短缺经济的性质决定的，是“节约每一个铜板用于社会主义建设”思想的延续。这种立场和做法显然已不能适应工业化新型发展阶段和经济转型的客观要求。

Government to help enterprise to raise of cheap capital position is determined by the nature of economic shortage at the beginning of the founding of new China,is"Saving every copper for the socialist construction"Thought the continuation of.And obviously this position already can not adapt to the new industrialization development stage and the objective requirement of the economic transformation.

　　当前中国经济发展已处在工业化的中后期。其与工业化前期相比呈现出不同的特点和要求：制造业产能已从供不应求走向日益严重的过剩，廉价资本供给只会助长低端制造业的过度扩张而不是产业的升级；居民储蓄及资本供给已从极度稀缺变得相对宽松，需要市场寻找和甄别更有效的投资领域，以适应社会日益多样化与个性化的最终消费需求；人口老龄化趋势及其对财富积累的内在要求，更需要政府保护好债权人与投资者的权利，通过有效的金融监管制度和市场约束机制，确保资本的有效配置和民众通过金融投资渠道有效分享实体经济发展的成果。

China's current economic development has set up a file in the middle of industrialization.Compared with the early industrialization presents different characteristics and requirements:Manufacturing capacity from the demand to the growing surplus,Cheap capital supply will only encourage the excessive expansion of low-end manufacturing and not the upgrading of industries;Residents savings and capital supply from extreme scarcity becomes relatively loose,Need to search for and identify more effective market field of investment,In order to adapt to society the final consumer demand increasingly diverse and individuation;Population aging trend and the inherent requirement of wealth accumulation,Need more government to protect the rights of creditors and investors,Through effective financial regulation system and the market restraint mechanism,To ensure the efficient allocation of capital and people through financial investment channels effectively share the achievements of the development of the real economy.

　　由于资金是稀缺的社会生产资源的支配和使用权，资金配置的市场化就成了资源配置市场化的核心。金融业是资金配置产业，是临驾在所有产业之上的现代经济的核心。金融转型，即从金融抑制向金融有序发展的转型，金融转型也将是经济转型的核心。

Because the money is control and use of the scarce resources of social production,The marketization of capital allocation has become the core of the allocation of resources market.The financial industry is a capital allocation industry,Is coming in on the core of modern economy in all industries.The financial transformation,That is, from financial inhibition to the transformation of orderly development,Financial transformation will also is the core of the economic transformation.

　　除了政府立场的转变，金融转型还要求发展多元化、多层次的金融市场体系，要求金融机构和金融产品的多样化发展。因此放松金融管制，促进金融的改革、开放和创新就成为金融转型的核心任务。

In addition to the change of the position,Financial transition also requires diversified development/The multi-level financial market system,For the diversification of financial institutions and financial product development.So relax financial control,Promote the reform of the financial/Opening up and innovation as the core of the financial transformation tasks.

　　日报：当前推动金融转型，或推动金融体系从政府主导型向市场主导型转换的条件是否已经成熟？

daily:The current promoting financial transformation,Or promote the financial system from the government leading to a market leading converting conditions are ripe?

　　潘英丽：已基本成熟。中国金融体系的政府主导与行政管制的合理性主要基于两点：第一，放权让利的市场化改革过程中，政府财政实力的削弱需要政府强化其金融资源配置能力来弥补，这是中国渐进改革取得成功的重要经验。但是，国家财政收入已经持续高增长，国有资本的战略调整已使大型国有企业摆脱普遍亏损并进入高盈利状态。

PanYingLi:Has been basically mature.China's financial system of the government leading and the rationality of the administrative control is based on two points:The first,Decentralization benefits in the process of marketization reform,Government financial strength weakening need government strengthen its ability to compensate for financial resources allocation,This is the success of China's gradual reform important experience.but,National finance income has continued growth,The strategic adjustment of state-owned capital has made large state-owned enterprises to get rid of common losses and enter high profitability.

　　另外，随着国有企业的股份制改革和上市，国家拥有的股权和土地的流动性和市场价值已得到大幅度提升，国家的资产运作和使用已具有相当的灵活性和便利性。因此与金融危机后发达国家财政、货币的双重脆弱性相比，中国政府具有财政、货币和国有资产三大强有力的宏观调控手段。政府主导型金融体系的历史使命已经完成。

In addition,Along with the joint-stock reform of state-owned enterprises and listed,State owned shares and land of liquidity and market value has been improved significantly,State assets operation and use has considerable flexibility and convenience.So fiscal and after the financial crisis in developed countries/Currency compared to the double vulnerability,The Chinese government has the fiscal/Currency and state-owned assets three powerful means of macroeconomic regulation and control.The historical mission of the government's leading financial system has been finished.

　　政府有条件而且必须从金融资源配置的前台退出，着力于金融生态环境的营造，促进金融资源市场配置机制的完善。

The government has the condition and must be out from the front desk of the financial resource allocation,On the financial ecological environment construction,To promote the perfection of the mechanism of market allocation of financial resources.

　　第二，市场信用基础的缺失曾经是实行金融行政管制的理由，但是过度的行政管制（如股票发行审批、金融业务审批和金融价格管制等）已经成为寻租行为和机会主义盛行的制度根源，成为金融市场有序发展和经济可持续发展的重要障碍。因此取消金融的行政管制，促进金融成功转型已经显得刻不容缓。

The second,The lack of market credit basis once is a financial reason for administrative control,But the excessive administrative control(Such as stock issuance examination and approval/Examination and approval of financial business and financial price controls, etc)Has become the rent-seeking behavior and the system root of opportunism prevalence,Be orderly development of financial markets and economic sustainable development the important barrier.Of the cancelled financial administrative control,Promote financial success transition is urgent.

　　日报：金融转型最需要推动的改革是什么？

daily:What is the most need to promote the reform of the financial transformation?

　　潘英丽：金融转型的核心，在于政府的立场必须从帮助企业筹集廉价资本转到帮助中小投资者防范商业的欺诈，这将意味着政府的工作重心将从金融的行政管制走向有效的金融监管。金融转型的推进在于金融体制的全面改革。十八大报告已经指出，改革的基本方向是让市场发挥更大、更有效的资源配置作用。

PanYingLi:The core of the financial transformation,Is the government's position must be from cheap capital help enterprises to raise money to help small and medium-sized investors to prevent commercial fraud,This will mean that the government's focus will be from the financial administrative control to effective financial regulation.Financial transformation of the financial system is to promote the comprehensive reform.The eighteenth big report has already been pointed out,The reform of the basic direction is to play a bigger market/More effective role in the allocation of resources.

　　银行体系需要推进商业银行股权结构变革和利率市场化，建立健全存款保险制度。其次，资本市场制度变革应该是中国整体金融改革的突破口和重点领域，要根除人为维持股票市场融资低成本的政策，放松并最终取消发行审批制度，扩大股票发行规模以降低发行市盈率；规定红利分配的最低要求（中国特色的纠偏所需）；严格实行劣质上市公司的退市制度等等。

Banking system to promote commercial bank ownership structure reform and market-oriented interest rate,Establish and perfect the system of deposit insurance.The second,The capital market of China's reform of the whole financial system reform should be breakthrough and key fields,To eradicate for maintaining the stock market financing policy of low cost,Relax and finally cancel the issuance examination and approval system,Expand the scale of stock issuance to reduce issue p/e ratio;Dividend distribution of the minimum requirements(The Chinese characteristic of the correction required);Strictly implement the inferior the delisting system of the listed company, and so on.

　　金融转型和金融整体改革是一个系统工程，不仅需要探讨国内各项改革的配套组合和有序推进问题，而且还需要研究内部金融改革与金融对外开放的关系。摄影记者/高育文

Financial transformation and overall reform is a systematic project,Need not only in the reform of combination and orderly,But also need to study the relationship between the internal financial reform and opening to the outside world.Photographer/high drives