编者按/中国的改革，向来以渐进为始，因此，当“改革”之呼声再成“举国之吁”时，中国新一轮改革的起点设定于何处，看似“策略之术”，实则是改革布局谋篇的战略问题，“改得动”比“必须改”在此时似乎更具现实意义。

Editor's note/China's reform,Has been gradually as the beginning,so,when"The reform"The voice again into"Nation of dunhuang"when,China's new round of reform of the starting point of the set in where,Looks like"Strategy of",Actually is essential reform strategy problem,"To have to move"than"Have to change"At this time seems to be more realistic significance.

　　于是，2012年成为“金改年”，包括温州、横琴、前海、西安在内的金改政策纷纷出炉。不过金改难逃“雷声大、雨点小”之嫌，截至目前，“最实质”的动作就来自于上述的前海人民币跨境贷。金改会不会流于空谈？艰难推动的改革阻力来自于哪里？本报试图为读者还原一幅真实的金改蓝图。

so,In 2012"Gold to years",Including wenzhou/hengqin/Before the sea/Xian, gold change policy in succession.But gold instead"Great boast/But little"Don't think of,Up to now,"The most essential"Movement is from the above before the cross-border RMB loans.Gold will become empty talk?Difficult to promote the reform of the resistance comes from where?The newspaper to readers a picture of the real gold change blueprint.

　　2012年，可谓中国区域金融改革元年——3月份，国务院批准设立了温州金融综合改革试验区，之后，深圳前海、珠海横琴、珠三角、天津、上海、重庆、鄂尔多斯(600295,股吧)等地都成立了金融改革试点。试点范围遍及汇率、利率、人民币国际化、证券、保险等不同的金改领域。

In 2012,,Is China's regional financial reform first year -- in March,Approved by the state council set up wenzhou financial comprehensive reform pilot area,after,Shenzhen sea before/Zhuhai hengqin/The pearl river delta/tianjin/Shanghai/chongqing/ordos(600295,Shares!), etc are set up financial reform.The scope in exchange rate/The interest rate/RMB internationalization/securities/The gold of insurance and so on the different fields.

　　然而各地轰轰烈烈的金改蓝图制定好大方向后，细则却一直迟迟未出，说好的金改试验哪去了？

However, magnificent and victorious gold around change blueprint for good after menstruation,Rules have been didn't out,Say good to test where the gold?

　　穆迪投资近日发布报告称，未来数月中国必须加速金融改革，才能支撑经济的增长。其认为，中国不大可能出现经济硬着陆，或急剧放缓，但轻轻松松就能实现经济增长的日子已经结束。而为了提高效率，必须推进艰难的金融改革，给予以市场为主导的机制更多空间。

Moody's recently released report,The next few months China must to speed up financial reform,To support economic growth.The think,China is unlikely to occur causing a hard economic landing,Or a sharp slowdown in,But easily can achieve economic growth of the day is over.And in order to improve the efficiency,Must promote difficult financial reform,To take the market as the dominant mechanism of more space.

　　金融改革的重要性毋庸置疑。

No doubt the importance of financial reform.

　　温州：难推市场化利率 wenzhou:Difficult to push the market interest rates

　　温州金改是此次区域金改试点的领头羊，按国务院发展研究中心金融研究所副所长巴曙松的观点，温州金改重点是解决民间资本投资出路的问题，其次是民间资本融资、小微企业融资的难题，希望探索民间资本利率化的问题。

Wenzhou gold is gold the area change the leader of the pilot,According to the state council development research center, deputy director of the institute of financial ba shusong point of view,Wenzhou gold instead focus on solve the problem of folk capital investment way,Followed by the folk capital financing/Small micro enterprise financing difficult problem,To explore folk capital interest rate of the problem.

　　2012年3月28日，金改获批之际发布的《浙江省温州市金融综合改革试验区总体方案》的12条雄心勃勃，但直至2012年11月23日，温州金改细则才终于落地，这一名为《浙江省温州市金融综合改革试验区》的浙江省政府2012年90号文件，却与原有的十二条金改方针内容迥异。

On March 28, 2012,Gold to approved the release[Zhejiang wenzhou financial comprehensive reform pilot area overall scheme]Article 12 the ambitious,But until November 23, 2012,Wenzhou gold change rules finally fell to the ground,This one is called[Zhejiang wenzhou financial comprehensive reform pilot area]The government of zhejiang province in 2012 no. 90 document,But with the original article 12 gold change policy content.

　　比如原本“十二条”中提出“鼓励和支持民间资金参与地方金融机构改革，依法发起设立或参股村镇银行、贷款公司、农村资金互助社等新型金融组织”；而在细则中则演变为“支持民间资金参与地方金融机构改革，鼓励民间资金根据有关规定发起设立或参股村镇银行、贷款公司、农村资金互助社等新型金融组织”。不仅详细的指引没有出台，规格更是由“依法”变为“根据有关规定”。

Such as the original"Article 12:"In the proposed"Encourage and support the folk capital to participate in the reform of local financial institutions,Established according to law or equity village and town bank/Loans to the company/In rural areas of new financial organizations such as mutual funds";And the evolution is in the details"Support the folk capital to participate in the reform of local financial institutions,Encourage the folk capital according to the relevant provisions of the launch or equity village and town bank/Loans to the company/In rural areas of new financial organizations such as mutual funds".Detailed guidance not only didn't come,Specification is"In accordance with the law"Become a"According to the relevant provisions of the".

　　前海：酝酿人民币国际化 Before the sea:Brewing of RMB internationalization

　　如果说温州金改尝试突破的是民间利率市场化的问题，前海金改涉及的则是人民币国际化及资本项目开放等难题。

If wenzhou gold to try to break through the folk interest rate marketization is the problem,Before the gold instead of is the internationalization of the RMB and the capital account opening.

　　“香港银行的资金可以贷给前海注册的企业。”在前海金改试验区正式宣布前，这条消息就口口相传于深圳金融业。果然，2012年4月获批的前海金改提出了人民币跨境贷款的尝试。

"Hong Kong bank before the money can borrow to the registration of the enterprise."Before the gold to test before the official announcement,The news is mouth financial industry in shenzhen.indeed,In April 2012 approved before the sea gold to put forward the cross-border RMB loans.

　　“前海金融创新有助于通过粤港澳一体化迈出实质性步伐，为金融要素自由流动奠定基础。综合来看，前海金融创新政策可以归纳为五类。一是服务于人民币国际化；二是推动粤港澳金融一体化；三是推动金融机构创新；四是促进金融市场创新；五是尝试金融监管创新。”巴曙松如是说。

"Before the financial innovation can help through the guangdong integration substantive steps,To lay the foundation for the free flow of financial factors.Comprehensive view,Before the financial innovation policy can be divided into five categories.One is service for RMB internationalization;2 it is to promote Macao financial integration;Three is to promote the innovation of financial institutions;Four is to promote innovation in financial markets;Five is to financial supervision innovation."Ba shusong said.

　　前海金改细则的出台同样是好事多磨。从2012年7月底开始，市场就多次传出细则即将出台的消息，然而，最后都不了了之。到2012年11月，市场又传出前海建设部际联席第二次会议将于2012年年末召开，细则将在此会议前后出台。2012年12月20日，深圳前海服务局副局长周子友在北京公开表示，第二次前海建设部级联席会议预计2013年1月份在北京召开。或将讨论和协调国家赋予前海的第二批先行先试政策。

Before the change rules of gold is also the course of true love never did run smooth.Since the end of July 2012,Market many times out detailed rules for the upcoming law of news,However,,Finally, all disappear.In November 2012,Market started before the construction BuJi joint second meeting will be held at the end of 2012,Detailed rules will be introduced in the before and after the meeting.On December 20, 2012,Deputy director of the shenzhen sea service before ZhouZiYou publicly in Beijing,Second before the construction ministry joint conference is expected in January 2013 was held in Beijing.Or will discuss and coordinate the country to the second batch of the sea before first try first policy.

　　所谓部际联席会议是前海独有的制度安排，由国家发改委牵头，成员单位包括广东省政府、深圳市政府、银监会、人民银行等27家国家级部委和相关地区。

So-called BuJi joint meeting is a unique institutional arrangements of the sea before,Led by the national development and reform commission,Members including the government of guangdong province/Shenzhen government/Banking regulatory commission (CBRC)/The people's bank and other 27 national ministries and related areas.

　　不过，就在金改细则出台前夕，深圳证监局局长焦津洪在媒体上撰文表示，前海需要首先处理好与其他地区的关系。其中提到前海与珠三角的关系时，其认为：“整个珠三角的金融资源是相对有限的，减少行政干预，靠市场力量推动金融资源自然整合是最好的选择，这样才可能形成合力，实现金融资源的聚集。而通过行政干预，人为地制造多个金融中心，只会加剧相互间的同质化、低端化竞争，导致有限的金融资源更加分散，金融业服务实体经济能力更加弱化。”

but,In gold to rules on eve,Shenzhen securities regulatory bureau bureau long jin hong wrote in the media,Before the need to deal with the relationship with other areas in the first place.When it comes to the relationship between the sea and the pearl river delta before them,The think:"The financial resources in the pearl river delta is relatively limited,To reduce administrative intervention,By market forces to promote financial resources natural integration is the best choice,It may form a cohesive force,Realization of financial resources.And through the administrative intervention,To create more financial centre,Will only aggravate the homogeneity between each other/Low end of the competition,Lead to limited financial resources more scattered,Financial service entity economy ability more weak."

　　横琴：跟随人民币跨境贷 hengqin:Follow the cross-border lending

　　在前海金融改革试验区获批后不久，广东就推出了《珠三角金融改革创新综合试验区总体方案》，除了前海外，珠三角还将建立珠海横琴、广州南沙两个金改中心，还将在梅州市推进农村金融改革创新综合试验；在湛江推进统筹城乡协调发展进入改革创新综合试验。

Before the financial reform experimental zone approved soon after,Guangdong province is introduced[Comprehensive financial reform and innovation in the pearl river delta area overall scheme],In addition to the overseas,Pearl river delta will also establish zhuhai hengqin/Guangzhou nansha two gold to center,Will also promote the rural financial reform and innovation in meizhou city comprehensive test;In zhanjiang promote overall planning the coordinated development of urban and rural areas in reform and innovation comprehensive test.

　　事实上在市场盛传前海金改细则即将出台的2012年11月底，珠海横琴新区管委会主任牛敬在香港表示，横琴的金改细则将会与前海同步落实，“前海有什么我们就有什么。”

In fact in the market before moving the gold change rules of is about to come the end of November, 2012,Zhuhai hengqin new area management committee director NiuJing said in Hong Kong,Hengqin change rules of gold will be synchronous with the sea before,"Before the sea what do we have."

　　“前海、横琴、南沙三地其实资源以及定位都是非常相近，目标都是利用靠近港澳的地理优势深化金融联系。”有参与政策制定的广东政府官员表示。

"Before the sea/hengqin/Actually resources of nansha and positioning are very similar,Goal is using near Hong Kong and Macao in the geographical advantage to deepen financial cooperation."Have to participate in the policy formulated by the guangdong government officials said.

　　其实，不仅仅珠三角其他地区，就连上海也非常看好跨境贷等人民币业务模式。2012年6月底举行的2012陆家嘴金融论坛中，上海市金融服务办公室主任方星海表示，双向跨境人民币贷款是非常重要的创新，“希望在不久之后上海可以跟上，其他地方也可以跟上。”

In fact,More than other parts of the pearl river delta,Even in Shanghai are very value the RMB business model such as cross-border lending.In 2012, at the lujiazui financial BBS in 2012 by the end of June,Fang xinghai, director of Shanghai's financial services office said,The innovation of the two-way cross-border RMB loan is very important,"Hope can catch up with in Shanghai soon,Other place also can keep up."

　　来自香港的低成本资金迅速扩大到前海以外的地区，这肯定不是监管层所愿意看到的情形。2012年8月在一个业内内部交流会上，中国人民银行副行长胡晓炼就表示：“约束条件是境外资金放贷只能用于前海，不能再跑入内地扰乱市场。”

From Hong Kong low cost funds quickly expanded to the area beyond the sea before,It is not like to see by the regulatory situation.In August 2012 in a industry internal communication meeting,The people's bank of China deputy governor said HuXiao tempers:"Before the constraint condition is overseas lending funds can only be used to the sea,Can't run into the mainland market."

　　“但市场的逐利冲动一定会诱使资金千方百计突破前海试验区与内地其他地区之间资本管制的藩篱。”中国社科院世经政所国际金融室副主任张明表示。

"But the market by the impulse will be tempted to fund one thousand party hundreds through the sea between experimental zone and other parts of the mainland capital controls the barriers."Chinese academy of social sciences, the government has said zhang Ming, deputy director of the international financial room.

　　全国：允许金改试错

The national:Allow gold try fault

　　央行副行长潘功胜最近在一个论坛上强调，区域性金融改革要立足本地实际，突出区域特征，同时要预防改革可能产生的外溢性、不公平性等负面效应，避免一哄而上、相互攀比，避免将改革试点和金融中心建设作为向国家要政策的手段。

Central bank deputy governor PanGong recently stressed on a BBS,Regional financial reform should be based on the local practice,Prominent regional characteristics,At the same time to prevent possible surplus reform/Inequality and other negative effects,Avoid YiHongErShang/With each other,To avoid will reform and financial center construction as a means to policy of the country.

　　有舆论认为，金融改革有其特殊性，其中一个重要因素是每项政策的突破都有“全局”意义，无法局限在试点城市中。如果温州民资可以筹措村镇银行，这也预示着全国都积极跟进。继温州之后，吉林长春、江西宜春、江苏无锡都吹响了金改的号角，都在争取村镇银行的试点。

A public opinion that,Financial reform has its particularity,One of the important factors is the breakthrough of each policy"The overall situation"meaning,Not limited in pilot cities.If wenzhou what can raise village and town bank,It also indicates the whole country actively follow up.After the wenzhou,Jilin changchun/Jiangxi yichun/Jiangsu wuxi are blowing the horn of gold instead,In the pilot for village and town bank.

　　安邦研究认为，早年行之有效的一哄而上，“先发展，后治理”的改革模式不适用于金融改革，否则将带来威胁社会稳定的后果。

Recently studies suggest that,Early effective YiHongErShang,"To development,After the treatment"The reform of the model does not apply to financial reform,Otherwise it will bring the consequence that threaten social stability.

　　尽管前途险阻，但中国经济已经到了不得不进行金融改革的紧要关头。十八大报告中提出，深化金融体制改革，健全促进宏观经济稳定、支持实体经济发展的现代金融体系。对于进一步深化我国金融改革开放发展，不断提升金融业整体实力和服务水平。

Despite the prospects and obstacles,But China's economy has come to the point of financial reforms.The eighteenth big report,We will deepen reform of the financial system,Promote sound macroeconomic stability/Support the real economy of the development of the modern financial system.For further development of China's financial reform and opening to the outside world,Continuously improve financial industry overall strength and service level.

　　人民银行行长周小川预计，在今后我国各领域的改革中，自下而上的改革仍然会比较常见。

Zhou xiaochuan, the governor of the people's bank of China,In the reform of every field of our country in the future,The reform of the bottom-up will still more common.

　　在金融领域，目前还有一些地方在向国务院提出试点改革的要求，比如海南省希望在金融支持国际旅游岛发展方面有一些试点政策，云南省希望在建设面向西南和大湄公河区域开放的桥头堡方面进行试点改革。

In the financial field,At present there are some places in to the state council put forward the requirements of the pilot reform,Such as hope in terms of financial support the development of international tourism island of hainan province have some pilot policy,Yunnan province to open to the southwest and the greater Mekong area in the construction of the bridgehead on pilot reform.

　　金融产品方面，从早期的网上银行试点，到近期的金融IC卡推广、第三方支付业务创新，以及现在致力于发展手机支付等，新的改革试点要求层出不穷。

Financial products,From the early experiments of the bank on the net,To the recent financial IC card/The third party payment business innovation,And now committed to the development of mobile payment, etc,Requirements of the new reform emerge in endlessly.

　　“金改过程中允许"试错"，发现问题加以修正，体现了改革不断探索的过程。”周小川说。

"Gold allowed in the process of change"Try the wrong",Found problems,Embodies the reform process of exploration."Zhou xiaochuan said.

　　全国金改时间表

The national gold change schedule

　　2012年3月28日

On March 28, 2012

　　国务院常务会议决定设立浙江省温州市金融综合改革试验区，并发布《浙江省温州市金融综合改革试验区总体方案》，共计12条。

Standing committee of the state council decided to set up wenzhou financial comprehensive reform pilot area of zhejiang province,And issue[Zhejiang wenzhou financial comprehensive reform pilot area overall scheme],A total of 12.

　　2012年7月4日

On July 4, 2012

　　《国务院关于支持深圳前海深港现代服务业合作区开发开放有关政策的批复》发布，支持前海在金融改革创新方面先行先试。

[The depth under the state council on the support of shenzhen before Hong Kong modern service industry zone development and opening up policy]Issued by the,Support before the advance in the field of financial reform and innovation.

　　2012年7月25日

On July 25, 2012

　　由中国人民银行、国家发改委等八部委联合印发的《广东省建设珠三角金融改革创新综合实验区总体方案》在广州发布。

By the people's bank of China/The national development and reform commission and so on eight ministries jointly issued[Overall scheme construction comprehensive financial reform and innovation in the pearl river delta area in guangdong province]Released in guangzhou.

　　2012年11月22日

On November 22, 2012

　　温州金改细则——《浙江省温州市金融综合改革试验区》的浙江省政府2012年90号文件出台。

Wenzhou gold change rules --[Zhejiang wenzhou financial comprehensive reform pilot area]No. 2012 document of the government of zhejiang province in 2012.

　　2012年12月25日

On December 25, 2012

　　福建省金融办宣布《福建省泉州市金融服务实体经济综合改革试验区总体方案》已获国务院批准通过，泉州也由此成为第三个国家级金融综合改革试验区。

Fujian province announced financial office[Quanzhou city in fujian province comprehensive reform pilot area of financial services entity economy overall scheme]Has been approved by the state council,Quanzhou has thus become the third national synthetically reform testing district finance.