郭兴艳

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　　经纶国际经济研究院院长、中国银监会首席顾问沈联涛昨日（1月15日）在亚洲金融论坛第一财经（香港）金融峰会上表示，价格扭曲是金融未能配合实体经济的最大问题，中国应建立长期融资机制，将银行业资产债券化和证券化。

Learning the international economic research institute President/The China banking regulatory commission chief counsel ShenLian out yesterday(On January 15,)During the Asian financial BBS first finance and economics(Hong Kong)Financial summit said,Price distortion is financial failed to fit the entity economy's biggest problem,China shall establish long-term financing mechanism,Will banking assets bond is changed and securitization.

　　沈联涛指出，当前全球均面对价格扭曲，金融如何为实体经济服务的问题。对于中国来说，价格扭曲包括利率价格、汇率价格、劳动力价格、资产价格等方面。其中，人口红利导致劳动力价格偏低；货币宽松政策导致利率偏低；而利率扭曲又造成二十年来的资产泡沫。

Out ShenLian pointed out that,The current global are facing price distortion,How to finance the real economy service problems.For China,Distorted the price including interest rates price/Exchange prices/Labor price/Asset prices, etc.the,Demographic dividend lead to low labor costs;Loose monetary policy has led to lower interest rates;And the interest rate and distortion caused by twenty years asset bubble.

　　他认为，价格扭曲会演变成数量扩张，即一系列的信贷失控、货币政策问题、通胀和泡沫问题。继发达国家后，亚洲如今也要面对这些问题。而中国应妥善处理价格扭曲的改革，因若改变太快会引发热钱流入中国。

He thinks,Price is turning into a distortion quantity expansion,That is a series of credit is out of control/Monetary policy issues/Inflation and the foam problem.After the developed countries,Asia now will face these problems.China should be properly handled distorted the price reform,Because if change too fast will cause hot money into China.

　　在价格扭曲已形成的情况下，改革便是一个结构性问题，要协调银行业、实体经济、影子银行、资本市场和民间金融的关系。特别是民间金融在利率偏低的情况下如何满足融资需求的问题，会演变出期限错配、外汇错配的问题。

The price has already formed the distortion of the case,Reform is a structural problem,To coordinate the banking industry/Entity economy/Shadow Banks/The capital market and folk financial relationship.Especially in the folk finance under the condition of low interest rates to meet the financing needs of the problem,Will that have evolved maturity mismatch/Foreign exchange mismatch problem.

　　期限错配已经带来了流动性问题、欧债危机、亚洲金融危机等多次大的教训。沈联涛提出，建立健全长期融资机制的作用相当重大。为实体经济服务，基础设施投资有着重要的角色，要避免期限错配，用长期的社保、保险业等长期融资来支持长期投资。而在这一过程中，整个银行业的资产债券化和证券化的改革将是一个非常大的激励和挑战。

Maturity mismatch has brought the liquidity problem/The debt crisis/The Asian financial crisis many big lesson.ShenLian put out,Establish and improve the effect of long-term financing mechanism is quite important.For the real economy service,Infrastructure investment plays an important role,To avoid maturity mismatch,With long-term social security/Insurance and long-term financing to support long-term investment.And in this process,The whole banking assets securitization bonds is changed and the reform will be a very big motivation and challenge.

　　至于解决外汇错配，沈联涛认为只要有贸易逆差便存在外汇错配。对中国来说，短期问题不大，但如果外汇储蓄要走出去，民间的外汇从何而来如何走出去便会带来一个很大的改革问题。

As for solving exchange mismatch,ShenLian out think so long as has the trade deficit has existed exchange mismatch.For the Chinese,Short-term problems not,But if foreign exchange savings to go out,Folk exchange come from how to go out will bring a big reform.

　　沈联涛认为，中国要面对的下一个改革主要包括四方面：一是中国转型成为依靠内需，摆脱依赖美元制度的现状，转型中面临新的环境、法律、会计制度和业务模式等潜在挑战。

Out think ShenLian,China will face a reform mainly includes four aspects:One is Chinese transformation become rely on domestic demand,Get rid of the present situation of the system depend on the dollar,The transformation is facing a new environment/law/Accounting system and business model of potential challenges.

　　二是如何建设和谐社会促进实体经济发展。中国要面对如何走向社会公平、社会和谐、绿色经济转型的大挑战，其间要兼顾就业、公平、控制通胀、储蓄保值等老百姓关心的话题。

The second is how to promote the construction of a harmonious society entity economic development.China will face how to to social justice/Social harmony/Green economy transformation of the big challenge,It should take the job/fair/Control inflation/Saving people about the topic of value, etc.

　　第三是金融监管改革。

The third is the financial regulatory reform.

　　第四是中国如何走出去，建立全亚洲供应链下的亚洲金融合作机制。在中国走出去亚洲区域经济合作的过程中，香港可以扮演重要平台，协助内地金融企业走出去，也协助亚洲的金融企业进入中国和与中国合作。

The fourth is China how to go out,Establish the Asian supply chain of Asian financial cooperation mechanism.In China go out Asia in the process of regional economic cooperation,Hong Kong can play an important platform,Assist mainland financial enterprises to go out,Also assists in Asian financial enterprise in China and cooperate with China.

　　沈联涛称，在科学发展、生态环境变化、人口老龄化、城市化和外部转型的动态环境下，改革是必然也是不易的。改革不是一步到位，市场如何协助政府制度进化走向市场是中国面临的挑战。

Out said ShenLian,In the scientific development/Ecological environment change/An aging population/Urbanization and external transformation of the dynamic environment,Reform is inevitable is also not easy.Reform is not one pace reachs the designated position,Market how to assist the government system evolution towards market in China is the challenge.