2012年全球经济继续笼罩在经济危机的阴霾下，各国的宏观调控不力，效果匮乏。在2012年，全球实体经济的自由落体超出预期，而在2008～2011年间独立增长的新兴经济体也发生了根本性逆转，成为经济下滑的重灾区。而中国也深受影响，在国际政治、经济环境恶化的影响下，我国的出口严重受阻，经济增长失去了重要的动力，2012年的GDP增长目标也不得不进行下调。

In 2012, the global economy continues to shrouded in economic crisis under the haze,Countries lack of macroeconomic regulation and control,Effect of.In 2012,Global entity economic free fall faster than expected,In 2008 ~ 2011 independent growth of emerging economies has also undergone a fundamental reversal,Become a major disaster area of economic downturn.China is also affected,In international politics/Under the influence of economic deterioration of the environment,China's export seriously hindered,Economic growth lost an important power,2012 year's GDP growth target also have to cut.

　　2012年开年之际，第四次全国金融工作会议的召开，重点分析了国内外的经济形势，总结了国际经济危机的教训，并为未来五年我国的金融工作奠定了基调，指明了方向。包括“一行三会”在内的监管层纷纷围绕金融工作会议的精神推出了一系列举措，将社会融资规模纳入央行统计框架，以及《商业银行资本管理办法（试行）》、“银十条”、《证券公司代销金融产品管理规定》的出台为各行的金融机构划定了标准，提供了机会。而金融消费者保护机构的成立保证了金融消费者的合法权益。

A year before,The fourth national financial work conference,Focuses on the analysis of the economic situation at home and abroad,Summarizes the lessons of the crisis of the international economy,And for the future five years China's financial work set the tone,Pointed out the direction.including"A line of three will"The supervision of the layer, around in financial work conference spirit launched a series of measures,The social financing scale into central bank statistics framework,and[Commercial bank capital management measures(trial)]/"Silver article ten"/[Securities companies sell financial products management regulations]Come on stage for all financial institutions according to the standard,Provides opportunities.And the establishment of financial consumer protection agency to ensure the financial consumers' legal rights and interests.

　　另外，温州金融综合改革实验区的建立、深平两行的合并、影子银行的发展以及互联网金融的蓬勃兴起都是2012年值得我们特别关注的重大事件。

In addition,Wenzhou financial comprehensive reform of the establishment of the experimental area/Deep flat two done merger/The development of the shadow banking and Internet financial booming rise are worth our special attention in 2012 major events.

　　总结过去，继往开来，《银行家》甄选“2012年中国十大金融事件”，铭刻中国金融发展历程，望与广大读者一起，在2013年迈步从头，谱写出中国经济金融发展新的篇章！

Sum up the past,Carry forward our cause into the future,[bankers]selection"In 2012 China ten big financial events",Branded China's financial development,Hope and readers together,In 2013 from the move,China's economic and financial development write a new chapter!

　　第四次全国金融工作会议召开

The fourth national financial work conference

　　2012年1月6～7日，第四次全国金融工作会议在北京举行。肇始于1997年的金融工作会议每五年召开一次，已经成为惯例，基本上决定着未来五年金融工作的基调和方向，成为指导我国金融工作的重要会议。本次会议是在全球金融危机爆发以后的第一次，因此本次会议既回顾了中国金融业前五年的成就与问题，也吸收了国际金融危机留给的深刻教训，突出“坚持金融服务实体经济的本质要求，牢牢把握发展实体经济这一坚实基础”，“有效解决实体经济融资难、融资贵问题”；“坚持市场配置金融资源的改革导向”；“坚持创新与监管相协调的发展理念，支持金融组织创新、产品和服务模式创新”；“坚持把防范化解风险作为金融工作生命线”，“在确保国家经济金融安全的基础上提高金融对外开放水平”。根据这样的思路和精神，在2012年进一步推进了金融领域市场化改革的方向。

In January 2012, 6 ~ 7 days,The fourth national financial work conference held in Beijing.Began in 1997 financial work conference is held once every five years,Has become a practice,Basically decided the future five years financial work tone and direction,As China's financial guidance of the important meeting.The meeting is in after the outbreak of the global financial crisis for the first time,So the meeting of China's financial industry is reviewed the first five years of achievements and problems,Also absorbed the international financial crisis to the profound lessons,outstanding"Adhere to the financial services the essential requirements of the real economy,Firmly grasp the development of the real economy the solid foundation","Effectively solve the entity economy financing difficulties/Financing your problem";"Adhere to the market allocation of financial resources reform orientation";"Insist on innovation and supervision of the coordination development idea,Support financial organization innovation/Products and service mode innovation";"To prevent and eliminate the risk as a financial work lifeline","In ensuring the country's economic and financial security to improve financial based on the level of opening up".According to this thought and spirit,In 2012 further financial marketization reform in the direction of the field.

　　汇率浮动区间扩大

Expand the range of floating exchange rate

　　4月14日，中国人民银行发布公告，自2012年4月16日起，银行间即期外汇市场人民币兑美元交易价浮动幅度由5‰扩大至1%，即每日银行间即期外汇市场人民币兑美元的交易价可在中国外汇交易中心对外公布的当日人民币兑美元中间价上下百分之一的幅度内浮动。外汇指定银行为客户提供当日美元最高现汇卖出价与最低现汇买入价之差不得超过当日汇率中间价的幅度由1%扩大至2%。这标志着人民币汇率的灵活性进一步得以扩大，标志着在渐进性、主动性和可控性的汇改原则下，人民币汇率形成机制的进一步完善。

On April 14,The people's bank of China issued,Since April 2012 16 days,Inter-bank spot foreign exchange market against the dollar transaction value floating range from 5 ‰ to expand to 1%,The bank is between the daily spot foreign exchange market the us dollar transaction value can be in the China foreign exchange trading center announced on the yuan against the dollar price of one percent among and within the range floating.The designated foreign exchange Banks to provide the highest cash offer price and minimum $spot the difference between the bid price shall not be more than current rate middle price range from 1% to 2% to expand.This marks the RMB exchange rate flexibility to expand further,Marks the progressive/Initiative and controllability of change by the principle,The RMB exchange rate for further improving the mechanism.

　　利率市场化改革突破

Interest rate marketization reform breakthrough

　　2012年6月7日，中国人民银行宣布从2012年6月8日起，将金融机构存款利率浮动区间的上限调整为基准利率的1.1倍；将金融机构贷款利率浮动区间的下限调整为基准利率的0.8倍。随后，7月5日宣布，从7月6日起将金融机构贷款利率浮动区间的下限调整为基准利率的0.7倍。这些标志着我国利率市场化取得了重大突破。贷款利率下浮30%基本上到了银行的保本点，而存款利率的上浮标志着存款利率市场化取得了实质性突破。存款利率的市场化和贷款利率市场化程度的加升，意味着金融体系中最重要的价格信号将在引导金融资源的优化配置中发挥更加积极的作用，从而使央行的货币政策操作更具灵活性。利率市场化将直接作用于企业、居民和金融机构等经济主体的行为，其中对于我国金融体系中最重要的金融机构——商业银行及其他银行业机构来说影响更大。这一政策公布以后，各类商业银行正在寻求通过资产负债业务的调整、管理的精细化、产品和服务的创新来积极应对。可以预期，利率市场化改革将有效地促进中国商业银行经营管理能力的真正提升，从而更好地服务实体经济的发展。

On June 7, 2012,The people's bank of China announced in June 2012 and from within,Financial institutions deposit interest rate floating interval limit adjustment as the benchmark interest rate 1.1 times;Financial institutions lending rate floating interval for the lower limit of adjustment of the benchmark interest rate 0.8 times.then,On July 5, announced,From July 6, the financial institutions lending rate floating interval for the lower limit of adjustment of the benchmark interest rate 0.7 times.These marks the interest rate liberalization in China have made a great breakthrough.Loan interest rate decrease 30% basically at the bank of the break-even point,And the deposit interest rate rise marks the deposit interest rate marketization made substantive breakthrough.Deposit interest rate marketization and loan interest rate marketization degree of add up,Means that the financial system is the most important price signals will be in guiding the optimal allocation of financial resources play a more active role,So that the central bank's monetary policy operation more flexibility.Interest rate marketization will direct role in enterprise/Residents and financial institutions such as the behavior of the economic subject,The financial system in China for the most important financial institutions, commercial Banks and other banking institutions influence is greater.After the policy announced,All kinds of commercial bank is seeking through the assets and liabilities business adjustment/Fine management/The innovation of products and services to actively respond to.Can expect,Interest rate marketization reform will effectively promote China's commercial bank management ability of real ascension,So as to better serve the development of the real economy.

　　民间资本进入银行业政策得到细化

Private capital into the banking policies to be refined

　　2012年5月26日，中国银监会发布了《关于鼓励和引导民间资本进入银行业的实施意见》。这可以理解为中国银监会落实《国务院关于鼓励和引导民间投资健康发展的若干意见》和金融工作会议精神的重要举措。该实施意见有两个亮点：一是明确表态支持民营资本与其他资本按同等条件进入银行业。对于民营企业参与城市商业银行风险处置的，持股比例可以适当放宽到20%以上；对于民营企业参与村镇银行发展设立或增资扩股的，村镇银行主发起行的最低持股比例由20%降低为15%，而且当村镇银行进入可持续发展阶段后，持股比例还可以调整。二是明确为民间资本进入银行业创造良好环境。这一实施意见让许多民营资本非常期待，但在当前城商行普遍运行较好（风险处置已经完成）和村镇银行批准速度明显放缓的前提下，到目前为止似乎还没有发挥明显的效果。

On May 26, 2012,The China banking regulatory commission issued[About encouraging and guiding the private capital into the banking of the implementation opinions].This can be understood as the China banking regulatory commission implement[The state council on encouraging and guiding the healthy development of the private investment in some opinions]And financial work conference spirit important action.The implementation opinion has two bright spots:A comment is clear support private capital and other capital into the banking industry in the same conditions.For private enterprises to participate in the city commercial bank risk disposal,Shareholding ratio can relax appropriately to more than 20%;For private enterprises to participate in the development of village bank set up or increase endowment spread of,Town bank launched the Lord did minimum shareholding ratio decreased to 15% from 20%,And when the town bank into sustainable development phase,Shareholding ratio can be adjusted.2 it is clear for private capital into the banking industry to create a good environment.The implementation opinion to let many private capital really looking forward to,But in the current city businesses generally run better(Risk disposal has been completed)And the town bank approval rate under the premise of slowed down obviously,So far doesn't seem to play a significant effect.

　　发布了《金融业发展和改革“十二五”规划》

released[The financial industry development and reform"1025"planning]

　　2012年9月17日，中国人民银行等政府网站公布了国务院批复的《金融业发展和改革“十二五”规划》，这一规划显然是根据金融工作会议的精神编制的。根据规划，规划期末应实现如下目标：金融服务业保持平稳较快增长，社会融资规模适度增长；金融结构调整取得明显进展，直接融资占社会融资规模比重显著提高；市场在金融资源配置中的基础性作用进一步增强，利率市场化改革取得明显进展；人民币汇率形成机制进一步完善，人民币资本项目可兑换逐步实现；多层次金融市场体系进一步完善；金融机构改革进一步深化，大型金融机构现代企业制度逐步完善，创新发展能力和风险管理水平明显提升，金融机构国际竞争力进一步增强；金融服务基本实现全覆盖，坚持金融服务实体经济的本质要求，支持科技创新和经济结构调整的力度进一步加大；金融风险总体可控，金融机构风险管理能力持续提升，系统性金融风险防范预警体系、评估体系和处置机制进一步健全，存款保险制度等金融安全网制度基本建立。这项规划的公布比起国家《中华人民共和国国民经济和社会发展第十二个五年规划纲要》的发布整整慢了1年半，没有理由不让人怀疑决策效率。不过，略感欣慰的是部分规划内容或目标，已经在规划公布之前进行了，前述的三大改革就是明证。

On September 17, 2012,The people's bank of China and the government of the state council ratified the website[The financial industry development and reform"1025"planning],This is obviously a planning according to the financial work conference spirit of preparation.According to the planning,The final planning, we should realize the goal:Financial services keep steady and fast growth,Social financing scale moderate growth;Financial structure adjustment achieved significant progress,Direct financing accounted for the proportion of social financing scale increased significantly;The market in the allocation of financial resources to further strengthen the basic role,Interest rate marketization reform made obvious progress;The RMB exchange rate mechanism to further improve,RMB capital account convertibility gradually realize;Multi-level financial market system to further improve;Financial institution reform further deepening,Large financial institutions gradually perfect modern enterprise system,Innovation and development ability and risk management level obviously improve,Financial institutions to further strengthen the international competitiveness;Financial services basic realize full coverage,Adhere to the financial services the essential requirements of the real economy,Support scientific and technological innovation and economic structural adjustment efforts to further increase;Financial risk overall controllable,Financial institutions risk management ability to continue to ascend,Systemic financial risk early warning system/Evaluation system and disposal mechanism to further improve,Deposit insurance system a basic financial safety net system.The planning of the state than published[Law of the People's Republic of the national economy and social development five year plan for 12]Release for slow for a year and a half,There is no reason not to let a person suspect the decision-making efficiency.but,Slightly feeling gratified is part of the planning content or goal,Has been published on the planning before,The three major reform is a clear proof.

　　（欧明刚）

(The Ming just)

　　银监会加强商业银行资本管理

Banking regulatory commission (CBRC) strengthen the commercial bank capital management

　　2012年6月8日，中国银监会正式发布《商业银行资本管理办法（试行）》（下称《资本办法》），定于2013年1月1日起实施，要求商业银行在2018年底前达到规定的资本充足率监管要求。为推动其平稳实施，中国银监会又于2012年11月发布《关于实施<商业银行资本管理办法（试行）>过渡期安排相关事项的通知》（下称《通知》），明确在过渡期内资本充足率监管的有关问题。

On June 8, 2012,The China banking regulatory commission issued a formal[Commercial bank capital management measures(trial)](Hereinafter referred to as[Capital measures]),Is scheduled for January 1, 2013 implementation,For commercial Banks in 2018 before the end of the provisions of the capital adequacy ratio to regulatory requirements.In order to promote the smooth implementation,The China banking regulatory commission and released in November 2012[Concerning the implementation of<Commercial bank capital management measures(trial)>Arrange matters related to the transition of the notice](Hereinafter referred to as[notice]),Clear in the transitional period of capital adequacy ratio regulation related problems.

　　《资本办法》是在2004年《商业银行资本充足率管理办法》基础上，整合2008～2010年间银监会发布的11个新资本协议实施监管指引，全面引入巴塞尔新资本协议（巴塞尔协议II）和第三版巴塞尔资本协议（巴塞尔协议III）的资本监管最新要求后制定的。这既是我国响应国际新监管标准要求、履行国际义务的需要，也是推动我国银行业转变发展方式、提升应对内外部冲击能力、维护银行体系长期稳健运行的重大战略选择，是我国银行业2012年重大事件之一。

[Capital measures]In 2004[Commercial bank capital adequacy ratio management measures]basis,Integration of 2008 ~ 2010 issued by CBRC 11 new capital agreement implement supervisory guidelines,Introducing new Basel capital accord(Basel II)And the third edition Basel capital accord(Basel III)The latest requirements of capital regulation formulated after.This is our country new international regulatory standards response/The need to fulfil its international obligations,Is to promote the development of China's banking industry transformation way/To improve internal and external impact ability/Maintain the bank system long-term and stable operation of the important strategic choice,China's banking industry is one of the major events in 2012.

　　《资本办法》坚持国际标准与中国国情相结合，将“巴塞尔协议II”和“巴塞尔协议III”统筹推进，宏观审慎监管和微观审慎监管有机统一。全文共有10章180条以及17个附件，搭建起统一配套的资本充足率监管体系，严格明确了资本定义，扩大了资本覆盖风险范围，强调科学分类、差异监管，同时合理地安排了资本充足率达标过渡期。

[Capital measures]Adhere to the international standards and China's national conditions combined,will"Basel II"and"Basel III"Overall propulsion,Macro prudential supervision and micro prudential supervision organic unity.There are 10 full chapter 180 and article 17 accessories,Set up unified supporting capital adequacy ratio regulation system,Strictly made clear the definition of capital,Enlarged the scope of cover risk capital,Emphasizes scientific classification/Difference supervision,At the same time, reasonable arrangement of the capital adequacy ratio of the transitional period.

　　《资本办法》不仅包括信用风险和市场风险，也将操作风险纳入资本监管框架；同时明确了资产证券化、场外衍生品等复杂交易性业务的资本监管规则，引导国内银行审慎开展金融创新。商业银行资本充足率的监管要求被分为四个层次：第一层次为最低资本要求，即核心一级资本充足率、一级资本充足率和资本充足率分别为5%、6%和8%；第二层次为储备资本要求和逆周期资本要求，分别为2.5%和0～2.5%；第三层次为系统重要性银行附加资本要求，为1%；第四层次为根据单家银行风险状况提出的第二支柱资本要求。《资本办法》实施后，我国大型银行和中小银行的资本充足率监管要求分别为11.5%和10.5%，符合巴塞尔最低监管标准，并与国内现行监管要求保持一致。多层次的监管资本要求既符合“巴塞尔协议III”确定的资本监管新要求，又增强了资本监管的审慎性和灵活性，确保资本充分覆盖国内银行面临的系统性风险和个体风险。

[Capital measures]Includes not only the credit risk and market risk,Will also be operational risk into the capital regulatory framework;At the same time, made clear the asset securitization/Otc derivatives complex transaction sex business capital regulation rules,Guide the domestic bank prudent to carry out financial innovation.Commercial bank capital adequacy ratio of regulatory requirements is divided into four levels:The first level for minimum capital requirements,That is the core level of capital adequacy ratio/Level of capital adequacy ratio and capital adequacy ratio is 5%/6% and 8%;The second level for reserve capital requirements and countercyclical capital requirements,Were 2.5% and 0 ~ 2.5%;The third level for the system importance bank additional capital requirements,1%;The fourth level is based on single Banks risk situation proposed the second pillar capital requirements.[Capital measures]After implementation,In the large Banks and small and medium-sized bank's capital adequacy ratio regulatory requirements were 11.5% and 10.5% respectively,The Basel accord with minimum regulatory standards,And with the domestic current consistent regulatory requirements.Multi-level regulatory capital requirements should both comply with"Basel III"Certain capital supervision new requirements,And to enhance the capital supervision of prudence and flexibility,To ensure that capital fully covering domestic Banks are facing the systematic risk and the individual risk.

　　《资本办法》在资本要求、资本定义、风险加权资产计量和全面风险治理等各方面与国际新资本监管标准保持一致，同时也注重与我国银行业实际情况相结合：一是下调小微企业贷款和个人贷款的风险权重，引导商业银行扩大小微企业和个人贷款投放；二是针对国内银行贷款损失准备较高的情况，提高了实施内部评级法的商业银行超额贷款损失准备计入二级资本的上限；三是对银行不合格资本工具的退出给予10年过渡期，缓解资本补充压力。此外，根据我国国情，在国际最低标准的基础上，《资本办法》也适当提高了包括核心一级资本充足率在内的部分监管要求。

[Capital measures]In the capital requirements/Capital definition/Risk-weighted assets measurement and comprehensive risk management and so on various aspects and international new capital supervision consistent standard,At the same time also pay attention to the actual situation of China's banking industry and combination:One is to cut small micro enterprise loans and personal loan risk weight,Leading commercial bank to expand small micro enterprise and personal loan on the;The second is for the domestic bank loan loss to the higher,To improve the implementation of internal rating method of commercial bank loans to the excess loss included in the secondary capital limit;The third is to bank unqualified capital tools to ten years out of the transition,Ease capital added pressure.In addition,According to the situation of our country,On the basis of international minimum standards,[Capital measures]Also appropriate to improve the level of capital adequacy ratio, including core part of the regulatory requirements.

　　为推动《资本办法》平稳实施，缓解过渡期内商业银行资本充足率达标压力，银监会发布《通知》，明确提出在过渡期内分年度资本充足率监管要求，并对储备资本要求（2.5%）设定6年的过渡期。《通知》对已达标银行和未达标银行提出差异化要求，未达标银行要在过渡期内达到分年度资本充足率监管要求并制订资本规划，稳步提高资本充足水平。《通知》还要求商业银行科学制订分年度资本充足率达标规划，由监管部门根据宏观经济金融形势和商业银行的具体情况进行灵活、审慎的监管。

In order to promote[Capital measures]Smooth implementation,Ease the transition period commercial bank capital adequacy ratio standard pressure,The CBRC issued[notice],Clearly put forward in transition period points annual capital adequacy ratio regulatory requirements,And the reserve capital requirements(2.5%)Set 6 year transition period.[notice]To have the bank and bolo bank puts forward differentiation requirements,Bolo bank during the transition period to reach points annual capital adequacy ratio and regulatory requirements for capital planning,Steadily improve the capital adequacy levels.[notice]It also requires commercial Banks science make points annual capital adequacy ratio such plans,The supervision department according to the macro economic and financial situation and the specific circumstances of commercial Banks to agile/Prudent supervision.

　　《资本办法》的实施是一项系统工程，需要监管当局和商业银行共同努力。相关监管政策需加强与产业政策、财政政策、货币政策的协调配合，兼顾促进经济平稳较快发展、防范金融风险、实施国际规则的要求，营造良好的金融环境。商业银行需加快转变发展方式，合理调整资产结构，加强和改进资本管理，扩大内源性资本补充，积极探索通过发行优先股、创新二级资本工具或开拓境外发行市场等方式筹集资本，有效拓宽资本补充渠道。《资本办法》的成功实施，必将有效推动我国商业银行稳健运行，优化系统性风险防范体系，进一步增强我国银行业的国际竞争力。

[Capital measures]Implementation is a systematic project,Regulatory authorities and commercial Banks need to work together.Regulatory policy and industrial policy needs to be improved/Fiscal policy/Monetary policy coordination,To promote stable and rapid economic development/Guard against financial risks/Implementation of the requirements of the international rules,Build a good financial environment.Commercial Banks need to speed up the transformation development way,Rationally adjust the asset structure,Strengthen and improve the capital management,Expand the endogenous capital added,Explore through the issuance of preferred stock/Innovation secondary capital tools or develop issue overseas market way to raise capital,Effective broaden capital supplementary channel.[Capital measures]Successful implementation of,Will effectively promote the stable operation of commercial Banks in China,Optimization of systemic risk prevention system,Further enhance the international competitiveness of China's banking industry.

　　（张云峰）

(ZhangYunFeng)

　　监管机构力推银行小微金融业务发展

Bank regulators promoting small micro financial business development

　　2012年二季度中国GDP跌破8%这一政府长期坚持的增长目标。与此同时，出口增长引擎已经熄火，大幅拉动国内消费并不现实，而过度依赖投资会导致产能过剩的情况进一步加剧，于是中国经济面临着“保增长、调结构”的双重压力。受经济增速放缓的不利影响，三季度银行业不良贷款余额和不良贷款率首次出现“双升”。

In 2012, China's GDP in the second quarter fell below 8% for the government long-term growth target.meanwhile,Export growth engine has left,Greatly boosting domestic consumption is not reality,And overly dependent on investment can lead to overcapacity situation further intensifies,So China's economy faces"The growth/Adjustable structure"Double pressure.By the economic slowdown in the adverse effect,Third quarter banking non-performing loan balance and bad loans first appeared"Double up".

　　为了实现实体经济的持续发展，同时又能有效控制银行业经营风险，银监会出台了《关于支持商业银行进一步改进小企业金融服务的通知》（简称“银十条”），并随后出台了解释细则，提出了推动小微企业金融服务转型升级的相关要求。

In order to realize the sustainable development of the real economy,At the same time can effectively control the banking business risk,The CBRC issued a[To support the commercial Banks to further improve small business financial services notice](Referred to as"Silver article ten"),And then introduced interpretation rules,Put forward to promote small micro enterprise financial services of the transformation and upgrade of requirements.

　　“银十条”主要亮点

"Silver article ten"The main window

　　支持发展小微金融业务银行发行小企业金融债。其中第七条规定，“对于小企业贷款余额占企业贷款余额达到一定比例的商业银行，在满足审慎监管要求的条件下，优先支持其发行专项用于小企业贷款的金融债，同时严格监控所募集资金的流向。”理论上讲，通过支持银行发行小企业金融债，可扩充负债业务规模或补充附属资本，将有效解决中小银行为小企业提供融资服务时因负债业务规模受限的问题。

Support the development of small micro financial business bank issue small business financial bond.The provisions of article 7,"For small business loan balance of enterprise loan balance reaches a certain percentage of commercial Banks,To meet the requirements of the prudential supervision,Priority support its issue special used for small business loans financial bond,At the same time, strictly control the flow of funds raised."In theory,Through the support banker small business financial bond,Extensible liabilities business scale or supplement subsidiary capital,Will effectively solve the small and medium-sized Banks to provide financing for small business service limited liability business scale of the problem.

　　500万元以下小企业贷款风险权重视同零售贷款，可不计入存贷比考核。“银十条”第八条规定：“在巴塞尔新资本协议的基础上，对于运用内部评级法计算资本充足率的商业银行，允许其将单户500万元(含)以下的小企业贷款视同零售贷款处理；未使用内部评级法计算资本充足率的商业银行，对于单户500万元(含)以下的小企业贷款在满足一定前提下，可视为零售贷款。此外，在计算存贷比时，对于商业银行发行金融债所对应的单户500万元(含)以下的小企业贷款，可不纳入存贷比考核范围。”此规定一方面有助于减轻中小型银行面临的资本充足率下降的压力，另一方面也可使银行发展小微金融业务时不受存贷比的限制。

5 million yuan of the following small business loan risk weight shall be regarded as retail loans,Don't included in the deposit-loan ratio assessment."Silver article ten"The provisions of article 8:"In the new Basel capital agreement based on the,To use the internal rating method for calculation of capital adequacy ratio of commercial Banks,Allow the single family 5 million yuan(including)The following small business loans shall be regarded as retail loan processing;Not using the internal rating method for calculation of capital adequacy ratio of commercial Banks,For single family 5 million yuan(including)The following small business loans while satisfying the premise,Can be regarded as retail loans.In addition,In the calculation of the deposit-loan ratio,For commercial bank financial bond issuance of the corresponding single family 5 million yuan(including)The following small business loans,Don't into the deposit-loan ratio assessment range."The regulations on the one hand to help ease the small and medium-sized Banks face downward pressure on capital adequacy ratio,On the other hand, also can make bank developing small micro financial business from deposit-loan ratio limit.

　　提高对小企业不良贷款比率的容忍度。“银十条”中的第九条规定：“根据商业银行小企业贷款的风险、成本和核销等具体情况，对小企业不良贷款比率实行差异化考核，适当提高小企业不良贷款比率容忍度。”采取差异化不良率考核方式，可避免因小企业的不良贷款率高而影响了整个银行其他贷款业务的不良贷款率。提高对小企业不良贷款容忍度可以降低小企业贷款的门槛，同时通过降低银行不良率考核的压力鼓励其发展小企业金融业务。

To improve the small business non-performing loan ratio of tolerance."Silver article ten"The provisions of article 9:"According to the commercial Banks to small business loan risk/Cost and cancel after verification specific circumstances,In small non-performing loan ratio implement differentiation assessment,An appropriate increase in small business non-performing loan ratio tolerance."Take differentiation fraction defective assessment method,For small businesses can avoid the bad loans high and affect the other bank loan business of bad loans.To improve the small business non-performing loans tolerance can reduce the threshold of the small business loans,At the same time, by reducing the pressure of bank fraction defective assessment to encourage the development of small business financial business.

　　推动小微企业金融服务转型升级

Promote small micro enterprise transformation and upgrading of financial services

　　银监会主席助理阎庆民表示，要持续推动小微企业金融服务转型升级，须坚持“三个导向”、把握“四项重点”、加快“五个转型”。

The CBRC President assistant YanQingMin said,To continue to promote small micro enterprise transformation and upgrading of financial services,Must adhere to the"Three guide"/grasp"The four key"/To speed up the"Five transformation".

　　“三个导向”：一是指专业服务导向，引导大型银行努力打造扁平化、批量化、流程化的小微企业专业服务模式，推动中小银行着力打造“立足当地、立足基层、立足社区”的服务小微企业专业品牌；二是指商业持续导向，重点支持符合国家政策、满足商业可持续条件的小微企业，帮助那些暂时遇到困难但长期前景较好的小微企业渡过难关；三是指合作联动导向，积极推动企业、银行、社会、政府形成合力，落实并改进各项财政贴息、税收优惠和费用补贴政策。

"Three guide":One is professional service orientation,Guide the big Banks to create the flat/PiLiangHua/Routing of small micro enterprise professional service mode,To promote small and medium-sized Banks strive to create"Based on local/Based on basic/Based on community"Service small micro enterprise professional brand;The second is to point to businesses continue to guide,Key support accord with national policy/Meet the business sustainable conditions of small micro enterprise,Help those who temporarily difficulty but long-term prospects of good small micro enterprise tide over the difficulties;Three is to point to cooperation linkage guide,Actively promote enterprise/The bank/social/The government to form the joint effort,Implement and improve the fiscal interest discount/Preferential tax and fee subsidy policy.

　　“四项重点”：一是指机构为主，积极推动设立专营机构；二是机制为重，推动建立专门的利率风险定价机制、独立核算机制、高效审批机制、激励约束机制、专业培训机制和违约通报机制，积极创新还款机制；三是政策引领，积极实施差异化监管政策，如适当调整机构业务准入、提高不良贷款容忍度、允许发行小微企业贷款专项金融债等；四是目标先导，积极推动信贷目标落实。

"The four key":One is mechanism is given priority to,Actively promote the establishment of specialized in institutions;The second is as mechanism,Promote the establishment of special interest rate risk pricing mechanism/Independent accounting mechanism/Efficient examination and approval mechanism/Incentive and constraint mechanism/Professional training mechanism and default notification mechanism,Positive innovation reimbursement mechanism;The third is leading policy,Actively implement differentiation regulatory policy,Such as proper adjusting mechanism business access/Improve the non-performing loan tolerance/Allow small micro enterprise loans issued special financial bond, etc;The fourth is target pilot,Actively promote the credit goal implementation.

　　“五个转变”：一是融资渠道要从单纯的债务融资向多元化融资模式转变；二是担保体系要从单纯的商业性担保向政策性担保转变，降低小微企业的融资成本；三是创新创业科技型小微企业要从完全依靠自主积累向部分依靠财政贴息转变，加大专项补贴力度，并部分补贴到银行，推动破解融资障碍；四是金融机构要从单纯的融资服务向综合服务转变；五是政策支持重点要从中小企业向小微企业转变。

"Five change":One is the financing channels to from the pure debt financing to diversified financing mode transformation;The second is to guarantee system from the pure commercial guarantee policy guarantee to change,Reduce the small micro enterprise financing cost;The third is innovation and technological small micro enterprise from depend entirely on the accumulation of independent to some fiscal interest discounts on change,Increase the special subsidy strength,And part of the subsidy to the bank,Promote crack financing obstacles;The fourth is financial institutions from the simple to the financing services to comprehensive service transformation;Five is the major policy support from small to small micro enterprise transformation.

　　银行业响应积极

Banking positive response

　　由于中国资本市场发展相对滞后，大量优质中小企业、小微企业无法从资本市场融资，这就为银行业发展中小、小微金融业务创造了巨大商机。民生银行(600016,股吧)率先提出打造“小微企业的银行”战略，推出创新业务商贷通和小微金融2.0升级版。国有银行及其他股份制银行也纷纷推出为中小企业、小微企业金融服务的产品及机制，国内小微金融业务蓬勃发展。截至2012年10月末，小微企业贷款余额达14.35万亿元，占全部贷款余额的21.72%，大大改善了小微企业的融资状况，推动了实体经济发展。

Because of China's capital market development is relatively slow,A large number of small and medium-sized enterprise quality/Small micro enterprise can't from the capital market financing,This is the banking development of small and medium/Small micro finance business to create a huge business opportunities.Minsheng bank(600016,guba)Takes the lead in putting forward make"Small micro enterprise bank"strategy,Launch innovative business business credit pass and small micro financial 2.0 upgrade edition.State-owned Banks and other joint-stock Banks have also launched for small and medium-sized enterprises/Small micro enterprise financial services products and mechanism,Domestic small micro financial business booming.By the end of 2012 at the end of October,Small micro enterprise loan balance of 14.35 trillion yuan,21.72% of the total outstanding balance of the loans,Greatly improve the small micro enterprise financing situation,Promote the development of the real economy.

　　（刘明彦）

(LiuMingYan)

　　社会融资规模纳入人民银行统计框架

Social financing scale into people's bank statistics framework

　　社会融资规模概念在2010年前探讨的相对较少，自2011年起，中国人民银行正式纳入统计并公布社会融资规模数据。社会融资规模是全面反映金融与经济关系，以及金融对实体经济资金支持的总量指标，是指一定时期内（每月、每季或每年），实体经济从金融体系获得的全部资金总额，是一个增量概念。2010年12月和2011年12月的两次中央经济工作会议，以及2011年3月和2012年3月两份《政府工作报告》中均提出“保持合理的社会融资规模”，社会融资规模已成为我国宏观调控的新指标。此外，我国金融宏观调控也正逐步尝试以社会融资规模指标作为货币政策的中间目标，这是一种探索和创新，适合我国目前的融资结构，符合金融宏观调控的市场化方向。

Social financing scale concept in 2010 years ago the relatively less discussed,Since 2011,The people's bank of China formally incorporated into statistics and published social financing scale data.Social financing scale is comprehensively reflect the financial and economic relations,And financial support to economic entity that the money to the amount of indicators,Refers to a certain period of time(monthly/Quarterly or yearly),The real economy from the financial system of the total amount of funds for all,Is an incremental concept.In December 2010 and December 2011 two times the central economic working conference,And in March 2011 and March 2012 two[The government work report]Are put forward"Keep reasonable social financing scale",Social financing scale has become China's macroeconomic regulation and control of the new index.In addition,China's financial macro-control is also gradually try to social financing scale merit as a monetary policy intermediate target,This is a kind of exploration and innovation,Suitable for China's current financing structure,With the marketization of finance macro-control direction.

　　2012年，社会融资规模被广泛引用于经济运行分析和调控措施研究，在经济分析和调节中的作用日显重要。社会融资规模纳入人民银行统计框架，是我国传统经济与金融关系发展、演进和转变的集中体现，是人民银行调整、提升经济金融调控的突出表现，对正确把控实体经济与金融体系稳健发展至关重要。同时，对社会融资规模的检测和分析，也标志着我国货币政策中间目标选择在探索和演进。2012年全年社会融资规模超过15万亿元人民币已成定局，规模接近我国GDP的30%，2013年总量可能超过16万亿元。如此庞大的融资规模，对我国金融体系运行结构、实体经济发展态势、通货膨胀演进方向等重大结构性、关键性问题都具有决定性影响。

In 2012,,Social financing scale is widely cited in economic operation analysis and control measures are presented in this paper,In the economic analysis and the adjustment functions more and more important.Social financing scale into people's bank statistics framework,Is China's traditional economic and financial relations/Evolution and transformation of the embodiment,Is the people's bank adjustment/Promote the economic financial control of the outstanding performance,The right to control the real economy and financial system steady development is very important.At the same time,On social financing scale test and analysis,Also marks the monetary policy intermediate target selection in exploration and development.In the whole year of 2012 social financing scale of more than 15 trillion yuan has become a foregone conclusion,Scale in China close to 30% of GDP,Total 2013 May be more than 16 trillion yuan.Such a large scale of financing,To our country financial system operation structure/The real economy development situation/Inflation evolution direction of major structural/Key problem has decisive influence.

　　货币政策中介目标的选择一直是理论界和实务界研究探讨的重要问题，对中央银行的宏观调控尤其是基于货币政策手段的经济调节具有重大意义。基于经济市场化发展程度、金融体系特点和央行组织机构形式，各国货币政策中介目标的选择不尽相同，但存在某些共性发展趋势。目前，美国货币政策中介目标是以实际利率为核心的“泰勒规则”，欧洲主要国家也多向“泰勒规则”演进。较长时期以来，我国货币政策重点监测、分析的指标和调控中间目标是M2和新增人民币贷款，在某些年份，新增人民币贷款甚至比M2受到更多关注。人民银行通过对近十多年来我国社会融资规模数据的统计和验证表明，社会融资规模是更为合适的金融宏观调控中间目标，更适合我国融资结构的变化，而且与我国货币政策最终目标关联性更为显著。

The choice of intermediate target for monetary policy has been theorists and the practical realm of study is an important problem,The central bank monetary policy based on the macroeconomic regulation and control, especially the means of economic regulation is of great significance.Based on the development of market-oriented economy/The financial system characteristics and central bank organization form,All the choice of intermediate target for monetary policy is not the same,But there are some common development trend.At present,The intermediate target of monetary policy in the actual interest rate as the core"The Taylor rule",The major European countries also change"The Taylor rule"evolution.A long period,China's monetary policy key monitoring/Analysis of the index and middle control goal is to M2 and new RMB loan,In some years,New RMB loan than M2 is pay more attention.The people's bank through the nearly ten years China's social financing scale data statistics and verified by,Social financing scale is more appropriate financial macro-control intermediate target,More suitable for the change of financing structure in China,And China's monetary policy goal is more significant correlation.

　　此外，从我国经济金融形势发展变化来看，社会融资规模已成为不可忽视的关键变量。近年来，随着我国社会融资结构的变化，尤其是伴随我国金融总量快速扩张，金融结构多元发展，金融产品和融资工具不断创新，证券、保险类机构对实体经济资金支持加大，商业银行表外业务对贷款的替代效应明显，新增人民币贷款已不能完整反映金融与经济关系，也不能全面反映实体经济的融资规模。因此，只有将商业银行表外业务、非银行金融机构提供的资金和直接融资都纳入统计范畴，才能完整、全面地监测和分析整体社会融资状况。人民银行利用社会融资规模与其他国民经济运行指标的测算关系，可以更好地反映经济运行态势，并能有针对性地建立起社会融资规模的有效调控体系。

In addition,From our economic and financial situation changes to see,Social financing scale has become the key variables can not be ignored.In recent years,Along with our country social financing structure changes,Especially in our country with total finance rapid expansion,Financial structure diversified development,Financial products and financing tools for continuous innovation,securities/Insurance institutions to the entity economy increase financial support,Commercial bank's off-balance sheet business loan for the substitution effect obviously,New RMB loan already can't complete reflect the financial and economic relations,Also can't reflect the real economy of the financing scale.so,Only the commercial bank's off-balance sheet business/Non-bank financial institutions to provide funds and direct financing are integrated into the statistical category,To complete/Comprehensive monitoring and analysis of the whole social financing situation.The people's bank to use social financing scale and other national economic operation indicators measuring relationship,Can better reflect the economic operation situation,And can be targeted to establish social financing scale of effective control system.

　　从金融改革与发展来看，社会融资规模指标的运用，对当前我国利率市场化进程具有积极作用，进而对未来我国金融体系改革与发展产生多方面有益影响。人民银行将社会融资规模纳入统计分析框架，其着眼点在于建立更全面的金融监测指标，社会融资规模结合数量和价格调控，将提升人民银行推进利率市场化的能力。社会融资规模符合利率市场化调控方向，我国目前已形成基准利率和市场利率并存的利率体系，初步实现了数量调控和价格调控相结合。

From the financial reform and development to see,The use of social financing scale merit,On the current interest rate marketization process in China has played an active role,And the Chinese financial system reform and development have some beneficial effect.The people's bank of China will social financing scale into statistical analysis framework,Its starting point is to build a more comprehensive financial monitoring indicators,Social financing scale with the quantity and the price regulation,The people's bank of will improve the ability to promote interest rate marketization.Social financing scale conform to the interest rate marketization control direction,At present our country has already formed the benchmark interest rate and market interest rates of both interest rate system,Preliminary realized the quantity control and price control combination.

　　整体来看，社会融资规模是中央银行重要的调控手段，对我国经济结构转型和金融体系发展具有重要意义，但同时需严密监控社会融资规模走势，应对社会融资规模短期急剧波动带来的风险。目前，我国的货币政策能有效影响和调控社会融资规模，而社会融资规模对经济增长等实体经济指标又能产生较大影响。我国特定的货币政策传导机制，决定了人民银行必须同时关注社会融资规模和货币供应两个指标，即应从负债方和资产方同时考察货币政策的传导，不断提升能力，更好地发挥央行之力。

The whole,Social financing scale is the central bank of the important means of control,To our country economic structure transformation and the development of the financial system has important significance,But at the same time should be closely monitored social financing scale movements,To the social financing scale short-term risk of sharp fluctuations.At present,China's monetary policy can effectively influence and control social financing scale,The social financing scale to economic growth, and other entities to economic indicators and can produce great influence.Our country specific monetary policy transmission mechanism,The decision of the people's bank must, at the same time, pay attention to the social financing scale and money supply two indicators,That is from the debtors and asset party and investigation about the transmission of monetary policy,Continuously improve ability,Better to play the power of the central bank.

　　（黄鸿星）

(HuangHongXing)

　　证券行业推监管新规

The securities industry regulatory push new gauge

　　2012年对于中国证券行业具有特殊的意义。这一年的资本市场跌宕起伏，上证指数创下了近四年的新低1949点，投资者新开户持续低迷，整个行业笼罩在“证券行业向何处去，证券行业在中国金融版图中被边缘化”的声音下。

In 2012, the securities industry in China is of special significance.This year the capital market ups and downs,The Shanghai index set for nearly four years of low 1949 points,Investors new accounts remain low,The industry shrouded in"The securities industry where to go,The securities industry in China's financial map of being marginalized"Voice down.

　　证券行业过去20年的发展，基本解决了跑马圈地的问题，市场也从“有和无”的蓝海模式，过渡到“好和坏”的红海阶段。但是行业面对的格局是：截至2012年1月，银行业总资产111.62万亿元，在三大金融机构中占比达93.62%。证券公司总资产仅为1.57万亿元，占比仅1.32%，在三大金融机构中最小。如果以中美市场的融资结构进行对比，中国的银行贷款、债券和股票的比值是7.5∶1.5∶0.7，而美国是1.4∶11.4∶1.6，由此可见我国的间接融资的比重以及证券行业的金融地位。

The securities industry in the past twenty years of development,Solved the horse race enclosure of the problem,Market from"With and without"Of blue ocean model,Transition to"Good and bad"Stage of the red sea.But the pattern of the industry is facing is:By January 2012,Banking total assets of 111.62 trillion yuan,In the three major financial institutions accounted for 93.62% of than.A securities company total assets is 1.57 trillion yuan only,Accounted for more than 1.32% only,In the three major financial institutions in the least.If the market to the financing structure of contrast,China's bank lending/Bonds and stocks is the ratio of 7.5, 1.5, 0.7,And the United States is 1.4, 11.4, 1.6,This shows China's indirect financing and the proportion of the securities industry's financial status.

　　在这一背景下，中国监管部门在5月初召开了券商创新大会，进行券商分组讨论，对监管部门搜集整理的多条创新建言进行讨论；监管层也相继推出支持券商业务创新的有关政策措施。一系列行业监管新规对券商的转型和升级具有积极的推动作用，虽然与2011年相比，证监会发文的数量相差无几，2011年发文41份，2012年45份，但金融制度改革顶层设计要求资本市场快速做大并对资本市场制度进行变革，监管层的系列新规对券商的放松管制和创新业务的“集群式”推出起到了明显的促进作用，并成为券商行业重新洗牌的催化剂。就监管而言，2012年的这些规定可以概括为四个字“创新”和“放松”。

In this background,Chinese regulators in early may held brokers innovation conference,Brokers for group discussion,The collection and collation of the supervision department of the more "innovation is discussed;Supervision layer also launched support brokers business innovation relevant policies and measures.A series of industry regulation of securities dealers new gauge transformation and upgrading of a positive role,Although compared with 2011,The number of posts CSRC little difference,In 2011 a number 41,In 2012, 45 a,But the financial system reform top design requirements capital market fast do big and the capital market system reform,The supervisor's series new gauge of securities dealers of deregulation and innovative business"cluster"Launch plays a significant role in promoting,And become brokers industry reshuffle of the catalyst.Supervised in,2012 years of these rules can be summarized as four word"innovation"and"relax".

　　中国经济增长方式的转型，金融改革需先行。如何打通多市场间通道、嫁接跨金融市场、推进混业经营是一项重要课题。在2012年出台的一系列新规中，值得重视的证监会34号文《证券公司代销金融产品管理规定》打破了券商、银行和保险产品的销售瓶颈，证券公司真正具备了成为金融超市的可能，可以搭建服务和资源的大平台，为各类型客户提供金融理财支持，在可以预期的未来，金融产品销售将成为证券公司的常规业务，并从收入占比上逐渐超过通道业务，占据主导地位。除此之外，涉及证券公司的主要监管政策如表1所示。

China's economic growth mode transformation,Financial reform should be first.How to get through many channels between market/Graft across financial markets/Promote mixed management is an important topic.In 2012 published a series of new gauge in,Worth paying attention to the CSRC and sign language[Securities companies sell financial products management regulations]Broke the brokers/Banks and insurance products sales bottleneck,Securities companies really have become the possibility of financial supermarket,Can set up service and resources platform,For all types of customers to provide financial support,In the future can be expected,Financial products sales will be the securities company's normal business,And from the income of more than more than channel business gradually,dominant.In addition,Involving securities of the company's main regulatory policy as is shown in table 1.

　　投资银行的产品或业务创新往往先于监管。只要是客户有需求而监管部门又没有明令禁止的业务，投资银行原则上都可以做。以客户需求为导向、创造多元化产品才是投资银行的本质特征。而目前监管新规推动的正是投资银行回归金融中介本源的历史性转变，在这样一个前所未有的大变局下，如何再造证券公司作为投行的交易、托管结算、支付、融资和投资等基础功能，大力创新发展，打造核心竞争力，有效组织市场，满足投融资双方需求，是监管部门从规则角度出发改变当前同质化经营、靠天吃饭的局面，真正实现证券业的可持续发展的重要课题。证券行业是中国金融改革的先锋，以融资融券为代表的创新业务试点已经全面铺开，虽然传统业务仍然处于常规性衰退之中，但经纪业务的转型和升级已是大势所趋。在“金融业发展和改革十二五规划”的背景之下，“创新”和“放松”仍将成为监管部门推动金融服务业平稳快速增长的主攻方向。

The investment bank's product or service innovation often before supervision.As long as it is the customer demand and supervision department and no ban on business,Investment Banks in principle can be done.Take the customer demand as the guide/Create diversified products is the essential characteristics of the investment bank.And at present supervision to promote the new gauge is investment bank regression financial intermediary source historic transformation,In such an unprecedented under a long time,How to the securities company as investment banking transactions/Custody settlement/pay/Financing and investment and other basic functions,To innovation and development,Creating core competitive ability,Effective organization market,To meet the investment and financing needs,Is from the perspective of regulatory rules to change the current operation homogenization/Rely on the situation,Realize the sustainable development of the securities industry an important subject.The securities industry is China's financial reform pioneer,To margin as a representative of innovation business pilot has spread to open completely,Although the traditional business is still in a routine of recession,But the brokerage business transformation and upgrading is the trend of The Times.in"The financial industry development and reform 1025 planning"Under the background of,"innovation"and"relax"Will still be supervision department to promote steady and rapid growth of the financial services industry the main attack direction.

　　（高晖）

(GaoHui)

　　“一行三会”成立金融消费者保护机构

"A line of three will"Established financial consumer protection agency

　　众所周知，金融业和金融消费行为具有高度的专业性、虚拟性和抽象性，消费者往往处于相对弱势地位。在国际金融危机爆发后，欧美各国更加认识到金融消费者保护的重要性，纷纷启动对金融消费者权益保护的立法改革。如美国2010年出台的《多德-弗兰克法案》中，要求在美联储下设金融消费者保护署，集中行使金融消费者保护职权，拥有监督、检查和执行权；英国成立消费者保护与市场管理局，专职负责金融消费者保护，实现金融监管和金融消费者保护职权的相互独立。我国台湾地区也在2011年出台了《金融消费者保护法》。

As is known to all,The financial industry and financial consumption behavior have a high degree of professionalism/Virtual sex and abstraction,Consumers are often in a relatively weak position.After the outbreak of the international financial crisis,Europe and the United States more aware of the importance of financial consumer protection,Start in succession on the financial consumers' rights and interests protection legislation reform.Such as the United States in 2010 published[Dodd - frank act]in,Requirements in the fed has financial consumer protection agency,Concentrated exercise financial consumer protection authority,Have supervision/Check and executive power;Britain established consumer protection and market administration,Full-time responsible for financial consumer protection,To achieve financial supervision and financial consumer protection functions and powers of the independent.Taiwan also introduced in 2011[Financial consumer protection laws].

　　近年来，我国金融产品层出不穷、发展迅速，但由于缺少统一监管，金融消费者权益保护的模式也不尽相同；缺少法规指引和相关纠纷解决机制和维权途径，难以为金融消费者提供有效的保护，金融服务纠纷不断，各类投诉数量呈逐年上升态势，且新型金融消费纠纷案件也不断出现，对公众信心的维护、金融风险的防范和金融稳定的维护带来严重威胁。

In recent years,China's financial products emerge in endlessly/Rapid development,But due to the lack of unified supervision,Financial consumer rights and interests protection mode is endless also and same;The lack of laws and regulations related to guide and dispute resolution mechanism and rights protection way,For financial consumers to provide effective protection,Financial services dispute continuously,The number of complaints show ascendant trend,And the new financial consumer disputes also appear constantly,For the maintenance of public confidence/The awareness of financial risks and financial stability maintenance serious threat.

　　2009年，人民银行率先启动相关事宜，授权人民银行研究局进行中国金融消费者权益保护制度研究，并以西安为推行金融消费者保护的试点区。2011年底，保监会和证监会的保险消费者保护局和投资者保护局正式成立。2012年，银监会和人民银行的金融消费者保护局也先后挂牌成立，自此国内金融风险监管和消费者保护体系初步成型。

In 2009,,The people's bank start related affairs,The people's bank of China authorized research on financial consumers' rights protection system research,And in xian for carrying out financial predicaments to protect consumers.By the end of 2011,The China insurance regulatory commission and securities regulatory commission insurance consumer protection agency and investor protection agency formally established.In 2012,,Banking regulatory commission and the people's bank's financial consumer protection agency also successively established listed,Since then the domestic financial risk supervision and consumer protection system preliminary forming.

　　在前期试点中，人民银行西安分行开展了卓有成效的工作：一是建立金融机构消费者投诉案例报送与典型案例共享制度，构建消费者投诉案例共享平台；二是成立了金融消费者保护委员会，启动西安、渭南、汉中金融消费者保护试点；三是探索建立了金融消费者投诉处理联动网络；四是设计了县域金融机构支持县域经济发展的CSE综合评估体系，以评估和披露促进县域金融机构按照市场方式改善县域金融服务；五是推进了陕西省农村金融教育试点，并在3.15期间，要求陕西辖内金融机构开展金融消费者权益保护宣传周活动；六是形成了法院、消费者协会、金融机构、高校等部门参加的金融消费者保护工作例会制度。这些措施为金融消费者与金融机构之间的纠纷处理建立了缓冲机制，以及引导消费者与金融机构公平、合法、合理解决有关纠纷提供了宝贵经验，切实维护了双方合法权益，促进了和谐金融的建设。

In the early of the pilot,Xian branch of the people's bank of conducted fruitful work:One is to establish a financial institution consumer complaints the case with typical case sharing system,Building consumer complaint case sharing platform;The second is established financial consumer protection commission,Start xian/weinan/Hanzhong financial consumer protection pilot;Three is to explore established financial consumer complaint handling linkage network;Four is to design the county financial institutions to support the development of county economy CSE comprehensive evaluation system,To evaluate and disclosure to promote the county financial institutions according to market way improving county financial services;Five is promote the shaanxi rural financial education pilot,And during the 3.15,Shaanxi requirements shall carry out financial institutions financial consumer rights and interests protection publicity week activities;The sixth is to form the court/Consumers' association/Financial institutions/University departments participate in financial consumer protection work meeting system.The measures for financial consumers and financial institutions handling disputes arising between the established buffer mechanism,And guide consumers and financial institutions fair/legal/Reasonable to solve the dispute has provided valuable experience,To maintain the legal interests of the two parties,Promote the construction of the harmonious financial.

　　在银监会的金融消费者保护局正式成立后，银监会有关负责人也表示，将根据“预防为先，教育为主，依法维权，协调处置”的方针，推出四大举措为消费者权益打造保护机制：一是加强银行产品和服务设计、营销等环节的行为规范。银行业金融机构在设计新产品和服务时，必须预先做好明确销售目标群体、注明风险程度等消费者权益保护措施。在营销时，必须在宣传材料中注明消费者权益保护相关条款，并充分履行告知义务。二是着力建设消费者教育的长效机制，制订中长期规划，针对不同人群做出有针对性的金融教育安排。三是银行业金融机构必须切实承担保护消费者权益第一责任人的职责，确定专门部门统一负责消费者权益保护工作，参与各类产品和服务的研发及审核程序，对于存在严重损害消费者权益的产品和服务，应独立、权威地提出异议，对于投诉量大、消费者反映强烈的投诉事项，应牵头制订统一的处理方案。四是完善和优化消费者投诉处理流程。银监会将督促银行业金融机构建立一套快捷、规范、透明的应诉机制，并向社会公布投诉渠道和程序。

In the banking regulatory commission (CBRC) financial consumer protection agency after formally established,The CBRC officials also said,Will according to"prevention,Education is given priority to,'rights and interests,Coordination disposal"policy,Introduced four actions for consumer rights protection mechanism of the build:One is to strengthen the banking products and services design/Marketing link codes of conduct.Banking financial institutions in the design of new products and services,Must make clear in advance sales target group/Indicate the degree of risk and the consumer rights and interests protection measures.In the marketing,Must be in the publicity materials indicate the protection of consumers' rights and related terms,And fulfill the inform obligation.The second is put forth effort to build the long-term mechanism of consumer education,Formulate long-term planning,According to different people make targeted financial education arrangement.The third is the banking financial institutions must undertake to protect consumers' rights and duties of the first responsible persons,A specific department responsible for the unified consumers' rights protection work,Participate in all kinds of product and service development and audit program,There are serious damage to the rights and interests of consumers, products and services,Shall be independent/Authority to raise an objection,For TouSuLiang big/Consumer strong complaints matters,Should lead formulate unified treatment scheme.The fourth is improving and optimizing the consumer complaint handling process.The CBRC will supervise the banking financial institutions to establish a shortcut/standard/Transparent appearance mechanism,Announce to the society complaint channels and program.

　　值得注意的是，还有学者对当前的金融消费者保护模式提出进一步完善的建议。一方面，在中国现有的分业监管体制下，金融消费者保护分属不同的行业和不同的机构监管，具体操作也需要分业执行，协调效率可能会大打折扣。对此，可以效仿美联储模式成立一个更高规格的、统一的消费者保护局，设计统一的金融消费者保护原则，协调各有关部门的工作，提高金融消费者的保护效率。另一方面，亟需建立一套符合中国国情的金融消费者保护法律制度。当前我国虽然在《银行业监督管理法》、《商业银行法》、《证券法》、《保险法》等法律，以及《金融机构衍生产品交易业务管理暂行办法》、《保险公司管理规定》、《商业银行金融创新指引》等法规中涉及了保护金融消费者合法权益的内容，但尚未出台专门的保护金融消费者的法律法规，在处理侵权行为时，金融消费者保护机构也许仍将面临无法可依的尴尬。

It is important to note that,And scholars to the current financial consumer protection mode put forward the Suggestions for improving.On the one hand,In China the existing separated supervision system,Financial consumer protection belong to different industries and different institutions supervision,Specific operation also need the dividing of the implementation,Coordination efficiency may sell at a discount greatly.this,Can follow the lead of the federal reserve mode to set up a higher specifications/Unified the consumer protection agency,To design a uniform financial consumer protection principle,Coordinate the relevant departments,Improve the financial consumer protection efficiency.On the other hand,Need to set up a set of accord with the situation of China financial consumer protection law system.Although the current our country[Banking supervision law]/[Commercial Banks]/[Securities law]/[Insurance law]And other laws,and[Financial institutions the derivative product transactions interim measures for the administration of the business]/[The insurance company management regulations]/[Commercial bank financial innovation guidelines]Involved in the regulation of the financial consumers to protect the legitimate rights and interests of the content,But has not yet issued special protection financial consumer laws and regulations,In the treatment of the infringement behavior,Financial consumer protection agency may not continue to face the embarrassment.

　　总而言之，金融消费者合法权益的保护不仅直接牵涉消费者的微观利益、人权保护、公平正义，更关乎整个金融体系的安全与稳定、经济社会和谐发展。一行三会对此长期关注，也做了许多有益的探索，如今金融消费者保护机构的先后成立更是迈出了关键一步，对我国金融监管和风险防范提供了强有力的支撑和补充，并且还将在日后的实践中进一步完善。

overall,Financial legal rights and interests of consumers protection not only directly involve consumer microscopic interests/Human rights protection/Fairness and justice,More about the whole financial system security and stability/The harmonious development of economy and society.A line of three will have attention for a long time,Also did a lot of beneficial exploration,Now the financial consumer protection agency has established the key step is taken,To our country financial regulation and risk prevention provides a strong support and supplement,And it will be in the future practice further perfect.

　　（刘明笑）

(LiuMingXiao)

　　中国平安(601318,股吧)并购深发展尘埃落定

China peace(601318,guba)Merger and acquisition of shenzhen development the dust settles

　　中国平安并购深发展尘埃落定历时三年的国内金融史上第一并购案得以尘埃落定，中国平安保险集团有限公司（以下简称“中国平安”）正式完成对深圳发展银行股份有限公司（以下简称“深发展”）的并购案，“深圳发展银行”更名为“平安银行(000001,股吧)”。

China ping an m&a shenzhen development the dust settled over three years of domestic JinRongShi first deal to the dust settles,China ping an insurance group co., LTD(Hereinafter referred to as"China peace")Formal completion of shenzhen development bank co., LTD(Hereinafter referred to as"Shenzhen development")mergers,"Shenzhen development bank"renamed"Pingan bank(000001,guba)".

　　并购过程

Merger process

　　2009年6月12日，中国平安发布公告称，与深圳发展银行达成《股份认购协议》和《股份购买协议》。2010年5月，中国平安向新桥投资（NEW BRIDGE ASIA）定向发行H股2.99亿股，作为持有的深发展5.2亿股股份的对价，占深发展股份的16.76%。中国平安集团共持有深发展6.66亿股股份，约占深发展当时总股本的21.44%，并成为深发展第一大股东。

June 12, 2009,China ping an announcement said,And shenzhen development bank reach[Shares subscription agreement]and[Stock purchase agreement].In May 2010,China peace to newbridge investment(NEW BRIDGE ASIA)Directional issue H share 299 million shares,As the shenzhen development holding 520 million shares to price,16.76% of the shares of shenzhen development.China ping an group a total of 666 million shares held shenzhen development,Accounts for about 21.44% of the total equity of the shenzhen development at that time,Shenzhen development and become the first big shareholders.

　　2010年6月28日，深发展向中国平安旗下的平安寿险定向增发3.80亿股，平安寿险以现金69.31亿元人民币全额认购。此时中国平安及其子公司平安寿险合计持有深发展10.45亿股股份，约占深发展总股本的29.99%。

In June 2010 and day,Shenzhen development to China's peace peace life directional shares 380 million shares,Peace life insurance in cash 6.931 billion yuan RMB in full subscription.Now China ping an life insurance total peace and its subsidiaries have shenzhen development 1.045 billion shares,Accounts for about 29.99% of the total equity of the shenzhen development.

　　2010年9月1日，中国平安公布了其对深发展的《股份认购协议》，以90.75%的平安银行股份和现金26.92亿元作为对价，认购深发展以非公开方式定向增发的16.39亿股新股。2011年5月12日获证监会有条件通过。并购完成后，深发展持有平安银行约90.75%的股份，中国平安及其控股公司持有深发展股份比例约52.38%，深发展成为中国平安旗下的控股子公司。

On September 1, 2010,China has issued its peace to the shenzhen development[Shares subscription agreement],With 90.75% of the pingan bank shares and cash 2.692 billion yuan as a consideration,Shenzhen development subscription to private way directional shares issued 1.639 billion new shares.On May 12, 2011 by the CSRC conditional.After completion of the merger and acquisition,Shenzhen development bank holding peace about 90.75% of the shares,China peace and its holding company holding shares of shenzhen development proportion about 52.38%,Shenzhen development become China's peace its holding subsidiaries.

　　2012年1月19日，深发展宣布将以3.37元/股的价格收购平安银行（合并前的“平安银行”）1555名小股东所持9.25%股份，股东可选择现金或按照15.45元/股的对价换成深发展的股份。合并完成后，平安银行注销法人资格，深发展作为存续公司并更名为“平安银行”。

On January 19, 2012,Shenzhen development will be announced at 3.37 yuan/share price purchase pingan bank(Before the merger"Pingan bank")1555 small shareholders holding 9.25% shares,Shareholders can choose cash or according to 15.45 yuan/share to price for the shares of shenzhen development.After the merger,Pingan bank the cancellation of the legal person status,Shenzhen development as surviving company was renamed"Pingan bank".

　　2012年6月，深发展向深交所提交公告称，深发展已完成吸收合并平安银行的所有法律手续，深圳发展银行和平安银行已经正式合并为一家银行。8月2日，深圳发展银行发布了一则变更公司名称和证券简称的公告：深圳发展银行有限公司更名为平安银行股份有限公司，“深发展A”变更为“平安银行”。

In June 2012,Shenzhen development to shenzhen bourse declared,Shenzhen development bank merger by absorption peace has completed all the legal procedures,Shenzhen development bank and peace bank has formally merged into a bank.On August 2,,Shenzhen development bank issued a change of name and securities referred to as the announcement:Shenzhen development bank co., LTD. Was renamed pingan bank co., LTD,"Shenzhen development A"Change for"Pingan bank".

　　并购效益分析

M&a efficiency analysis

　　深发展：提升资本实力、增强核心竞争力

Shenzhen development:Improve capital strength/To strengthen the core competence

　　作为中国首批成立的股份制商业银行及深圳证券市场多年的龙头老大，深发展成立之初就得到了投资者的高度青睐。然而，2000年之后，深发展经营业绩不佳、不良贷款比例过高的问题开始暴露，2008底，深发展核心资本充足率和资本充足率分别为5.27%和8.58%，虽符合《巴塞尔协议》规定最低资本充足率不得低于8%，核心资本不低于4%之标准，但达不到中国银监会要求最低资本充足率10%之标准。中国平安并购深发展后，通过全额认购深发展定向增发股份为其提供了69亿元资本金，使深发展获得了充足的资本。2012年第三季度季报显示，深发展（已更名为“平安银行”）的核心资本比率为8.47%，总资本充足比率为11.30%，不良贷款比率0.80%，拨备覆盖率209.40%。这表明，资本金的及时补充将迅速提升深发展的资本实力，极大增强了深发展的核心竞争力。

As China's first established share-holding commercial Banks and shenzhen stock market leader for many years,Shenzhen development at the beginning of its establishment has been the height of the investors favor.however,2000 years later,Shenzhen development business performance is not good/The problem of high non-performing loans ratio start exposure,2008 bottom,Shenzhen development core capital adequacy ratio and capital adequacy ratio were 5.27% and 8.58% respectively,Is accord with[Basel agreement]Provisions minimum capital adequacy ratio shall not be less than 8%,The core capital of not less than 4% of the standard,But can not reach the China banking regulatory commission for minimum capital adequacy ratio of 10% of the standard.China peace after merger and acquisition of shenzhen development,Through the full subscription shenzhen development orientation to provide additional shares issued 6.9 billion yuan capital,Make shenzhen development get enough capital.In the third quarter of 2012 quarterly report shows,Shenzhen development(Been renamed as"Pingan bank")The core capital ratio is 8.47%,Total capital adequacy ratio is 11.30%,Non-performing loan ratio of 0.80%,A provision coverage rate of 209.40%.This suggests that,The capital of the timely supplement will quickly improve shenzhen development capital strength,Great to enhance the core competitiveness of the shenzhen development.

　　通过本次交易，深发展和中国平安的保险业务之间的合作也将产生良好的协同效应。这种协同效应将体现在客户资源共享、资金拆借、银保销售、理财产品等多方面。这有利于提升深发展业务实力，加快深发展公司银行业务及零售银行业务的发展，进一步提升其发展潜力。

Through this transaction,Shenzhen development and ping an of China's insurance business cooperation between there will also be a good synergistic effect.The synergistic effect will be reflected in the customer resource sharing/Money lending/Silver insurance sales/Financial products and other aspects.This is beneficial to enhancing shenzhen development business strength,To speed up the shenzhen development bank of company business and retail banking business development,To further enhance the development potential.

　　新桥投资：顺利退出，获取超额收益

Newbridge investment:Smooth exit,Extra yield

　　2004年，美国新桥投资以约12.35亿元收购3.48亿股深发展股份，占深发展总股本的17.89%，成为其第一大股东。后来经深发展股改时派发认股权证，以及2008年中期送红股，美国新桥投资所持股份增至约5.2亿股。2009年6月13日，中国证监会批准中国平安向深发展第一大股东美国新桥投资定向增发2.99亿H股，而美国新桥投资则以其所持有的深发展5.2亿A股作为支付对价，这意味着双方将通过换股的方式来完成交易。

In 2004,,The United States in xinqiao investment about 1.235 billion yuan purchase shares 348 million strands of shenzhen development,Accounted for 17.89% of the total equity of the shenzhen development,Become the first big shareholders.Then the shenzhen development when other distributed warrant,And the middle of 2008 send bonus,The United States, newbridge investment holdings increased to about 520 million shares.On June 13, 2009,China securities regulatory commission for approval of peace to China shenzhen development of the first largest shareholder is the United States, newbridge investment orientation shares 299 million H shares,And the United States, newbridge investment is held by shenzhen development with its 520 million A share as payment of consideration,This means that the two sides will through the change of the way to complete the transaction.

　　中国平安与新桥投资之间的股权交易，是中国平安收购深发展交易中的一个重要创新。美国新桥投资选择换股的方式进行交易，拿到2.99亿中国平安H股，以公告前一天中国平安H股的收盘价65.6港元计算，价值高达170亿元人民币，比现金转让股份可以多赚56亿元人民币。除去22.14亿元的成本，美国新桥投资获得近7倍收益。同时，在中国平安和美国新桥投资的交易结构中，创新应用了“保底的现金”及未来一年H股换股选择权的方案，使得美国新桥投资可以通过成为中国平安的股东，继续分享中国金融业发展成长的成果。

China peace and equity transactions between newbridge investment,Is China's peace acquisition transaction in shenzhen development an important innovation.The United States xinqiao investment choices change the way of trade,Get 299 million China peace H shares,With the announcement of China peace H share the closing price of 65.6 Hong Kong dollar,Value as high as 17 billion yuan RMB,Than cash transfer stock can earn 5.6 billion yuan RMB.Remove the cost of 2.214 billion yuan,The United States, newbridge investment for nearly seven times earnings.At the same time,China and the United States in peace, newbridge investment trade structure,Innovation applied"Downside cash"And next year H shares in stock option plan,The United States, newbridge investment can become China's peace by shareholders,Continue to share the results of China's financial industry development.

　　中国平安：打造金融控股集团

China peace:Make financial holding group

　　通过对深发展的并购，中国平安可以拥有深发展广泛的客户资源与网点基础，这使得中国平安可以创建一个银行和保险业务之间的相互代理和分享客户资源的合作平台，银行客户将享受到更多保险产品和服务，保险客户将通过银行开拓新的销售渠道，很好地与中国平安现有的资源形成互补，以进一步完善中国平安的综合金融服务品牌，加快推进保险、银行、投资三大业务均衡发展的良好机会。同时，通过并购可以进一步改善其资产负债的匹配，优化资产组合结构，加强偿付能力和银行价值的稳定性，直接增厚中国平安业绩。

Through the merger and acquisition of shenzhen development,China peace shenzhen development can have a wide range of customer resources and network foundation,This makes China peace can create a bank and insurance business mutual agency and share customer resources cooperation platform,Bank customers will enjoy more insurance products and services,Insurance customers will be through the bank to open up new sales channels,Well with China ping an existing resources complementary form,In order to improve the ping an of China's comprehensive financial services brand,Accelerate insurance/The bank/Three business investment balance development of the good opportunity.At the same time,Through the merger and acquisition can further improve the assets and liabilities of the match,Optimize asset portfolio structure,Strengthen the solvency and the stability of the value of the bank,Direct thickening China safe performance.

　　（徐虔）

(XuQian)

　　影子银行成为金融界关注的焦点

Shadow Banks to become the focus of attention of the financial community

　　美联储主席伯南克2010年9月在金融危机调查委员会（FCIC）作证时将影子银行定义为：在被监管的存款机构（商业银行、储蓄机构及信用合作社）之外，充当储蓄转化投资中介的金融机构。2012年，影子银行的快速发展使之成为业界所关注的焦点，其原因有以下三点：

Federal reserve chairman Ben bernanke in September 2010 in the financial crisis the investigation committee(FCIC)The witness will be defined as shadow Banks:Under their supervision and thrift institutions(Commercial Banks/Savings institutions and credit cooperatives)outside,Act as savings into investment intermediary financial institutions.In 2012,,The rapid development of shadow Banks as the focus of the industry,The reason has the following three:

　　发展速度较快，规模巨大。根据中国人民银行社会融资总量的统计，截至2012年第三季度，委托贷款和信托贷款累计1.56万亿元；根据社科院理财产品中心的估算，理财产品在2012年第三季度余额为6.7万亿元，扣除信托形式的理财产品，保守估计为6万亿元左右；被放入银行买入返售证券或投资类账户但未被统计到新增票据融资的金额在2012年第三季度保守估算约为3万亿元。以上三项之后已经超过了前三季度新增贷款累计额的50%。

Develops fast,big.According to the people's bank of China social financing of the total amount of statistics,By the end of 2012 the third quarter,Entrust loans and trust loans accumulated 1.56 trillion yuan;According to the academy of the center of the financial product estimate,Financial products in the third quarter of 2012 balance is 6.7 trillion yuan,Deduct trust form of financial products,Conservative estimate for 6 trillion yuan;Be in the bank buying resale securities or second account but is not statistics to add new bill financing amount in the third quarter of 2012 conservative estimate about 3 trillion yuan.After more than three more than the first three quarters of the accumulative amount of the loan of 50%.

　　创新能力增强，品种丰富。2012年发挥银行信用转换功能的影子机构和产品大大增多：除了传统的银行理财产品外，银行之间的票据“对敲”操作快速发展；民间私募机构在股权投资中加入“对赌协议”，以私募投资之名，行信用贷款之实；借助于IT技术的信用认证和互联网的规模效应，网络“人人贷”开始兴起。这些都使得影子银行体系的内容大为丰富。

Innovation ability enhancement,varieties.2012 play bank credit conversion function shadow institutions and products will be greatly increased:In addition to the traditional bank financing products outside,Between the bank bill"Knock on"Operation rapid development;Folk private institutions in equity investment to join in"Spread-betting agreement",In the name of private investment,Line of credit real;With the help of IT technology credit authentication and Internet scale effect,network"All credit"Began to rise.All of these make the content of the shadow banking system is rich.

　　成为学界和决策层密切关注的议题。在学术性期刊以“影子银行”为标题进行检索（中国知网），2012年的学术性文章为103篇，2011年和2010年的载文数分别为56篇和12篇。从讨论的内容上看，2012年涉及影子银行的概念内涵及外延、存在形式、中国式影子银行的特点、对宏观经济积极和消极两方面的影响、给金融监管带来的挑战等方方面面的议题。

Become a community and decision-making pay close attention to the issue.In the academic journal to"Shadow Banks"Search for the title(Chinese hownet),2012 years of academic articles for 103 articles,In 2011 and 2010 the number of papers were 56 article 12 and article.From the discussion on the content,In 2012, the concept of shadow Banks connotation and denotation/form/The characteristics of the Chinese shadow Banks/And the macro economic positive and negative two aspects of influence/To financial supervision and the challenge of all aspects of the issue.

　　根据伯南克的经典定义，影子银行体系至少包括两方面的含义：第一，不受监管或受到较少监管；第二，它发挥着存款货币机构的基本功能，如信用转换、流动性转换、期限转换等。纵观中国目前符合影子银行特征的机构和产品，它们的发端大都源起落后的监管模式和监管水平，寄希望市场适应监管者的想法是不现实的。唯有转变当前的机构监管模式，转向功能或业务监管才是正道。具体来讲，应该从如下三个方面入手：

According to the classical definition of Ben bernanke,The shadow banking system include at least two aspects of meaning:The first,Not regulated or take less supervision;The second,It plays a deposit the basic function of monetary institutions,Such as credit conversion/Liquidity conversion/Term conversion, etc.Throughout China conforms to the characteristics of the shadow banking institutions and products,Most of them start origin backward supervision mode and supervision level,Hope to adapt to the market regulators idea is not realistic.Only change the current institutions supervision mode,Steering function or business regulation is the way.specifically,Should from the three aspects:

　　加强信息统计分析能力，弥补信息缺口。金融稳定委员会（FSB）提交的《金融危机和信息缺口》的报告明确指出，“好的数据和好的分析是有效监管和政策反应的血液”。从中国影子银行发展的态势看，目前最为重要的信息基础设施建设恐怕不仅是社会融资总量，更重要的是统计各类交易的对手方信息。因为当前逐步发展壮大的影子银行正改变着中国系统性风险的内含，过去中国系统性风险主要来源于经济周期变化的纵向风险，而信贷资产的转移使得金融机构的横向联系逐渐加强。

To strengthen the information statistics analysis ability,Up information gap.Financial stability committee(FSB)submitted[The financial crisis and the information gap]The report clearly pointed out,"Good data and good analysis is the effective supervision and policy reaction of the blood".From China's shadow banking development trend to see,At present the most important information infrastructure construction is not only the social financing amount, I'm afraid,More important is the statistics of all kinds of trading counterparty information.Because the current development of shadow Banks are changing China with systemic risk,In the past China systemic risk mainly comes from economic cycles of longitudinal risk,And the transfer of credit assets of financial institutions that transverse contact gradually strengthening.

　　针对创新业务，增加相关监管资源投入。当前银信合作是影子银行最主要的形式，受益于这一轮金融创新，信托业管理的资产已经超过保险业，位居金融业第二的位置。然而信托监管者的地位与整个行业地位是不相匹配的，负责信托监管的部门是银监会下属非银部的信托处，因此无论是从监管人员配备还是理论研究上都难以满足监管需要，这也难怪当业务发展过快时会采取简单压制的措施。

According to the business innovation,Increase the relevant supervisory resources input.Such cooperation is the most common form of shadow Banks,Benefit from this round of financial innovation,The management of trust industry assets have more than the insurance industry,The second position in the financial industry.However trust regulators position and the industry status is not matching,Responsible for the supervision department of the trust is not part of the banking regulatory commission (CBRC) subordinate silver in trust,So whether from supervision personnel or theory research are difficult to meet the needs supervision,It is no wonder that when business development too fast will take simple measures to suppress.

　　努力培育各类金融市场发展，推动利率市场化改革。中国式的影子银行体系的形成是应对数量型货币调控以及由此衍生的各种监管范式的结果。货币理论的研究告诉我们，信用创造活动的内生性越来越强，寄希望于数量型的政策是没有出路的。此外，绕开监管的影子银行必定要承担一定的成本，这对于实体经济中资金渴求的小企业而言增加了不必要的负担。因此，尽快推进利率市场化改革，增加企业和居民对利率变动的敏感性，完善价格型工具发挥作用的条件，从而为当前越堵越高的“监管之墙”松绑和减压已成当务之急。

Efforts to cultivate all kinds of financial market development,To promote market-oriented interest rate reform.The Chinese shadow banking system is coping with the formation of quantitative monetary control and the derivative of the various regulation model results.Monetary theory tell us,Credit creation activity of endogenous is more and more strong,Hope that quantitative policy is no way out.In addition,Steer clear of regulatory shadow Banks must want to assume a certain cost,The entity economy for funds for small increased unnecessary burdens.so,Promote interest rate marketization reform as soon as possible,Increase the enterprise and residents of the sensitivity to interest rate changes,Perfect price type tools work conditions,So as to the current block is higher"Wall of supervision"Relax and relief has become a top priority.

　　（蔡真）

(CaiZhen)

　　互联网金融蓬勃兴起

The Internet financial booming rise

　　随着信息技术和移动通讯业务的发展，互联网金融正在成为一种潮流，潜移默化地改变着银行业在金融市场中的定位。作为一种互联网与金融业相结合的新兴事物，互联网金融在很大程度上改变了传统货币金融理论的理论框架——在新的架构下银行业已经不是绝对不可或缺的金融中介，而资金供需双方可以借助于互联网直接完成匹配。这既是传统货币金融理论的一次前沿创新，也是现行金融业的一场“范式革命”。

Along with the information technology and mobile communication business development,The Internet financial is becoming a trend,Subtly change the banking in the financial markets of the positioning.As a kind of Internet and the combination of financial industry emerging things,The Internet financial largely changed the traditional monetary and financial theory, theoretical framework in the new framework banking is not absolutely indispensable financial intermediary,And the money supply and demand both sides with the help of the Internet can be done directly match.This is not only the traditional monetary and financial theory a frontier innovation,The financial industry is also a"Paradigm revolution".

　　商业银行可能相对领先地对互联网金融的到来做出了及时反应，这一过程当中各家银行借助于信息技术的深化，纷纷推出网上银行等电子银行业务，不仅扩展和完善了传统的银行渠道体系，为客户提供了便利，各家银行也通过发展电子银行业务增加了不少中间业务收入。互联网金融模式花样繁多，主流机构包括第三方支付、P2P贷款平台和网络信贷机构，互联网金融发展历程绕不开支付结算，由于计算机和网络通信技术的应用，我国金融支付体系直接受益于其发展和新技术，并催生了电子支付的发展和支付服务机构的诞生。特别是近年来第三方支付机构的迅猛发展，为互联网金融发展注入了新的内涵。第三方支付的出现在很大程度上解决了互联网交易中的资金安全和资金流动问题，使得网络支付在整体支付业务中的地位变得越来越引人注目。中国人民银行自2011年以来大力推动第三方支付机构的发展，相关数据显示，2011年中国第三方互联网支付市场交易额连续四个季度保持快速增长，全年交易额规模达到21610亿元人民币，较2010年增长99%。目前，第三方支付涉及的行业已经涵盖了基金、保险、企业支付、网购、公共事业费用代缴等银行业的传统业务领地，包括支付宝、财付通、快钱在内的第三方支付企业已经将银行的个人客户和企业客户服务作为其重要业务战略，这势必对商业银行的现有业务模式构成冲击，银行在支付领域的传统垄断地位面临挑战，基于银行支付功能而衍生的中间业务收入的增长受到极大威胁，将深度影响银行发展战略和具体业务模式。

Commercial Banks may lead to relative to the arrival of the Internet financial made a timely response,This one process Banks with the aid of the deepening of information technology,Introduced in the bank on the net and other electronic banking,Not only expand and improve the traditional bank channel system,To provide the convenience,Banks also through the development of the electronic banking business increase a lot of intermediate business income.The Internet financial mode great variety,The mainstream institutions including the third party payment/P2P loans platform and network credit agency,The Internet financial development is not open around payments and settlement,Because of the computer and network communication technology application,China's financial payment system directly benefit from its development and new technology,And led the development of electronic payment and payment services was born.Especially in recent years, the third party payment mechanism of rapid development,For the Internet financial development into a new connotation.The third party payment to a great extent solve the Internet transactions in the capital safety and cash flow problems,Make the network in the whole business pay pay the position is becoming more and more conspicuous.The people's bank of China since 2011, vigorously promote the development of the third party payment mechanism,Related data show,In 2011, the Chinese third party Internet payment market turnover four consecutive quarter maintained a rapid growth,Annual turnover scale up to 2.161 trillion yuan RMB,A growth of 99% in 2010.At present,The third party payment in industries are already covered by the fund/insurance/Enterprise pay/e-commerce/Public expenditure and the banking sector, including traditional business territory,Including pay treasure/Wealth FuTong/Quick buck, the third party pay enterprise has the bank's personal customer and enterprise customer service as its important business strategy,This will be in the commercial bank's existing business model constitute a shock,The bank to pay in the field of traditional monopoly position facing challenges,Based on the bank payment function and derivative of the intermediary business revenue growth has been great threat,The deep impact bank development strategy and the specific business model.

　　互联网金融深入发展的一个重要例证是涉入信贷领域，这方面以阿里巴巴的小额贷为代表，阿里小贷将源于国外的“人人贷”模式引入国内，在市场上引发了强大的反响。阿里小贷作为阿里巴巴的金融业务，通过创造“小贷+平台”的融资模式，为淘宝和天猫上的用户提供“订单贷款”和“信用贷款”两项业务。“订单贷款”基于平台上“卖家已发货”的订单申请，“信用贷款”则完全基于卖家的信用。目前，阿里小贷放贷资金累计已经超过300亿元，为13万家小微企业、个人创业者提供融资服务，开辟了一个新的金融业务领域。需要提及的是，随着互联网金融的出现，对于经营信息不对称业务的银行来说，由于互联网大大降低了金融业的信息成本，且人人贷等创新模式将缺乏信用记录的人纳入金融服务体系，不仅削弱了银行在信息筛选和处理方面的优势地位，而且还突破了银行作为资金交易中介的传统金融理念，可能对未来商业银行的存在价值构成直接挑战，这才是银行界最值得重视和思考的地方。

The Internet financial further development of an important example is involved in the credit field,This aspect to alibaba's small credit as a representative,Ali small credit will be from overseas"All credit"Mode is introduced into the domestic,In the market caused great repercussions.Ali small credit as alibaba's financial business,Through the creation of"Small credit + platform"Financing mode,For taobao and day cat on the users"Order loan"and"credit"Two business."Order loan"Based on the platform"Sellers already delivery"Order application,"credit"It is completely based on the seller's credit.At present,Ali small credit lending funds accumulated more than 30 billion yuan,13 for thousands of small micro enterprise/Individual entrepreneurs to provide financial services,Has opened up a new financial business areas.Need to mention is,With the emergence of the Internet financial,In business information asymmetry business for the bank,Thanks to the Internet greatly reduces the financial information cost,And everyone credit and innovation mode will lack of credit histories into financial service system,Not only weaken the bank in the information screening and treatment of the dominant position,But also broke the bank as a capital trading intermediary traditional financial concept,May be the future commercial bank being value constitute a direct challenge,This is the most Banks worth paying attention to and thinking about the place.

　　互联网金融的出现和发展促使银行界不得不进行改变，2012年，招商银行(600036,股吧)与HTC（中国）联合发布“招商银行手机钱包”，建设银行(601939,股吧)完成“善融商务”上线，中国银行(601988,股吧)将“智慧银行”纳入中长期发展战略等，许多银行已经开始行动，投身于这一轮波澜壮阔的市场热潮。可以预期，随着互联网、移动互联网的金融服务日新月异，移动支付、网上拍卖行、各种基金银行保险信托的理财网站等金融服务模式层出不穷，这将使银行业在未来面临前所未有的变革机遇，危机中蕴藏机遇，这或许会推动银行业下一个春天的到来。另外，互联网金融在不断创新并推动银行体系变革的同时，也对现有金融监管体系提出了挑战。由于现行金融监管体系实行分业监管，监管领域尚无法完全覆盖互联网金融，未来势必需要针对此进行监管体系建设和监管架构调整，这是题中应有之意，不过这也为金融从业者和金融研究者开辟了新的充满激情的工作领域。

The emergence of the Internet and the financial development promotes Banks have to change,In 2012,,Merchants bank(600036,guba)And HTC(China)Jointly issued by"China merchants bank mobile wallet",Construction bank(601939,guba)complete"Good melt business"online,The bank of China(601988,guba)will"Wisdom bank"Into the long-term development strategy, etc,Many Banks have begun to action,To participate in this round of the mammoth market boom.Can expect,As the Internet/Mobile Internet financial services change with each passing day,Mobile payment/Online auction/All kinds of fund bank insurance trust finance website, and other financial service mode emerge in endlessly,This will enable the banking industry in the future face unprecedented change opportunity,Crisis is opportunity,It may promote banking next the arrival of spring.In addition,The Internet financial in constant innovation and promote the bank system reform at the same time,The existing financial supervision system and puts forward the challenge.As a result of the present financial supervision system implement supervised respectively,Supervision areas is still not fully cover the Internet financial,The future will be need for the regulation of system construction and supervision structure adjustment,This is one of the central topics in meaning,But it also for financial markets and financial researchers has opened up a new field of work full of passion.

　　（王光宇）

(WangGuangYu)

　　温州金融综合改革试验区成立

Wenzhou financial comprehensive reform pilot area was established

　　2012年3月28日，国务院常务会议决定设立温州市金融综合改革试验区，提出包含12项任务的《浙江省温州市金融综合改革试验区总体方案》，7个月后，2012年11月23日，又正式公布了《浙江省温州市金融综合改革试验区实施方案》。从方案出台到实施细则公布，温州金融综合改革方案主要围绕12项任务展开，主要的内容中包括规范发展民间融资、加快发展新型金融组织、研究开展个人境外直接投资试点、培育发展地方资本市场等。温州金融改革实验区方案一经推出，便引起广泛关注，在中国类似的改革试验区并不鲜见，先行先试是这些试验区要义所在，温州金融综合改革实验区之所以能引起热议，究其原因应当有以下几点：

In March 2012, and day,The state council executive meeting decided to set up wenzhou financial comprehensive reform pilot area,Put forward the task of contains 12[Zhejiang wenzhou financial comprehensive reform pilot area overall scheme],7 months after,As of November 23, 2012,And released an official[Zhejiang wenzhou financial comprehensive reform pilot implementation plan].Come from the detailed rules for the implementation of the published,Wenzhou financial comprehensive reform plan around 12 main task expansion,The main content includes the development of folk financing standard/Accelerate the development of new financial organizations/The foreign direct investment in the individual pilot/The development of local capital markets, etc.Wenzhou financial reform experimental area scheme is introduced,He is a concern,In China similar reform pilot area is not rare,First try first is the essence of the test,Wenzhou financial comprehensive reform experimental area can cause of hot debate,Investigate its reason should have the following points:

　　首先，温州金融改革实验方案在内容上有很大的创新意义。中国金融改革落后于经济改革的整体步伐一直是不争的事实，并为国内金融业界人士乃至国际业界所诟病。从汇率制度改革到利率市场化，从金融业对外资开放到对内资开放，中国金融业一直按照自己既定的路线方针行进，稳健是中国金融改革的关键词。全球金融危机爆发以来，稳健使中国金融业免于遭受危机的洗礼，但是不是这就意味着中国金融改革应当越来越趋于保守，答案显然是否定的。中国金融业目前存在与改革中的未尽事宜不但不会永保中国金融平安无事，倘若不在改革中有所突破，这些未尽事宜还会严重阻碍中国金融前进的步伐，对这些问题保持回避的态度也难免有掩耳盗铃之嫌。这其中就包括在温州金融改革试验区方案中所提及的地下金融阳光化问题，以及民营经济进入金融业的国民待遇问题。

First of all,Wenzhou financial reform experiment scheme in the content of great innovation significance.China's financial reform lags behind economic reform has been the overall pace is indisputable fact,And for domestic financial practitioners and international industry have noticed.From the exchange rate system reform to the interest rate marketization,From the financial sector to foreign open to domestic open,China's financial industry has been established in accordance with their travel route policy,Robust is China's financial reform keywords.Since the outbreak of the global financial crisis,Robust that China's financial industry from the baptism of crisis,But not this means that China's financial reform should be more and more tend to be conservative,The obvious answer is no.China's financial industry at present and in the reform of the matters not not only for the Chinese financial safe,If not a breakthrough in the reform,These matters not will seriously hinder the pace of China's financial progress,To avoid these problems to keep the attitude of the ostrich is too.These include the financial reform in wenzhou pilot scheme mentioned in the underground financial sunshine change problem,And the private economy in the financial industry national treatment.

　　其次，将中国首个金融试验区设置在温州寓意深刻。作为国内民营经济、草根金融最为繁荣的区域，温州历来是浙江乃至全国民间借贷、地下钱庄活动最活跃的区域。可以说，民间借贷是构成后来“温州模式”不可或缺的组成部分。2011年所爆发的温州老板跑路事件以及其后的民营企业资金链断裂所引发的倒闭潮，让“温州模式”被贴上了无序扩张、高利贷、投机、不务正业的负面标签。事实上，一系列爆发在温州的负面事件所映射出的是经济快速发展推动的对资本的渴求与现行资金供给体制之间的矛盾的尖锐化和公开化。金融垄断必然会造成金融稀缺，金融稀缺又必然会造成民间的高利贷，而且这种对民间金融的压抑越久稀缺越大，反弹也就越厉害。如果温州民间金融阳光化的问题能在此次改革实验中得到妥善的安排，那么一直以来对如何引导民间金融支持实体经济发展以及避免其扰乱正常金融秩序的问题也会迎刃而解。

secondly,Will China's first financial test site Settings in wenzhou profound meaning.As China's private economy/The most prosperous area grassroots financial,Wenzhou has always been a zhejiang and even the whole country folk lending/Underground activities of the most active areas.Can say,Folk lending is constitutes the later"Wenzhou mode"Indispensable part.2011 outbreak of wenzhou boss run road events and followed by private enterprise capital chain rupture failure caused by the tide,let"Wenzhou mode"Labeled the disordered expansion/usury/speculation/Fiddle around negative labels.In fact,A series of outbreaks in wenzhou negative events mapping out is to promote rapid economic development of capital with the current for money supply system of the contradiction between the quickness and into the open.Financial monopoly will cause financial scarce,Financial scarce and will cause folk usury,And this kind of folk financial repression more long more scarce,Rebound is more powerful.If wenzhou folk financial sunshine change problem in the reform experiment properly arrangement,So has been how to guide the folk financial support the real economy development and avoid the disturb the normal financial order problems will be readily solved.

　　最后，温州金融试验区的推广价值。实验的意义在于日后更广泛区域内的推广。但是从现行的情况看，温州金融改革的成功推进还缺乏相应的制度安排。从方案到实施细则，再到落地，温州金融改革实验的成功还需要大量的政策背书。比如被喻为温州金融改革方案核心的民间资金阳光化问题，在实施细则中提到：要探索建立民间融资备案管理制度，引导融资主体特别是法人实体进行民间融资备案登记。开展民间借贷服务中心试点，引进一批中介机构入驻，提供民间借贷登记、合约公证、资产评估登记等服务，引导民间融资阳光化、规范化。建立健全民间融资监测体系，形成民间融资综合利率指数（也称“温州指数”），做好民间融资动态跟踪和风险预警。上述的表述事实太过笼统，事实上要让这些民间资金进入政府认可的借贷机构，至少有两个前提选择。一是这些民间资金须如正规商业银行那样愿意接受更多的政府管制，必须也要让民间资金获得和商业银行同等的商业机会和法律地位。二是民间借贷公司注册政府认可的借贷机构既要承担过高的借贷风险，也要有相应的风险定价权，但实际上民间借贷公司注册政府认可的借贷机构在风险承担与权益获得上存在严重的不对称，遂使多数民间资金不愿意进入这个市场。再者关于鼓励民间资金依法设立或参股新型金融组织问题，“法”在哪里，目前仍旧没有明确。可以看出，倘使没有相应的政策配套制度安排，温州金融改革试验区很可能沦为一个空架子。

finally,Wenzhou financial pilot promotion value.The significance lies in the future more widely area promotion.But in the present case,Wenzhou financial reform success propulsion is the lack of corresponding system arrangement.From the detailed rules for the implementation of the scheme,To be born,Wenzhou financial reform the success of the experiment also need a lot of policy endorsement.Such as called wenzhou financial reform plan the core of the folk capital sunshine change problem,The detailed rules for the implementation of the mentioned:To seek to establish folk financing record management system,Guide the financing subject especially legal entity for folk financing registration.Carry out folk lending service center pilot,Introduction of a number of intermediaries in,Provide folk lending registration/Contract notarial/Asset appraisal registration and other services,Guiding non-governmental financing sunshine change/standardization.Establish and perfect the folk financing monitoring system,Formation of folk financing comprehensive rate index(Also called"Wenzhou index"),Do folk financing dynamic tracking and risk early warning.The above statement of the facts is too general,In fact to make these folk capital into the government approved lending institution,There are at least two premise choice.One is the folk capital shall be such as normal commercial Banks that are willing to accept more government control,Must also want to let the folk capital gain and commercial bank the same business opportunities and legal status.The second is the folk loan company registered by the governments of lending institution should bear high credit risk,Also should have corresponding risk pricing,But the fact is that folk loan company registered by the governments of lending institutions in risk bearing and equity gain are serious asymmetry,Hence make most folk capital is not willing to enter the market.Moreover about encouraging private funds established according to law or equity new financial organization problem,"method"where,At present is still not clear.Can see,If no corresponding policy supporting system arrangement,Wenzhou financial reform pilot area is likely to become a mere skeleton.

　　温州金融改革试验区成立后，2012年6月29日发改委公布中央政府支持前海开发开放的最新政策，金融改革是其中重要内容。2012年7月25日，《广东省建设珠江三角洲金融改革创新综合试验区总体方案》在广州发布。《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》也在2012年12月获国务院批准通过，泉州成为继温州、珠三角之后的第三个国家级金融综合改革试验区。我们目前还无法评判温州金融改革实验的成败得失，更不要说其他地区的试点工作了。但是可以明确的是，从这些金融改革试验区的相继推出，我们可以揣测出政策面在某些金融改革问题上的决心，而不管是什么样类型的改革，决心总是最关键的第一步。

Wenzhou financial reform after the establishment of a test,On June 29, 2012 development and reform commission announced the central government support sea before the latest development and opening up policy,Financial reform is one of important content.July 25, 2012,[The construction of guangdong province in the pearl river delta financial reform and innovation comprehensive test site overall scheme]Released in guangzhou.[Quanzhou city in fujian province, the financial service entity economic comprehensive reform pilot area overall scheme]Also in the December 2012 won the approval of the state council through,Quanzhou become the wenzhou/The pearl river delta after the third national financial comprehensive reform pilot area.We are unable to judge the wenzhou financial reform the success or failure of the gain and loss,Not to mention other parts of the pilot work.But we can definitely,From these financial reform the launched,We can tell policy surface in some financial reform determination,And no matter what type of reform,Determination is always the most crucial first step.

　　（陶艳艳）

(TaoYanYan)