—2012年武汉金融博览会论坛

- 2012 wuhan financial expo BBS

　　我国正处于转变经济发展方式和调整经济机构的加速转型期，这是我国经济领域的一场深刻变革。作为现代经济的核心，金融的发展植根于服务和促进经济的健康发展。当前我国银行业改革发展和转型，既面临难得的历史性机遇，也面临不少的挑战。银行业要坚持服务实体经济这一本质要求，紧紧围绕加快转变发展方式这一主线，通过自身的发展转型，努力提升金融服务的普及性、多样性和有效性。

Our country is in the transformation of the mode of economic development and the adjustment of economic institutions accelerating transformation,This is our country economy a profound change.As the core of modern economy,Financial development rooted in service and promote the healthy development of the economy.The current our country banking reform and development and transformation,Are faced with both a rare historical opportunity,Faces many challenges.The banking industry to adhere to the service entity economy the essential requirements,To speed up the transformation development mode centering on the main line,Through the transformation of the development of itself,Make great efforts to improve financial services universality/Diversity and effectiveness.

　　如何使虚拟经济与实体经济建立起良性互动的关系呢？由湖北省人民政府、中国银监会等单位联合主办的2012年武汉金博会大会论坛在武汉隆重召开。本次论坛邀请了中国银行(601988,股吧)业专家学者、银行业金融机构高管以及地方金融管理部门负责人齐聚武汉，共商加快经济发展方式转变大计。基于此，本刊选登部分发言内容，以飨读者。编排以发言顺序为例，所选文字系速记整理而成未经作者本人确认。

How to make the virtual economy and real economy to establish a benign interaction relation?By the hubei province people's government/The China banking regulatory commission, and other units co-hosted 2012 wuhan gold fair was held in the BBS of wuhan.This BBS invited the bank of China(601988,guba)Industry experts and scholars/Financial institutions in the banking industry executives and local financial management department manager in wuhan,Discuss the speed up the economic development mode change program.Based on this,This part interiors, speech content,To readers.Layout in order to speak as an example,The selected text system shorthand finishing and become the author without confirmation.

　　赵斌：全力打造武汉区域金融中心

ZhaoBin:To build the regional financial center of wuhan

　　湖北是我国中部地区的重要省份，正在着力构建促进中部地区崛起的重要战略支点；省会武汉是国务院确定的中部地区中心城市，正在努力建设。当前，湖北正抢抓“黄金十年”的发展机遇，加快推动科学发展、跨越式发展，全省上下形成了“中”气十足、激情跨越的强大气场，经济社会呈现出平稳较快、蓬勃发展的良好态势。截至2012年9月末，全省完成地区生产总值15390亿元，同比增长11.2%，增幅高于全国平均水平3.5个百分点；规模以上工业实现增加值6744.13亿元，同比增长14.6%；固定资产投资累计完成11349.65亿元，同比增长28.6%。

Hubei is an important provinces in central China region,Is to build up a promote the rise of the central region of the important strategic fulcrum;Wuhan, capital of the state council is to determine the central part of the city center,Are trying to build a.The current,Hubei is catch"Golden decade"Development opportunity,To speed up the promoting scientific development/Great-leap-forward development,The formation of the up and down"in"Gas very/Strong passion across the field,Economic and social present a fast and steady/Vigorous development of good posture.By the end of 2012 and the end of the month,The complete RMB 1.539 trillion in GDP,Year-on-year growth of 11.2%,Rise above the national average of 3.5%;Large-scale industry, realize the added value of 674.413 billion yuan,Year-on-year growth of 14.6%;Investment in fixed assets 1.134965 trillion yuan has been completed,Year-on-year growth of 28.6%.

　　与此同时，金融与经济实现了良性互动、共同发展。湖北省委、省政府一直高度重视金融业发展，全力打造武汉区域金融中心，各类金融机构逐步健全，金融组织体系逐步完善，金融生态环境不断优化，金融市场日益活跃，金融人才加速聚集，已形成了银行、保险、证券、期货、信托各业并举，中资、外资金融机构并存，功能完备、运行稳健的金融体系。截至2012年10月末，全省金融机构本外币各项存款余额27631亿元，比年初增加3484亿元，同比增长18.56%；各项贷款余额18803亿元，比年初增加2478亿元，同比增长19.32%，高于全国平均水平3.11个百分点，高于中部地区平均水平1.31个百分点。

meanwhile,Financial and economic realizes the benign interaction/Common development.Hubei provincial party committee/The provincial government has always attached great importance to the development of the financial industry,To build the regional financial center of wuhan,All kinds of financial institutions gradually perfect,Financial organization system has been improved gradually,Constantly optimize the financial ecological environment,Financial markets have grown increasingly active,Financial talents gathered speed,Has formed a bank/insurance/securities/futures/Of trust and,Chinese/Both foreign financial institutions,Function complete/Running stable financial system.By the end of 2012 at the end of October,The local financial institutions the account balance is 2.7631 trillion yuan,348.4 billion yuan more than at the beginning,Year-on-year growth of 18.56%;The loan balance is 1.8803 trillion yuan,247.8 billion yuan more than at the beginning,Year-on-year growth of 19.32%,Above the national average of 3.11%,The central region is higher than average of 1.31%.

　　党的十八大报告指出，要加快完善社会主义市场经济体制，加快转变经济发展方式。同时强调，要深化金融体制改革，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，大力提升金融服务功能，扩大服务覆盖面，加大对薄弱领域的金融支持。这对金融业自身加快改革发展指明了方向，也对金融业支持经济转型升级提出了更高的要求。希望各金融机构能够抓住湖北跨越发展、加速崛起的重要机遇，通过来鄂设立机构、开展业务、寻求合作等方式，关注中部，融入湖北，与我们共享发展机遇，共迎美好明天！

The party's eighteen pointed out in the report,To speed up improvement of the socialist market economic system,To speed up the transformation of the mode of economic development.At the same time, emphasize,In order to deepen the reform of the financial system,To promote sound macro economic stability/To support the real economy development in the modern financial system,Make great efforts to enhance the financial service function,Expand service coverage,Strengthen the weak areas of financial support.The financial industry to speed up their pointed out the direction of reform and development,Also to the financial industry support economic transformation and upgrade put forward higher request.Hope all financial institutions can seize the spanning development of hubei province/Accelerate the rise of important opportunities,Through the establishment of offices to hubei/business/Seeking cooperation, etc,Central concern,In hubei,And we share development opportunities,Common to meet a better tomorrow!

　　（作者系湖北省副省长）

(The author is vice governor of hubei province)

　　邓智毅：“黄金十年”中的金融选择

DengZhiYi:"Golden decade"Choose the financial

　　未来中国经济发展将会更加强调转变发展方式和增强创新驱动力，金融业如何适应这些深层次变化，更好地支持实体经济发展，下面谈三点想法。

China's future economic development will be more emphasis on transforming the development mode and strengthen innovation driving force,The financial industry how to adapt to the deep change,To better support the real economy,Below about three ideas.

　　一是银行业将迎来机遇和挑战并存的“黄金十年”。未来十年将是我国经济转型和结构调整的“黄金十年”，是城乡一体化和区域协同发展的“黄金十年”，是现代服务业和战略性新兴产业蓬勃发展的“黄金十年”，是居民收入倍增和生活、消费水平显著提高的“黄金十年”，这将为银行业发展提供广阔前景和巨大空间。但也要清醒地看到，未来银行业面临的经营环境将变得更加复杂，表现在银行业赖以生存的经济基础、政策基础、客户基础和理念基础将发生巨大变化。

One is the banking will have opportunities and challenges"Golden decade".The next decade will be the country's economic transformation and structure adjustment"Golden decade",Is the integration of urban and rural areas and regional coordinated development"Golden decade",Is the modern service industry and strategic emerging industry vigorous development"Golden decade",Is income multiplier and life/Consumption level significantly improved"Golden decade",This will be for the development of the banking industry to provide broad prospects and huge space.But also want to see clearly,The future of the banking business environment will become more complicated,Performance in the banking industry's survival and the economic base/Policy foundation/Customer base and concept will be great changes.

　　二是银行业需围绕实体经济变化加快转型。君子务本，本立而道生。对银行业而言，这个“本”就是实体经济，脱离实体经济的金融必将是无源之水、无本之末。因此，当前银行业应把出发点和落脚点放在如何更好地满足实体经济需求上，紧紧围绕加快转变发展方式这一主线，不断提高金融服务的多样性、有效性和普惠性。在有效支持实体经济转型过程中，增强银行业综合实力、核心竞争力及防风险能力。

The second is the banking industry to speed up the transformation of the economic changes around entity.A gentleman's wu Ben,This set and the tao gave birth to.As for the banking industry,this"this"Entity economy is,From the real economy financial will certainly to be the water without a source/The free end of the.so,The current banking should be the starting point and the foothold on how to better meet the real economy needs,To speed up the transformation development mode centering on the main line,Constantly improve the diversity of financial services/Effectiveness and pratt &whitney sex.In the effective support the real economy in the process of transformation,Strengthen the comprehensive strength of the banking industry/The core competitiveness and ability to prevent risks.

　　首先要加快发展模式转型，提高金融服务的多样性。发展战略转型就是要明确合理的市场定位，积极培育核心客户群和利润增长点，建立差异化发展战略。比如，2012年湖北银行业正积极探索科技金融，试水“投贷”联动，开辟新的业务领域，就是很好的发展方向；业务结构的转型就是要适应利率市场化改革要求，提升金融服务的多样性，拓展非利息收入渠道，逐步改变过于依赖利差的盈利模式；组织架构的转型就是要按照集约化原则，构建业务条线清晰、职责分工合理、管理运行高效的组织架构，优化业务流程，不断提升业务专业化和管理精细化水平。

First of all to speed up the transformation of development mode,Improve the diversity of financial services.Development strategy transformation is to clear and reasonable market positioning,Actively cultivate the core customer base and profit growth point,To establish the development strategy of differentiation.Such as,In 2012, the banking industry of hubei province is actively explore technology and finance,Test the waters"TouDai"linkage,Open up new business areas,Is a very good development direction;The transformation of business structure is to adapt to the market-oriented interest rate reform,Improve the diversity of financial services,Expand non-interest income channel,Gradually change too dependent on spread profit model;The transformation of organizational structure is according to the principle of intensive,Build business line is clear/Reasonable division of responsibilities/Management operation efficient organizational structure,Optimize business process,Continuously improve business management level of specialization and fine.

　　其次要加快信贷结构调整，提高金融服务的针对性。2012年诺贝尔经济学奖授予了稳定匹配理论的研究者，这对银行业服务实体经济也很有启发：如何把有限的信贷资源配置到经济发展最需要、最关键的地方。

Secondly to speed up the credit structure adjustment,Improve the financial service pertinence.2012 the Nobel Prize is awarded to the stability of the matching theory researchers,The banking service entity economy is improving:How to turn the limited credit allocation of resources to economic development need most/Most the place of key.

　　第三要加快风险文化建设，提高金融服务的稳健性。在转型发展过程中，防风险应始终作为银行业机构的生命线。银行机构必须积极构建稳健的风险偏好框架，建立健全全面风险管理体系，完善风险管理机制和流程；加强信息系统建设和风险数据管理，培育良好的风险文化，不断提高风险管理的有效性。同时，在未来宏观经济进入常态增长的情况下，需要银行前瞻性预判经济风险，准确把握风险防控的重点，密切关注各类风险的趋势性、方向性变化，做到风险早发现、早暴露、早处置。

The third to speed up the risk culture construction,Improve the financial service robustness.In the transformation in the process of development,Prevent risk should always as a banking institution lifeline.Banking institutions must actively building sound risk preference framework,Establish and perfect the comprehensive risk management system,Perfect risk management mechanism and process;To strengthen the information system construction and risk data management,Cultivate good risk culture,Continuously improve the effectiveness of risk management.At the same time,In the future the macro economy into the normal growth of cases,Need bank prospective anticipation economic risk,Grasp the key risk prevention and control,Pay close attention to the trend of all kinds of risk/Directional change,Do risk early detection/Early exposure/Early treatment.

　　最后要加快社会责任养成，提高金融服务的普惠性。银行机构不要把企业社会责任仅看作一种负担，而且还要看到可以从企业社会责任中转变出一种实实在在的机会。美国管理之父德鲁克指出，把社会问题转化为企业发展的机会可能不在于新技术、新产品、新服务，而在于社会问题的解决，即社会创新。这种社会创新可以直接和间接使企业得到利益。我国银行机构的竞争在许多方面是完全同质化的，要真正建立持久的差异化竞争力，不能仅靠普通的业务创新或者渠道创新，还要靠社会创新。这种社会创新做得好，可以转化成一种持久的差异化竞争力。

Finally to speed up the social responsibility form,Improve the financial service pratt &whitney sex.Banks don't take corporate social responsibility is only as a kind of burden,But also can see from the corporate social responsibility in the transition out a real chance.The father of American management drucker was pointed out,The social problem is transformed into enterprise development opportunities may not lies in new technology/The new product/The new service,But in the society to the solution of the problem,Namely social innovation.This kind of social innovation can direct and indirect causes the enterprise benefit.Our country banking institutions competition in many ways is completely the homogenization,To really build lasting competitive differentiation,Not only by ordinary business innovation or channels innovation,You have to rely on social innovation.This kind of social innovation well done,Can be converted into a lasting competitive differentiation.

　　三是监管者要引领银行业科学转型。在银行业改革转型过程中，监管部门扮演着“引路人”的角色。监管政策和导向的变化，往往会起到“风向标”的作用，比如银监会在2013年即将实施的新资本管理办法中，专门为小微企业贷款设立差异化的风险权重，有利于调动银行业助小扶微的积极性。提高金融监管的前瞻性、针对性和有效性，有助于引领银行业科学转型、稳健发展，特别是要注重引导银行业机构把握好三种关系：一是正确处理业务发展“多”与“一”的关系；二是正确处理信贷投放“进”与“退”的关系；三是正确处理金融创新“实”与“虚”的关系。

The third is the banking regulators to lead the transformation of science.In banking reform in the process of transformation,Supervision department plays"guide"role.Regulatory policies and the change of direction,Often can have"vane"role,Such as the banking regulatory commission (CBRC) in 2013 the implementation of the new capital management way,Specifically for small micro enterprise loans set up the risk of differentiation weight,The banking industry is helpful to arouse the enthusiasm of help small and micro.Improve the financial supervision prospective/Pertinence and effectiveness,Help to lead the transformation of banking science/Steady development,Especially pay attention to lead the banking institutions grasp three relationships:One is to correctly handle the business development"more"and"a"relationship;The second is the correct processing credit availability"into"and"back"relationship;The third is the correct processing of financial innovation"real"and"virtual"relationship.

　　（作者系湖北银监局局长）

(The author is hubei silver inspect bureau chief)

　　曾康霖：关注金融改革的两个着力点

CengKangLin:Focus on financial reform two points

　　十八届党代会上，关于金融改革方面，特别值得关注的有两点：一是建立“支持实体经济发展的现代金融体系”；二是加快发展民营金融机构。这两点的新意：前一点强调支持“实体经济”，而且把它作为建立现代金融体系的重要内容。在报告的另一处还包括“牢牢把握发展实体经济这一坚实基础，实行更加有利于实体经济发展的政治措施”。后一点强调“加快发展”。这两点新意值得关注。

In the eighteenth party congress,About financial reform,There are two special is worth to pay close attention to:One is to establish a"To support the real economy development in the modern financial system";Two is to accelerate the development of private financial institutions.The two new:Before a little emphasis on support"Entity economy",And put it as to establish a modern financial system important content.In another section of the report also includes"Firmly grasp the development of the real economy the solid foundation,A more conducive to the entity economy development and political measures".Later emphasize"To speed up the development of".The two new idea is worth attention.

　　支持实体经济，需要规范“实体经济”这个概念，实体经济包括“制造业（广义的制造业有工业、农业、建筑业），也包括服务业。金融怎么支持？金融的支持就是要把货币资金进入制造业和服务业领域。而能不能进入，不仅取决于货币资金融出方，更重要的是取决于货币资金融入方。一般说来，融入方首先要有资源，继后才需要货币资金。现在银行都在注重支持中小企业和微小企业发展，仔细地想，不少中小企业和微小企业缺的不是货币资金，而是资源、技术、信心。所以，金融机构怎么使货币资金进入中、小、微企业，重要的是要让它们获得资源、技术，使它们有信心。

Support the real economy,Need to regulate"Entity economy"This concept,Entity economy including"manufacturing(Generalized manufacturing have industry/agricultural/construction),Also includes services.How financial support?Financial support is to put money into the manufacturing and service sector.But can enter,Not only depends on the monetary fund RongChu party,More important is depends on the monetary funds into the party.Generally speaking,Into the party must first have the resources,The need to monetary fund.Now Banks are in pay attention to support small and medium-sized enterprises and small enterprise development,Carefully think,A lot of small and medium-sized enterprises and small enterprise lacks the monetary capital,But resources/technology/confidence.so,Financial institutions how to make money into/small/Micro enterprise,It is important to let them get resources/technology,That they have the confidence.

　　从货币资金融出方说，要使货币资金进入制造业、服务业，支持实体经济发展，有三方面的工作要做：一是培育贷款客户；二是加强与融资性担保公司的合作；三是把握住虚拟经济发展的度。

Monetary fund from RongChu party said,To make monetary fund into manufacturing/services,To support the real economy,There are three aspects of work to do:One is to develop new loan customers;The second is to strengthen and financing guarantee company's cooperation;The third is grasp the virtual economy development degree.

　　现在人们都说：不是企业需要银行，而是银行需要企业（见着好客户大家都关注），其实不只是求与不求的问题。一个好的客户要培育，所谓培育就是要让它生根、发芽、开花、结果，也就是要帮助它发展、壮大。

Now people all say:Not the enterprise needs to bank,But the bank need to enterprise(See the good customer all attention),Actually not only for and not problem.A good customer to cultivate,The so-called cultivation is to let it take root/germination/flowering/The results,Also is to help it development/growing.

　　加强与融资性担保公司的合作，是2010年5月26日银监会在贯彻落实国务院“新36条”意见中提出的，“引导银行业与融资性担保机构的合作。”怎样合作？需思考研究，我仅指出一点：要关注人。要吸取广东华鼎融资担保公司的经验教训。不能再出陈奕标式的人物。合作，要考察与之合作者的人际关系、思想品德、经营理念、业务水平。

Strengthen and financing guarantee company's cooperation,Is on May 26, 2010, CBRC in the implementation of the state council"Article 36 new"In the opinion of the proposed,"Guide the banking and financing guarantee agencies."How to cooperation?Need to think about research,I only point out:Attention to people.To learn from guangdong hua ding financing guarantee company's lessons.Can't ChenYiBiao out the character of type.cooperation,To investigate the partner relationship/Ideological and moral/Management idea/Business level.

　　把握虚拟经济发展的度，主要取决于资产证券化的度。能够把这“度”确定为：只有实体资产才能证券化，虚拟资产不能证券化。也就是限制一种证券派生为另一种证券。

Grasp the virtual economy development degree,Mainly depends on the degree of asset securitization.Can put this"degree"Identified as:Only the physical assets to securitization,Virtual assets securitization can't.Also is to limit a securities derived for another kind of securities.

　　加快发展民营金融机构，与鼓励民间资金进入金融领域是一脉相承的，只不过原先说的是“鼓励”，现在说的是“加快发展”。其实，这是个老问题。2010年5月国务院出台的“新36条”再次提出要“允许民间资本兴办金融机构”，其中第18条还明确指出：“支持民间资本以入股方式参与现有商业银行的增资扩股，参与农村信用社、城市信用社改革”，“鼓励民间资本发起或参与设立村镇银行、贷款公司、农村资金互助社等金融机构”，“支持民间资本发起设立信用担保公司”，“鼓励民间资本发起设立金融中介服务机构，参与证券、保险等金融机构的改组改制“。为了实现上述政策目标，第18条还提到要放宽几个具体的限制，从而把几道看得见的门开得更大一点，其中包括“放宽对金融机构的股权比例限制”，“放低出资比例的限制”，“适当放宽小额贷款公司单一投资者持股比例限制”，“落实中小企业贷款税前全额拨备损失准备金政策，简化中小金融机构呆账核销审核程序”。这一过程表明：让民间资本进入金融领域，是我国政府既定的政策，现在提出“鼓励”是有别于“允许”，强调由被动变为主动。

Accelerate the development of private financial institutions,And encourage private funds into the financial sector is traditional,Only the original said"encourage",Now say is"To speed up the development of".In fact,This is an old problem.In May 2010, the state council issued"Article 36 new"Put forward again to"Allow the folk capital by financial institutions",The article eighteenth clearly pointed out:"Support the folk capital to invest in the existing way of commercial Banks increase endowment spread,Participate in rural credit cooperatives/Urban credit cooperatives reform","Encourage private capital launch or participate in the establishment of village Banks/Loan company/The rural mutual cooperatives, and other financial institutions","Support folk capital start to establish a credit guarantee company","Encourage private capital to launch financial intermediary service agencies,Participate in the/Insurance and other financial institutions of restructuring reform".In order to achieve the above policy goals,Article eighteenth also spoke about relaxing several specific restrictions,And a few word visible door open a little bit more,including"Relax to the financial organ equity ratio limit","The limitation of the lower proportion of capital contribution","Relax appropriately small loan companies single investor shareholding ratio limit","Implementation of small and medium-sized enterprise loan loss reserve for full dial tax policy,Simplify the small and medium-sized financial institutions bad debt verification audit program".This process shows that:Let the folk capital into the financial sector,Is our country government established policy,Now put forward"encourage"Is different from"allow",Emphasize from passive to active.

　　在这里，更有意义的是，从中看出认识在不断的深化。2005年8月提出“允许”，2010年5月提出“鼓励”，2012年11月提出“加快发展”，从允许——鼓励——加快发展，是认识不断深化的过程。

here,Of greater significance,See know in the unceasing deepening.In August 2005, put forward"allow",In May 2010, put forward"encourage",Put forward in November 2012"To speed up the development of",Encourage -- - from allowed to speed up the development,Is the process of deepening understanding.

　　鼓励民间资本进入金融领域为了什么？或者说加快发展民营金融机构为了什么？回答这一问题，可以有多种：为了把金融机构以外的货币资金组织起来，有序流通；为了分散风险；为了调整融资结构，解决微小企业的问题；为了打破我国金融垄断的局面；为了扩大融资规模，提高融资效率。不同的回答，都有道理。我看初衷主要是第二点。

Encourage private capital into the financial sector for the sake of what?Or speed up the development of private financial institutions for the sake of what?Answer this question,Can have a variety of:In order to put the financial institutions outside of the fund up,Orderly circulation;In order to spread risk;In order to regulate the financing structure,To solve the problem of micro and small enterprises;In order to break our financial monopoly situation;In order to expand the financing scale,Increase the financing efficiency.Different answer,Are reasonable.I think the main purpose is the second point.

　　（作者系西南财经大学教授）

(The author is the southwest university of finance and economics professor)

　　王松奇：中国未来十年经济增长的源动力

WangSongJi:China's future ten years of economic growth of the power source

　　前不久，习近平总书记有个谈话，他说全世界现在都在关注中国到底怎样开局，全国人民，全世界都在关注。胡温十年是一个辉煌的十年，那个十年，我个人认为从经济业绩上说完全可以用黄金十年来形容，2002年，中国人均GDP只有1132美元，到2011年年底，我们的人均GDP是5417美元，在过去这十年，中国的人均GDP翻到了四倍，整体看，社会安定，通胀率低，可以看成是中国的黄金十年。习近平在十八大后亮相会上的演说强调了两点：人民的重要性、人民追求幸福的权利；党内反腐形势的严峻性。

Not long ago,Xi jinping general secretary have a conversation,He said the world now focus on China what start,The national people's,The world is now watching.HuWen ten years is a brilliant ten years,The ten years,I personally think from the economic performance that can use golden decade to describe,In 2002,,China's per capita GDP is only 1132 dollars,By the end of 2011,Our per capita GDP is $5417,In the past ten years,China's per capita GDP turned over to four times,Overall look at,Social stability,Inflation low,Can be regarded as China's golden decade.Xi jinping in the eighteenth big at the meeting after the speech emphasized the two points:The importance of the people's/People the right to pursue happiness;The party's of the gravity of the situation.

　　这两点透露了在经济上要更多的支持人民至上、民生至上这个原则，这个原则靠什么落实呢？第一，靠科学发展，靠转变经济发展方式。解决转变经济发展中出现的问题，用什么手段和什么路径解决经济发展方式的转变至关重要。过去十来年我们一直在提转变经济发展方式，但效果不太好，转变经济发展方式效果不太好，为什么没做好呢？肯定有背后的原因，有制度原因，体制原因，政策原因，有方方面面的原因，但是最重要的原因，是我们没找到一条简明有效的路径，去实现发展方式转变。将过去三十年来依靠投资，依靠出口拉动经济增长方式，转变到主要依靠国内消费需求拉动经济增长这种方式上来。第二，要实现创新驱动，中国的产品林林总总在世界的中低端市场占有率非常高，我们产品单项产量世界第一的有三百多种，但是我们产品的附加值太低。“十一五”计划完成很好，但是有三项指标没有完成：第一项就是研发投入指标，按照计划“十一五”要实现研发投入占GDP的2%，但是我们到“十一五”期末只实现1.75%，另外还有节能减排指标和服务业比重指标都没完成。所以在新一届领导集体开局之后，我们的研究结论是：出口因为全球经济危机，由于欧债危机，现在还在努力，但基本上不抱多大希望；投资在今后很长一段时期内仍然是中国经济三驾马车中最重要的一驾。中国居民储蓄在全世界数一数二，中国的投资驱动实际是以高储蓄率作为支撑的，不是没有支撑条件，美国几乎家庭家家都在负债，日本家庭储蓄率很高，但国债占GDP比重200%多，非常惊人。只有中国政府有钱，中央政府有钱，地方政府有钱，老百姓手里有钱，企业手里也有钱，我们还有3.29万亿美元外汇储备。中国有钱，投资在今后相当长时间内依然是中国经济高速增长的最重要动力之一，现在去地方调查，到处在拉投资，到处在搞建设，中国经济发展很快最重要的一个奥秘，就是地方政府在经济扩张上有一种本能的冲动，这种冲动应当保护。

Both revealed to be economically more support people's first/The livelihood of the people first this principle,This principle by what implement?The first,By scientific development,By transformation of the mode of economic development.Solve the transformation in the economic development of the problem,With what means and what path to solve the changing of economy development mode is very important.In the past ten years we have been mention transformation of the mode of economic development,But the effect is not so good,Transformation of the mode of economic development effect is not very good,Why not do?There must be the reason behind,A system for,System reason,Policy reason,The reason in well,But the most important reason,We didn't find a simple effective path,To achieve development mode change.Will the past thirty years to rely on investment,Rely on exports the mode of economic growth,The transition to rely mainly on domestic consumption demand pull economic growth up this way.The second,To realize the innovation drive,China's products in the world where ZhongDiDuan market share is very high,Our product single output at the top of the world more than three hundred,But we added value of products is too low."11th five-year plan"Project done very well,But there are three indicators didn't finish:The first is the research and development investment index,According to the plan"11th five-year plan"To realize the r&d investment accounts for 2% of GDP,But we to"11th five-year plan"The final only achieve 1.75%,In addition to energy conservation and emissions reduction index and service sector index never finished.So in the new collective leadership after the start,Our research conclusion is:Export because the global financial crisis,Due to the debt crisis,Now is still working on,But basically don't have much hope;Invest in the future for a long period of time is still China's economic troika of one of the most important driving.Chinese people all over the world's highest savings,China's investment is driving the actual high savings rate as the support,Is not without support condition,The United States almost every family in debt,The Japanese family savings rate is very high,But the national debt more than 200% of GDP,Very amazing.Only the Chinese government money,The central government have,Local government money,People with money in his hand,Enterprise money in his hand,We still have $3.29 trillion of foreign currency reserves.China's rich,Investment in the future is still quite a long time China's rapid economic growth is one of the most important power,Now go to local survey,Everywhere and investment,Doing construction everywhere,China's economic development soon one of the most important mystery,Is the local government in the economic expansion has an instinctive impulse,This kind of impulse should protect.

　　投资之后就要研究如何拉动国内消费需求。第一是挖掘消费潜力，从提高居民收入入手，新一届领导集体提出十年收入倍增计划。2002?2012年胡温十年翻到了四倍，下一个10年翻一倍是可以轻松完成，也许十八大提出的翻倍是在改变了收入分配结构的情况下，普通老百姓都能翻一番。第二，如何改善消费环境，中国的消费能力实际不弱，每个长假消费都让国外瞠目结舌，中国人怎么买这么多东西，去美国和日本看看，多少商店买LV包的，一买买十几个的一般都是中国人，去机场排队退税的都是中国人。中国本身的消费能力很强，为什么不在国内买，要到外国去买呢？其实就是中国国内消费环境太差，中国是个什么社会呢，是个相互投毒的社会，农民下药给城里人，城市人下药给农村人，吃什么都不放心，最近又出酒鬼酒塑化剂风波，酒鬼公司查白酒生产储存运输各个环节中哪个环节出了问题，但有内部人士透露说，高档白酒都有添加塑化剂的情况，这对中国白酒行业的打击肯定是致命的。美国的股市是全球第一大股市，美国股市最高股价是苹果公司，其股价约为684美元，中国股市茅台(600519,股吧)酒是最高股价，约219元。酿酒技术有多少高新不高新？所以我们应该改善消费环境。第三是要培育新的消费热点。最近我们在进行社会主义新农村建设课题研究时发现，真正的消费热点在哪里？在新农村建设里。到各地市看一看，开展新农村建设，特别是在人口稠密的平原地区，进行的并村计划和并村运动都很有意思，可以说是有中国特色，是体现中国国情走出一条新型的城乡统筹瞩目的新型城镇化道路的非常重要的一种试验。过去搞新农村，我们有些前辈带有空想性，现在从2006年中央1号文件之后，我们的新农村经过六年发展之后，各地已经创造了一些模式，我到河南之后非常震惊，十个村子并成一个村，然后宅基地进入复垦，复垦一年后可以进入流转环节，光地票指标卖15万元以上，这给城市腾出了大量建设用地。现在的农村是典型的空壳村，是老人妇女儿童村，全是女人当家了。现在新一代农民80后、90后，特别是90后都不会种地，中学毕业以后就到城里打工了，农村没人愿意种地了，在一家一户的自耕农情形下，每亩纯收入不到四五百块钱了，基本不赚钱。通过并村以后，通过农业要素的重新整合，把这些土地交给种田大户给现代化公司去经营，然后农民进城打工了，可以上楼了，可以洗澡了，有像样的厕所了，农民的生活质量提高了一大步。河南有个区，在新农村城镇化到了一个什么程度呢？每个楼梯门都选出一个“网格长”组织化非常高，红白喜事，吃饭宴请都有四菜一汤规定。因为中国的农民天生爱攀比，你今天五粮液(000858,股吧)，我明天茅台，你盖房子地基比我高五寸，房顶我比你高一尺，农民都是盖房子盖穷了。河南的农民到了五十岁左右，一辈子盖三次房子。过去一代人盖三次房，现在三辈人盖一次房。农民不盖房，钱包鼓起来了，消费就出来了，一般搬进新居以后，许多人家里有车库，有兵乓球案子。家具需求，家电需求，交通工具需求统统都来了，这比我们国务院前两年搞的家电下乡折扣优惠活动有效得多了。从这里寻找消费热点，我觉得应该是一条正确的路。 

After the investment to research how to boosting domestic consumption demand.The first is mining consumption potential,From the increase of income,The new collective leadership puts forward ten income doubling plan.2002?In 2012 HuWen ten years turned over to four times,The next 10 years double can easily finish,Maybe the eighteenth forward the double is changed in income distribution structure of the case,Ordinary people can double.The second,How to improve the consumption environment,China's consumption ability actual not weak,Every holiday consumption make foreign gaping,Chinese people how to buy so many things,Go to the United States and Japan to see,How many stores to buy LV bag,A buy ten several general are all Chinese,Go to the airport to queue drawback is Chinese.China itself consumption ability is very strong,Why not buy a home,Want to go to the foreign country buy it?China's domestic consumption is actually bad environment,China is a what society,Is a mutual poisoning society,Farmers the remedy to the case to the city,City people the remedy to the case to the rural people,Eat what all don't trust,Recently a drunkard wine plasticizer storm,Alcoholic liquor production company check store and transportation in each link which link out of the question,But insiders revealed,High-grade liquor have add plasticizer situation,The Chinese liquor industry blow must be deadly.The stock market is the world's first big stock market,The us stock market the highest share price is apple,The price of the stock is about 684 dollars,China's stock market maotai(600519,guba)Wine is the highest share price,About 219 yuan.How many brewing technology high not high?So we should improve the consumption environment.The third is to foster new consumption hotspot.Recently we in the construction of a new socialist countryside subject study found,The real consumption hotspot in where?In the new rural construction.To have a look around the city,In the new countryside construction,Especially in densely populated plain region,The plan and village and village sports are very interesting,Can be said to be has the Chinese characteristic,Is to reflect China's national conditions out of a new type of urban and rural as a whole new type of urbanization has a very important way of a kind of test.The past make new rural,Some of our predecessors sex with dream,Now from the 2006 after no. 1 files,Our new rural after six years after development,All has created some model,I went to henan after very shocked,Ten village and into a village,Then enter the land reclamation,One year after the reclamation can enter the circulation link,Light to ticket index to sell 150000 yuan of above,To make the city a lot of land for construction purposes.Now the rural is a typical shell village,Is the old man women village,All the women alone.Now a new generation of farmers after 80/After 90,Especially after 90 won't sow the land,After graduating from high school to work in the city,No one will want to sow the land the countryside,In a family of yeomen circumstances,Net income is less than RMB - dollars,Basic don't make money.And after the village,Through the agricultural elements of the integration,The land to farm leader to modern company management,Then the farmer the migrant workers,Can go upstairs and the,Can take a bath,Have a decent the toilet,Farmer's quality of life by one step.Henan has a area,In the new rural urbanization in a what degree?Each staircase door choose one"Grid long"Organization is very high,Wedding and funeral,Eat dinner there are four vegetables a soup provisions.For China's farmers natural love comparisons,Wu liang ye you today(000858,guba),I tomorrow maotai,You house five inches foundation than me,The roof than I you a ruler,Farmers are cover house poor.Henan farmers to fifty years old,Lifetime cover three house.The past generation cover three room,Now three generation cover a room.Farmers not to build houses,The purse drum up,Consumption came out,After general moved into the new house,Many people home has the garage,A ping-pong case.Furniture needs,Home appliance demand,Transportation demand all came,This is our first two years under the state council shall make home appliances to the countryside discount activity effective much more.From here looking for consumption hot spots,I think it's a correct way. 

　　1997年亚洲金融危机以来，中央政府做错的最大一件事就是上收地方金融资源支配权，地方要做的事很多，但是可支配的金融资源太少，实际上对于地方政府平台公司的支持，银监会应该不失时机的出台一些措施进行分类指导，对那些财政级次高，项目现金流能全覆盖的项目，都应该支持，鼓励商业银行向它们放贷。另外，我希望货币政策透明度更高一些。货币政策在过去一些年，有一个问题就是，我们一直坚持稳健的货币政策，在国外教科书没有这种提法，只有熟悉中国哲学的人才能体会到其中的妙处即什么东西都可以往里装，要加快经济增长，现在主要障碍在货币政策上。另外中央银行的贷款管理方式上做得不够。放眼全国的银行系统，现在只有一家银行——农发行有专门的建设新农村业务条线，现在新农村建设贷款余额已达8000多亿元，但是2012年这样好的形势，有这样充沛的市场需求，它发不出来，为什么发不出来？因为在2012年年初，人民银行只给农发行2400亿元的新增贷款指标，除去粮棉油收购和棉花储备资金新农(002548,股吧)村支持已再无余力。所以我觉得我们的货币政策要改进和改革。

Since the 1997 Asian financial crisis,The central government do wrong one thing is the largest collecting from local financial resources eminent domain,Places to do a lot of things,But disposable financial resources too little,In fact for the local government support platform,The CBRC should lose no time come on stage some measures to classification,For those who JiCi high finance,Project cash flow can complete coverage of the project,Should support,Encourage commercial Banks to lend to them.In addition,I hope that monetary policy transparency some higher.Monetary policy in the past few years,There is a problem is,We always adhere to the prudent monetary policy,No such formulation in foreign textbook,Only familiar with Chinese philosophy man can realize the beauty that anything can be to suit,To speed up the economic growth,Now the main obstacle in monetary policy.In addition, the central bank loan management way in doing enough.In the national banking system,Now there is only one bank, NongFaHang have special construction of new rural business line,Now the new rural construction loan balance has reached more than 8000 yuan,But in 2012 this good situation,Have such abundant market demand,It won't come out,Why not sent out?Because in early 2012,People's bank of NongFaHang only 240 billion yuan of new loans index,Remove and place purchase cotton reserves new farmers(002548,guba)Village support has no spare capacity.So I think our monetary policy to improve and reform.

　　中国要解决增速低落的问题，最根本在于货币、货币政策，实际上人民银行已经正在采取一些手段如逆回购的频繁运用。需要采取带有普遍效果的货币松动政策，20%的存款准备金率有点高，放眼全世界，只有韩国有一段时间比中国高，现在全世界没有中国高，96万亿元高达20%就是近20万亿元的货币闲置无用，为什么企业的库存在增加呢？主要是它转不动,所以我们应该从货币源头上给一些松动，做一些新的调整，我们要配合十八大新领导集体整改经济，中国经济发展快也是我们的一个优势，我们的新一届领导集体不能轻易丢掉这个优势。2011年初的时候，全国31个省自治区报经济增速指标，只有6个省自治区报8%以下，25个省自治区超过8%，有十五六个省提出五年翻番，意味着平均每年GDP增长达14.9%，所以中国经济增长的最大动力在于地方政府这里，在企业这里。我们新一届领导集体应该厘清思路，怎么在金融资源支配权上向地方下放一些。一些财政收入好的，经济发展速度快的，信用环境优良的地区，可以多给一些地区金融资源支配权；关于金融机构对小微企业的支持，银监会可以在扶持政策上加大力度。现在关键是我们的领导人探索开辟新时期的新思路，在加强金融监管的同时，另一方面要给民营企业更大的自主权、更大的自由。这样，在2012年到2022年，我们中国一定能再成就一个新的黄金十年，这个黄金十年可能超过上个黄金十年。

China to solve the problem of low growth,The most fundamental is money/Monetary policy,In fact the people's bank has is taking some means such as reverse repurchase of frequent use.Need to take with universal effect of loose monetary policy,20% of the deposit reserve rate is a little bit high,In the world,Only South Korea have a period of time than China's high,Now the world without China's high,96 trillion yuan as high as 20% is nearly 20 trillion yuan of money idle useless,Why enterprise inventory on the increase?Mainly it turn not moving,So we should give some money from the source of loose,Do some new adjustment,We want to cooperate with the eighteenth big new leadership collective action economy,China's economic development quick is one of our advantages,Our the new collective leadership can easily lose this advantage.The beginning of 2011,The national 31 provinces autonomous regions for economic growth indicators,Only 6 provinces autonomous regions to below 8%,25 provinces autonomous regions more than 8%,15 provinces have put forward five years to double,Means that the average annual GDP growth of 14.9%,So China's economic growth is the biggest power of local government here,In the enterprise here.We are the new collective leadership should clear ideas,How in the financial resources on eminent domain to place down some.Some good revenue,Economic development speed,Credit environment good area,Can give some regional financial resources eminent domain;About financial institutions to small micro enterprise support,The banking regulatory commission (CBRC) can support policy to intensify the.Now the key is our leaders to explore open a new period of the new way of thinking,In the strengthening of financial supervision at the same time,On the other hand will give the private enterprise more autonomy/Greater freedom.this,In 2012 to 2022,We Chinese will then achievement a new golden decade,The golden decade may be over the golden decade.

　　（作者系中国社科院金融研究所党委书记兼副所长 《银行家》主编）

(The author is by the Chinese academy of social sciences financial research institute party committee secretary and deputy director [bankers]editor)

　　杜江龙：经济转型 银行求变

Study on modern hotel groups dragon:The transformation of the economic change bank

　　当前，我国经济再次面临十字路口的抉择。站在大型商业银行的位置，我们同样在思考，经济转型阶段，我们的银行如何求变？怎样才能更快、更好地支持、适应经济发展方式的重要转变？以下我就围绕这一主题，谈几点个人的看法。

The current,China's economy once again faced with decisions of the crossing.Stand in the position of the large commercial Banks,We also in thinking,Economic transition,Our bank how to change?How to faster/Better support/To adapt to the economic development of the important way to change?The following I around this one theme,Talk about some personal opinions.

　　“变化”是经济金融领域中的常态。纵观历史、展望未来，我认为，当前这一场经济转变主要体现在以下四个方面：

"change"In the field of economic and financial is normal.Throughout history/Looking to the future,I think,Currently this an economic transformation mainly reflects in the following four aspects:

　　一是经济发展的市场由外需向内需转变。财富积累是国人的历来传统，二十余年来，我们通过向外输出辛勤劳作的成果换来了国民生产总值跃居世界第二位的亮丽成绩；而在全球经济格局重构、国内外环境变迁的背景下，我国的潜在消费市场就在脚下，几近全球人口1/5的内需市场无疑将为我国未来经济提供有力支撑。

One is the economic development of the market by the overseas market demand to domestic demand change.Wealth is of the people has always been the traditional,Twenty years,We worked hard to the output results for gross national product to become the world's second beautiful result;And in the global economic pattern reconstruction/Under the background of the domestic and foreign environment change,The potential consumer market in China is in feet,Nearly 1/5 of the world's population will undoubtedly have a domestic market for China's future economic provide strong support.

　　二是经济产业结构由粗放型向集约型转变。以粗放型产业为主的发展方式体现为资源消耗、环境损害、技术落后、效率低下等方面，现阶段产业结构亟待升级、从“中国制造”转型为“中国创造”，未来包括节能减排工作、绿色低碳产业、技术品牌的自主创新等的集约型产业将具有广阔发展空间。

The second is economic industrial structure from the extensive to intensive changes.With extensive industry mainly embodied in the development mode of resource consumption/Environmental damage/Lag in technology/Low efficiency, etc,At this stage to upgrade the industrial structure/from"Made in China"Transformation for"Created in China",The future including the energy conservation and emission reduction work/Green low carbon industry/Technical brand of independent innovation of intensive industry will have wide development space.

　　三是经济的地域发展由不平衡向差异化转变。二元经济一直困扰着我国经济的平衡发展，东部与中西部地区经济的差距也扭曲了资源配置效率；我国幅员辽阔，一个模式的发展思路不可能推广至所有地区，从而需要寻找与地区环境相匹配的差异化发展策略。在协调发展的目标下，我国经济将进一步朝着新型城镇化、现代化农村以及东西部区域特征差异化方向转变。

The third is the regional economic development by the unbalance to differentiation transformation.Dual economy has been plagued by the balance of China's economic development,The east and parts of the Midwest regional economic gap also distorts the allocation of resources efficiency;Our country has massive land,A model of development may not promotion to all regions,Thus need to find and regional environment matching different development strategy.In the coordinated development of the goals,China's economy will further toward the new urbanization/The modern rural and regional feature differentiation direction change.

　　四是经济发展目标由强国先富向强国富民转变。在底子薄的过去，我们讲一部分人先富起来，以强国为目标旗帜；现在我国已实现总量规模居世界前列，下一步要转向富民优先于强国的发展轨道。

The fourth is economic development target by actual power to power the prosperous common people change.In the undeveloped,We speak some people to get rich,To power as the goal banner;Now our country has achieved a total scale in the world,The next step to turn to the prosperous common people take precedence over power development track.

　　2008年金融危机的教训告诉我们，唇亡齿寒，金融无法脱离实体经济而独立运转，而金融业又是实体经济的润滑剂；因此，在我国经济发展方式转变的过程中，金融业、尤其是商业银行对于实体经济的平稳过渡必然要承担应有的责任与义务。

In 2008, the financial crisis has taught us,The other is in danger,Financial cannot break away from the real economy and independent operation,And the financial sector and real economy lubricant;so,In China's economic development mode change process,financial/Especially commercial Banks for the real economy of the smooth transition must bear the responsibility and obligation should be.

　　首先，在经营理念上坚定服务实体经济是商业银行生存发展的必要基石。商业银行的关键经济角色是服务行业，服务面向的主要对象就是实体经济。未来市场中，没有牢固客户基础的银行竞争力将大打折扣，实体经济就是商业银行唯一最坚实的客户基础；而客户基础的构建与稳固必须未雨绸缪、长期积累，这样才能积淀商业银行长远发展的深厚基石。

First of all,In the management idea on firm service entity economy is the survival and development of commercial bank the necessary foundation.Commercial bank's key economic role is to service industry,Service for the main object is the real economy.The future market,No strong customer base of bank competitiveness will sell at a discount greatly,The entity economy is the only commercial Banks is the most solid customer base;And customer base construction and firm must save for a rainy day/Accumulated for a long time,Such ability accumulation commercial Banks to the long-term development of the deep foundation.

　　其次，在经营方式上循着经济发展方式的转变需要而创新求变。在经济发展方式转变的要求下，固有、单一的银行业务渠道已不可持续，亟待顺应市场的变化创新求变。在此，我想提几点具体的思路供大家交流：一是扩大消费金融服务领域、覆盖多层次服务群体、挖掘潜在消费能力，这就需要我们提升金融服务的主动性，要去想消费者之所想；二是加大对优质新兴产业、高新技术产业以及中小微企业的金融支持力度，这就需要我们提高金融服务的灵活性，要能准确、敏锐地把握市场的变化；三是继续支持国家重点行业和项目的培育和壮大，这就需要我们延伸金融服务的高度与远度，要对国家经济战略进行深入解读；四是稳步切实推进对农村、中西部地区的金融服务覆盖，这就需要我们树立金融服务的差异性，要细致研究区域特质与金融需求。

secondly,In the mode of operation on trace the changing of economy development mode to innovate.In the economic development mode change request,inherent/A single bank business channels have unsustainable,To conform to the changes of the market change and innovation.In this,I'd like to make some specific ideas for all communication:One is to expand consumption financial services/Covering multiple service group/Mining potential consumption ability,Therefore, we need to improve financial services initiative,Going to consumers think;The second is to increase the quality emerging industry/High and new technology industries as well as small and medium-sized micro enterprise financial support,Therefore, we need to improve the financial service flexibility,To accurately/Keen grasp the change of the market;Three is to continue to support national key industry and project to cultivate and grow,Therefore, we need to extend the height of the financial services and far degrees,To the national economy further reading strategy;The fourth is steadily promote to the countryside/The Midwest financial services cover,This needs us to set up the differences of financial services,To meticulous research area characteristics and financial needs.

　　最后，在发展战略上契合经济转型而整合内部制度、管理与流程。旧的管理模式难以适应未来市场的瞬息万变，依靠息差生存的传统银行运营模式也将难以持续，只有从制度、管理与流程等内部根源上重新整合商业银行体系资源，认清现实条件与未来目标正确进行战略定位，建立同业中的差异化优势，才能实现适应经济发展方式转变的、具有自身特色的商业银行转型。在此，有两点想法和大家分享：一方面，商业银行的组织管理架构改革应秉持集约化经营原则，朝着机构扁平化和业务垂直化的方向转变，其中涵盖权责分工合理、业务条线明晰、管理运行高效、改进创新灵活，以及以客户为中心的业务流程优化等内容；另一方面，商业银行同样需要由粗放型向集约型经营方式转变，这就需要改革银行的绩效考核制度，从规模的考核朝着质量、效益的考核方向转变，引导商业银行以长期稳定的收益开展业务经营。

finally,In the development of strategic economic restructuring and integration with internal system/Management and process.The old management mode is difficult to adapt to the changing of the future market,Carry on the survival of traditional bank operation mode will also be unsustainable,Only from the system/Management and process and so on internal origin reintegration commercial bank system resources,Keep it real conditions and future target the correct strategic positioning,To establish the trade differentiation advantage,Can realize to adapt to the change of the mode of economic development/With its own characteristics of the transformation of the commercial Banks.In this,There are two ideas and share:On the one hand,Commercial bank organization management structure reform should uphold the principle of intensive management,Toward the delayering and business to move in the direction of the distance,Which covers accrual rational division of labor/Business line clarity/Management operation efficiency/Improvement innovation agile,And take the customer as the center of business process optimization, etc;On the other hand,Commercial Banks also need by the extensive to intensive management mode change,This needs reform of bank performance appraisal system,From the size of the assessment in quality/Benefit evaluation direction change,Leading commercial bank to long-term stable income to carry out business.

　　（作者系交通银行(601328,股吧)董事会秘书）

(The author is bank of communications(601328,guba)The secretary of the board of directors)

　　邢本秀：携手小微 特色发展

Xing this show:Hand in hand to small micro characteristic development

　　如何走出一条具有民生特色的差异化发展道路，是民生银行(600016,股吧)长期以来孜孜探索的永恒课题。

How to go out with a people's livelihood characteristics of different development road,Is minsheng bank(600016,guba)For a long time to explore diligently the eternal subject.

　　一是明确定位，情系民生发展。中国民生银行作为全国第一家以民营企业出资为主设立的全国股份制商业银行，从1996年成立之日起就把服务“民营、中小、高科技”企业作为自己的战略定位。2009年，国际金融危机席卷全球之际，中国的民营企业生存与发展也面临严峻考验。作为与民营企业有着深厚渊源的民生银行，对民营经济和民营企业在发展过程中遇到的各种困难与瓶颈感同身受，“既要锦上添花，更要雪中送炭”。民生银行审时度势，果断提出 “做民营企业的银行”、“做小微企业的银行”的战略定位，把民营企业和小微企业确定为自己的企业服务主体，与广大民营企业、小微企业同成长、共发展，并围绕这一核心理念，在支持地方实体经济发展不断加大金融扶持与资源投入力度，为优化社会资源配置、服务实体经济、促进市场经济的健康发展发挥了积极作用。

A position is clear,Love is the development of people's livelihood.China minsheng bank, as the first private enterprise contributive give priority to the establishment of the national joint-stock commercial Banks,From 1996 years of the date of the establishment of the service"private/Small and medium-sized/high-tech"Enterprise as their strategic positioning.In 2009,,The international financial crisis swept across the world,China's private enterprise's survival and development is facing severe test.As a private enterprise and have deep origin of minsheng bank,The private economy and private enterprises in the development process in the various difficulties and bottleneck empathy,"Should icing on the cake,More to provide timely help".Minsheng bank size up the situation,Decisive put forward "Do private enterprises of the bank"/"Do small micro enterprise bank"Strategic positioning,The private enterprise and small micro enterprise determine for his own enterprise service main body,With the vast number of private enterprises/Small micro enterprise to grow up/Common development,And around the core concept,In the support local economic development entities increasing financial support and resource investment,In order to optimize the allocation of social resources/Service entity economy/To promote the healthy development of the market economy has played a positive role.

　　二是根植民企，服务实体经济。对于民营企业，民生银行的目标是支持它们做强做大，更重要的是做出品牌，成为推进中国经济发展和参与国际市场竞争的主力军。

The second is the grounding corporation,Service entity economy.For private enterprises,Minsheng bank goal is to support them bigger,The more important thing is to make the brand,Be promoting China's economic development and participate in the international market competition of the main force.

　　对成熟期的大中型民营企业，我们提出“化‘融资’为‘融智’”， 做民营企业的“金融管家”。对发展中的中小型民营企业，我们依托民营企业生产交易流程，优化行业产业结构，支持企业做强做大，做民营企业的“金融产品供应商”。

The large and medium-sized private enterprises to maturity,We propose"change‘financing’for‘RongZhi’", Do the private enterprise"Financial housekeeping".In the development of small and medium-sized private enterprises to,We rely on private enterprise production and transaction process,The industrial structure optimization of industry,Support enterprise development,Do the private enterprise"Financial products supplier".

　　民生管家式服务，以“战略认同、专业团队、资源整合、价值创造”为内涵，变以往单纯的“融资”服务为综合性的“融智”服务，在认同企业发展战略的前提下，利用银行自身专业资源综合服务，为民企提供定制化的、综合性的一站式金融服务，满足民营企业在战略发展的过程中不同阶段、更复杂、更多样化的金融服务需求。

The people's livelihood housekeeper type service,to"Strategic identity/Professional team/Resource integration/Value creation"As the connotation,Change in the past simple"financing"As a comprehensive service"RongZhi"service,Enterprise development strategy in the identity of the premise,Use of the banker's own professional resources comprehensive service,For corporation to provide customized/Comprehensive one-stop financial services,Meet the private enterprises in the strategic development of the different stages in the process/More complex/More diversified financial service needs.

　　三是情系小微，探路城市商业合作社。中国有3800万户小微企业，它们在活跃市场、增加税收、创造就业、保持社会稳定等方面发挥着巨大作用，是经济发展和社会健康发展的重要力量。但是长期以来，小微企业的融资，绝大部分是通过民间借贷解决的，得不到正规金融系统的支持。

The third is feeling is small micro,City commercial cooperative units.China has 38 million households small micro enterprise,They are in the active market/To increase taxes/Create employment/Maintain social stability and plays an important role,Is the healthy development of the economic and social development and an important force.But for a long time,Small micro enterprise financing,The majority is through the folk lending solution,Get regular system of financial support.

　　2009年2月，民生银行在全国性商业银行中首家全面进军小微企业金融服务，并在2009年下半年提出了“做小微企业的银行”的战略定位。

In February 2009,Minsheng bank in the national commercial bank into the first comprehensive small micro enterprise financial services,And in the second half of 2009 puts forward"Do small micro enterprise bank"Strategic positioning.

　　在三年多时间里，民生银行累计发放小微企业贷款6000多亿元，小微企业贷款余额超过2500亿元，小微企业客户数超过64万户，贷款户超过18万户，成为全球最大的小微企业金融服务机构之一。 

In three years,Minsheng bank accumulated issue small micro enterprise loans more than 6000 yuan,Small micro enterprise loan balance of more than 250 billion yuan,Small micro enterprise customer number more than 640000 households,More than 180000 households loans,As the world's largest small micro enterprise financial services organisations. 

　　民生银行的小微金融服务有今天的成绩，多项创举发挥了关键作用：一是对小微企业金融更强调包含融资、咨询、信息在内的“综合服务”。二是通过规模化、批量化的方式解决银行成本和风险问题，三年开发小微商圈156个，小微客户总数突破2万户，批量化开发占比70%，小微资产规模近百亿元。三是专业化经营，建立专业团队、专业支行。四是资源整合，平台搭建。民生银行正在将小微民企以商圈、行业协会、商会、地域等不同组织有序结合起来，整合为小微城市合作社，大家抱团发展，让无计划、无管理、无组织的千家万户变成有组织、有管理、有自律的有机整体。

Minsheng bank little micro financial services have today's achievement,A number of world played a key role:One is for small micro enterprise financial more emphasis on include financing/consulting/Information,"Comprehensive service".The second is through the scale/PiLiangHua solution to bank cost and risk,Three years to develop small micro business district 156,Small micro customer total breakthrough 20000 households,PiLiangHua development accounted for more than 70%,Small micro asset scale nearly one hundred million yuan.The third is specialized operation,To establish professional team/Professional branch.The fourth is resource integration,platform.Minsheng bank is small micro corporation in business circle/Industry association/Chamber of commerce/Area and so on the different combination of well organized,Integration is a small city of cooperatives,You BaoTuan development,Let all/No management/No organization organized into thousands of households/Have management/Self-discipline is the organic whole.

　　其中，“城市商业合作社”为小微企业的可持续发展创造了全新的广阔空间。民生的小微城市商业合作社是“非社团、非法人、非盈利、非公益”性质，目的在于结合政府、商会等组织，将小微企业组成经济体来抱团发展、抵御风险。

the,"City commercial cooperatives"For small micro enterprise's sustainable development to create a new broad space.The people's livelihood of small micro city commercial cooperation is"Non community/entity/non-profit/non-public"properties,Purpose is to combine government/Chamber of commerce organizations such as,The small micro enterprise composition economies to BaoTuan development/Resist risk.

　　与业内通行的商圈贷、傍商会不同的是，合作社模式将整合多个商会、商圈中的优质企业，借助此模式，民生银行可与成员企业建立起日常沟通机制，以解决信息不对称问题。而基于合作社模式，成员企业不仅能更为便利的获得贷款，还能获得民生银行提供的其他金融及非金融服务。

With the passage of the commercial credit/Alongside chamber of commerce is different,Cooperative mode will integrate multiple chamber of commerce/The high quality business enterprise,With the aid of this model,Minsheng bank and member enterprises set up daily communication mechanism,In order to solve the information asymmetry problem.And based on the cooperative mode,Members of the enterprise can not only more convenient to get loans,Still can obtain minsheng bank provide other financial and non-financial services.

　　从实际业务模式来看，目前国内银行做小微业务大多仍然采用传统的“扫街”模式，但这种方式不仅耗费人力、效率较低，投入产出比也并不理想。如果银行既想服务好小微企业，又要降低成本、提升利润率，那就需要有比较好的客户获取模式。目前民生银行对属下分支机构强调的一个核心技术是“小微战略地图”，这个核心技术要求具体到一个省、一个区域乃至一条街道，去看“目标客户在哪、商圈如何构成”。先发现鱼群，然后再派渔船捕捞，是民生的做法。

From the actual business model to see,At present domestic Banks do small micro business mostly still adopts the traditional"sweeping"mode,But this way not only the human cost/Low efficiency,Input-output ratio is not ideal.If Banks have good services to small micro enterprise,And to reduce the cost/Improve profit margins,It will need to have better customer acquisition mode.At present the people's livelihood bank to subordinate branch emphasizes a core technology is"Small micro strategy map",The core technical requirements specific to a province/A regional and even the street,To see"Target customers where/Business circle how to constitute".To find fish,Then sent the fishing boat fishing,Is the practice of the people's livelihood.

　　（作者系中国民生银行副行长）

(The author of China minsheng bank vice President)

　　徐海燕：顺势而为推进科技金融创新

XuHaiYan:Take advantage of an opportunity and to the advancement of science and technology financial innovation

　　我从两个方面谈一下对于推进科技金融创新、加快经济发展方式转变的体会。

I talk from two aspects to promote financial innovation of science and technology/Speed up the economic development mode change experience.

　　首先，顺势而为，增强科技金融服务实体经济的主动性。

First of all,Roll with the,Strengthen technology and finance service entity economic initiative.

　　金融是现代经济的核心，商业银行能否积极顺应第三次科技革命浪潮和全球“再工业化”趋势，率先转变自身发展方式，与科技创新产业进行有效融合，对于我国经济发展方式转变具有重要意义。

Finance is the core of modern economy,Commercial Banks can actively conform to the third revolution of science and technology and the global tide"To industrialization"trend,Take the lead in their own development mode change,With the science and technology innovation industry carries on the effective fusion,To our country economy development mode change has important significance.

　　第一，加强科技创新是应对国际金融危机的有效举措。欧盟各国及美国、日本等国家，纷纷调整了应对危机的战略，在顺应第三次科技革命浪潮的基础上相继提出了“再工业化”战略，以期通过重振实体经济应对金融危机。“再工业化”的核心是加强科技创新、大力发展战略性新兴产业，这就需要一大批科技型企业承担起推动技术攻关，率先实现重大技术突破的重任。因此，商业银行发展科技金融业务，支持科技型企业不仅是主动对接国家战略、服务实体经济发展的需要，也是切实推动经济发展方式转变，降低自身系统性风险，保持稳健发展的需要。

The first,Strengthen the innovation of science and technology to deal with the international financial crisis is the effective measures.European Union and the United States/Japan and other countries,Have adjusted the strategy to deal with crises,With the third revolution of science and technology on the basis of wave successively put forward"To industrialization"strategy,In order to revitalize the real economy by the financial crisis to deal with."To industrialization"The core is to strengthen scientific and technological innovation/Develop strategic emerging industry,This needs a large number of science and technology enterprises responsible for promoting technology research,To take the lead in realizing the important technical breakthrough burden.so,Commercial bank financial business development of science and technology,To support science and technology enterprises is not only active butt national strategy/Service the needs of the development of the real economy,Is to promote economic development mode change,Lower their systemic risk,Keep steady development needs.

　　第二，加强科技创新对于推动我国经济发展方式转变具有重要作用。2012年5月30日，国务院常务会议讨论通过《“十二五”国家战略性新兴产业发展规划》，提出了七大战略性新兴产业的重点发展方向和主要任务。这意味着，我国将以战略性新兴产业为核心载体，通过加强科技创新加快实现经济发展方式转变，这对商业银行创新服务实体经济模式提出了新要求。

The second,To strengthen the scientific and technological innovation to promote China's economic development mode change plays an important role.May 30, 2012,The standing committee of state council meeting to discuss["1025"National strategic emerging industry development planning],Puts forward seven big strategic new industry development direction and the focus of the main task.This means that,Our country will be a strategic emerging industry is the core carrier,By strengthening the scientific and technological innovation accelerate economic development mode change,The commercial bank service innovation entity economic model puts forward new requirements.

　　第三，发展科技金融对于我国银行业转变发展方式具有积极作用。全球金融危机爆发以来，与国际银行业相比，中国银行业一枝独秀，在规模、质量、结构和效益等指标方面均取得了较好的成绩。这一方面增强了我国银行业的经营实力，另一方面也一定程度上弱化了银行业加快转变发展方式的危机意识，强化了银行推进转型的惰性，导致银行业发展高度同质化。然而利率市场化、金融脱媒对商业银行的冲击日趋明显，商业银行对客户资源的争夺日趋白热化，依靠利差实现盈利的传统发展方式已不可持续。要想在激烈的市场竞争中胜出，商业银行就必须加快发展方式转变，加强创新，尽快建立起差异化竞争优势。这客观上要求商业银行积极顺应产业结构优化升级的趋势，加大对战略性新兴产业的支持，通过加强科技金融服务创新，大力发展科技型中小企业客户，实现客户和业务机构优化，稳步推进转型发展。

The third,The development of science and technology of China's banking industry financial for transforming the development way has the positive role.Since the outbreak of the global financial crisis,Compared with the international banking,China banking outshine others,The scale of the/quality/Structure and benefit index are obtained a good result.This aspect of China's banking industry to enhance the strength of management,On the other hand also to a certain extent, weakening the banking industry to speed up the transformation of the way that crisis consciousness,To strengthen the bank promote transformation of the inert,Lead to competitive banking development.But interest rate marketization/Financial disintermediation in commercial bank's impact has become increasingly evident,Commercial bank to the customer for the resources and fierce,Rely on carry realize the profit of the traditional development mode has been unsustainable.If you want to in the fierce market competition to win,Commercial Banks must speed up the development mode change,Strengthen the innovation,As soon as possible establish differentiated competitive advantage.This objectively requires commercial Banks actively conform to the trend of the upgrading of the industrial structure,Strengthen the strategic emerging industry support,By strengthening the financial service innovation of science and technology,Vigorously develop small and mid-sized enterprise customers,To realize the customer and business mechanism optimization,The transformation development steadily.

　　其次，积极作为，加快形成科技金融服务特色。

secondly,Positive as,Speed up the formation of science and technology financial service characteristics.

　　当前，推进科技金融创新、切实服务战略性新兴产业、加快转变经济发展方式已成为政府和金融界的共识。我认为，要切实推进科技金融创新工作，需要政府、监管部门和商业银行进一步统筹行动、共同协作。

The current,Promote financial innovation of science and technology/Practical service strategic emerging industry/To speed up the transformation of the mode of economic development has become the consensus of the government and financial circles.I think,To promote science and technology work of financial innovation,Needs the government/Regulators and commercial Banks further action plan as a whole/Common cooperation.

　　第一，应将科技金融列为“一把手”工程。应制定科技金融发展规划，将科技金融从战略上提升到银行重要业务的地位；应自上而下建立完善的组织架构体系，明确内部权责，完善相应的业绩考核机制；应结合实际准确进行市场定位，精选战略性新兴产业中的特定行业、特定区域、特定服务对象稳步推进；应综合运用债务融资工具、并购贷款、资产证券化、财务顾问、项目融资、银团贷款、绿色信贷等综合金融服务手段，丰富科技金融产品体系，并针对不同成长阶段的科技型企业提供全生命周期服务。

The first,As science and technology should be financial"a"engineering.Should formulate the technology and finance development planning,Will science and technology from the financial strategy to ascend to the bank important business status;From top to bottom should establish perfect organizational structure system,Clear internal responsibility,Perfect the corresponding performance evaluation mechanism;Should be based on the actual accurate market positioning,Select strategic emerging industry in the specific industry/Specific area/Specific service object steadily;Should the integrated use of debt financing tool/M&a loan/Asset securitization/Financial advisor/Project financing/Syndicated loan/Green credit, and other comprehensive financial service means,Rich technology and finance product system,And in the light of different growth stage of the science and technology enterprises to provide the whole service life cycle.

　　第二，应建立科技金融的专业团队。按照专业的人办专业的事的选聘原则，一方面在系统内大力培养懂技术和金融的复合型人才，另一方面按照急用先行的原则，从大专院校、科技管理部门选聘专家作为科技金融信审人员和在线顾问人员。通过这些专才、专家，既为科技企业提供技术、融资、信息、咨询服务，也要在服务过程中，充分掌握科技企业的产品、市场、技术和管理团队的信息，防范信息不对称产生的系统性风险、道德风险和其他各类风险。

The second,Shall establish technology and finance professional team.According to the professional person to do professional thing principle of hiring,On the one hand within the system to cultivate understand technology and financial talents,On the other hand, in accordance with the urgent need of the first principle,From colleges and universities/Science and technology management department hiring experts as science and technology personnel and financial letter trial online consultant personnel.Through these professionals/experts,Both science and technology enterprises with technology/financing/information/Consulting service,Also in the service process,Fully grasp the science and technology enterprise products/market/The information technology and management team,To prevent the information asymmetry produce systemic risk/The moral risk and other kinds of risk.

　　第三，应加强科技金融的风险管理。应加强与风险投资（VC）、私募股权投资（PE）合作，完善投贷联动机制，采取跟进策略，尽量选择VC、PE支持过的科技企业发放贷款；要求科技企业以可转化的专利技术或其他知识产权进行质押担保，并在贷款合同中明确银行较VC优先受偿，进一步牢固同VC和科技企业的战略协作关系；通过开设应收账款、VC投资资金归集唯一账户，锁定科技企业现金流，建立严密的科技金融风险防控体系。

The third,Should strengthen technology financial risk management.Should strengthen and venture capital investment(vc)/Private equity investment(PE)cooperation,Perfect TouDai linkage mechanism,Take follow up strategy,Try to choose vc/PE support technology enterprise loans;For science and technology enterprise with transformable patent technology or other intellectual property rights of the pledged collateral,And in the loan bank clearly in the contract is preferred for vc,Further firm with vc and science and technology enterprise strategic cooperation relations;Through the open accounts receivable/vc investment funds collection only account,Lock technology enterprise cash flow,Set up a strict technology financial risk prevention and control system.

　　（作者系浦发银行(600000,股吧)副行长）

(The author is Shanghai pudong development bank(600000,guba)Vice President)

　　许建华：房地产金融创新与加快经济发展方式转变

XuJianHua:Real estate finance innovation and speed up the economic development mode change

　　加快经济发展方式转变，无论对整个国家来讲还是具体的一个行业和企业都是一个重要的大命题。在此，我结合恒大的运营实践，着重从三个方面与大家分享交流： 

Speed up the economic development mode change,No matter for the whole country speaking or a particular industry and enterprise is a important big proposition.In this,I combined with constant big operation practice,Mainly from three aspects and everyone to share: 

　　一是城镇化是转变经济发展方式的重要内容。城镇化是老生常谈了，大家都知道过去中国经济三十多年的发展，得益于中国整个经济的工业化、城镇化和全球化，那么我们未来的20年、30年以及更长时间的发展，是不是要离开这些基本面呢？我想这个基本面仍然是不能离开的，我们仍然要在中国的整个经济的工业化、城镇化和全球化这个过程中，去谈我们的经济方式的转变。

Urbanization is a transformation of the mode of economic development is the important content.Urbanization is a commonplace,Everyone knows that China's economy in the past thirty years of development,Thanks to China's whole the industrialization of the economy/Urbanization and globalization,So our future twenty years/Thirty years and longer development,Whether you want to leave? These fundamentals?I think the fundamentals are still can't leave,We still wanted in China of the whole the industrialization of the economy/In the process of urbanization and globalization, the,To talk about our economy is changing the way of.

　　李克强副总理日前在一个会议上指出，城镇化是现代化应有之义和基本之策。已实现现代化的国家都是工业化国家，城镇化率高，农业现代化也达到相当水平。我国已进入工业化中期，作为13亿多人口的大国，实现现代化在人类历史上没有先例，需要立足国情，探索前进，走工业化、城镇化、农业现代化协调发展的路子。他强调，城镇化是最大的内需潜力所在。我国城镇化率刚超过50%，按户籍人口算仅为35%左右，明显低于发达国家和许多同等发展阶段国家的水平。差距也是潜力，未来二三十年，每年将有1000多万人口转移到城市，必将持续释放巨大内需，这正是中国经济长期平稳较快发展的动力源(600405,股吧)泉。按照龙永图的话来说，中国的城镇化率只有美国1910年的水平、日本1960年的水平、韩国1970年的水平。所以，中国的城镇化还将持续30年、40年甚至50年，才能够达到发达国家整个城镇化率超过80%这样的水平。

Vice premier li keqiang has pointed out in a meeting,Urbanization is the modernized the meanings and the basic strategy of.Already modernization countries are industrialized countries,Urbanization rate,Agricultural modernization also achieve a good level.Our country has entered the middle industrialization,As a country with a population of more than 1.3 billion,The realization of modernization in human history without precedent,Need to base on the national conditions,Research on the,Go industrialization/urbanization/The coordinated development of agricultural modernization way.He stressed that,Urbanization is the biggest potential in domestic demand.Our country urbanization rate just more than 50%,According to census register population is only 35%,Was significantly lower than the developed countries and many of the same stage of development of the state level.Gap is potential,The next two hundred and thirty years,Each year more than 1000 people are added to cities,Will continue release huge domestic demand,This is China's long-term economic fast and steady development of the power supply(600405,guba)spring.According to the LongYongTu words,China's urbanization rate of only the United States the level of 1910/Japan the level of 1960/South Korea the level of 1970.so,China's urbanization will still last for 30 years/Forty years or even fifty years,To achieve the developed countries the urbanization rate more than 80% this level.

　　因此，城镇化仍然是我们经济未来发展的一个很重要的一个动力，但是我现在所说的城镇化跟以前的城镇化不太一样，现在的城镇化是一个高质量的城镇化，是环境友好型的城镇化，是与工业化农业现代化相协调的一个城镇化。城镇化是随着工业化的发展而发展的，工业化提供了大量的就业岗位，吸引农民向城镇转移，推动了城镇化的进程；而新型的城镇化不是粗暴地从农民手里把土地掠夺过来，而是让农民同时获得应得的土地收益，有利于农村土地规模化的开发，促进了农业的集约化和现代化的发展，同时城镇化又创造了工业品的消费市场，反过来促进工业化的发展。经济发展方式的转变是各种内在经济因素作用的结果，经济的快速发展导致包括人力资源等经济要素稀缺性加剧，环境可承受性降低，要求我们改变粗放的经济发展方式，而上述所说的新型的城镇化恰是符合这一转变的要求。所以，城镇化仍然是我们未来发展的重要动力，同时也是我们经济方式转变的一个重要内容。

so,Urbanization is still our economic future development of a very important power,But now I said before the urbanization and the urbanization is different,Now the urbanization is a high quality of urbanization,Is the environment friendly urbanization,Agricultural modernization and industrialization is one of the coordination of the urbanization.With the development of urbanization and industrialization development,Industrialization provides a lot of jobs,Attract farmers to transfer town,Promoted the process of urbanization;And new type of urbanization is not rough from farmers hand over land seizures,But at the same time to let farmers get share of the land revenue,Is beneficial to the development of the scale of rural land,Promote the intensive agriculture and the development of modernization,At the same time, urbanization and created the industrial consumer market,In turn, promote the development of industrialization.The changing of economy development mode is all sorts of internal economic factors,The rapid economic development has led to economic factors including human resource scarcity intensifies,Affordability reduce environment,Require us to change the extensive mode of economic development,The said new urbanization just is accord with the requirement of the change.so,Urbanization is still an important driving force for the development of our future,At the same time also is our economic mode change is an important content.

　　二是房地产金融创新对实现加快房地产转型有重要的意义。房地产行业是资金密集性行业。对大型房地产企业来说，相对于其所能够开发的好的项目来说，相对于经济转型过程中对房地产企业项目规模化、交楼精装修、建筑材料节能环保的要求而言，资金是远远不够的。因为，所有这一切都意味着更大量和更长期的资金需求。到目前为止，房地产建设开发资金基本依赖于银行贷款支持，信贷的松紧也直接影响着我国房地产市场的冷热走势。如何在经济转型下大背景下解决房地产面对的新的问题，在房地产金融创新上有所作为，是房地产企业和包括银行在内的众多金融机构共同面对的课题。

The second is to realize the real estate financial innovation to speed up the transformation of the real estate has an important significance.The real estate industry is capital intensive sex industry.For large real estate enterprise speaking,Its relative to the development of good for projects,Relative to the economic transformation process to the real estate enterprise project scale/Pay floor fine decoration/Building materials for energy conservation and environmental protection requirements,Money is far from enough.because,All this means that a greater and more long-term capital demand.So far,Real estate construction and development funds basic rely on bank loans to support,Credit elastic has a direct impact on China's real estate market trend of hot and cold.How in the economic transformation of the background to solve real estate face new problems,In the real estate financial innovation as a somewhat,Is real estate enterprise including Banks and financial institutions face many of the common topic.

　　三是恒大集团在房地产金融方面所做的一些探索。恒大作为中国精品地产的领导者，在融资渠道的创新上也做了一些探索，除了传统的银行信贷融资以外，恒大积极探索多元化融资渠道。由于我们是在港上市的国内房企，我们可以充分利用境内外金融市场的一些优势， 2009年11月5日，在香港联合所挂牌上市前后，多次在境外发债，累计发债30多亿美元；另外，这几年跟信托公司等非银行金融机构也有较多的合作，包括信托开发贷、信托股权收益权转让和项目股权转让融资等等；在城市“三旧改造”项目和保障房建设方面也得到一些银行的资金支持。

The third is evergrande real estate group in financial do some exploration.Evergrande real estate leader as the high-quality goods,In the innovation of the financing channels also made some exploration,In addition to the traditional bank credit outside financing,Evergrande explore diversified financing channels.Since we are listing in Hong Kong domestic room enterprises,We can make full use of financial market and some of the advantages, On November 5, 2009,In Hong Kong with before and after the listing,Many times in FaZhai abroad,FaZhai accumulated more than $30;In addition,Over the past few years with trust and non-bank financial institutions also have more cooperation,Including trust development credit/Trust equity usufruct transfer and project equity transfer financing and so on;In the city"Three old transformation"Project and security room construction also get some of the bank financial support.

　　我们最近跟一些信托公司和私募基金在做股权类的房地产基金模式的探讨。房地产基金业内已探讨了许多年，许多信托公司两年前就给我们提出方案，但都要有保底的承诺，我们无法接受，现在的条件比较成熟了。从银监局角度来讲，希望投资者和发行方共同承担股权类信托产品的风险，不能完全由信托公司等金融机构来承担这个风险，鼓励推出真正的股权类信托产品；从投资者角度来讲，经历了这几年经济跌宕起伏，投资人无论在证券市场还是矿产投资，他们的收益都不是很理想，投资人收益期望值在降低，像恒大这样的龙头房企这几年的固定收益的信托产品的兑付非常好，也增强了投资人的信心。真正的股权类房地产基金正在向恒大这样的龙头房企渐行渐近。

We have recently with some trust and private equity fund in class of real estate funds model discussed.Real estate fund industry has been discussed for many years,Many trust company two years ago to our proposal,But should have the downside of commitment,We can't accept,Now the conditions more mature.From the CBRC perspective,Hope to investors and the issuer shall jointly undertake the risk of equity class trust products,Cannot be entirely trust companies, and other financial institutions to take the risk,Encourage out real equity class trust products;From the perspective of investors,Through the years economic ups and downs,Investors in the securities market no matter or mineral investment,Their earnings are not very ideal,Investors in reducing earnings expectations,As evergrande such leading room to the years of fixed income trust product cash is very good,Also to enhance the confidence of investors.The equity of real estate funds is class to evergrande such leading room to handle nearly.

　　（作者系恒大地产集团副总裁兼资本市场部总经理）

(The author is evergrande real estate group vice President and general manager of capital marketing)