金融世界2012年第11期 Financial world 2012, p.22

　　　2011年10月29日，国务院任命尚福林为中国银监会主席；任命郭树清为中国证监会主席；任命项俊波为中国保监会主席。

October 29, 2011,The state council appointed chairman of the China banking regulatory commission for he;GuoShuQing appointed as chairman of the China securities regulatory commission;XiangJunBo appointed as the chairman of the circ.

　　　至今，整整一年。三位金融监管部门主要领导履新以来，新政频出，在构建现代金融组织体系，加快建设多层次金融市场体系，维护金融稳定和安全方面，迈出坚实步伐。但也不可否认，政策实际效果与人们的期望尚存一定差距。

has,Whole year.Three financial supervision department main leadership since he came,New Deal PinChu,In constructing the modern financial organization system,Speed up the construction of the multi-level financial market system,Maintain financial stability and security,Solid steps.But it is undeniable,Policy effect and expectations exist a certain gap.

　　　新形势下，如何完善金融监管体制，推进现代金融体系建设，开创金融改革发展新局面，可谓任重道远。

Under the new situation,How to perfect the financial supervision system,Promote the construction of modern financial system,Create a new situation in the financial reform and development,Is shoulder heavy responsibilities.

　　“尚”任一周年 "is"Any anniversary

　　　2011年10月29日，卸任证监会主席的尚福林，接替刘明康，转任银监会主席。今天，这位“掌门人”履新已满1年。

October 29, 2011,Former chairman of the securities regulatory commission he,Replace mingkang,Remained as chairman of the CBRC.today,the"pushed"Who has full 1 year.

　　　一任主席，就是一个时代。

President,Is a time.

　　　俗话说，新官上任三把火，可尚福林的“三把火”却烧得并不旺，甚至有人讲，他“‘一把火’都没烧。”

As the saying goes,A new broom sweeps clean,But he's"Three fire"But burn is not popular,Even someone speak,he"‘A fire’Didn't burn."

　　　而尚福林的一番话透露出其中深意：“稳中求进”是银行监管工作的总基调。“稳”，就是严守风险底线；“进”，就是坚定不移深化银行业改革开放，提升服务水平，推进监管能力建设。

And he's words reveals the profound:"WenZhongQiuJin"Is a bank supervision work of total fundamental key."stability",The risk is the bottom line;"into",Deepening the reform and opening up is unswervingly banking industry,Enhance service level,Promote regulatory ability construction.

　　　严守风险底线 Adherence to risk the bottom line

　　　仔细梳理银监会1年来的新政，不难发现，“严控风险”、“严守风险底线”等字眼在尚福林的讲话中出现频率最高。

Carefully combed the CBRC 1 years of the New Deal,Is not difficult to find,"Tight control of risk"/"Adherence to risk the bottom line"The word in the speech he appeared in the highest frequency.

　　　2012年1月，银监会开年“重头戏”??2012年监管工作会议召开。尚福林表示，2012年银行业监管工作将“坚决守住不发生系统性和区域性风险底线”。

In January 2012,CBRC in open"Grand opera"??2012 meeting supervision work.He says,2012 banking supervision work will be"Firmly hold not occur systemic and regional risk the bottom line".

　　　此后，无论在2012年6月成都的城商行论坛、2012年9月呼和浩特的股份制银行行长联席会议上，还是接受媒体采访时的公开表态，尚福林都重点强调加强银行业风险控制，甚至要求银行业协会加强风险监测和预判。

Since then,No matter in June 2012 the city of chengdu business BBS/In September 2012, Hohhot joint-stock bank President joint meeting,Or to accept an interview with the media public comments,He is emphasis on strengthening banking risk control,Even for banking association to strengthen risk monitoring and anticipation.

　　　“银监会将‘风险防控’作为工作重点，既与中国银行(601988,股吧)业所处的发展阶段相关，也是尚福林性格特点的体现。”一位中国银行战略发展部人士这样评价。

"The CBRC will‘Risk prevention and control’As a focus,Both to the bank of China(601988,guba)Industry's development stage related,He is also the embodiment of the personality traits."A bank of China strategic development people such evaluation.

　　　他进一步解释说，同证券业相比，银行业发展更为成熟，现阶段的主要任务已不是如何高速发展，更多应关注如何加强风险管理、调整结构、转型升级，以及完善不适应市场发展的环节。“在这种背景下，很多措施可能没有那么‘风风火火’，效果也不可能立竿见影，更像是一个‘小火慢炖’的过程。”

He further explained,Compared with securities,Banking development more mature,At present the main task is not how to high speed development,More should focus on how to strengthen the risk management/Adjusting structure/Transformation and upgrading of,Do not adapt to the development of market and improve the link."In this background,A lot of measures may not be so‘USSR’,The effect also can't get effect instantly,More like a‘Small fire simmer’process."

　　　“聪明、稳健、谦和”，是业内人士对尚福林的一致评价。“尚福林低调务实，适合更需要风险防范的银行业。”一位接近监管层的人士表示。

"smart/robust/amiable",For he is the personage inside course of study in evaluation."He low-key pragmatism,Suitable for more need of banking risk."A close to the supervisor's say.

　　　河南银监局局长李伏安认为，“尚主席是个很谨慎的人，关注风险防控，符合他的性格特点和一贯作风。”

Henan silver inspect bureau chief li volt-ampere think,"Is chairman is a very careful person,Attention to risk control and prevention,With his character and consistent style."

　　　实际上，作为继任者，尚福林谨慎的监管思路同前任刘明康一脉相承。刘明康卸任前，曾把风险问题作为2011年银监会的首要工作，提出严密防范信用风险、市场风险、操作风险和流动性风险。

In fact,As a successor,He careful supervision with former ideas come mingkang.Mingkang before stepping down,Once the risk problem in 2011 as the CBRC's first job,Puts forward close to guard against credit risks/Market risk/Operational risk and liquidity risk.

　　　“面对复杂的金融形势，监管者要始终保持满腔的热情和冷静的头脑，warmheart，coolhead。”刘明康在临别致辞时的这句话颇具深意。

"In the face of complex financial situation,Regulators should always keep full of passion and a cool head,warmheart,coolhead."In the speech mingkang parting this sentence has profound.

　　　“如果说8年前的改革是体制改革，那么下一阶段的改革重点就是机制改革。”尚福林这样阐述与刘明康时期监管思路的差异。

"If the eight years ago reform is the reform of the system,So the next stage is to focus on the reform of the mechanism reform."He this paper mingkang period the regulation thinking difference.

　　　尚福林认为，银行首先要建立有效的约束机制。“很显然，这种资产扩张倒逼资本补充的现象不可持续”。

He think,The bank should first establish an effective constraint mechanism."obviously,This kind of assets expansion DaoBi capital supplement phenomenon unsustainable".

　　　2012年6月，银监会发布《商业银行资本管理办法（试行）》（下称“《管理办法》”，于2013年1月1日起实施。一再推迟的中国版“巴塞尔协议III”终于落地。

In June 2012,The CBRC issued[Commercial bank capital management measures(trial)](Hereinafter referred to as"[Management measures]",On January 1, 2013 implementation.Delayed repeatedly Chinese edition"Basel III"Finally landing.

　　　《管理办法》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%。

[Management 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.

　　　按照巴塞尔委员会的规定，《管理办法》扩大了资本覆盖风险的范围，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。

In accordance with the provisions of the Basel committee,[Management measures]Expand the scope of the cover the capital risk,Includes not only the credit risk and market risk,Will also be operational risk into the capital regulatory framework.At the same time,Clear the asset securitization/Otc derivatives complex transaction sex business capital regulation rules,Guide the domestic bank prudent to carry out financial innovation.

　　　“《管理办法》最终确定的资本充足率监管要求，与国内现行标准保持一致。这说明银监会考虑到了国内银行业的实际情况。”一位申银万国银行业分析师表示。

"[Management measures]Final capital adequacy ratio regulatory requirements,With the domestic current standard consistent.This shows the CBRC takes into consideration the actual situation of the domestic banking sector."A ShenYin universal banking analysts said.

　　　一位市场分析人士表示，“对大银行而言，基本没问题，但对许多城商行和农商行来说，实施新规的过渡期非常重要，如果太短，就将面临较大压力。”

A market analysts said,"For large Banks,Basic no problem,But for many city businesses and farmers for business,Implementation of the new gauge transition period is very important,If you are too short,Will face greater pressure."

　　　实际上，由于宏观经济走弱，伴随监管的加强，国内银行的不良贷款风险正在集聚。

In fact,Due to the macro economic weakness,With the strengthening of supervision,Domestic Banks' non-performing loans risk are gathering.

　　　2012年半年报显示，全部16家A股上市银行中，5家银行的不良贷款余额、不良率出现“双升”，江浙等地成为重灾区。有国有大行人士直言：“坏账风险是目前银行业的最大风险。”

Half 2012 annual report shows,All 16 a-share listed bank,5 Banks non-performing loan balance/Fraction defective appear"Double up",The jiangsu and zhejiang provinces, a major disaster area.A state-owned big do people the truth:"Bad debt risk is the biggest risk of the banking industry."

　　　银行更大的隐忧还在于，同去年末相比，今年上半年各家银行的逾期贷款大幅增加，5家不良贷款出现“双升”的银行中，最多的增加了80%。

Bank bigger worry is that,Compared with proceedings,In the first half of this year the Banks of the overdue loans increased significantly,Five in bad loans"Double up"Bank in,Most of the increased by 80%.

　　　评级机构标准普尔发布的一份报告预计，今年中国银行业的不良贷款率将提高2?3个百分点，最高可能达到5%。

Ratings agency standard &poor's released a report is expected,This year China banking bad loans will improve 2?3%,The highest could reach 5%.

　　　清华大学中国与世界经济研究中心主任李稻葵表示，“现在中国经济增速有所下滑，银行出现一定坏账是正常的，这两者相关性很大，不过目前这方面的风险可控。”

Tsinghua university of China and the world economic research center director LiDaoKui said,"Now China's economic growth dropped,Banks in certain bad debt is normal,The two great correlation,But at present the risks are controllable."

　　　由此可见，尚福林重视银行风险管控在情理之中。

Thus it can be seen,He attaches great importance to the bank risk control in reason.

　　　重视“三农”和“小微” attention"Agriculture, countryside and farmers"and"Small micro"

　　　“三农”和小微企业始终是银行服务的薄弱领域。

"Agriculture, countryside and farmers"And small micro enterprise is always the weak banking services field.

　　　上任以来，尚福林利用各种机会调研“三农”和小微信贷，并始终强调“改善‘三农’及小微企业金融服务。”

Since taking office,He use all sorts of opportunity to research"Agriculture, countryside and farmers"And small micro credit,And always emphasize"improve‘Agriculture, countryside and farmers’And small micro enterprise financial services."

　　　在服务“三农”方面，他要求银行主动了解农村经济发展的新趋势，主动适应农村经济结构调整的新变化，下沉服务重心。

In the service"Agriculture, countryside and farmers"aspects,He asked the bank actively understand the new trend of development of rural economy,Adapt to the rural economic structure adjustment of the new changes,Sink service center of gravity.

　　　6月中旬，银监会全面启动实施“金融服务进村入社区”、“阳光信贷”和“富民惠农金融创新”三大工程。

In the middle of June,The CBRC comprehensive start implementation"Financial services into the village into the community"/"Sunshine credit"and"The prosperous common people and benefit of financial innovation"Three engineering.

　　　近日，银监会正式发布《农户贷款管理办法》。该办法在改善农村金融服务的便利性和可获得性，强调保护农户消费者权益的同时，也着重规范了农户贷款的业务流程，并进一步强化风险控制。

recently,The CBRC official release[The measures for the administration of the peasant household loans].The measures to improve the rural financial service convenience and availability,Emphasis on the protection of the rights and interests of consumers and farmers,Also emphatically standardizes the farmers loans business process,And further strengthen risk control.

　　　银监会数据显示，截至2012年6月末，金融机构农户贷款余额34840亿元，比2007年末增长160%，占涉农贷款的比例达21.4%。

The CBRC data display,By the end of June 2012,Financial institutions farmers loan balance is 3.484 trillion yuan,More than 160% growth by the end of 2007,Agriculture loan accounts for 21.4%.

　　　中国农业科学院农业经济与发展研究所研究员夏英表示，目前的农村金融服务领域，农户贷款还是一块短板。此前的改革工作主要针对金融机构的体制和框架设计，算作是搭架子，后续则要针对具体的对象进一步深化明确，使农户最终能够更方便地获得贷款。

Chinese academy of agricultural sciences researcher at the institute of agricultural economy and the development XiaYing said,The current rural financial services,Farmers loans or a piece of short board.Previous work mainly aims at the reform of financial institutions system and frame design,Count is build a framework,The follow-up to the specific object further clear,Enable farmers will eventually be able to more convenient to get loans.

　　　一位社科院农村金融研究人士认为，在服务“三农”过程中，尤其要注意针对农村金融组织体系存在的缺陷，并结合“三农”发展的新特点和新需求。

An academy of rural financial researchers think,In the service"Agriculture, countryside and farmers"process,Especially should pay attention to in the rural financial organization system defects,And combined with"Agriculture, countryside and farmers"The development of new features and new demand.

　　　某村镇银行负责人表示，现在服务“三农”，口头上确实很重视，但实际改善效果并不明显。“‘三农’问题基本上是说得多，做得少，没有找到有效的解决方法。”

A town bank chief said,Now service"Agriculture, countryside and farmers",In word is really pay attention to,But the actual improvement effect is not obvious."‘Agriculture, countryside and farmers’Problem is basically talk too much,Do less,Didn't find the effective solutions."

　　　中国社科院农村所研究员任常青认为，银监会应该在农户贷款领域，对中小农村金融机构定下一些指标，并加以监管。如果没有硬性要求，谁会主动服务农户？比如，规定村镇银行的农户贷款要占到其业务总量的80%以上，达不到就要对其进行处罚，这样金融机构就会去主动服务。

By the Chinese academy of social sciences researcher at the countryside as evergreen think,The CBRC should be in the field of peasant household loans,For small and medium-sized rural financial institutions set some indicators,To supervision and.If there is no rigid requirements,Who will be active service farmers?Such as,Provisions of the village bank loans to farmers accounted for more than 80% of the total amount of its business,Can not reach will carry on the punishment,Such financial institutions would go to active service.

　　　小微信贷支持同样是尚福林工作的重点。

Small micro credit support is also the focus of the work he.

　　　招商银行(600036,股吧)战略发展部刘勇表示，小微企业的资金缺口仍十分庞大，据不完全统计，国内小微企业有4000多万户，对外部资金有较强需求的超过80%，而能嫁接上银行融资渠道的不足12%。

Merchants bank(600036,guba)Strategic development, said,Small micro enterprise financing gap is still very large,According to incomplete statistics,Domestic small micro enterprise has more than 4000 households,External funds have strong demand of more than 80%,To graft on bank financing channel of less than 12%.

　　　今年4月，银监会启动“中国银行业小微企业金融服务成就展暨宣传月活动”，并对服务小微企业突出的商业银行进行表彰。

In April this year,The CBRC start"China banking small micro enterprise financial services ChengJiuZhan and XuanChuanYue activities",And the service small micro enterprise outstanding commercial Banks for recognition.

　　　银监会银行二部副巡视员张金萍表示，银监会将推动商业银行制定符合自身特色的战略规划，逐渐往小微企业方向发展。

The CBRC bank two deputy inspector ZhangJinPing said,The CBRC will promote the commercial Banks to make consistent with their own characteristics of strategic planning,Gradually to small micro enterprise development direction.

　　　张金萍进一步表示，银监会将把宣传月活动作为一种长效机制，引领专家、政府、企业共同参与，进行国际探讨。

ZhangJinPing further said,The banking regulatory commission (CBRC) will XuanChuanYue activity as a long-term mechanism,Leading experts/The government/Enterprise participation,Discussed international.

　　　某银行人士则认为，“这更多是一种应景式的宣传，服务小微企业还是要让银行得到实实在在的利益才能顺利推进。”

Some people think that the bank is,"This is more a YingJingShi propaganda,Service small micro enterprise or ask the bank to get real benefits to smoothly development."

　　　某城市商业银行部门负责人向记者坦承其困惑，“服务大企业，需要集中全行人力物力，一旦这家大企业出现风险，相当于把所有鸡蛋放在一个篮子里；服务小企业，一方面，费力不出活儿，另一方面，很多小企业风险确实很大，公司治理结构不完善，授信很不放心。”

A city commercial bank department person in charge told reporters admits the confusion,"Service big enterprise,Both need to focus on human resources,Once the big enterprise appear risk,Equivalent to put all your eggs in one basket;Service small,On the one hand,To work out,On the other hand,Many small businesses really great risk,Corporate governance structure is not perfect,Credit is not assured."

　　　推动民资“入行” Promote what"Into line"

　　　尚福林一贯低调，在银行业改革进程中，他上任以来引发业内最多关注的动作，无疑是支持民间资本进入银行业。

He has always been low-key,In the banking industry in the process of reform,He caused the attention since taking office most of the action,Is undoubtedly support folk capital into the banking industry.

　　　今年5月，银监会出台《鼓励和引导民间资本进入银行业的实施意见》（下称“《实施意见》”）。

In may this year,CBRC introduction[Encourage and guide the folk capital into the banking of the implementation opinions](Hereinafter referred to as"[Implementation opinions]").

　　　《实施意见》首先明确民间资本进入银行业与其他资本享有同等条件，支持民间资本参与村镇银行发起设立或增资扩股，并将村镇银行主发起行的最低持股比例由20%，降为15%。

[Implementation opinions]The first clear private capital into the banking and other capital enjoy equal conditions,Support the folk capital to participate in town bank to launch or increase endowment spread,And the Lord did village bank launched the minimum shareholding ratio by 20%,Reduced to 15%.

　　　长期以来，监管部门对民营资本进入银行业持非常审慎的态度，担心关联交易，将银行作为自己的提款机，从而引发风险。

For a long time,The supervision department of private capital into the banking hold very prudent attitude,Worry connected transaction,The bank as their ATM,Causing risk.

　　　银监会主席助理阎庆民表示，坚持银行业金融机构作为村镇银行主发起人，有利于防范金融风险，保护存款人利益。

The CBRC President assistant YanQingMin said,Adhere to the banking financial institutions as the main sponsors village bank,To guard against financial risks,Protect the interests of depositors.

　　　“这种担心不无道理，但也应看到，民营资本进入，不仅可以改变银行业的股权结构和公司治理，而且可以有效地改变银行业的市场结构，更广泛地支持小微企业。”某银行业内人士表示。

"The worry is not without reason,But also should see,Private capital into the,Not only can change the banking equity structure and corporate governance,And can effectively change the banking market structure,A more widespread support small micro enterprise."A bank the personage inside course of study says.

　　　郭田勇认为，监管机构总是戴着有色眼镜来看待民间资本，担心他们没有经验、不懂经营，或者发生利益输送、卷钱跑路，“这种担心不是没道理，但不能因噎废食。”

Guo TianYong think,Regulators are always wear colored glasses to regard the folk capital,Worried that they have no experience/Don't understand business,Or have interests delivery/Roll money to run road,"The worry is not without reason,But not of."

　　　电影《侏罗纪公园》中，有句经典台词：生命会自己找到出路。

The movie[Jurassic park]in,There is a classic lines:Life will find a way out.

　　　一家村镇银行行长打趣道，民资也会自己找到出路，“民资逐利性更强，一定会把办银行当作一项‘事业’来奋斗。”

A town bank President joked,What also can find a way out,"What ZhuLiXing stronger,The bank will do as a‘career’To struggle."

　　　前述村镇银行行长表示，这样的政策放宽不会有大的变化，“降低5%是没用的，甚至银行一分钱不出也没用，只要有‘由银行发起’这一条在，其他政策都是小打小闹。”

The town bank President said,Such policies relaxed won't have big changes,"It is no use to reduce 5%,Even the bank have no money out of it,As long as there is‘Launched by the bank’This article,Other policies are on small scale."

　　　他进一步说，“这一条不放开，还是看不到民资进入银行的实质性变化。”

He further said,"This one does not let go,Still can't see into the bank what the substantial change."

　　　保护金融消费者 To protect the financial consumers

　　　上任以来，尚福林非常重视对金融消费者权益的保护，年初便将治理银行业不规范经营行为确定为今年监管工作的重点。

Since taking office,He attached great importance to the financial consumers' rights protection,At the beginning will management banking is not standard management behavior to determine the key work of supervision for this year.

　　　今年1月，银监会发布《关于整治银行业金融机构不规范经营的通知》，对银行提出服务收费及合规经营“七不准”，银行向客户信息披露“四公开”，并随后展开银行系统“不规范经营”问题专项治理。

In January,The CBRC issued[About the regulation of banking financial institutions operating notice],To put forward the bank service charge and compliance management"Seven no",Bank to the client information disclosure"SiGongKai",And then on the banking system"Not standardized operation"Special management problems.

　　　2月，为规范商业银行服务价格，银监会、人民银行、国家发展改革委就《商业银行服务价格管理办法（征求意见稿）》公开征求意见。

February,In order to regulate the commercial bank service price,The CBRC/People's bank of/The national development and reform commission is[The measures for the administration of the commercial bank service price(draft)]Public to solicit their opinions.

　　　3月，银监会印发《关于完善银行业金融机构客户投诉处理机制，切实做好金融消费者保护工作的通知》，要求银行业金融机构设立或指定投诉处理部门，完善客户投诉处理、金融消费者保护机制，及时妥善解决客户投诉事项。

march,Issued by the banking regulatory commission (CBRC)[Banking financial institutions about the perfect customer complaint handling mechanism,To do a financial consumer protection work of the notice],Require the banking institutions to establish or designate a complaint handling department,Improve customer complaint handling/Financial consumer protection mechanism,Promptly and properly resolve customer complaints matters.

　　　“尽管目前银行收费正朝着公开、透明的方向发展，但价格公示与规范收费不能划等号，银行应做到合理收费。”中国人民大学财金学院教授赵锡军表示，一些说不清成本的银行收费，难以让客户信服，整治不合理收费正当其时。

"Despite the current bank charges are in public/Clear the direction of development,But the price of public and the standard charge can't equate,Banks should do reasonable charge."Chinese people's university professor zhao xijun finance-related said,Some say the cost of bank charges,Difficult to let the customer convincing,Improvement in its unreasonable fees.

　　　但在实际操作过程中，银监会的新政也遭到一些质疑。

But in the actual operation process,The banking regulatory commission (CBRC) the New Deal was also some question.

　　　“银行的利润增速按月份摊在考核业绩中，‘七不准’又明确提出不准‘浮利分费’，我们的考核压力陡增。”一位股份制银行北京分行员工向记者表示。

"Bank's profit growth in according to the evaluation results of the booth,‘Seven no’And are not allowed to put forward‘FuLi points fee’,Our assessment pressure spurt."A joint-stock bank Beijing branch staff told reporters.

　　　一家商业银行工作人员向记者表示，银行制定了中间业务收入增长指标，而且指标不低。在考核压力下，银行当然不愿意主动调整和放弃收入颇丰的收费项目。

A commercial bank staff told reporters,The bank has formulated the intermediary business revenue growth index,And index is not low.In the inspection under the pressure,Bank of course not willing to adjust and give up higher-paying charging projects.

　　　同时，媒体也爆出不少银行“顶风作案”，或者对一些禁止收费的项目改个名字，“换汤不换药”。

At the same time,The media also came a lot of bank"Wind crime",Or to some banned the charging items change a name,"Mutton dressed as lamb".

　　　另一位银行人士则坦言，“当下正在推行贷款业务‘七不准’、服务收费‘四公开’等，但很难从根本上改变商业银行的内部约束和激励机制。”

Another bankers are said,"Then is pushing loan business‘Seven no’/Service charge‘SiGongKai’etc,But it is difficult to fundamentally change the commercial Banks internal control and incentive mechanism."

　　　“治理不合理收费，关键是要实现充分竞争，推进市场化改革。”一位大型商业银行分行行长认为，当前的不合理收费整治，主要还是靠政策推动。

"Management is not reasonable charge,The key is to realize full competition,Advancing market reform."A large commercial bank President think,The current unreasonable fees regulation,The main or a policy to promote.

　　　今年8月，银监会主席助理阎庆民透露，银监会“金融消费者保护局”已挂牌成立，各地分支机构也已批准设立，同时正在做相应制度上的准备。

August,The CBRC President assistant YanQingMin revealed,The CBRC"Financial consumer protection agency"Already was founded on August,Local branch has been approved,At the same time doing the corresponding institutional preparation.

　　　此前，证监会和保监会都设立了类似机构，但从实践看，两者的消费者保护部门更多承担了类似信访办的功能。

after,Securities regulatory commission and the China insurance regulatory commission has established similar institutions,But see from the practice,The consumer protection department for more similar to the function of the letter is visited do.

　　　“这仍然是初级的工作。”一位监管人士坦言。在他看来，目前的消费者保护工作始终不太令人满意。关键原因在于，“国内缺乏立法，监管部门缺乏相应的法律授权，一旦金融消费者遭受不公正待遇或不公平交易，监管部门没有任何授权处罚的法律依据。目前都是基于风险的处罚，但这是两个维度”。

"This is still the primary work."A regulatory people said.In his view,The current consumer protection work always not very satisfactory.Key reason is that,"Domestic lack of legislation,Regulators lack of corresponding legal authorization,Once the financial consumers suffer unfair treatment or unfair trade,Regulators do not have any authorized punishment according to law.At present are based on the risk of punishment,But this is two dimensions".

　　　加强信息科技监管 To strengthen the supervision of information science and technology

　　　在当前信息科技突飞猛进的背景下，各家银行纷纷加强信息化建设，将信息系统或平台看作是打造核心竞争力的关键，信息技术同银行产品和服务的结合越来越紧密，并不断向银行管理、风控、运营等领域渗透。

In the current information technology under the background of advance by leaps and bounds,Banks have to strengthen the information construction,The information system or platform as the core competitiveness of the key,Information technology with the combination of banking products and services more and more closely,And to keep the bank management/The wind control/Operation field penetration.

　　　随之而来的是，信息科技风险问题凸显，特别是对基于信息系统为客户提供金融交易的银行来说，愈发值得重视。

Along with the,Information technology risk highlights,Especially for based on the information system to provide financial transactions for the bank,Worth paying attention to increasingly.

　　　有业内人士认为，金融交易业务受市场波动影响较大，蕴藏着一定风险，由交易员违规造成的巨额亏损屡见不鲜，给商业银行通过信息系统对交易流程加强控制提出较高要求。

The personage inside course of study thinks,Financial transactions by market fluctuation influences,Contain a certain risk,The traders of common cause huge losses,To commercial Banks through the information system to strengthen trade flow control higher demands are proposed.

　　　银监会副主席郭利根表示，信息化深刻改变了传统的银行运作方式，加快了“金融脱媒”步伐，加大了银行经营风险，全行业必须清醒地认识到随之而来的一系列挑战。

Vice President GuoLi root banking regulatory commission (CBRC) said,Informatization profoundly changed the traditional bank operation mode,Accelerated the"Financial disintermediation"pace,Increase the bank business risk,The industry must understand clearly that with a series of challenges.

　　　为此，今年8月，银监会设立信息科技监管部，尚福林强调加强银行业信息科技监管督导和专项排查，维护银行业稳健运行。

therefore,August,The CBRC set up information technology JianGuanBu,He emphasized the banking information technology supervision supervision and special machines,Maintain sound operation of the banking industry.

　　　在银监会网站上，信息科技监管部的职能被描述为：负责制定银行业信息科技监管政策，指导银行业信息科技发展规划，开展信息科技非现场监管和现场检查，处置信息科技突发事件，开展银行业标准化相关工作，以及银监会信息科技风险防范工作归口管理。

In the banking regulatory commission (CBRC) website,Information technology JianGuanBu function is described as:Be responsible for making banking information technology supervision policy,Guidance banking information science and technology development planning,Developing the information technology the off-site supervision and spot inspection,Disposal of information science and technology emergency,In the banking industry standardization related work,Banking regulatory commission (CBRC) and information technology risk prevention work centralized management.

　　　尚福林表示，银行业信息科技系统的安全、稳健运行，关系银行业自身可持续发展，关系金融安全。在当前银行业务快速发展，与信息科技高度融合的背景下，银监会要进一步强化银行业信息科技风险监管，进一步提升信息科技风险监管的及时性、前瞻性。

He says,Banking information technology system security/Stable operation,Relationship between the sustainable development of the banking industry itself,Relationship financial security.In the current banking rapid development,And information technology under the background of highly integrated,The CBRC will further strengthen banking information technology risk supervision,To further enhance information technology risk supervision of timeliness/prospective.

　　　一位银行业内人士认为，这是大势所趋。当前银行电子业务创新不断，客户信息安全、交易安全风险已逐渐显现，这类风险已不亚于信用风险。

A bank the personage inside course of study thinks,This is the trend of The Times.The current bank electronic business innovation continuously,Customer information security/Transaction security risk has gradually revealed,This kind of risk has no less than the credit risk.

　　　此外，银监会近日还向商业银行下发了一份《银行业金融机构信息科技外包风险管理指引（征求意见稿）》，首次对金融科技外包提出具体要求。

In addition,The CBRC recently to commercial Banks issued an announcement[Banking financial institutions information technology outsourcing risk management guidelines(draft)],For the first time, the financial technology outsourcing puts forward specific requirements.

　　　相关数据表明，目前我国金融科技外包行业呈现爆发式增长，市场规模已达150亿元。

Related data show that,At present our country financial technology outsourcing industry present explosive growth,The size of the market has reached 15 billion yuan.

　　　农行软件开发中心工作人员杨洋（化名）告诉记者，信息科技外包是一个典型的知识密集型行业，但我国的外包企业普遍比较重视客户关系，技能、方法体系，以及人才培训机制等，基本上还未有效建立。

Agriculture bank software development center staff YangYang(alias)Told reporters,Information technology outsourcing is a typical knowledge intensive industry,But China's outsourcing enterprises generally pay attention to customer relationship,skills/Method system,And talent training mechanism, etc,Basically is not effective to establish.

　　　“一方面，不能满足客户的要求；另一方面，如果涉及银行后台系统的产品，必然存在一定操作和管理风险。”杨洋认为。

"On the one hand,Can't meet the demand of the customers;On the other hand,If in banking background system products,There must be some operation and risk management."YangYang think.

　　　实际上，各家银行信息系统出现故障导致客户利益受损、客户资料泄露的事件时有发生，加强银行信息科技监管十分必要。

In fact,Banks information system failure cause customer interests is damaged/The customer information leak incidents,Strengthen the bank information technology regulation is necessary.

　　　一篇研究银行信息化监管的论文指出，由于信息化标准制定滞后，监管理念、数据可靠性、监管模式等，都给我国的银行信息化监管带来很大困难。

A research paper points out that the bank information monitoring,Because of the information standards lag,Supervision idea/Data reliability/Supervision mode,To our bank supervision information bring a lot of difficulties.

　　郭树清维新 GuoShuQing reform

　　　2012年10月29日，郭树清出任中国证监会主席整整一年。

October 29, 2012,GuoShuQing as chairman of the China securities regulatory commission for an entire year.

　　　上任伊始，郭树清便新政频出，成为市场瞩目的焦点。虽说“新官上任三把火”再正常不过，但郭树清之“火”足足延续了一年，并且丝毫还没有放缓的迹象。

At the beginning of the term,GuoShuQing and the New Deal PinChu,Become the focus of market attention.although"A new broom sweeps clean"Is more than just normal,But the GuoShuQing"fire"Which lasted for one year,And no signs of slowing is not.

　　　本刊记者统计发现，郭树清主政证监会以来，公布的各项政策、办法达70条之多，平均5天左右一项，内容几乎涉及资本市场的各个方面。

This reporter statistics found,Since the GuoShuQing CSRC,Published policies/Article 70 the way,An average of five days or so a,The content involved in almost all aspects of the capital market.

　　　但在“积弊颇深”的中国资本市场，郭树清的“药方”并没有取得立竿见影的“疗效”。

But in"Quite deep any"Of China's capital market,GuoShuQing of"prescription"There has been no immediate"Curative effect".

　　　2011年10月28日，郭树清履新前一天，上证综指2473.41点，深证成指10561.99点；截至2012年10月25日，沪深两市分别报收于2101.58点和8602.81点，一年的时间分别下跌了近400点和近2000点。

In October 2011 and day,The day before he came to GuoShuQing,The Shanghai composite index 2473.41 points,Shenzhen stock exchange ChengZhi 10561.99 points;By October 25, 2012,Shanghai and shenzhen respectively in two cities at 2101.58 points and 8602.81 points,A year's time were tumbled nearly 400 points and nearly 2000 points.

　　　“股市低迷不能算在郭树清头上，主要还是宏观经济的原因。” 中国国际经济交流中心信息部副部长徐洪才表示。

"The stock market downturn cannot calculate in GuoShuQing head,The main or macro economic reasons." China international economic communication center, vice minister of information XuHongCai said.

　　　不可否认，郭树清的新政改变了中国资本市场，但效果如何，还需时间的检验。

undeniable,The New Deal GuoShuQing changed China's capital market,But the effect how to,Still need to the test of time.

　　　“强制”分红 "forced"Share out bonus

　　　郭树清新官上任后的“第一把火”烧向了上市公司分红。

GuoShuQing new officer upon taking office"The first fire"Burn to the listed company share out bonus.

　　　一直以来，A股上市公司的股息率远远低于境外市场，中国股民对于一些上市公司有“红”不分的现象早已习以为常。事实上，多数股民也并不以获取红利作为投资股市的目的。

Has been,A-share listed company's dividend rate is far lower than the market abroad,Chinese people for some listed companies"red"Regardless of the phenomenon accustomed to.In fact,Most people are not in order to get bonus as the purpose of investing in the stock market.

　　　2011年11月9日，证监会通过有关负责人出面讲话的方式，要求所有上市公司完善分红政策及其决策机制，并且从首次公开发行股票开始，在公司《招股说明书》中细化回报规则、分红政策和分红计划，并作为重大事项加以提示。

November 9, 2011,Securities regulatory commission through the relevant person in charge to way of speaking,Require all listed companies improve dividends policy and its decision-making mechanism,And from initial public offerings of shares began,In the company[prospectus]Detail the return rules/Dividends policy and bonus plan,And as the major issues to tip.

　　　仅仅一个月之后，证监会又向各保荐机构与拟上市公司下发《关于创业板拟上市公司分红要求》等文件，对“IPO分红新政”做出明确规定。

Just a month later,The CSRC and to the sponsor and quasi issued by the listed company[About gem listed company intends to share out bonus requirements]documents,to"New IPO share out bonus"Made specific provision.

　　　2012年5月9日，证监会又发布了《关于进一步落实上市公司现金分红有关事项的通知》，从严格细化信息披露的角度增强上市公司现金分红的透明度，督促上市公司强化回报股东的意识。

On May 9, 2012,The CSRC and released[On further implementation of the listed company cash dividends related matters notice],From the point of view of strict refinement information disclosure of listed companies enhance the transparency of cash dividends,Supervise and urge the listed company strengthen the consciousness of returns to shareholders.

　　　在“连珠炮”式的政策“攻势”之下，上市公司不再“不为所动”。

in"soon"Type policy"offensive"under,Listed companies are no longer"Rise superior to".

　　　证监会资料显示，截至今年4月底，沪深两市2403家上市公司全部披露了2011年年报，其中有1613家上市公司提出现金分红方案，占全部上市公司家数的67.12%。

Data show that the CSRC,By the end of April this year,Shanghai and shenzhen two city 2403 listed companies disclose all the 2011 annual report,There are 1613 listed company to put forward the cash bonus scheme,Accounted for 67.12% of the number of all listed companies.

　　　但对此，市场上不乏反对之声。

But it,There is no lack of market against the sound.

　　　中国政法大学资本研究中心主任刘纪鹏认为，“强制分红”与《公司法》有一定的冲突。根据《公司法》规定，上市公司利润分配属于公司自主决策事项，只有公司董事会和股东大会才有权决定是否分红和如何分红。

China university of political capital research center director LiuJiPeng think,"Forced dividends"and[company]Have certain conflict.According to the[company]provisions,The listed company profit distribution belong to the company independent decision matters,Only the board of directors of the company and the shareholders' general meeting to have the right to decide whether and how to share out bonus share out bonus.

　　　面对质疑，郭树清在浙江调研时曾表示，“上市公司分红是由公司自主决策的，监管部门在尊重公司自主经营基础上，鼓励、引导上市公司建立持续、清晰、透明的决策机制和分红政策，不分红也要向投资者说清楚原因。”

In the face of the question,GuoShuQing in zhejiang research has said,"The listed company share out bonus is the company independent decision-making,The supervision department in respect for the company on the basis of independent operation,encourage/Guide the listed companies to establish continuous/clear/Transparent decision-making mechanism and dividends policy,Don't share out bonus to clear reason for investors."

　　　“鼓励分红这个方向是对的，但对于A股的投资者，分红稍微增加一点，并不会产生太大影响。”燕京华侨大学校长华生表示。

"Encourage share out bonus in this direction is right,But for A share of the investors,Add a bit of a bonus,Will not have much impact."Yanjing overseas Chinese university President Watson said.

　　　事实上，郭树清之所以首先选择在分红方面“牛刀小试”，一些业内人士认为，其更深层次的用意在于借此培养中国股市价值投资的风气。

In fact,GuoShuQing is first selection in aspects of share out bonus"Kind of wheel",Some in the industry think,The deeper purpose is to cultivate Chinese stock market value of the investment climate.

　　　“如果上市公司经常进行现金分红，就会吸引崇尚价值投资、长期投资和低风险偏好投资者，尤其是机构投资者进入资本市场，从而培育价值投资理念和健康的投资文化。”江苏证监局局长王明伟表示。

"If the listed company regular cash dividends,Will attract advocate the value investment/Long-term investment and low risk preferences of investors,Especially institutional investors into the capital market,So as to cultivate the value investment idea and health investment culture."Jiangsu securities regulatory bureau chief WangMingWei said.

　　　事实上，郭树清上任以来，曾在不同场合多次提到“价值投资”理念。

In fact,GuoShuQing since taking office,Worked in different situations mentioned it many times"Value investment"concept.

　　　“郭树清主席是希望倡导一种投资文化的理念，但是文化的培养不是一天两天就能完成的。”一位券商研究机构负责人表示。

"GuoShuQing chairman is to advocate the idea of an investment culture,But as the culture of the two days is not a day can be done."A securities research institute manager said.

　　　力促基金转型 Urged fund transformation

　　　为推动价值投资，郭树清还采取了一系列措施，大力推进机构投资者建设。

In order to promote the value investment,GuoShuQing also adopted a series of measures,Promote the construction of institutional investors.

　　　但此时，作为证券市场主要机构投资者的基金公司，正面临着前所未有的危机。

But at the moment,As securities market mainly institutional investors fund company,Are facing unprecedented crisis.

　　　随着大盘的长期低迷，基金公司业绩面临重大挑战。2011年，基金业创造了史上第二大年度亏损??全年基金累计巨亏5123.67亿元，平均每位基民亏损1.3万元。

With the long-term market downturn,Fund company performance is facing a great challenge.In 2011,,Funds created history's second largest annual losses??The funds accumulated huge loss 512.367 billion yuan,The average base civilian loss 13000 yuan.

　　　对此，郭树清开出了药方。6月7日，在中国证券投资基金业协会成立大会上，郭树清做了“我们需要一个强大的财富管理行业”的演讲，提出，基金公司要加快向现代财富管理机构转型。

this,GuoShuQing offer prescription.June 7,In China's securities investment funds industry association meeting,GuoShuQing made"We need a powerful wealth management industry"speech,Put forward,Fund company to speed up the transition to a modern wealth management institutions.

　　　“目前，基金业产品同质化现象严重，往往都是‘靠天吃饭’，没有办法显示出专业投资机构的优势，基金公司向现代财富管理公司的转型，应在产品创新、合作创新等方面做更多的尝试。”前述券商研究机构负责人表示。

"At present,Funds product homogeneityphenomenon serious,Often are‘Rely on the’,Have no way to show the advantage of specialized investment institutions,Fund company to modern wealth management company's restructuring,Should be in product innovation/Cooperative innovation, etc to do more."The person in charge said securities research institute.

　　　而这就需要适当放开对基金公司的一些限制，为其提供创新的空间。

And it needs to be appropriate to let go of some of the fund company limited,To provide innovative space.

　　　事实上，就在6月7日的演讲中，郭树清就提到，要“配合立法机关加快《证券投资基金法》的修订，争取在拓宽基金公司业务范围、扩大基金投资标的、松绑投资运作限制、优化公司治理、规范行业服务行为等方面取得突破性进展。”

In fact,On June 7 speech,GuoShuQing mentioned,to"Cooperate with the legislature to speed up[Securities investment funds]revision,Try to broaden the fund company business scope/Expand the fund investment target/Relax the investment restrictions/Optimizing corporate governance/Standardizing service behavior to make a great progress."

　　　很快，证监会便有了行动。

soon,Securities regulatory commission had action.

　　　6月29日，证监会公布《基金管理公司特定客户资产管理业务试点办法（征求意见稿）》，拓宽基金公司特定资产管理业务的投资范围，并进一步放松管制。

June 29,,Securities regulatory commission announced[A fund management company specific customer asset management business pilot measures(draft)],Broaden the fund company specific asset management business investment scope,And further deregulation.

　　　9月27日，证监会发布《证券投资基金管理公司子公司管理暂行规定（征求意见稿）》明确，基金公司可以设立全资子公司，也可以与其他合作伙伴共同出资设立子公司，对其他合作伙伴的类型、性质、主营业务等均不做限制。

On September 27,,Securities regulatory commission issued[Securities investment fund management company subsidiary management interim provisions(draft)]clear,Fund company may set up wholly owned subsidiary,Can also with other partners to invest to set up a subsidiary,On the type of other partners/properties/Main business are do not limit.

　　　要向现代财富管理公司转型，除了创新空间，基金公司在治理架构、运作模式等方面也存在着一些障碍。

To the modern transformation of wealth management company,In addition to innovation space,Fund company in the governance structure/Operation pattern and so on, there are also some obstacles.

　　　“由于收取固定的基金管理费，基金公司不可能将持有人的利益放在第一位，只会去拼命扩大规模。”曾长期担任华夏基金独立董事，被称为中国“基金业之父”的王连洲指出。

"Due to the charge fixed fund management fee,Fund company is not possible to the interests of the holder in the first place,Will only go to try very hard to expand the scale."Had been working in huaxia fund independent directors,Known as the Chinese"The father of funds"WangLianZhou pointed out that the.

　　　为解决这一问题，证监会推出发起式基金，希望借此将基金发起人与投资人的利益捆绑在一起。

In order to solve the problem,Securities regulatory commission launched out type fund,Hope this will fund sponsors and the interests of investors bound together.

　　　但对此，市场人士并不看好。

But it,People in the markets do not look good.

　　　“如果利益捆绑能够提高业绩，那些基金管理人早就自己单干了。”华泰证券(601688,股吧)金融产品研究评价中心主任王群航(博客,微博)表示，发起式基金应该只是顺应投资者非理性诉求的一个暂时性举措，不会长久。

"If interests bind can improve performance,The fund manager would have their the go it alone."Huatai securities(601688,guba)Financial product research and evaluation WangQunHang, director of the center(blog,Micro bo)said,Initiate type fund should conform to the demands of the irrational investors only a temporary measure,Won't last very long.

　　　在为基金公司发展创造一系列条件的同时，证监会也并没有忽略其他机构投资者。

For fund company development to create a series of conditions at the same time,Securities regulatory commission has not ignore other institutional investors.

　　　7月31日，期货资产管理业务开闸，这使得资本市场机构投资者的队伍更加壮大。“期货资产管理投资组合可以涵盖现有的以及未来将要推出的几乎全部原生品和衍生品，将成为国内获许投资范围最广的基金。”北京工商大学证券期货研究所所长胡俞越表示。

On July 31,,Futures asset management business breaking,This makes the capital market institutional investors squad."Futures asset management portfolio can cover the existing and future will be launched almost all primary products and derivatives,Will become the domestic many broad range of investment fund."Beijing university of commerce securities and futures institute director HuYu more said.

　　　8月31日，中国证券登记结算有限责任公司发布《关于信托产品开户与结算有关问题的通知》，信托产品开立证券账户冰封3年后重启。自此，信托产品可公平参与证券市场。

August 31,,China securities depository and clearing corporation limited release[About trust product accounts and settlement of the relevant questions of the notice],Trust products open securities account frozen three years to restart.Since then,Trust products can be fair to participate in the securities market.

　　　10月19日，证监会正式发布修订后的《证券公司客户资产管理业务管理办法》，全面松绑券商资管业务。

On October 19,Securities regulatory commission issued revised[Customer asset management business of securities companies management measures],Comprehensive relax brokers endowment pipe business.

　　　与此同时，证监会今年以来还多次出台政策吸引QFII机构增加对中国市场的投资额度。

meanwhile,Securities regulatory commission since this year also many policy to attract QFII mechanism to increase the Chinese market investment.

　　　“郭树清在为券商、基金公司等中介机构松绑方面做了很多工作，有利于增加他们的竞争力和活力。”华生表示。

"GuoShuQing for brokers/Fund company agencies in easing did a lot of work,To increase their competitiveness and vitality."Watson said.

　　　但在股市行情低迷、投资理念落后、激励机制不完善的背景下，资产管理机构要实现向“现代财富管理机构”转型，还有很长的路要走。

But in the stock market downturn/Investment idea behind/Incentive mechanism is not perfect background,Asset management mechanism to realize to"Modern wealth management mechanism"transformation,There is still a long way to go.

　　　退市制度推出 Introduced to withdraw from the market system

　　　2011年11月28日，深交所发布《关于完善创业板退市制度的方案（征求意见稿）》，就创业板直接退市制度征求意见，退市制度的探索终于启动。

In November 2011 and day,Issued by shenzhen[About perfect gem retreat city system solutions(draft)],Gem is directly delisted system for advice,Delisted system finally start to explore.

　　　事实上，在此之前，中国资本市场并非没有退市制度，《证券法》就明确规定了上市公司股票终止上市的条件。但由于条件相对宽松，加之操作性相对不强，上市公司很容易便可逃脱退市“厄运”。

In fact,Before this,China's capital market is not no retreat city system,[Securities law]Is clearly define the listed company shares listed on the termination conditions.But due to the relatively loose condition,Together with the relative operation is not strong,Listed companies can easily escape delisted"doom".

　　　“以前的退市制度已经名存实亡。”刘纪鹏表示。

"Previous delisted system has exist in name only."LiuJiPeng said.

　　　上交所数据显示，至今为止，沪深两市A股共有75家公司退市。其中，因连续亏损而退市的有49家，仅占目前A股上市公司总数的2％左右，其余的26家则是因为被吸收合并。而创业板自2009年开通以来，没有一家企业退市。

ShangJiaoSuo data display,So far,Shanghai and shenzhen A shares two city 75 companies delisted.the,Because of the continuous loss and out of the city of 49 home,Only now account for a-share listed companies around 2% of the total,The rest of the 26 it is because is merger by absorption.And since the opening of the gem since 2009,No one enterprise delisted.

　　　“没有完善的退市制度，只会导致‘劣币驱逐良币’，产生很多垃圾股、僵尸公司，使得股市优胜劣汰与资源配置功能难以正常发挥。”前述券商研究部门负责人表示。

"No perfect retreat city system,Can only lead to‘Bad money out good money’,Have a lot of trash stock/Zombie companies,Make the stock market balance and the allocation of resources to play normal function."The brokers research department person in charge said.

　　　尽管市场对于退市制度的呼声很高，但长期以来，建立退市制度却迟迟不见行动。郭树清上任后，明显加快了建立退市制度的进程。

Although the market for delisted system call is very high,But for a long time,Establish delisted system but can see action.GuoShuQing shortly after taking office,Speeding up the establishment of delisted system process.

　　　2012年4月20日，深交所发布了更为详细的《深圳证券交易所创业板股票上市规则》，明确了创业板退市的相关规定，并自2012年5月1日起施行。

In April 2012, twenty days,Shenzhen released more detailed[Shenzhen stock exchange listing rules gem stocks],Clear the gem delisted related provisions,And since May 2012 1.

　　　与此同时，主板、中小板建立退市制度的工作也紧锣密鼓地展开。

meanwhile,motherboard/Small and medium-sized plate establish delisted system is also being spread.

　　　2012年6月28日，深沪交易所同时发布上市公司退市制度方案。结合此前发布实施的创业板退市制度方案，国内多层次资本市场退市制度体系由此全面建立。此时，郭树清就任证监会主席整整8个月。

In June 2012 and day,Deep Shanghai stock exchange issued by the listed company at the same time to withdraw from the market system scheme.Combined with the previously issued by the gem retreat city system scheme,Domestic multi-level capital market delisted system thus set up overall.At this time,GuoShuQing accede to securities regulatory commission chairman for eight months.

　　　虽然退市制度的建立在市场上引起了不小的震动，但在不少业内人士看来，新的退市制度很难在短期内发挥作用。

Although delisted system based on the market caused a lot of vibration,But in a lot of the personage inside course of study looks,New delisted system it is difficult to play a role in the short term.

　　　“三年之内不会有企业因为新规而退市，最早会在2015年出现。”武汉科技大学金融证券研究所所长董登新表示，新的上市公司退市标准的设计理念比较先进，总体来说有不小的进步，但仍过于宽松。

"Three years will not have enterprise because the new gauge and out of the city,In the first appeared in 2015."Wuhan university of science and technology financial securities institute director DongDengXin said,The new listed companies delisted standard design concept is advanced,In general have a lot of progress,But still too loose.

　　　南方基金首席策略分析师杨德龙也表示，不论是新增加的财务指标，还是新增加的交易活跃度指标，对现在上市公司的约束应该不会太大，毕竟从退市风险警示到暂停上市，再到最终退市，要连续好几年达到才行。

The south fund chief strategy analyst YangDeLong also said,Whether additional financial indicators,Or additional transactions active degree index,Now the constraint of the listed company should not be too big,After all, from delisted risk warning to suspend listed,To final delisted,For several years to reach it.

　　　此外，制度虽然有了，但具体执行情况仍然有待观察。不久后发生的“闽灿坤B事件”更是加深了市场对于退市制度执行效果的忧虑。

In addition,Even though there is a system,But the specific implementation remains to be seen.Soon happen"Fujian tsann kuen B event"But also deepen the market for delisted system implementation effect of worry.

　　　7月23日，厦门灿坤实业股份有限公司公告称，从2012年7月9日至2012年7月20日止，其股票闽灿坤B已连续10个交易日每日股票收盘价低于每股面值1元人民币，按照深交所规定发布终止上市风险警示公告。此后的几个交易日里，闽灿坤B股价依然低于1元。按照新出台的退市规则，仅发行B股的上市公司连续20个交易日每日B股股票收盘价均低于每股面值的，其B股股票将直接终止上市。

July 23,Xiamen tsann kuen enterprise co., LTD. Announcement to say,From July 9, 2012 to July 2012 and the date,Its stock fujian tsann kuen B has ten consecutive trading day daily stock closes below par value per share 1 yuan,In accordance with the provisions of termination by shenzhen listed risk warning notice.For some in the trading day,Fujian tsann kuen B share price is still lower than 1 yuan.According to the new issued to withdraw from the market rules,Only issue B shares of the listed company continuous twenty trading day daily B shares are lower than the face value of the closing price per share,The B shares directly will terminate listed.

　　　就在市场普遍认为“闽灿坤B退市已成定局”之际，8月2日，距离“20日生死线”还有2天的时候，闽灿坤B公告宣布停牌，退市悬念陡起。一时间，市场上猜测不断，甚至谣言四起。

It is generally believed that in the market"Fujian tsann kuen B delisted has become a foregone conclusion"of,On August 2,,distance"Twenty days ShengSiXian"There are two days,Fujian tsann kuen B declared suspended,Delisted suspense stirring up.time,Speculation in the market constantly,Even rumours were rife.

　　　8月14日，闽灿坤B发布公告，对谣言进行了澄清。但同时，市场关于地方政府介入的猜测也得到了证实。闽灿坤B澄清公告指出，由于公司控股子公司漳州灿坤系漳州市的重点企业，漳州市政府针对公司可能存在被终止上市风险专门成立“维稳小组”，希望能适时提供可能的支持和帮助。

On August 14,,Fujian tsann kuen B announcement,To clarify the rumors.But at the same time,The market of local government intervention guess is also proved.Fujian tsann kuen B clarification announcement points out,Because of the company holding subsidiaries zhangzhou zhangzhou tsann kuen is the focus of the enterprise,Zhangzhou government against the company may be terminated listed risk set up"Dimensional stability team",Hope to be able to timely can provide the support and help.

　　　至今，闽灿坤B仍未复牌，是否退市更是不得而知。

has,Fujian tsann kuen B is still not complex brand,Whether to withdraw from the market is unknown.

　　　董登新表示，最终能否退市是个未知数，掌握在证监会和深交所手中，如果他们不能坚持退市原则，就很难说了。

DongDengXin said,Finally can be delisted is unknown,Master in shenzhen securities and hands,If they can't adhere to the principle of delisted,It would be hard to the.

　　　“今年年底以前肯定会有一些企业退市。”这是郭树清6月29日在2012陆家嘴(600663,股吧)论坛接受媒体采访时的表态，但时至今日，退市新规出台后的“退市第一股”仍未出现。

"Before the end of this year will certainly have some enterprise delisted."This is GuoShuQing June 29, 2012 in lujiazui(600663,guba)BBS to accept an interview with the media statement,But today,To withdraw from the market after the new rule to come on stage"Delisted first shares"Still does not appear.

　　　看来，虽然退市制度已经出台，但要真正实现股市的“进退有序”，郭树清和证监会还面临不小的挑战。

It seems,Although delisted system has come,But to really realize the stock market"In order",GuoShuQing and it also faces a lot of challenges.

　　　再改新股发行 To change new issues

　　　长期以来，上市公司高发行价、高市盈率、超高募集资金额的“三高”问题令投资者苦恼不已。事实上，自上世纪90年代开始，证监会已经对新股发行机制进行了多次改革，但始终没能达到理想状态。

For a long time,The listed company high issue price/High p/e ratio/Raising capital amount of high"Three tenors"Problems make investors agonize over.In fact,Since the 1990 s,Securities regulatory commission has issued new mechanism has carried on many times the reform,But never can reach the ideal state.

　　　面对这个棘手的问题，郭树清并没有回避。

In the face of this difficult problem,GuoShuQing did not avoid.

　　　今年年初接受新华社专访时，他表示，改革的中心任务是使新股价格真实反映公司价值，实现一、二级市场的协调健康发展。

Earlier this year to accept an interview with xinhua news agency when,He said,The central task of the reform is to make the new price truly reflect the value,Realize a/The coordination of the secondary market healthy development.

　　　很快，郭树清便启动了新一轮的新股发行机制改革。

soon,GuoShuQing has started a new round of ipo mechanism reform.

　　　2012年4月28日，证监会正式公布《关于进一步深化新股发行体制改革的指导意见》（下称“《指导意见》”）。

In April 2012 and day,Securities regulatory commission officially announced[On further deepening the reform of the system of new shares issued guidance](Hereinafter referred to as"[Guiding opinions]").

　　　改革的主要内容包括：提高网下配售比例；引入个人投资者参与新股询价；市盈率高于同行业平均市盈率25%要公告，或重新询价；部分原始股东持股可向网下投资者转让；取消机构网下配售股份3个月锁定期等。

The main content of the innovation of including:Improve the proportion of off-line allotment;Introducing individual investors to participate in new inquiry;P/e ratio is higher than the industry average p/e ratio 25% announcement,Or to make an inquiry;Part of the original shareholders holding to the off-line investors transfer;Cancel mechanism off-line allotment shares 3 months lock regularly, etc.

　　　此后一个月，证监会又密集出台了《关于进一步提高首次公开发行股票公司财务信息披露质量有关问题的意见》、《关于新股发行定价有关问题的通知》等多个新股发行制度改革相关的配套文件，并对《证券发行与承销管理办法》进行了修改。

After a month,The CSRC and intensive issued[On further improving initial public offerings of shares the company financial information disclosure quality of the relevant questions of the opinion]/[About the ipo pricing of the relevant questions of the notice]And so on many new shares system reform relevant supporting documents,and[Measures for the administration of securities issuance and underwriting]change.

　　　然而，新政并没有取得立竿见影的效果。《指导意见》发布后一个多月的时间里，十几只完成发行上市的新股中，有半数在上市后股价一路下挫，乃至破发，其中，顺威股份(002676,股吧)更是在上市首日就跌破了发行价。

however,The New Deal did not obtain immediate effect.[Guiding opinions]After the release of more than a month of time,More than a dozen only complete the issuance of new shares listed in,Half after the listed shares all the way down,And break,the,'s shares the(002676,guba)Is listed in the first price dropped.

　　　多数接受记者采访的市场人士表示，现行新股发行制度改革，徒有市场化改革之名，却无市场化之实，行政色彩依然浓重。

Most reporters say the market,The current reform of the system for issuing new shares,ACTS have the name of marketization reform,But without the reality of the market,Administrative color is still strong.

　　　“这次改革不是市场化的方向，行政性的规定过多，尽管可能会在一定程度上消除‘三高’现象，但会加剧一级市场和二级市场的不平衡，融资者更容易套现，二级市场将面临更大的压力。”北京一家私募证券投资公司负责人表示。

"This reform is not the direction of the market,The provisions of the administrative too much,Although it is possible to eliminate in a certain extent‘Three tenors’phenomenon,But will aggravate the primary market and secondary market imbalance,Issuer more easily to cash,The secondary market will face greater pressure."A Beijing private equity securities investment company officials said.

　　　“引入存量发行、探索券商配售权试点、取消网下认购者的锁定期等措施会在一定程度上改善询价过程。”华生指出，但是这些枝节性措施，同前几次改革一样，并不会改变新股“三高”和上市炒作的现象，更不会推进发行制度市场化改革的深化。

"Into stock issue/Explore the placement of securities right pilot/Cancel the off-line subscriber lock measures such as regularly in a certain extent improve the inquiry process."Watson pointed out that,But these side sex measures,With a few times before reform,Does not change new shares"Three tenors"And listed hype phenomenon,More will not promote the deepening of the reform of the system for issuing market.

　　　同时，此次新股发行改革仅是对新股发行定价机制进行了修补，并没有触动现行的上市发行核准制。

At the same time,The issue of new shares reform is only ipo pricing mechanism for the repair,And did not touch the current public offering of authorization.

　　　“核准制貌似市场化，实际上是严苛的审批制。” 刘纪鹏指出，严格的审批制度扭曲了真实的上市资源供求关系，发行审批部门控制了上市资源的供求阀门，使供求失真，在此背景下推行的市场化询价机制都是伪市场化。

"To approve the system seemingly marketization,In fact ShenPiZhi is harsh." LiuJiPeng pointed out that,Strict approval system distorts the real public resources supply and demand relation,The examination and approval department issued a public resources supply and demand control valve,That supply and demand distortion,In the background of the implementation of market inquiry mechanism are pseudo market.

　　　事实上，对于改革现行核准制，郭树清并非没有思考过，在今年的一次内部会议上，郭树清就曾抛出了“IPO不审行不行”的疑问，并在市场上引发了大讨论。

In fact,To reform the current authorization,GuoShuQing is not without thinking,In this year's an internal meeting,GuoShuQing was out"IPO not careful line not line"questions,And on the market caused a big discussion.

　　　对于核准制，业内人士并无统一意见，除反对核准制的声音外，认为“不审不行”的也不在少数。

To approve the system,The personage inside course of study and no uniform opinion,In addition to approve the system against the voice,think"Don't judge not"Also not a few.

　　　前述私募证券投资公司负责人的看法是：如果不审新股，在当前证券市场落后的法治环境下，很多垃圾股会趁机上市，二级市场投资者的风险将加剧。

The private securities investment company controller is of the opinion that:If no new trial,In the current stock market behind the rule of law environment,A lot of trash stock will which is listed,The secondary market investor's risk will heighten.

　　　经济学家韩志国也认为：“放开审批制度过渡到注册制是新股发行的趋势，但当前完全放开审批制，风险太大。”

Economists HanZhiGuo also think:"Let go of the examination and approval system transition to the registration system is the trend of the ipo,But the current ShenPiZhi completely let go,Risk is too big."

　　　但毫无疑问，现行的核准制需要改进。

But there is no doubt that,The current to approve the system needs to be improved.

　　　“要从价值判断转向以真实信息披露为核心的程序性判断。”刘纪鹏认为。

"From the value judgment to to true information disclosure is the core of the procedural judgment."LiuJiPeng think.

　　　事实上，郭树清也做了这方面的努力，将首次公开发行股票审核工作流程及申报企业情况公示的做法就受到了市场的广泛赞誉，被认为提高了IPO审核透明度。

In fact,GuoShuQing also did this effort,The initial public offering audit work process and the practice of public declaration enterprise situation from the market's widespread praise,Is thought to improve the transparency of the IPO audit.

　　　“在加强信息披露的基础上，我们也应制定一套严明的追责制度，对上市包装、虚假陈述、夸大其词的上市公司发行人、保荐人和其他中介机构，应当建立投诉、问责和索赔的整套规则和便捷通道。”华生表示。

"On the basis of strengthening information disclosure,We should formulate a set of strict chase responsibility system,To the listed packaging/False statement/Over-the-top listed companies the issuer/Sponsor and other intermediaries,Shall establish a complaint/Accountability and claim the set of rules and convenient channel."Watson said.

　　　无疑，在完善现行核准制和新股发行定价机制、提高股市资源配置效率方面，郭树清还需要进行更多的探索。

undoubtedly,To improve the current authorization and ipo pricing mechanism/Improve the stock market resource allocation efficiency,GuoShuQing need for more exploration.

　　　清理整顿交易所 Rectify exchange

　　　2011年11月，国务院正式下发《国务院关于清理整顿各类交易场所切实防范金融风险的决定》(下称“38号文”)，全国范围内各类交易场所清理整顿的大幕就此拉开。

In November 2011,Issued by the state council formally[The state council on all kinds of trading places rectifications to guard against financial risk decision](Hereinafter referred to as"And the number"),A nationwide all kinds of trading places the rectifications in the open.

　　　作为清理整顿各类交易场所部际联席会议的召集人，郭树清面对的是全国各地野蛮生长的各类交易所及其背后错综复杂的利益关系。

As the rectifications in all kinds of trading places BuJi joint meeting of the convener,GuoShuQing with all parts of the country savage growth of all kinds of exchange behind and complicated relationship of interests.

　　　2012年春节刚过，2月2日，郭树清便召集了清理整顿各类交易场所工作会议暨部际联席会议第一次会议，按38号文规定，对交易所清理整顿工作作了部署，并要求各方在6月30日前完成各项工作。

In 2012, just after the Spring Festival,On February 2,GuoShuQing called the rectifications in all kinds of trading places working conference and BuJi joint meeting the first meeting,According to the provisions of article and number,To exchange the rectifications program for the deployment,And ask the parties on June 30 to finish the work.

　　　大规模清理整顿工作随即展开，一大批交易所应声落马，也有大量交易所开始按照38号文的要求对违规业务进行整改。

Large-scale rectifications on immediately,A large number of exchange lok ma said,Also have a large exchange start according to the number and the requirement of the illegal business to undertake rectifying and reform.

　　　“总体说来，‘38号文’下发之后，整个市场还是有向好的变化的。”北京产权交易所总裁熊焰表示。

"Generally speaking,‘And the number’Issued after,The whole market still have to good changes."President of the China Beijing equity exchange yan xiong said.

　　　但一些业内人士担忧，随着调控力度的逐步减弱、竞争压力的增加，清理整顿的初期成效恐将消失于无形。

But some in the industry concerns,With the gradual weakening control power/The increase of the pressure of competition,The early stages of the rectifications results fear will disappear in the invisible.

　　　况且，整顿结果与证监会年初定下的目标相比，还是有很大差距的。

besides,The results and the securities regulatory commission set goal early compared,There are still big gap.

　　　根据长期研究交易所行业的机构生意社提供的数据，到6月30日“大限”时，其监测的254家大宗商品电子交易市场中，约有75%仍在正常运营。此外，转型或发布停盘公告进行整顿的市场占16%，关闭的市场仅占总数的9%。

Based on the long-term research exchange industry organization business club to provide the data,To June 30,"time"when,The monitoring of the 254 commodity electronic trading market,About 75% still in normal operation.In addition,Transformation or release stop plate announcement to rectify the market accounted for 16%,Close market accounted for only 9% of the total.

　　　其实，自清理整顿工作开展伊始，“雷声大、雨点小”、“高高举起、轻轻放下”之类的质疑就从未停止过。并且，随着整肃风浪的日趋平静，各类交易所修改规则“打擦边球”的现象也屡屡出现。

In fact,Since the rectifications program at the beginning of the development,"thunder/air"/"Held high/Gently down"And so on question is never stopped.and,With the purge is calm,All kinds of exchange changes to the rules"Play edge ball"Phenomenon also appear repeatedly.

　　　事实上，整改力度没有达到预期效果，与此次清理整顿工作的开展方式有着直接关系。

In fact,Rectification efforts not achieved the desired results,And the rectifications development mode has a direct relationship.

　　　“‘谁的孩子谁抱’是清理整顿各类交易场所的主基调。”北京工商大学证券期货研究所所长胡俞越表示。

"‘Who children who embrace’Rectification is all kinds of trading places advocate fundamental key."Beijing university of commerce securities and futures institute director HuYu more said.

　　　“这意味着，在清理整顿工作中，地方政府同时扮演起了政策执行者和地方利益维护者的双重角色。”一位产权交易所知情人士表示，“地方政府的态度直接决定了交易所的命运。”

"This means that,In the rectification work,The local government at the same time to take up policy makers and local interests defenders dual role."A property right exchange people familiar with the matter say,"The attitude of the local government directly determine the fate of the exchange."

　　　地方政府在清理整顿中担心的不只是税收，更有失去全国大宗商品定价中心的顾虑。“很多地方政府有争夺全国大宗商品定价中心乃至世界定价中心的豪情壮志，是不会心甘情愿被清理掉的。”知情人士直言。

The local government in the rectifications worry about not only the tax,Have more to lose the national commodity pricing center concern."Many local governments have for the national commodity pricing center and even the world pricing center's ambition,Is not willing to be cleared off."People familiar with the truth.

　　　针对这些情况，2012年7月12日，国务院下发《国务院办公厅关于清理整顿各类交易场所的实施意见》（下称“37号文”），作为“38号文”的配套文件，再度细化清理整顿工作。随后，7月27日，证监会召开了部际联席会议的第二次会议。

In view of these situations,On July 12, 2012,Issued by the state council[The general office of the state council on the rectification of the implementation opinions of all kinds of trading places](Hereinafter referred to as"No. 37,"),as"And the number"Supporting documents,Refining the rectifications program again.then,July 27,,Securities regulatory commission BuJi held a joint meeting of the second meeting.

　　　“种种迹象显示，在‘37号文’的指引下，随着证监会将整顿交易所的权限下放，整顿将不留任何死角。”生意社分析师宋志超认为。

"All sorts of signs,in‘No. 37,’Under the guidance of the,Along with the CSRC will rectify the exchange authority down,Reorganization will not leave any blind Angle."Business club analysts SongZhiChao think.

　　　不过，毋庸置疑，第二阶段的清理整顿也注定不会一帆风顺。

but,No doubt,The second stage of the rectification is not destined to be plain sailing.

　　　首先，市场监管架构尚未建立。据宋志超介绍，对于涉及期货证券交易的市场监管，国际上有两类主流架构：一是美国式的监管模式，对场内场外交易分别设立独立监管机构，由法案赋予其行政权力；二是日本等国按商品和行业，分别划归各个政府部门管理，如农产品交易场所由农业省监管。我国应尽快找到适合国情的监管体系架构。

First of all,Market regulatory framework is yet to be established.According to SongZhiChao introduced,Concerning the futures trading securities market supervision,There are two types of international mainstream architecture:One is the American regulatory model,To curb the field respectively set up independent regulatory agency,The law gives the administrative power;The second is Japan according to the commodity and industry,All government departments were put under management,Such as agricultural products trading places by the agricultural province supervision.Our country should as soon as possible to find suitable for regulatory system framework.

　　　其次，各部委权限职责有待厘清。“以贵金属交易为例，人民银行、证监会和商务部等都有监管职权，而涉及贵金属交易所等特殊金融机构时，银监会、保监会等也有监管责任。”宋志超介绍。

secondly,The ministries and commissions authority responsibility to be clear."With precious metals trading as an example,People's bank of/Securities regulatory commission and the ministry of commerce, etc have regulatory authority,And in precious metals exchange and other special financial institution,The CBRC/The China insurance regulatory commission and so on also have supervision responsibility."SongZhiChao introduced.

　　　同时，交易所清理整顿面临无法可依的窘境。“归根结底，正是由于缺乏法律依据，各地设立交易市场时才有恃无恐，因为没有法，所以根本谈不上违法。”胡俞越指出。

At the same time,Exchange rectifications face could be in dilemma."In the final analysis,It is due to a lack of legal basis,Set up around the market to hide,Because there is no method,So there was no question of illegal."HuYu pointed out that the.

　　　显然，要解决这几方面的难题，单靠证监会一个部门之力远远不够，郭树清如何在接下来的清理整顿中牵好头，仍需拭目以待。

obviously,To solve the problem of these aspects,The CSRC alone a department of the force is far from enough,How GuoShuQing in the rectifications in good guy,It remains to be seen.

　　　新三板加速 The new SanBan acceleration

　　　证监会8月初正式宣布，新三板扩容获得国务院批准。首批扩大试点除北京中关村科技园区外，新增上海张江高新技术产业开发区、武汉东湖新技术产业开发区和天津滨海高新技术产业开发区。

Securities regulatory commission formally announced early August,The new SanBan flash won the approval of the state council.The first enlarge pilot in Beijing zhongguancun science park area,New Shanghai zhangjiang high and new technology industrial development zone/Wuhan east lake new technology industrial development zone and tianjin binhai hi-tech industry development zone.

　　　随后，新三板交易机构全国中小企业股份转让系统有限公司也于9月20日在国家工商总局注册成立。

then,The new SanBan exchange the small and medium-sized enterprise share transfer system co., LTD. In September twenty days was registered in state administration for industry and commerce.

　　　至此，多层次资本市场建设迈出重要一步。

So far,The construction of multi-level capital market as an important step forward.

　　　事实上，场外市场的建设思路曾一度发生过不小的波折。由于2011年下半年新三板扩容方案未获国务院批准，市场热度曾一度降到冰点。

In fact,Otc market construction thought once had a lot of twists and turns.Due to the second half of 2011 new SanBan flash scheme has not been approved by the state council,Market heat once dropped to freezing point.

　　　在2012年初召开的全国证券期货监管工作会上，刚刚履新的郭树清对发展各地柜台交易市场予以明确：“以柜台交易为基础，加快建立统一监管的场外交易市场，为非上市股份公司提供阳光化、规范化的股份转让平台。”

In early 2012 at a national securities and futures supervision work meeting,Just the newly development of GuoShuQing all over the counter market to clear:"Based on the counter transactions,To speed up the establishment of a unified supervision of the over-the-counter market,For private joint-stock company provide sunshine change/Standardization of the share transfer platform."

　　　由此，外界普遍认为，两任证监会主席对场外市场建设的构想存在差异。这一差别体现在是以新三板为基础，还是以柜台交易市场为基础。

this,The widespread view that the,Two terms as chairman of the CSRC for otc market construction conception differences.This difference is embodied in the new SanBan as the foundation,Or in the over-the-counter market as the foundation.

　　　地方柜台交易市场受到重视，新三板一度失声，业界甚至认为“新三板扩容”的提法将成为历史。直到今年中央高层频频调研新三板，新三板才又被重新提起。

Place the counter market attention,The new SanBan voice once,Industry even think"The new SanBan flash"Formulation will become history.Until this year, the central high frequently research new SanBan,The new SanBan just was recurrence.

　　　3月27日，国务院副总理王岐山、人民银行行长周小川、证监会主席郭树清、北京市市长郭金龙等领导在北京调研中关村非上市公司股份转让试点(新三板)工作。

On March 27,,Vice premier wang qishan/The people's bank governor zhou xiaochuan/Securities regulatory commission chairman GuoShuQing/Beijing mayor guo jinlong, leaders in Beijing zhongguancun research private company pilot transfer of shares(The new SanBan)work.

　　　调研时，王岐山提出，在中关村代办股份报价转让试点基础上，建设统一监管下的全国性场外交易市场。

research,Mr. Wang put forward,In zhongguancun agents offer shares transfer based on pilot,Construction supervision unified national over-the-counter market.

　　　自此，新三板才又回到了证监会在有关场外交易市场建设的相关表述中，直至扩容正式获批。

Since then,The new SanBan before returning to the CSRC in the over-the-counter market construction related expressions,Until the flash officially approved.

　　　10月11日，证监会发布《非上市公众公司监督管理办法》（下称“《办法》”），确定了非上市公众公司的范围，提出了公司治理和信息披露的基本要求，明确了公开转让、定向转让、定向发行的申请程序。从而为新三板的高速发展创造了条件。

On October 11,,Securities regulatory commission issued[Private public company supervision and management measures](Hereinafter referred to as"[way]"),To determine the scope of the private public companies,Puts forward the corporate governance and the basic requirements of information disclosure,Clear the public transfer/Directional transfer/Directional issuance application program.So as to the rapid development of new SanBan create conditions.

　　　“之前，中关村代办股份转让系统的挂牌公司为‘非上市非公众公司’，股东人数不能超过200人。而《办法》打破了这个限制，让‘非上市公众公司’的股票可以在新三板市场挂牌交易。”刘纪鹏表示。

"before,Zhongguancun agency share transfer system for listed company‘Private non public companies’,Shareholders can't more than 200 people.and[way]Break the limit,let‘Private public companies’Stock can be in the new SanBan listed for trading market."LiuJiPeng said.

　　　招商证券(600999,股吧)的一份研报指出，《办法》正式发布，是新三板建设提速的重要信号，未来场外市场建设是个庞大的课题，目前，扩容和交易制度突破在有条不紊地推进，预计2年后将迎来爆发增长的时点。

China merchants securities(600999,guba)A research report pointed out,[way]Issued a formal,Is the new SanBan speed the construction of an important signal,The otc market construction is a huge project,At present,Flash and trading system breakthrough in orderly propulsion,After 2 years is expected to have growth points of the outbreak.

　　　与此同时，由于新三板的相关制度还并不完善，一些学者担心新三板会重蹈创业板的覆辙，出现过度炒作现象，进而背离为中小企业融资的初衷。

meanwhile,Due to the new SanBan related system is not perfect,Some researchers worry about the new SanBan repeat mistakes of the gem,Appear the phenomenon of excessive speculation,And then to deviate from the original intention of the financing of small and medium enterprises.

　　　北京大学金融与证券研究中心主任曹凤岐认为，应给企业准备的创业板市场，正是由于过多的个人投资者进入而定位错误。新三板交易只涉及资产存量，不涉及增量，不该有很活跃的交易量，否则A股的种种问题又将出现。

Beijing university of finance and securities research center director CaoFengQi think,To the enterprise shall be prepared gem market,It is because of too many individual investors into and positioning error.The new SanBan transaction involving only assets stock,Does not involve incremental,Should not have been active in the volume of trade,Otherwise A share of problems and will appear.

　　　刘纪鹏也表示，新三板没有必要将流动性放在首位，中国股市处于关键时刻，宜小步快走，不宜大步跨越，新三板重在正式开通，不在跃进，要强调质量而非数量。

LiuJiPeng also said,The new SanBan no necessary liquidity in the first place,China's stock market is in the critical moment,Should go step,Unfavorable stride across,The new SanBan focuses on the official opening,Not leap forward,Emphasize quality rather than quantity.

　　　此外，如何使新三板尽快突破试点全面铺开，如何与地方OTC市场很好地结合从而构建统一监管的场外市场，这些都仍是摆在证监会面前的难题。

In addition,How to make the new breakthrough SanBan pilot comprehensively launches as soon as possible,How to and local OTC market is very good in order to build up a unified supervision of the OTC market,All of these are still in front of the CSRC problem.

　　　严打内幕交易 Crackdown insider trading

　　　在2012年5月16日召开的国际证监会组织第37届年会上，中国证监会首次启用了机构标志??由三个红色的三角形构成的一个“公”字。

In the May 16, 2012 at the international securities regulatory commission organization of 37 annual meeting,For the first time, the China securities regulatory commission enable institutions mark??The three red triangle consisted of an"male"word.

　　　证监会表示，此标志寓意“三公原则”，表示中国证监会将努力促使证券市场坚持“公开、公正、公平”原则。

Securities regulatory commission said,This symbol meaning"Three principles",Said that the China securities regulatory commission will try to make to the securities market"public/justice/fair"principle.

　　　事实上，郭树清上任以来，在打击内幕交易等违规行为方面确实下了一番狠功夫。

In fact,GuoShuQing since taking office,To combat insider trading violations such as did the a malicious kung fu.

　　　中国资本市场诞生以来，内幕交易等违规行为一直如影随形，无法根除，极大地影响了公众对股市的信心。

China's capital market since birth,Insider trading violations have been shadow,Did not eradicate,Greatly influenced the public confidence in the stock market.

　　　2011年11月29日，证监会叫停了胜景山河(002525,股吧)的IPO，对其涉嫌造假开出了有史以来针对保荐代表人的“最严厉”罚单。负责该公司保荐业务的平安证券两名保荐代表人双双被证监会撤销保代资格。

On November 29, 2011,Securities regulatory commission called for a wonderful mountains and rivers(002525,guba)IPO,The alleged fraud ever offer for the sponsor representative"The most severe"ticket.Responsible for the company sponsor business peace securities two sponsor representative both CSRC cancel the qualification of generation.

　　　近期，创业板公司万福生科(300268,股吧)和朗科科技(300042,股吧)双双发布公告称，收到中国证监会调查通知书。其中，万福生科因涉嫌信息披露违规被立案调查，朗科科技则因涉嫌违反证券法律法规被立案稽查。

recent,Gem companies WanFuSheng section(300268,guba)Netac's science and technology and(300042,guba)Both announcement said,Received the China securities regulatory commission survey notice.the,WanFuSheng section for suspected illegal information disclosure by initiate an investigation,Netac's science and technology for the alleged violations of the securities laws and regulations were put on record check.

　　　至此，2012年年内已有4家创业板公司遭到证监会立案调查，另外两家分别是5月和7月遭调查的巴安水务(300262,股吧)和华昌达(300278,股吧)。

So far,2012 years have four gem companies initiate an investigation by the CSRC,Two other were may and July BaAn by investigation of the water(300262,guba)And huachang of(300278,guba).

　　　郭树清多次在公开场合表示，证监会对证券市场内幕交易坚持‘零容忍’态度”，“发现一起，打击一起”，甚至将内幕交易比做“小偷在菜市场偷白菜”。

Many times in public GuoShuQing said,Securities regulatory commission on the stock market to insider trading‘Zero tolerance’attitude","Found together,Hit together",Even as the insider trading"The thief in the markets to steal cabbage".

　　　今年以来，被调查的主板和中小板公司也层出不穷。自6月起，就有华工科技(000988,股吧)、三普药业(600869,股吧)、美达股份(000782,股吧)等上市公司被证监会调查。

Since this year,By investigation of the motherboard and small and medium-sized plate company also emerge in endlessly.Since June,Have Chinese science and technology(000988,guba)/Three general pharmaceutical(600869,guba)/Beauty of shares(000782,guba)Listed companies, such as by securities regulatory commission survey.

　　　此外，郭树清在今年3月启动大范围职位调整，涉及处级以上干部共41人。郭树清启动职位调整，固然是出于多方面的考虑，但借此斩断一些实权部门与市场的利益关联，也是其中的重要因素。

In addition,GuoShuQing in March this year start big range position adjustment,Involves more than a total of 41 people place class cadres.GuoShuQing start position adjustment,Is is from various consideration,But to take some real power department and the interests of the market association,Is also one of the important factors.

　　　在证监会内部职能部门中，发行部、创业板发行部、机构监管部、基金监管部、期货一部、期货二部、会计部和国际合作部等部门都具有行政审核权限，而其他一些部门则主要负责一些行政事务。此次处级干部轮岗，就主要是在具有审核权限权力部门和行政事务的部门之间对调。

The CSRC in internal function department,Circulation department/Gem circulation department/Mechanism JianGuanBu/Fund JianGuanBu/Futures a/Futures department 2/Accounting department and international cooperation and other departments have administrative audit authority,And some other department is mainly responsible for some administrative affairs.The place class staff work shift,It is mainly in a audit authority power department and administrative affairs department switch between.

　　　处长轮岗让一些券商人士抱怨，几年的“公关”白费了，“这些‘新政’展现了郭树清希望破除既有利益格局的决心。”一位证券市场人士表示。

Division chief work shift let some people complain that brokers,A few years"pr"wasted,"these‘New Deal’Show the GuoShuQing hope break both benefit pattern determination."A securities market participants said.

　　　“从长远来看，打击内幕交易具有非常正面的作用，能使人们建立起对资本市场的信心。”好买基金分析师曾令华表示。

"In the long run,Against insider trading is very positive role,Can make people to build up the confidence of the capital market."Good buy fund CengLingHua analysts said.

　　　9月24日，在北京举办的“内幕交易警示教育展”上，郭树清再次指出，如果任由内幕交易泛滥，将会影响和制约证券期货市场改革开放步伐，损害和动摇市场健康发展的根基，严重拖累各项创新活动的开展。同时，郭树清还表示，严厉打击内幕交易已经成为当前证券执法工作的重中之重。

On September 24,Held in Beijing"Insider trading warning exhibition"on,GuoShuQing pointed out again,If let the insider trading flood,Will be influenced and restricted securities and futures market reform and opening-up,Damage and shake the foundations of the market's healthy development,A heavy drag on the innovation activities.At the same time,GuoShuQing also said,Crack down on insider trading securities law enforcement has become the top priority of our work.

　　　“严打内幕交易战役的序幕已经拉开。”刘纪鹏指出，“打‘苍蝇’，更要打‘老虎’，要将监管的注意点从简单的市场转移到信息源头的部门工作人员中去，同时加大对内幕交易的惩罚力度。”

"Insider trading is the prelude of crackdown battle started."LiuJiPeng pointed out that,"play‘flies’,More to play‘The tiger’,Will the regulatory attention from simple market transferred to the source of information department staff to,At the same time increase the penalty for insider trading."

　　项氏“风暴” Item's"storm"

　　　至2012年10月，项俊波就任保监会主席已满一周年。

To October 2012,XiangJunBo accede to the China insurance regulatory commission chairman has full a year.

　　　“不要搞政策打补丁，要系统梳理。”项俊波对于监管的思路非常清晰。“头痛医头，脚痛医脚”的做法已经不适应迅速发展的保险业，不但要“严监管”，更要“善于监管”，要有序监管、科学监管，防止监管的随意性和模糊性，“既要适当放权，同时也要守住风险底线。”

"Don't make policy patch,To do a systematic."XiangJunBo for regulatory thinking very clearly."Instant gratification,JiaoTongYiJiao"Practice is not adapt to the rapid development of the insurance industry,Not only to"Strict supervision",more"Good supervision",To order supervision/Scientific supervision,Avoid regulation optional sex and fuzziness,"Both appropriate decentralization,At the same time also to keep the risk the bottom line."

　　　“保险公司在标准游泳池范围内，可以随意游。”项俊波这句话不仅是对保险市场主体的告诫，也是告诫监管部门，要守住“游泳池”的“标准”。

"Insurance company within the scope of the standard swimming pool,Are free to swim."XiangJunBo this sentence not only for the main bodies of insurance market warned,Also warned the supervision department,keep"Swimming pool"of"standard".

　　　一年以来，保监会出台了一系列政策文件，仅2012年前半年，各项政策就达50项之多。从整治寿险销售误导和车险理赔难两大“顽疾”，到对各保险机构违规行为“不留情面”地查处；从放慢寿险公司扩张脚步，到对保险资金运用市场化的推动，再到支持政策性保险的发展，均彰显了“金融铁帅”的“铁腕”风格。

Since a year,The China insurance regulatory commission issued a series of policy document,Only the first half of the 2012,Each policy has reached more than fifty items.From the improvement of life insurance sales misleading and auto insurance claims difficult two big"Persistent ailment",To the insurance institutions violations"cut"To investigate;Life insurance companies from slow steps expansion,To promote the use of insurance funds market,To support the development of the insurance policy,Are demonstrated"Financial iron handsome"of"Iron hand"style.

　　　然而，由于市场积弊颇深，一些政策并未收到立竿见影的效果，并且由于涉及多方利益，在市场中出现了不同的声音；而另一些政策措施的成效，正逐渐显现。

however,As the market is quite deep any,Some policy has not received immediate effect,And because it involves many interests,In the market a different voice;And some policies and measures of effectiveness,Is gradually revealed.

　　　刮骨疗伤 Scraping the bone healing

　　　车险理赔难，以及寿险销售误导，是长期以来保险行业备受诟病的两大“顽疾”。

Auto insurance claims difficult,And life insurance sales misleading,Is long for the insurance industry has two"Persistent ailment".

　　　虽然此前保监会也屡次治理，但效果不甚明显。保监会数据显示，在过去5年保监会收到的各类保险投诉中，60%以上涉及“理赔难”，20%?30%涉及“销售误导”。

Although after the China insurance regulatory commission also often management,But the effect is not very obvious.The China insurance regulatory commission data show,In the past five years the China insurance regulatory commission received all kinds of insurance claims,In more than 60%"Claims difficult",20%?In 30%"Sales misleading".

　　　这两大痼疾已经严重影响到公众对保险服务的认可，更影响到全行业的形象。

These two problems have seriously affected the public insurance service approval,It also affected the image of the industry.

　　　“我要提前打破60天静默期了”，2011年12月，上任第38天时，项俊波说。

"I want to advance to break silence sixty days period",In December of 2011,38 days office,XiangJunBo said.

　　　项俊波首度面对媒体公开发言，话题就是：如何保护消费者利益。剑锋直指理赔难与寿险销售误导问题。

XiangJunBo speak publicly first in the face of the media,Issue is:How to protect the interests of consumers.Directed at claims is difficult and life insurance sales misleading problem.

　　　在随后召开的全国保险监管工作会议上，项俊波明确将治理行业顽疾列为2012年重点工作。

In the later at a national work conference on insurance regulation,XiangJunBo clear will management industry as the key work position in 2012.

　　　他要求，“重点解决车险理赔难和寿险销售误导问题，这两个问题深受社会诟病，已经到了非解决不可的地步。监管机构要下决心、动真格、出重拳，打一场整顿治理的攻坚战。”

He asked,"Focus on auto insurance claims difficult and life insurance sales misleading problem,The two problems are for society,Has come to the point of not solve.Regulators should be determined to/bids/Punch out,Play a game of the governance tough sell."

　　　“要让理赔难和销售误导成为过街老鼠。”项俊波在会上如是说。

"To make claims difficult and sales misleading become street mice."XiangJunBo said at the meeting.

　　　春节后，保监会接连下发《关于加强和改进财产保险理赔服务质量的意见》、《关于加强农业保险理赔管理工作的通知》，以及《关于做好保险消费者权益保护工作的通知》，旨在解决社会上普遍反映保险业存在的理赔难、销售误导、服务质量不高等问题，保护保险消费者合法权益，促进保险业平稳持续健康发展。

After the Spring Festival,Issued by the China insurance regulatory commission after[On strengthening and improving the property insurance claims service quality opinion]/[On strengthening the agricultural insurance claims management work of the notice],and[The preparation for insurance consumers' rights protection work of the notice],Aimed at solving social generally reflect insurance claims are difficult/Sales misleading/The quality of service, etc,Protecting the legitimate rights of the consumers,The insurance industry to promote the sustained and healthy development smoothly.

　　　2月底，保监会发布《机动车辆保险理赔管理指引》。同时，保监会就《人身保险业务经营规则》广泛征求意见，4月，保监会开通保险消费者维权电话（试运行）。

By the end of February,Issued by the China insurance regulatory commission[Motor vehicle insurance claims management guidelines].At the same time,Circ is[Personal insurance business rules]Asked for a wide range of opinions,April,The China insurance regulatory commission opened insurance consumers telephone(commissioning).

　　　6月，为拓宽社会监督渠道，加大保险行业的社会监督力度，保监会宣布，正式聘任25名同志担任保监会保险消费者权益保护工作社会监督员。

June,To broaden the channels of social supervision,Increase the insurance industry's social supervision,The China insurance regulatory commission announced,Formal appointment 25 comrade hold the China insurance regulatory commission insurance consumers' rights protection work social supervisor.

　　　首都经济贸易大学劳动经济学院和财政金融学院教授庹国柱表示，“车险理赔难和寿险销售误导是两个老问题，也是消费者最关心的问题，项主席要从消费者利益保护入手解决保险监管问题，从这两个问题入手非常恰当。”

The capital economic and trade university labor institute of economics and finance professor Tuo GuoZhu said,"Auto insurance claims difficult and life insurance sales misleading are two old problems,Is also the biggest concern of the consumers,Chairman of the consumer interest protection of insurance regulation problem to solve,From these two problems is very appropriate."

　　　国务院发展研究中心金融研究所保险研究室副主任田辉表示，保监会主席项俊波履新以来，首先触及当前保险业的软肋，即理赔难和销售误导问题。从监管机构的政策动向看，应对之道主要包括短期和中长期措施，包括建立投诉机制，加大对理赔难和销售误导行为的处罚力度，将违规行为与公司的机构批设等相关行政许可事项挂钩，健全退出机制等。

The state council development research center, deputy director of the research institute of financial insurance TianHui said,The China insurance regulatory commission chairman XiangJunBo since he came,The first to touch the soft rib,Namely claims difficult and sales misleading problem.From the regulatory policy trend to see,The way to deal with the main includes short-term and long-term measures,Establishing complaint mechanism,Strengthen the claims difficult and sales misleading behavior of the punishment,The illegal behavior and company organization PiShe related administrative licensing items hook,Improve the withdrawal mechanism, etc.

　　　他说，总的来看，监管机构所能做的主要是加强外部约束，包括监管机构的约束，以及为市场约束机制发挥作用而进行的一些基础设施培育。

He said,overall,Regulators can do mainly is to strengthen external constraint,Including regulatory constraints,As well as the market restraint mechanism play a role of some infrastructure cultivation.

　　　他认为，现有的政策取向没有大的问题，关键需要注意两点：一是各类监管措施的有效落实；二是可以考虑加强公众监督的力量。

He thinks,The existing policy orientation is no big problem,Key need to pay attention to two points:One is the effective implementation of all kinds of regulatory measures;The second is to strengthen the supervision of the general public can be considered the power.

　　　然而，尽管项俊波对这两大痼疾重拳出击，保险业这两块“牛皮癣”却并不容易根治。

however,Although the two big problems to XiangJunBo knockout punch,These two pieces of the insurance industry"psoriasis"Is not easy to effect a radical cure.

　　　8月，保监会公布《中国保监会2012年上半年保险消费者投诉情况通报》，2012年上半年，保监会共接收保险消费者有效投诉件6176件，同比增长127.23%，反映有效投诉事项共6651个，同比增长129.42%，与去年同期相比增加3874件。

August,Released by the China insurance regulatory commission[China insurance regulatory commission in the first half of 2012 insurance consumer complaints monitors],In the first half of 2012,The China insurance regulatory commission were receiving insurance consumers effective complaint a 6176 pieces,Year-on-year growth of 127.23%,Reflect the effective complaint matters a total of 6651,Year-on-year growth of 129.42%,Compared with the same period last year increased 3874 pieces.

　　　产险公司投诉中，违法违规类投诉下降明显，但合同纠纷类投诉大幅上升，理赔纠纷仍是投诉焦点；人身险公司投诉中，违法违规类、合同纠纷类投诉均有较大幅度的增长，销售误导投诉仍居高不下。

Property insurance company in the complaint,Illegal complaints down significantly,But contract dispute complaints have risen sharply,Settling disputes is still complaints focus;Life insurance company in the complaint,Illegal class/Contract dispute complaints were the substantial growth,Sales misleading complaint is still high.

　　　“自从项俊波上任以来，对这两大业内痼疾给予了充分重视，处罚力度也加大了，从成效来看也很明显，然而，两大问题由来已久，要在短时间内根治，非常难。”中国社会科学院金融研究所所长助理、保险与社会保障研究室主任郭金龙说。

"Since XiangJunBo since taking office,Of the two problems in the given full attention,Punishment is also increased,From the results to see is also very obvious,however,Has two problems,To effect a radical cure in a short time,Very difficult."The Chinese academy of social sciences financial institute director assistant/Insurance and social security research director guo jinlong said.

　　　问题的处理是一方面，对问题的责任划分则是另一方面。

Treatment is on one hand,To the question of responsibility division is on the other hand.

　　　保监会对于理赔难和销售误导打击力度之大，令许多公司措手不及。

The China insurance regulatory commission for claims difficult and sales efforts by the blow,Make many companies unprepared.

　　　2012年以来，寿险业保费收入下滑，增速放缓，除了行业和公司本身的原因，一些公司负责人认为，这与保监会对于消费者权益的“过度”保护有关。

Since 2012,Premium income is going down,Slowdown in,In addition to the cause of the industry and the company itself,Some company officials think,This and the China insurance regulatory commission for the rights and interests of consumers"excessive"Protection about.

　　　在采访中，某保险公司部门负责人曾笑称，监管层“该管的管，不该管的也管”。

In the interview,One insurance company director of the department have smile said,Supervision layer"The tube of the tube,Shouldn't tube and tube".

　　　有学者认为，保险监管有时“过了线”，一些正常的竞争行为也被保监会列为违规行为进行处罚。

Some scholars think that,Insurance regulation sometimes"Over the line",Some normal competition behavior was also circ shall be punished as violations.

　　　而对于理赔难的问题，一些保险公司也有不同看法。在记者采访过程中，一些保险公司曾对此表示不满.。一位保险公司内部人士曾抱怨说：“我们和消费者之间是有保险合同存在的，该赔的我们赔，不该赔的如果也让我们赔，我们就没有办法盈利了，如果最后我们没有盈利没有收入，拿什么赔？”

For settling the difficult question,Some insurance companies also have different views.In the process of reporters,Some insurance companies have expressed dissatisfaction..An insurance company insiders have complained:"We are between consumers and existing insurance contract,This loss we compensate,Shouldn't compensate if let us also compensate,We have no way to profit,Finally, if we have no profit have no income,Take what to compensate?"

　　　一位受访学者表示，“如果单方面强调消费者的利益，忽略市场的特点和规律，最后受损失的还是消费者。但是，这不能算在项俊波头上，作为监管层的领导，代表的是监管层立场，保监会作为一个政府部门，这些话必须说。”

A bit of scholars said,"If one-sided emphasis on the interests of the consumer,Ignore market characteristics and laws,Finally lose or consumers.but,This does not calculate in XiangJunBo head,As the supervisor's leadership,Is representative of the supervisor position,The China insurance regulatory commission as a government department,These words must be said."

　　　一些办理保险案件的法官认为，消费者是弱势群体，某些保险公司自身确实有问题，有时能不赔就不赔，即使知道自己理亏还要拖时间，在这种情况下，监管层应该对消费者利益予以保护，对于保险公司违规操作的行为严格管制。

Some insurance cases that the judge,Consumers are vulnerable groups,Some insurance company oneself do have problems,Sometimes can not compensate will not compensate,Even know yourself to be in the wrong time drag,In this case,The supervisor should be protected the interests of consumers,For the insurance company illegal operation behavior strict control.

　　　然而，另一些法官则强烈反对，他们认为，目前保险纠纷增多，实际上双方都有原因，如果还没有审理就先要偏向消费者，对保险公司非常不公平。

however,Some other judges were strongly against it,They think,At present more insurance disputes,In fact, both sides are reasons,If you don't have to first trial to consumers,The insurance company is very unfair.

　　　广发证券(000776,股吧)研究员曹恒乾表示，对于理赔难销售误导的问题，应该从优化产品结构设计以及销售渠道（代理人、银行代理）的监管、教育上着手。

Wide hair negotiable securities(000776,guba)The researchers CaoHengQian said,For settling the problem of difficult sales misleading,We should begin with optimizing product structure design and sales channel(agent/Bank agency)regulatory/Education on begin.

　　　“从短期来看，这些措施有可能增加公司的经营成本，但是从长远看，保费收入是保险公司的发展源泉。”他说，“对理赔难、销售误导等问题的治理，能够减少被保险人与保险人之间的相互不信任，降低信息不对称带来的成本，从长期看，能够带来保险业务收入的增长，进而优化保险公司的经营。”

"In the short term,These measures may increase the company's operating costs,But in the long run,Premium income is the development of the insurance company source."He said,"Difficult to claim/The problems such as misleading sales management,Can reduce the insurant and the insurer mutual distrust,To reduce the cost of information asymmetries,In the long run,Can bring insurance business income growth,The insurance company is optimized and the management."

　　　北京大学经济学院风险管理与保险系主任郑伟表示，保护消费者利益的工作是一个渐进的过程，在过去的保险监管中也一直在进行，近段时间，保监会在保险消费者保护方面所做的工作实现了从量变到质变的变化。

Peking University school of economics risk management and insurance department ZhengWei said,To protect the interests of consumers work is a gradual process,In the past in the insurance regulation have been,Nearly time,The China insurance regulatory commission in insurance consumer protection work done by the realized from quantitative change to qualitative change.

　　　在采访中，许多受访学者都提到，中国保险业发展时间不长，目前许多公司还停留在盲目扩张、粗放式经营层面，“规模为上、保费为王”的观点仍旧普遍存在，这可能是两大顽疾屡禁不止的深层次原因。

In the interview,Many scholars have questioned mentioned,China's insurance industry development time is not long,At present many companies still stays in the blind expansion/Extensive management level,"Scale for/Premium for the king"Point of view is still widespread,This may be ill two long-standing profound reason.

　　　值得一提的是，自2011年11月4日生命人寿宁夏分公司、泰康养老险天津及黑龙江分公司获批之后，保监会再没有批准一家中资寿险牌照。

Be worth what carry is,Since on November 4, 2011 life life ningxia branch/Taikang endowment insurance tianjin and heilongjiang branch after approved,The China insurance regulatory commission approved a no Chinese life insurance license.

　　　项俊波曾在一次内部会议中说，寿险业应该“静默十年”。

XiangJunBo worked in an internal meeting said,Exploring should"Silent ten years".

　　　如今，寿险公司着实“静默”了近一年。这一年来审批闸门的关闭，是项俊波针对野蛮扩张、粗放经营的人身险市场乱象下的“猛药”，也令人看到了“项氏新政”的“准、狠”。

now,Life insurance company really"silence"For nearly a year.This year the examination and approval of the gate closed,Is XiangJunBo according to savage expansion/Extensive management of life insurance market under the mess"Fierce medicine",Also a saw"Item's New Deal"of"must/malicious".

　　　“新的监管理念下，保监会更注重行业的合规发展，而不是规模和速度，这样能引导行业更注重发展的效益和质量，路走得更扎实，有利于行业从粗放式发展向集约式发展转型。”庹国柱说。

"Under the principle of the new regulation,The China insurance regulatory commission paid more attention to the development of the industry of compliance,Instead of scale and speed,This can guide the industry pay more attention to development efficiency and quality,Way more solid,To industry development from extensive to intensive development transformation."Tuo GuoZhu said.

　　　严防风险 Take strict precautions against risk

　　　无论从保险本身的作用，还是从保险业在金融行业中承担的角色来看，防范风险的重要性都不言而喻，更不用提已有前车之鉴。

No matter from the role of insurance itself,Or from the insurance industry in the financial industry in the role of the bear to see,The importance of preventing risks are self-evident,Not to mention for the lessons drawn from others' mistakes.

　　　项俊波深谙其中利害，审计出身的他，开起罚单来，也并不手软。

XiangJunBo know among them interested,He was born to the audit,Open ticket to,Is not thine hands be slack.

　　　根据保监会数据，从2012年1月至今，保监会及其派出机构累计开出罚单近800张，包括保险公司虚列中介业务、财务数据不真实、报送虚假材料、银保渠道虚列费用等违规行为。

According to the China insurance regulatory commission data,From January 2012 so far,The China insurance regulatory commission and its dispatched institutions accumulative open ticket nearly 800 copies,Including the insurance company inflated intermediary business/Financial data is not true/Submit false materials/Silver the channel inflated expenses violations.

　　　其中，财险公司虚列中介业务、费用支取不真实现象较为突出，相似案例在各地均有发现，暴露了长期以来财险行业中介业务存在的问题。

the,General insurance company inflated intermediary business/Draw not true cost is common,Similar case are found everywhere,Exposed for a long time general insurance industry intermediary business problems.

　　　开罚单，仅仅是防范风险的其中一项举措，另一项更受关注的举措是：第二代偿付能力监管启动。

A ticket,Is only one of the risk prevention measures,Another measure is more concern:The second generation of solvency supervision start.

　　　偿付能力监管是保险监管的核心，与保险公司密切相关。在保监会加强行业风险防范的举措中，对险企偿付能力监管的改革，受到业内广泛关注。

Solvency regulation is the core of insurance regulation,Closely related with the insurance company.In the China insurance regulatory commission to strengthen risk prevention measures of the industry,To risk enterprise solvency regulatory reform,Attention by the industry.

　　　2003?2007年底，保监会基本搭建起具有中国特色的第一代偿付能力监管制度体系。2008年之后，保监会在积极应对国际金融危机的同时，结合我国保险市场发展情况，不断完善、丰富偿付能力监管制度。

2003?By the end of 2007,The China insurance regulatory commission basic set up with Chinese characteristics, the first generation of solvency supervision system.2008 years later,The China insurance regulatory commission in coping with the international financial crisis at the same time,According to our country's insurance market development,Constantly improve/Rich solvency supervision system.

　　　2012年4月，保监会发布了《中国第二代偿付能力监管制度体系建设规划》。

In April 2012,The China insurance regulatory commission issued a[China's second generation of solvency supervision system construction planning].

　　　保监会相关负责人称，第二代制度体系充分借鉴国际先进经验，顺应国际保险监管改革的潮流，坚持与国际接轨的大方向，采用国际通行的“三支柱”整体框架。

The China insurance regulatory commission related responsible person,The second generation system fully absorb the international advanced experience,Conform to the trend of the international insurance regulatory reform,Adhere to the way with international standards,The international practice"Three pillar"Overall framework.

　　　保监会第三届偿付能力监管标准委员会委员吴岚表示，现行的监管标准中最低资本的计算，只对负债规模的变化非常敏感，对于规模增长远远超过未预期损失增长的情况，则会大幅提高最低资本要求，但同时对资本市场和业务结构的变化并不敏感。

The China insurance regulatory commission the third solvency regulatory standards committee WuLan said,The current regulatory standards in the calculation of minimum capital,Only to changes in the scale of debt is very sensitive,Regarding the scale growth than not expected damage increase,Will greatly improve the minimum capital requirements,But at the same time on capital market and business structure changes is not sensitive.

　　　招商证券分析师罗毅在研报中称，施行新准则后，受影响较大的是投资风险高、风险分散不充分的保险公司，因为对他们而言，最低资本的要求会上升，杠杆率的要求会下降。

China merchants securities analysts said in a report in se research,And after the new guidelines,Affected large investment risk is high/Risk dispersion inadequate insurance company,Because for them,Minimum capital requirements will rise,Leverage requirements will decline.

　　　然而，根据2011年各险企年报数据，偿付能力出现下滑的险企不在少数，而2012年年初以来，近十家保险公司提出增资需求。虽然问及此事时，许多公司高管都“笑而不语”，但资本金不足的问题在业内已是通病。

however,According to the 2011 annual report data to the risk,The solvency of insurance enterprises is not dropped a few,And since the beginning of 2012,Nearly ten endowment insurance company to put forward the demand.Although when asked about the,Many companies are executives"Smiling without a word",But the problem of shortage of capital in the industry is failing.

　　　在这一背景下，新偿付能力监管制度面临的利益冲突及推行难度可想而知。一些行业分析师认为，分步走的方法更为妥当。

In this background,New solvency regulation institutions face conflicts of interest and implement difficulty cans be imagined.Some industry analysts believe that,The method of step walk more appropriate.

　　　在保险业内，许多保险公司及保险中介公司的股东背景都十分强大，这些公司依托其股东力量，得到不错发展，然而，这其中，有一个问题令人担忧，那就是控股股东对保险公司的控制。

In the insurance industry,Many insurance companies and insurance intermediary company shareholders background are very strong,These companies rely on their shareholders strength,Get good development,however,the,Have a question is worrying,That is the controlling shareholder to insurance company's control.

　　　2012年8月，保监会颁布了《保险公司控股股东管理办法》，对于保险公司控股股东进行了界定，并对保险公司控股股东的控制行为和交易行为予以规范，并明确规定了保监会有权采取的监管措施。

In August 2012,The China insurance regulatory commission has issued a[The insurance company controlling shareholder management measures],For the insurance company controlling shareholder is defined,And the insurance company controlling shareholder control behavior and transactions shall be standard,And clearly define the circ shall have the right to take regulatory measures.

　　　曹恒乾认为，当前监管的转变更多是从被保险人的角度出发的，增加行业的透明度。从行业发展的角度而言，保险公司的发展需要创新，扩大市场，而发展、业务创新是以行业的透明为基础的。因此，当前保险监管的转变主要是为长远考虑，只有透明的保险行业才可能继续健康发展，业务创新才能满足被保险人的保险需求。

CaoHengQian think,The current regulatory change more from the perspective of the insured,Increase the transparency of the industry.From the industry point of view,The insurance company to the development of innovation,Expand the market,And the development/Business innovation in industry on the basis of transparent.so,The current insurance regulation transformation mainly is for the long term,Only transparent insurance industry can continue to health development,Business innovation to satisfy the insured's insurance requirements.

　　　他说，让被保险人共享行业发展的难点在于，如何解决信息的不对称性。从西方国家的经验来看，市场化是解决这些问题的最好办法，只有通过竞争中的优胜劣汰，才能让保险产品更加的透明，更能够保障投保人利益。

He said,Let the insured to share in the development of the industry is difficult,How to solve the asymmetric information.From the western experience,Market is the best way to solve these problems,It is only through the competition of the survival of the fittest,To make insurance products more transparent,Can be more security interests of the applicant.

　　　险资松绑 Risk information relax

　　　项俊波的另一项举措，让规模超过4万亿的保险资金投资池掀起层层波澜。

XiangJunBo other measures,Let the size of more than 4 trillion insurance fund investment pool lifted layers of waves.

　　　“这次政策调整的主要方向就是推进保险资金运用市场化改革。”项俊波在7月召开的保险监管半年会议上说。

"The main direction of the policy adjustment is to promote the use of insurance capital market reform."XiangJunBo in July at the insurance regulation half year meeting.

　　　资本的嗅觉是最灵敏的。6月中旬保监会关于保险资金运用的闭门讨论会议，使得6月保险股集体“疯长”。

Capital sense of smell is the most sensitive.In the middle of the China insurance regulatory commission on June insurance funds utilization residential discussion meetings,Make June insurance stocks collective"(".

　　　10月22日和23日，保监会网站密集公布6个文件。继7月份连续颁布4项险资运用政策之后，这是保监会再度出台关于险资投资的新政。

On October 22 and 23,The China insurance regulatory commission website published intensive 6 files.After July continuous issued four risk information after use policy,This is the China insurance regulatory commission issued again about risk capital investment of the New Deal.

　　　多位受访人士表示，此次细则落实下来，将对资本市场产生巨大影响，但同时也要注意防范风险。

Many people questioned said,The detailed rules for the implementation of down,The capital market will be a tremendous impact,But at the same time also should pay attention to guard against the risk.

　　　保监会消息显示，最新出台的文件包括《关于保险资产管理公司有关事项的通知》、《关于保险资金投资有关金融产品的通知》、《基础设施债权投资计划管理暂行规定》、《保险资金境外投资管理暂行办法实施细则》、《保险资金参与金融衍生产品交易暂行办法》、《保险资金参与股指期货交易规定》。

The China insurance regulatory commission news show,Newest the file includes[About insurance asset management company related matters notice]/[About the insurance fund investment in the notice of the financial products]/[Infrastructure debt investments plan management interim provisions]/[Overseas investment of insurance funds detailed rules for the implementation of the interim measures for the administration]/[Insurance funds to participate in the financial derivatives transaction interim measures]/[Insurance funds to participate in futures trading rules].

　　　此前监管层释放的政策信号终于落实。

After the release of the supervisor policy signal finally implement.

　　　其实，近几年来，对于拓宽保险资金投资渠道的呼声不断，但一直未能有所进展。

In fact,In recent years,To broaden the insurance fund investment channels calls,But had been unable to make progress.

　　　中央财经大学保险系主任郝演苏表示，保监会扩大保险资金运用与投资范围有两方面的考虑：一是面对当前经济低迷环境，支持国家金融总体战略，通过扩大保险资金运用与投资范围支持经济发展，为保增长做出贡献；二是通过扩大保险资金运用与投资范围，实现保险资金的保值与增值，增强保险业服务经济社会的实力。

Central university of finance and insurance department hao play Sue says,The China insurance regulatory commission to expand the use of insurance capital and investment scope have two considerations:One is facing the current economic downturn environment,To support national financial overall strategy,By expanding the use of insurance capital and investment range support economic development,For the growth to contribute;The second is through expanding the scope of insurance funds utilization and investment,To realize the value of insurance funds and value-added,Enhance the strength of the service economy society.

　　　他说：“这样做主要有两个作用，一个是为大局服务，一个也可以给保险界资金运用找到出口，使目前保险资金运用收益下降得到改善。”

He said:"Do have two main functions,A is for the service,One can also give I urance sectors using funds find export,At present the use of insurance capital gains decline improved."

　　　此次监管层放宽险资投资渠道的力度之大，许多保险公司都没有想到。

The supervision layer relaxing risk capital investment channels of the strength,Many insurance companies are not thought of.

　　　“监管层动作确实比较大。有两个‘没想到’，开始以为只是会放开一项，没有想到放开范围这么广；另一个是以为细则会过一段时间才出，没想到落实的这么快。”一位国内某保险公司资产管理中层如此说道。

"The supervisor action is really big.There are two‘Didn't think’,Began to think that just can let go of a,Did not think of open range so wide;The other is a thought rules will be a period of time to out,The implement of thought so fast."A a domestic insurance company asset management middle said.

　　　“监管规则虽然细化了，但审核流程却更加简化了；投资渠道虽然放开了，但偿付能力却依然是硬约束指标；投资比例虽然放宽了，但对专业化的要求却更高了。”北京大学经济学院教授李心愉提醒保险公司，“内部风险控制一定要做好。”

"Regulatory rules although the refining,But the audit process is more simplified;Although investment channels to release the,But solvency but is still hard constraint index;Although the proportion of investment to relax,But to professional requirements are higher."Peking University school of economics professor LiXinYu remind the insurance company,"The internal risk control will be done."

　　　王绪瑾认为，“新政主要是提高保险公司的盈利能力，增加保险投资渠道，从另外一个角度来说，也可以防范风险，因为‘把鸡蛋都放在一个篮子里’等于局限了保险投资的创新。”

WangXuJin think,"The New Deal mainly is to improve the insurance company's profitability,Increase the insurance investment channels,From another point of view,Also can guard against the risk,because‘Put the eggs in one basket’Equal to the innovation of insurance investment limited."

　　　对于这一政策能否起到预期的效果，郝演苏认为，受制于目前经济大环境，或有难度。

This policy will have the desired effect,Hao play Sue think,Subject to the present economic environment,Or have difficulty.

　　　“政策已经摆到台面上，动不动是下面的事情。现在市场上缺钱，但民营资本不动，因为经济大环境不好，能不能有所收益难以预测。”他说。

"Policy has to put on the table,Often is the following things.Now in the market lack of money,But private capital did not move,Because of the bad economic environment,Can you have income is difficult to predict."He said.

　　　李心愉说：“开放是对的，但并非不要监管，具体如何进行监管，需要在实现对风险进行控制的同时，发挥保险公司运用市场化手段管理资金运用之间进行平衡。”

LiXinYu said:"Open is right,But not don't supervision,Specific how to carry out supervision,Need to realize to control risk at the same time,Play to the insurance company use the market-based means management funds utilization balance between."

　　　“要适当提高监管的宽容度，允许市场主体在创新过程中大胆试错。”项俊波7月公开表示。

"Should be appropriate to improve supervision of tolerance,Allow the market main body in the process of innovation bold trial and error."XiangJunBo July openly.

　　　项俊波在7月召开的监管会议上说，现在保险监管存在一种不好的现象，就是在很多问题上越俎代庖，做了原本应该由市场解决的、而且市场能够解决好的事情，“既破坏了市场机制的正常运转，还浪费了监管资源。”

XiangJunBo held in July the supervision of the meeting said,Now insurance regulation there is a bad phenomenon,Even in a lot of problems in fact,Do the original should be determined by the market solution/And the market can solve the good things,"Not only destroyed the normal operation of the market mechanism,Also the supervision of waste resources."

　　　区别于年初的“严监管”基调，年中的会议更多是释放出宽松信号。

Different from at the beginning of the year"Strict supervision"tone,The meeting is more in release loose signal.

　　　有收有放，收放自如，才是高手。

Have the have put,Keep freely,Is superior.

　　　惠及民众 Benefit people

　　　在一些与民众息息相关的保障型保险方面，比如农业保险、巨灾保险、养老保险、公共安全领域的责任保险以及医疗保险，一些已经取得突破性进展，另一些仍在推进当中。

In some people closely related to safeguard insurance,Such as agricultural insurance/Catastrophe insurance/Endowment insurance/In the field of public safety liability insurance and medical insurance,Some have made breakthrough progress,Others are still in the propulsion of.

　　　在年初的全国保险监管工作会议上，项俊波曾提出，今年的三大重点工作之一就是推进农业保险、巨灾保险、个人延税型养老保险发展。

At the beginning of the year in the national work conference on insurance regulation,XiangJunBo once put,This year's three major work is to promote one of agricultural insurance/Catastrophe insurance/Personal delay tax type endowment insurance development.

　　　有人认为，截至目前，上述三项工作并没有明显起色，但也有人认为，推进这三项工作是一个长期而系统的过程，不能操之过急，观点不一而足。

Some people think that,So far,The above three work and no obvious improvement,But also some people thought,Promote the three work is a long-term and systematic process,Cannot act with undue haste,Views vary.

　　　其实，具体的工作已经在部署之中。

In fact,Specific work has been in the deployment of.

　　　最近几个月中，项俊波不止一次提到，要鼓励商业保险参与社会保障体系建设。

Recent months,XiangJunBo mentioned more than once,To encourage commercial insurance to participate in the construction of social security system.

　　　在近日发表的《从战略层面重视发挥商业保险的功能作用》一文中，项俊波历数保险业在社会保障方面起到的作用，其中包括医疗保障体系，养老保障以及农业服务体系，并认为，商业保险能够在其中发挥重要作用。

In the recently published[From the strategic level pay attention to the commercial insurance functions]The article,XiangJunBo destroyed by the insurance industry in the role of social security,Including medical security system,Old-age security and agricultural service system,And think,Commercial insurance can play an important role in it.

　　　项俊波在文中称，在农业保险方面，通过开办小额信贷保险，为农民提供信用担保，形成保险与信贷结合，能有效解决贷款农户和农村金融机构两方面的风险保障问题。

In this paper XiangJunBo said,In the agricultural insurance,Through the open small credit insurance,To provide credit guarantee for farmers,Formation of insurance and credit combination,Can effectively solve the loan farmers and rural financial institutions two aspects of risk security.

　　　事实上，农业保险已经取得突破性进展。10月24日，国务院总理温家宝主持召开国务院常务会议，会议审议通过《农业保险条例（草案）》。

In fact,Agricultural insurance has made breakthrough progress.October 24,,The state council premier wen jiabao presided the state council executive meeting,The meeting passed[Agricultural insurance regulations(draft)].

　　　会议认为，为分散和转移农业风险，提高农业抗风险能力，保护农民利益，有必要制定农业保险条例。条例草案明确了农业保险业务经营主体和经营规则，规定国家采取保险费补贴、税收优惠等措施支持发展农业保险。

The meeting that,As the dispersion and transfer of agricultural risk,To enhance the agricultural risk resistance capacity,To protect farmers' interests,It is necessary to formulate agricultural insurance regulations.Bill has been clear about the agricultural insurance business subject and business rules,Provisions nations to take insurance premium subsidies/Tax incentives and other measures to support the development of agricultural insurance.

　　　巨灾保险方面，项俊波称，目前，我国基本形成了以各级政府为主导、以国家财政救济和社会捐助为支撑的灾害救助制度。这一制度在灾害救助和灾后重建等方面发挥了积极作用，但也存在风险分散渠道不足、财政压力较大等问题。

Catastrophe insurance,XiangJunBo says,At present,Our country basic has formed by the governments at all levels as the leading factor/With the national financial relief and social donation to support disaster relief system.This system in disaster relief and post-disaster reconstruction and so has played a positive role,But there are also insufficient risk dispersion channels/Financial pressure great problems.

　　　近日，保监会副主席李克穆公开表示，保监会正在致力于建立一个有国家财政支持的商业化运作机制，巨灾保险的制度建立已势在必行。

recently,Vice chairman of the China insurance regulatory commission LiKeMu openly,The China insurance regulatory commission is working to establish a national financial support commercial operation mechanism,Catastrophe insurance system, it is imperative to set up.

　　　养老保险方面，财政部、国税总局、保监会、人社部等部门近日已正式启动针对企业年金和商业养老保险相关税收优惠政策的研究制定工作。其中，企业年金个税递延方案已基本定型，或有望年内在上海市先期试点。

Endowment insurance,The ministry of finance/National tax administration/circ/People club department and other departments recently has officially start for the enterprise annuity and commercial endowment insurance related tax preferential policies for the research work.the,Enterprise annuity tax deferred scheme has been the basic finalize the design,Or is expected to years earlier in the pilot.

　　　项俊波在上述文章中称，目前，税延保险的产品开发、业务流程、信息平台建设等基础工作已经完成。方案初步提出，养老金税收递延方案的免税上限为1000元，其中用于个人养老保险免税700元，用于企业年金免税300元。

XiangJunBo in the article above said,At present,Tax delay insurance product development/Business process/Information platform construction, basic work has been completed.Preliminary scheme is put forward,Pension tax deferred scheme duty-free limit for 1000 yuan,Among them for personal endowment insurance tax 700 yuan,For the enterprise annuity tax 300 yuan.

　　　在医疗保险方面，商业保险的参与已经取得了较大进展。

In the medical insurance,Commercial insurance participation has made great progress.

　　　项俊波表示，“湛江模式”实施以来，医保运行实现了“成本更低、效率更高、服务更好、专业更强”，取得了参保人、政府、医院和保险公司的多方共赢。

XiangJunBo said,"Zhanjiang mode"Since the implementation of,Medical insurance operation realized"Cost lower/Efficiency higher/Service better/Professional stronger",Made ginseng protect people/The government/Hospitals and insurance company multi-win-win situation.

　　　8月30日，《关于开展城乡居民大病保险工作的指导意见》正式公布，并指出，商业保险机构利用其专业优势，支持商业保险机构承办大病保险，发挥市场机制作用，提高大病保险的运行效率、服务水平和质量。同时，强化社会互助共济的意识和作用，形成政府、个人和保险机构共同分担大病风险的机制。

On August 30,,[About urban and rural residents to carry out a serious illness insurance work direction]Officially announced,And points out that,Commercial insurance institutions to use its professional advantage,Support business insurance institutions undertaking serious illness insurance,The market mechanism to play role,To improve the efficiency of a serious illness insurance/The service level and quality.At the same time,Strengthening social help each other in all aid consciousness and action,Form the government/Personal and insurance agencies share the risk of a serious illness mechanism.

　　　项俊波说，可以预见，商业保险在推进大病保险制度建设中将发挥积极作用。

XiangJunBo said,Can foresee,Commercial insurance in promoting the construction of a serious illness insurance system will play a positive role.

　　　与上述保险相似，公共安全领域的责任保险在保障民生方面，也能够起到很大作用。

Similar with the insurance,In the field of public safety liability insurance in the protection of people's livelihood,Can also has played a significant role.

　　　项俊波在上述文章中称，近年来，我国一些地方政府和部门对公共安全领域责任保险的推行力度不断加强。保监会已经与建设部、公安部、环保部、国家旅游局、安监总局等20多个部委联合下发了文件，在工程建设、道路交通、环境保护、旅游安全、安全生产等领域建立保险机制。

XiangJunBo in the article above said,In recent years,Our country some local governments and departments of public security domain the implementation of liability insurance increasingly strengthen.The China insurance regulatory commission has issued by the ministry of construction/The ministry of public security/she/The national tourism administration/Safety supervision bureau, and other ministries jointly issued the documents,In the engineering construction/Road traffic/Environmental protection/Tourism safety/Safety production, etc to establish insurance mechanism.

　　　据记者了解，环境责任强制保险近期有可能取得突破进展，其他一些责任保险在项俊波上任后也得到了足够的重视，但进展较为缓慢。

According to reporter understanding,Environmental liability compulsory insurance recent possible breakthrough progress,Some other liability insurance in the XiangJunBo after taking office also get enough attention,But progress is relatively slow.

　　　比如本刊曾经关注过的食品安全责任保险、医疗责任保险等，虽然保监会已给予了关注，也一直在推进，但由于牵涉多方利益，覆盖面和投保率仍旧无法“突围”，强制进行也面临较大阻力。

Such as this newspaper had concerns over food safety liability insurance/Medical liability insurance, etc,Although the China insurance regulatory commission has given attention,Have been in advance,But because the interests involved,Coverage and insurance rate still can't"breakout",Forced to face greater resistance.