照传统观点，地方金融是指由城市商业银行等中小型银行机构，以及小额贷款公司、典当、担保等非银行金融机构或准金融机构所组成的金融体系。本质上，区分某种业态是否属于地方金融的标准，是地方政府能否在其中发挥重要影响。

As traditional ideas,Local finance is to point to by city commercial Banks and small and medium-sized Banks,And small loan companies/pawn/Guarantee and non-bank financial institutions or quasi financial institutions of the financial system.essence,Distinguish between a certain format is belong to the local financial standards,Is the place in which the government can play an important influence.

　　自上世纪末到本世纪初，我国地方金融发展的核心，一度是围绕处理好局部金融风险引发的困境。随着2003年以来经济快速增长与金融地位的提升，地方金融开始受到前所未有的重视，且更多与地方集聚金融资源、服务产业发展等目标结合了起来。

Since the end of the 19th century to the beginning of this century,Our local financial development core,Once is around to deal with local financial risk of dilemma.Along with the rapid economic growth since 2003 and the promotion of the position of finance,Local financial begins to be unprecedented attention,And more financial resources and local concentration/Service industry development is a combination of target.

　　可以说，2008年以来的全球金融危机演变，促使我国进一步看清了自身经济结构的缺陷，也看到了金融体系的不足以及蕴含的风险。加快金融改革和创新逐渐成为各界共识，而地方金融如何在其中发挥作用，也成为改革重中之重。笔者判断，2013年大约有这么几个值得重点关注的地方金融改革重点。

Can say,Since 2008, the global financial crisis evolution,In China to further see their economic structure defects,Also see the financial system and the deficiency of the contain of the risk.Speed up financial reform and innovation has become a consensus from all walks of life,And how local financial in which play a role,Has become a most important reform.The author judgment,In 2013 about there are so few worth focus on local financial reform key.

　　最值得重视的，当然是在新形势下如何构建多层次金融管理体制，进而适应大国经济体中区域差异极大的金融格局。十八大强调推动金融体制改革，完善金融监管，而促进地方金融体制改革也已纳入国家“十二五”发展规划。适应国情，推动地方金融管理体制改革，在避免地方政府行政干预风险的同时，以市场化机制来实现地方金融与经济的对接，已经成为未来平衡金融发展效率与安全的核心环节。

The most important,Of course is in the new situation, how to construct multi-level financial management system,To adapt to the country and regional differences in the economies of the great financial structure.Eighteen great emphasis on promoting the reform of the financial system,Perfect financial supervision,And promote local financial system reform has been incorporated in the state"1025"Development planning.To the situation,Promote local financial management system reform,In avoiding local government administrative intervention risk at the same time,With market mechanism to realize the place financial and economic butt,Has become the future balance of financial development efficiency and security of the key steps.

　　由此，地方金融管理体制改革，将面临双重动力，在继续加快自上而下的改革同时，各地方自下而上的改革不断涌现。在此过程中，一方面，怎样同步推动顶层设计，进而实现双向改革的配套，成为妥善安排改革节奏的重点。另一方面，地方的创新试点不应只是个谋求政策和利益倾斜的过程，而应实现两个有利于的原则，即：能否有利于国家层面金融改革试点的突破，是否有利于地方企业发展与居民福利改善。

this,Local financial management system reform,Will face a double power,While continuing to speed up the reform from top to bottom at the same time,The local bottom-up reform continuously emerging.In the process,On the one hand,How to synchronous push top design,And then realize two-way reform supporting,Become the focus of the reform can properly arrange the rhythm.On the other hand,Local innovation pilot should not be just a seek policies and interests tilt process,And should realize two to principle,namely:Can be conducive to the national level financial reform pilot breakthrough,Whether it helps local enterprise development and residents to improve welfare.

　　必须强调的是，有效的地方金融竞争，不应只是金融机构的集聚、金融市场的设立，而还应提升和完善地方金融体系服务功能。就此角度看，地方金融改革要围绕金融服务实体经济的思想，依据自身特色，发掘优化地方金融服务的主线索。例如，在沿海港口城市，实体经济最大特色就是开放型、海洋型经济，因此，以金融服务港口经济为主线，就能全面梳理其地方金融发展中的线索。再比如，对于以承接沿海产业转移的中西部城市来说，重点则在于为新型工业化提供配套金融支持，促进产业与金融的结合。

Be emphasized is,Effective local financial competition,Should not just financial institutions of the cluster/The establishment of financial markets,And should also improve and perfect the local financial system service function.In this perspective,Local financial reform around financial service entity economic thought,According to their own features,Explore optimization of local financial services main clues.Such as,In the coastal port cities,The real economy is unique open/Marine type economic,so,In financial services as the main port economy,Can comprehensive analyzing its place in the development of the financial clues.Again for instance,To undertake coastal industrial transfer in the Midwest for city,Key is to provide supporting for the new industrialization financial support,To promote the industry and finance combination.

　　整体上看，金融服务实体经济的最大前提，是适应新型城镇化带来的金融需求。现在，地方政府在城市化中的投资职责在不断加大，而房地产市场调控、地方融资模式约束等因素，都限制了地方政府财力的扩充。从金融角度看，尤其需要探索创新模式。如更好地将地方政府的资产证券化，或把融资平台的债券改造为项目收益型的市政债券等等。

On the whole,Financial services to the real economy the most major premise,Is adapted to the new urbanization brings financial needs.now,The local government in the urbanization of the investment in increasing responsibilities,And the real estate market regulation/Local financing model constraint factors,Have limited the local government financial expansion.From the financial perspective,Especially need to explore innovation mode.Such as the better will be the local government of asset securitization,Or financing platform for project income bond transformation type of municipal bonds, and so on.

　　金融服务实体经济，还意味着金融发展应有助于经济模式的优化。例如，十八大提出发展生态文明，建设美丽中国。对于诸多GDP和人均GDP已走在前列的大中城市来说，为了加强环境和资源保护，促进可持续发展，促使经济结构转型升级，无论从投融资需求还是风险管理角度看，绿色金融都大有可为，这也是促进地方金融服务创新的重点。

Financial service entity economy,It also means that financial development should help the economy model of optimization.Such as,Put forward the eighteenth big development of ecological civilization,Construction beautiful China.For many GDP and per capita GDP has been walking in the forefront of the large and medium-sized cities,,In order to strengthen environmental and resources protection,To promote sustainable development,To the transformation and upgrading of economic structure,No matter from investment and financing demand or risk management perspective,Green financial all have bright prospects,This is to promote the focus of local financial service innovation.

　　健全地方金融服务的另一侧面，则是创新地方的“民生金融”模式。在为改善民生提供优质服务方面，地方政府理应为金融业创造良好环境，以关注金融支持就业、住房保障等方面的着力点，探索有地方特色的民生金融实现模式，使其为提升人民生活水平、提高资源配置效率发挥更大作用。

Improve the local financial services of the other side,Is the innovation of the place"Minsheng financial"mode.In order to improve the livelihood of the people to provide quality services,The local government should create a good environment for the financial industry,To focus on financial support for employment/The starting point of housing security, etc,Explore with the local characteristics of the people's livelihood financial implementation model,In order to upgrade the people's living standards/To improve the efficiency of the allocation of resources to play a greater role.

　　无疑，民生金融还有更丰富的内涵值得发掘。例如，一方面，十八大提出实现国民收入倍增，地方政府可就此展开分析，探讨究竟该如何引导金融机构开展金融创新，发展现代化地方财富管理体系，进而满足不同层面人群的投资需求，为居民增加财产性收入提供金融支持。另一方面，促进国内消费是未来重要方向。人均收入水平较高的地方，应走在提升消费需求的改革前列，推动新型消费金融产品和服务创新；相对落后的地方，则应加紧构造健全的基础性消费金融支持体系，尽力满足中低收入人群的消费需求。

undoubtedly,The people's livelihood financial and more rich connotation is worth discover.Such as,On the one hand,Eighteen forward to realize national income multiplier,The local government can is opened up analysis,What discussed how to guide financial institutions to carry out financial innovation,The development of modern local wealth management system,And then to meet different levels of the investment demand,For residents increasing property income to provide financial support.On the other hand,To promote domestic consumption is an important direction in the future.Per capita income level higher place,Should walk in the forefront of reform promotion consumer demand,To promote the new consumer financial product and service innovation;Relatively backward place,It should be to improve the construction of basic consumption financial support system,Try our best to meet the demand of low-income people.

　　说到底，地方金融的发展是为国家层面的金融体系夯实基础，因此更离不开金融“硬件”和“软件”建设。对于前者，如为了促进地方金融规范发展并推动制度试点，地方可推动金融法制建设，成为国家金融法制的重要补充。上海的国际金融中心建设、温州的民间金融规范等，都在这些方面有所突破和创新。对于后者，当前如金融信息和设备、支付清算体系等金融基础设施，不仅支撑了地方金融深化，而且对提升地方金融竞争力都有积极效应。

In the final analysis,Local financial development is for the national level of financial system, laying a solid foundation,So more from financial"hardware"and"software"construction.For the former,Such as in order to promote the development of local financial regulate and promote the pilot system,Place to promote financial legal system construction,Become a national important supplement of the financial system.Shanghai international financial center construction/Wenzhou folk financial norms, etc,All these aspects in a breakthrough and innovation.For the latter,The current such as financial information and equipment/Payment and settlement system and financial infrastructure,Not only support the local financial deepening,And to promote local financial competitiveness has positive effect.

　　地方金融也可与财政体制优化组合起来。例如，在各地财政收入面临增长压力时，与其用财政资金“撒胡椒面”，或用效率较低的直接支出模式，不如引入包括项目融资等在内的金融创新手段，更多发挥 “四两拨千斤”的乘数效应。

Local financial can also be combined with financial system optimization.Such as,In fiscal revenue growth all face pressure,With its financial capital"Without sauces and",Or with low efficiency of the direct expenditure mode,As introduced including project financing, financial innovation means,Play more "Four two dial one thousand jins"Multiplier effect of.

　　（作者系中国社会科学院金融研究所研究员，金融市场研究室主任）

(The author is the Chinese academy of social sciences researcher at the institute of finance,Financial market research director)