专家指出，全国“两会”期间，不论是短期的维稳手段、还是长期的改革谋划，都将对金融改革、利率市场化、中小企业融资、农村金融等具体问题有更丰富的讨论，形成清晰的思路。

Experts point out that,Across the country"The two sessions"During the period,Whether it is a short-term stability/And long-term reform plans,Will be on financial reform/Interest rate marketization/Small and medium-sized enterprise financing/Specific problems such as rural financial have more discussion,Clear thinking form.

　　G20 财长和央行行长会议发布的联合公报中，发达国家宽松财政货币政策的“溢出效应”成为外界关注焦点，而改善长期投资融资是本次会议一大亮点。在远观G20会议的同时，即将召开的全国“两会”也有诸多共同思考的议题将进行更为丰富充分的讨论。银河证券首席经济学家潘向东在接受《中国企业报》记者采访时指出，全国“两会”期间，不论是短期的维稳手段、还是长期的改革谋划，都将对金融改革、利率市场化、中小企业融资、农村金融等具体问题会有更丰富的讨论，形成清晰的思路。

The G20 finance ministers and central bank governors meeting issued a joint communique,Loose fiscal and monetary policy in developed countries"Spillover effects"Become the focus of attention,And improve long-term investment financing is a major bright spot at the meeting.In a distant view of the G20 meeting at the same time,The upcoming national"The two sessions"Also have many common topics to think will be more fully discussed.Galaxy securities chief economist Pan Xiangdong in acceptance[China enterprise news]Reporter to interview said,Across the country"The two sessions"During the period,Whether it is a short-term stability/And long-term reform plans,Will be on financial reform/Interest rate marketization/Small and medium-sized enterprise financing/Rural finance specific problems, such as there will be more rich,Clear thinking form.

　　积极应对 Actively respond to

　　宽松政策的“溢出效应” Easing the"Spillover effects"

　　《中国企业报》：在您看来，发达国家宽松财政货币政策的“溢出效应”表现在哪些方面？

[China enterprise news]:In your opinion,Loose fiscal and monetary policy in developed countries"Spillover effects"In what aspects?

　　潘向东：目前发达国家的日本、英国、美国与欧元区均以自己的方式不断推行量化宽松政策。只要货币贬值和操纵不会演变成贸易保护主义及更激烈的货币战争形式，其对全球经济的净影响将是正面刺激效果。2012年日本央行已经实施了5次量化宽松，对日本部分重要的制造业来说，日元贬值刺激出口，并形成汇兑盈余，提高了企业盈利能力。

Pan Xiangdong:The Japanese developed countries at present/The UK/America and the euro zone are constantly pursue quantitative easing policy, in your own way.As long as the currency devaluation and manipulation don't turn into a trade protectionism and more intense forms of currency wars,Its net impact on the global economy will be a positive stimulus effect.In 2012 the bank of Japan has already implemented quantitative easing (qe) 5 times,For Japan's important part of the manufacturing industry,The yen to boost exports,And form exchange surplus,Improved the profitability of enterprises.

　　但是，这类宽松货币与财政政策是有风险的。宽量化或者操纵汇率造成本币贬值，不仅将其它经济体置于不利境地，特别是新兴经济体本币升值的压力加大，也会对全球金融监管、银行和金融机构造成不利影响。

but,This kind of looser monetary and fiscal policy is risky.Wide quantitative or manipulating its currency devaluation,Not only to other economies in disadvantage,Especially for emerging economies currency appreciation pressure,On global financial regulation/Adversely affected Banks and financial institutions.

　　高度重视 Attaches great importance to

　　财政金融领域风险隐患 Fiscal finance risks

　　《中国企业报》：联合公报指出，通过改善长期融资机制来刺激投资增长。对中国而言，扩大基础设施投资使得中国政府必须面对哪些问题？即将到来的两会预计将会有哪些相关议案提出？

[China enterprise news]:Joint communique pointed out,By improving the financing mechanism to stimulate the investment growth for a long time.For China,To expand infrastructure investment which makes the Chinese government must face?What are the upcoming CPPCC is expected to related proposals?

　　潘向东：对中国来说，过去10年的大规模基础设施建设已经初步消除了交通、能源、通讯等基础设施的瓶颈问题。出现的部分地区新建基础设施利用率不足，表明中国部分地区的基础设施可能已经超前于经济的发展。基础设施建设不应该继续成为中国投资的重点，应该将投资重点转移到产业升级与创新能力方面。

Pan Xiangdong:For China,Over the past 10 years of large-scale construction of infrastructure has preliminarily eliminated the traffic/energy/Communications and other infrastructure bottlenecks.In some parts of the new infrastructure utilization is insufficient,Show that parts of China's infrastructure may have been ahead of the development of economy.Infrastructure should not continue to be the focus of Chinese investment,Should transfer the focus to industrial upgrading and innovation ability.

　　目前需要高度重视财政金融领域存在的风险隐患，坚决守住不发生系统性和区域性金融风险的底线。首先是如何解决已经出现的债务问题。对于部分拖欠债务，目前银行已用了展期等方式将还款期不断延长，只要中国经济平稳增长，财政保持稳健，地方的债务和银行潜在的风险便能逐步化解。否则，问题将会恶化。其次是如何防范未来的风险。风险集中于地方政府和银行，很大程度上是我们的经济结构所决定，需要改革来解决。另一方面，改善长期融资机制，加快金融业市场化改革的步伐，融资渠道的丰富自然而然地能够分散和减轻银行体系的风险压力，促进利率市场化，让价格成为资源配置的有效工具，来引导投资、规范投资，也就能从根本上减少过度投资、无效投资，控制其所带来的金融风险。

Now needs to attach great importance to finance the risk in the financial sector,Firmly hold on systemic and regional financial risk does not occur the bottom line.First of all is how to solve the debt problems have.For some default on its debt,At present, the bank has with the extension of the repayment period is extended,As long as China's steady economic growth,Financial steady,Local debt and the Banks will gradually resolve the potential risks.otherwise,Problems will be deteriorated.The second is how to prevent the risk of the future.Risk has focused on local governments and Banks,To a large extent is determined by our economic structure,Reforms are needed to solve.On the other hand,Improve long-term funding mechanism,Accelerate the pace of financial market reform,The financing channels of rich naturally able to disperse and reduce the risk of the banking system pressure,Promote interest rate marketization,Let the price become effective tool for the allocation of resources,To guide the investment/Specification for investment,Also can radically reduce excessive investment/Invalid investment,Control the financial risks brought by the.

　　去年末，财政部、发改委、央行和银监会四部委联合发文严控地方政府融资行为，便是以行政命令的手段遏制类似风险的进一步扩大。全国“两会”期间，不论是对短期的维稳手段、还是长期的改革谋划，都会有更充分的讨论，形成更加清晰的思路。

Late last year,The ministry of finance/The national development and reform commission/Four ministries jointly issued a central bank and banking regulators to rein in local government financing behavior,Is to order means to curb further expansion of similar risk.Across the country"The two sessions"During the period,Whether for short term stability means/And long-term reform plans,There will be more fully discussed,More clarity of thought form.

　　《中国企业报》：国内面对价格扭曲的问题给实体经济带来的负面效应，如何改善为投资服务的长期融资机制？

[China enterprise news]:Domestic faced with the problem of price distortion to real economy brings negative effect,How to improve the long-term funding mechanism for investment services?

　　潘向东： 面对价格扭曲的问题给实体经济带来的负面效应，要改善为投资服务的长期融资机制，只有加快金融体制改革，破除垄断，实现金融自由化、市场化。一方面是大量低成本的资金给了低收益的项目，一方面是中小企业长期以来面临的融资难问题。金融市场的垄断和较低的市场化水平给实体经济的发展造成了不小的成本，作为服务业的金融行业市场化脚步明显落后。改善长期融资机制、优化利率价格的资源配置导向作用便显得迫在眉睫。为调整经济结构，让金融行业更好地服务于实体经济，去年中国的金融改革步伐明显加快，地方金改多点而动、首次双向扩大存贷款利率波动幅度、人民币国际化不断推进、金融业务牌照陆续放开，今年这方面还会做更多的工作，包括利率汇率市场化的推进、债券品种的丰富和债券市场的建设、多层次股权交易市场的建立和完善、资本项目的对外开放等等，让金融行业实现追赶式发展，满足实体经济发展的需要。

Pan Xiangdong: Faced with the problem of price distortion to real economy brings negative effect,To improve the long-term financing mechanism for investment services,Only we will accelerate reform of the financial system,Break monopolies,Financial liberalization/The marketization.On the one hand, a large number of low-cost funds for low-yielding project,On the one hand, small and medium-sized enterprise financing difficult problem for a long time.Financial market monopoly and low level of market-oriented to the development of the real economy has caused a big cost,As a service industry's obvious financial industry marketization steps backward.Improve long-term funding mechanism/Optimize the interest rate the price of resource allocation guiding role appears imminent.To adjust the economic structure,The financial industry to better serve the real economy,Last year, China's financial reform and speeding up the pace,Local gold to change more/Two-way to expand lending and deposit interest rate volatility for the first time/The internationalisation of the renminbi to push/Financial services gradually let go,This year will do more work on this subject,Including promoting interest rate marketization of exchange rate/Bonds varieties of rich and development of the bond market/To establish and perfect multi-level equity trading market/Capital account opening to the outside world, and so on,To achieve ZhuiGanShi development of financial industry,Meet the needs of the development of real economy.

　　另一方面，在提高金融体系效率的同时，金融监管体系也需要与时俱进，以防范和杜绝新的风险。

On the other hand,At the same time of improving the efficiency of the financial system,The financial regulatory system also needs to keep pace with The Times,To prevent and put an end to new risks.

　　全球金融市场改善 Global financial markets improve

　　利好中国出口 Good Chinese export

　　《中国企业报》：G20会议认为“当前全球经济面临的尾部风险下降，金融市场形势有所改善”，而各方面数据也表明欧美市场需求正在复苏。在市场需求上行之际，通常贸易保护主义的倾向将会大大减弱。这对出口大国的中国来说，有何机遇？

[China enterprise news]:The G20 meeting that"The tail of the risk faced by the current global economic decline,Financial market conditions improve",And all aspects of data also suggests that European and American market demand is picking up.As demand upside in the market,Usually the tendency of trade protectionism will greatly abate.This for China's exporters,What is the opportunity?

　　潘向东：这对出口大国的中国来说，是一个较好的机遇。从最新的PMI、经济景气指数、领先指数、消费者信心指数、投资者信心指数等一系列领先指标看，今年一季度主体发达经济体经济回升的可能性很高，对中国产品的需求会随之上升。因此，至少今年上半年中国的出口仍会维持较好态势。

Pan Xiangdong:This for China's exporters,Is a good opportunity.From the latest PMI/The economic climate index/Leading index/Consumer confidence/Investor confidence and a series of leading indicators,In the first quarter this year subject the possibility of economic recovery in developed economies is very high,Demand for Chinese products will rise.so,At least in the first half of this year China's exports will continue to maintain good posture.

　　在国内夯实改革基础、进行结构调整时，更需要出口的稳步扩大来弥补内需结构调整可能造成的短期经济波动。去年中央经济工作会议提出要坚定不移扩大开放，预计今年两会也会有这方面的议案，讨论新形势下如何进一步改善中国出口，帮助出口企业做大做强。

In the reform of domestic solid foundation/For structure adjustment,Need more steadily expanding exports to compensate for domestic demand structural adjustment may cause short-term economic fluctuations.The central economic work conference last year offered to firm open still wider to the outside world,Two meetings this year is expected to have the bill,Discussion under the new situation, how to further improve China's export,Help export enterprises to do bigger and stronger.