如果说2012年利率市场化实质性重启是当年金融改革最大亮点的话，步入2013年，中国金融领域的改革，或将进入一个多项改革齐头并进的阶段。而即将于今日下午3点举行，有中国人民银行行长周小川、国家外汇管理局局长易纲等国内金融界决策要人与会的“货币政策与金融改革”记者会，更是给了市场更多联想空间。

If the 2012 annual interest rate marketization substantive restart is biggest highlights the financial reform,Enter 2013,In the field of China's financial reform,Or will go hand in hand into a number of reform stage.Which will be held today at 3 PM,There is the people's bank of China governor zhou xiaochuan/Yi gang, director of the state administration of foreign exchange and other domestic needs the financial decision-making"Monetary policy and financial reform"The press conference,Is to give the market more space to lenovo.

　　上世纪八九十年代的英国，通过两次金融“大爆炸”，使其金融业重新焕发活力。英国首都伦敦由此也一举奠定了全球金融中心的地位。而反观中国，金融业“大而不强”的特征十分明显。工、农、中、建四大行，规模上虽已跻身世界银行业前十位，但若论综合实力、影响力，与花旗、汇丰等发达国家的银行相比，仍有很大差距。

The nineties of the last century,Through the two financial"The big bang",Make its financial sector.The British capital London, which has laid a global financial centre.While in China,The financial sector"Big and not strong"The characteristics are obvious.work/farmers/In the/To build the big four Banks,Scale is one of the top ten in the world banking industry,But if the theory of comprehensive strength/influence,And citigroup/Compared to developed countries such as the bank HSBC,Still has great gap.

　　差距的另外一面，意味着中国金融业的巨大潜力。对于中国的金融业自身而言，需要的或许正是一场金融“大爆炸”。更进一步看，长期处于金融压抑状态的中国经济，期待的亦是一场全方位的金融大改革。

The other side of the gap,Means that the great potential of China's financial sector.For China's financial industry itself,Maybe it is a financial need"The big bang".Looking further,Under financial repression of the Chinese economy for a long time,Looking forward to is also a comprehensive financial reform.

　　利率、汇率齐动 Interest rates/Exchange rate has moved

　　在市场各方都未意料到的时刻，中国人民银行重启了利率市场化改革。2012年6月，人民银行宣布，调整金融机构存贷款利率浮动区间：将存款利率浮动区间的上限调整为基准利率的1.1倍；将贷款利率浮动区间的下限调整为基准利率的0.8倍。

All parties are not expected to moment in the market,The people's bank of China to restart the market-based reform of interest rates.In June 2012,The people's bank announced,Adjust the financial institutions deposit and lending interest rate floating range:Will deposit interest rate floating range limit adjustment of benchmark interest rate 1.1 times;The lower limit of the loan interest rate floating range adjustment of benchmark interest rate 0.8 times.

　　这是时隔8年之后，中国利率市场化的再次实质性重启。这次调整之前的存贷款利率浮动区间设定于2004年10月：贷款利率上不封顶，可下浮的幅度为基准利率的0.9倍；存款利率则只能下浮，下不设底。

It is eight years later,China's market-oriented interest rate substantial restart again.The adjustment of deposit and lending interest rate floating range before setting in October 2004:Uncapped on lending rates,Can be decreased by 0.9 times the benchmark interest rate;Deposit interest rate is down,Under no bottom.

　　时隔一个月之后，中国人民银行再次扩大利率市场化成果。2012年7月，中国人民银行宣布，将贷款基准利率的下浮区间扩大到基准利率的0.7倍。

A month later,The people's bank of China to expand market-oriented interest rate results again.In July 2012,The people's bank of China announced,Benchmark lending rate down range expand to 0.7 times the benchmark interest rate.

　　存款利率浮动区间的上限调整为基准利率的1.1倍，一举破除了存款利率严格管制上限的禁区。同时，贷款利率也突破了基准利率下限管制的雷区。浮动区间的扩大，给商业银行按照市场化确定资金价格提供了自主决策空间。

Deposit interest rate floating range of cap adjusted to 1.1 times the benchmark interest rate,To break the interest rates on deposits strictly control limit area.At the same time,Lending rates also broke through the minefield of benchmark interest rate lower limit control.Band of expanding,To commercial Banks according to the market to determine the price of money provides independent decision space.

　　“一直以来，商业银行吸收存款的竞争十分激烈。存款利率上限的放开可能导致银行恶性竞争、引发风险，因此各国利率市场化的完成均以存款利率上限放开为标志。”一位农业银行(601288,股吧)零售业务部人士称，存款利率允许上浮至基准利率的1.1倍，被视为利率市场化改革的最大亮点。

"Has always been,Commercial bank deposits of competition is very fierce.Deposit bank of the liberalization of interest rate cap can lead to vicious competition/Lead to risk,So the interest rate ceiling on deposit interest rate marketization of complete all countries marked."A agricultural bank(601288,stocks)Retail sales department sources said,Deposit rates allowed to rise to 1.1 times the benchmark interest rate,Is seen as a highlight of the market-based reform of interest rates.

　　利率市场化重启的同时，汇率形成机制的完善在2012年也有了显著的进展。2012年4月，中国人民银行公告称，将外汇市场人民币对美元汇率浮动幅度由原先的千分之五扩大至百分之一。

Interest rate marketization to restart at the same time,The improvement of the exchange rate formation mechanism in 2012, has been significant progress.In April 2012,The people's bank of China reported,The yuan against the dollar exchange rate floating range will be foreign exchange market by the original expanded to five over one thousand of one percent.

　　此举被外界看成是增强汇率弹性、推进外汇管理体制改革的重要一步。这也是中国时隔5年，第二次扩大人民币对美元汇率浮动幅度。上一次扩大汇率浮动区间是在2007年，当时央行宣布自2007年5月21日起，银行间即期外汇市场人民币对美元交易价浮动幅度由千分之三扩大至千分之五。

The move by outsiders as enhance exchange rate flexibility/Important step to push forward the reform of foreign exchange management system.This is 5 years in China,Widening of the yuan exchange rate floating range against the dollar for the second time.Last to expand the range of floating exchange rate in 2007,When the central bank announced on May 21, 2007,The inter-bank spot foreign exchange market the yuan against the dollar traded price floating range expansion from three over one thousand to three over one thousand.

　　兴业银行(601166,股吧)首席经济学家鲁政委称，现在是1%，未来的时候就会是2%、2.5%，相信有一天人民币可以在国际外汇市场上自由浮动。

Societe generale(601166,stocks)Chief economist lu zhengwei said,Now it is 1%,The future will be 2%/2.5%,Believe that one day the yuan to float freely in the international foreign exchange market.

　　“利率、汇率市场化具有全局意义，影响金融资源的配置。”人民银行副行长潘功胜在今年2月末表示，相关改革已经取得了阶段性的成绩。下一步将积极稳妥推动市场化的改革，逐步增强人民币汇率的弹性，保持人民币在合理水平上的基本稳定。

"Interest rates/Exchange rate marketization has global significance,Affect the financial resource configuration."Deputy governor of the people's bank of pan gongsheng said in late February,Relevant reform has made phased achievements.The next step will actively yet prudently push marketization reform,Enhance the flexibility of the RMB exchange rate gradually,Keep basic stability of the renminbi at a reasonable level.

　　事实上，一行三会2012年下发的《金融业发展和改革“十二五”规划》也已对利率市场化、汇率形成机制的改革提出了明确的要求。

In fact,,A line of three will be issued in 2012[Financial sector reform and development"The 12th five-year"planning]Also has the interest rate marketization/Exchange rate formation mechanism reform put forward clear requirements.

　　农行首席经济学家向松祚在接受《第一财经日报》记者采访时表示，下一步利率市场化主要做四件事：一是建立存款保险制度；二是建立和完善征信体系；三是建立和完善信用评级体系；四是全力发展多层次债券市场，以形成一条真正的收益率曲线。

Agricultural bank's chief economist, xiang songzuo to accept[First financial daily]Reporter in an interview,Interest rate marketization mainly do next four things:One is to establish deposit insurance system;The second is to establish and perfect credit system;Three is to establish and perfect credit rating system;Four is to fully develop the multi-level of the bond market,In order to form a real yield curve.

　　直接融资期待 Direct financing is looking forward to

　　在利率、汇率市场化这两项事关全局、具有基础性意义改革推进的同时，多年来被寄予厚望的直接融资，在现阶段亦迎来了量变到质变的阶段。

In the interest rate/Exchange rate marketization of the two is a matter of global/Fundamental significance to the reform at the same time,Over the years has been high hopes of direct financing,At the present stage also ushered in the quantitative change to qualitative change phase.

　　中国人民银行公布的数据显示，2012年全年社会融资规模为15.76万亿元。其中，人民币贷款增加8.2万亿元，全年人民币贷款占同期社会融资规模的52.1%。而早在十年之前，新增人民币贷款在社会融资规模中的占比还高达七八成。

The people's bank of China released data show,Full-year 2012 social financing scale is 2012 yuan.Among them,Renminbi loans increased 8.2 trillion yuan,For RMB loans accounted for 52.1% of the scale of social financing at the same period.And as early as ten years ago,New yuan loans in the scale of social financing proportion is as high as 7 to eighty percent.

　　在一些央企集中的大城市，直接融资占比甚至更高。以北京为例，2012年，北京市非金融企业通过金融机构人民币贷款、债券和股票共融资11042.6亿元。其中，债券融资占据了绝对的主体地位，人民币贷款屈居其次，股票融资位居第三。债券融资在上述三者中占比68%；人民币贷款仅占28%；股票融资占比4%。

In some state-owned enterprises concentrated in big cities,The proportion of direct financing is even higher.In Beijing, for example,In 2012,,Beijing non-financial companies through financial institutions RMB loan/Bonds and stocks to raise 1.10426 trillion yuan.Among them,Bond financing occupies the absolute subject position,Renminbi loans came second,Equity financing in third place.Bond financing in the above three accounts for more than 68%;Renminbi loans accounted for only 28%;Equity financing accounted for 4%.

　　“金融脱媒正在不断加速。”一位国有大行北京地区负责人在接受本报记者采访时称，很多大型央企的总部设立在北京，这些大企业越来越倾向于通过发债来融资，相比贷款，债券融资成本更低。

"Financial disintermediation is increasing."A state-owned bank in accepting our newspaper reporter to interview, head of the Beijing area,Many large state-owned enterprises headquartered in Beijing,These large enterprises increasingly tend to be financed with debt,Compared with the loan,Bond financing cost is lower.

　　到了2013年1月，统计数据更显示了直接融资激增的态势。2013年1月社会融资规模为2.54万亿元，人民币贷款增加1.07万亿元，占比仅有42.1%。种种迹象已经显示，金融脱媒速度正在加快，直接融资在整个社会融资体系中将发挥更重要的作用。

By January 2013,Statistics shows that more direct financing surge of momentum.In January 2013, the scale of social financing for 2.54 trillion yuan,Renminbi loans increased 1.07 trillion yuan,Accounted for only 42.1%.Signs have shown,Financial disintermediation is accelerating,Direct financing in the financing system of the whole society will play a more important role.

　　所谓直接融资是没有金融中介机构介入的资金融通方式，包括商业信用、企业发行股票和债券，以及企业之间、个人之间的直接借贷。在现实统计中，直接融资通常被简化为股票和债券。

There is no financial intermediaries involved in the so-called direct financing financing mode,Including commercial credit/Companies issue stocks and bonds,As well as between enterprises/Direct borrowing between individuals.In the real statistics,Direct financing is usually simplified as stocks and bonds.

　　“在股票和债券这两大"主流"直接融资手段中，需要更注重后者而非前者。”社科院金融所金融市场研究室主任杨涛认为，目前，沪深股市的IPO和再融资规模已位居全球前列，并且从发达市场经济国家的经验来看，债市的规模与潜力，都远高于股市，因此在股市还存在诸多结构和制度矛盾的情况下，应把扩大债券市场规模作为首要任务，如把扩大直接融资等同于股市扩容，势必会造成发展偏差。

"In both stocks and bonds"The mainstream"In the direct financing means,Need to pay more attention to the latter rather than the former."Chinese academy of social sciences financial research director Yang tao thinks the financial markets,At present,The Shanghai and shenzhen stock market IPO and refinancing scale has been among the world top,And from the experience of the developed market economy countries,Bond market scale and potential,Are much higher than the stock market,So there are lots of structural and institutional contradictions in the stock market,Should expand the scale of the bond market as a top priority,Such as the expansion and expand direct financing is equal to the stock market,Development is bound to cause deviation.

　　与此同时，杨涛还建议，扩大直接融资，同样意味着应把民间借贷纳入“阳光之下”，使其成为提升直接融资比重的重要助力。

At the same time,Yang tao also suggested that,Expand the direct financing,Also means should incorporate the folk lending in"Under the sun",Make it become an important power. Increase the proportion of direct financing.

　　而根据一行三会公布的《金融业发展和改革“十二五”规划》，到“十二五”期末，非金融企业直接融资占社会融资规模比重提高至15%以上。而从直接融资迅猛发展的态势来看，15%的目标，将有望提前达到。

According to a line of three will be announced[Financial sector reform and development"The 12th five-year"planning],To the"The 12th five-year"At the end of,Non-financial companies the proportion of direct financing of social financing scale up to more than 15%.And from the perspective of the situation of rapid development of direct financing,15% of the target,Is expected to reach ahead of time.

　　综合经营起步 Comprehensive business started

　　直接融资规模扩张的同时，中国金融业综合经营的趋势日益明显起来，这一点在资产管理行业体现得尤为明显。

The scale of direct financing the expansion at the same time,The trend of China's financial industry comprehensive management has become increasingly apparent,This is especially apparent is reflected in the asset management industry.

　　与国外不同，中国金融业实行的是严格的分业监管体制，银行、证券、保险分属银监会、证监会、保监会监管。目前，银行、信托、证券公司、保险公司均能为客户提供理财产品，资产管理行业呈现爆炸式增长态势，其中又主要以交叉性产品（例如银信合作等理财产品）的增长为主。

Different from abroad,China's financial sector is a strictly differentiated regulatory system,The bank/securities/Insurance belong to the China banking regulatory commission/Securities regulatory commission (CSRC)/Circ regulatory.At present,The bank/The trust/A securities company/The insurance company can provide customers with products,Explosive growth trend of the asset management industry,Which mainly to its products(Such as bank-trust cooperation and other products)Growth is given priority to.

　　“以理财产品为主的交叉性金融产品快速发展。”中国人民银行在其最新发布的金融稳定报告中称，在市场竞争和客户多元化金融需求的推动下，银信、银证、银保、证保等不同行业金融机构间的业务合作不断加强。

"Rapid development is given priority to with products and cross financial products."The people's bank of China said in its latest financial stability report,In the market competition and customer driven diversified financial demands,An investigation/Silver-colored card/Yin bao/The insurance business cooperation between different sectors such as financial institutions continue to strengthen.

　　这意味着，尽管综合经营的闸门并未打开，但交叉性金融产品的出现，已在很大程度上冲击了分业经营的格局。从某种意义上来说，交叉性金融产品的爆发是下一步金融业综合经营的预演。

This means that,Even though comprehensive operation of gate does not open,But its financial products,Has largely impact of decentralized management pattern.In a sense,Crossed the outbreak of the financial products is the next step of financial industry comprehensive management preview.

　　所谓综合经营，是金融机构同时经营银行、证券、保险等两项以上的金融业务。金融综合经营是世界金融发展的大趋势。目前，已有多位银行业人士呼吁，金融危机过后，中国需加快综合经营的步伐。

The so-called comprehensive management,Is the bank financial institutions at the same time operation/securities/Two or more financial businesses such as insurance.The trend of financial integrated operation is the world financial development.At present,Several bankers call,In the wake of the financial crisis,China needs to speed up the pace of the comprehensive management.

　　“综合经营能使银行具有更强的抗周期性、更为持续的利润增长能力。”一位国有大行战略管理部人士表示，综合经营使银行具有更均衡的业务组合，这些业务各具有不同的周期波动特征和不同的相关性。

"Integrated management can make the bank has a stronger resistance periodically/A more sustained profit growth ability."A state-owned bank strategic management department said,Comprehensive management makes the bank has a more balanced business portfolio,The business cycle of each have different characteristics and different correlation.

　　全国政协委员、招商银行(600036,股吧)行长马蔚华就在其“关于再次修订《商业银行法》支持商业银行综合化经营的提案”中建议，修订《商业银行法》第四十三条，将现有条款修改为“商业银行在中华人民共和国境内可经银行业监督管理机构许可从事财富管理信托业务；经相关金融监督管理机构的审批同意，商业银行可以投资参股或控股信托公司、证券公司、保险公司以及其他非银行金融机构。商业银行不得直接投资于非自用不动产和非金融类企业。

The CPPCC national committee/China merchants bank(600036,stocks)President, Mr Ma is on it"About the revised again[Commercial bank law]Support commercial bank comprehensive business proposal"Suggested in,revision[Commercial bank law]Article 43.,Amend the existing terms to"Commercial Banks within the territory of the People's Republic of China may, with permission of the banking regulatory authority engaged in trust wealth management business;With the approval of the examination and approval of the relevant financial regulatory body,Commercial Banks can invest in equity participation or holding the trust company/A securities company/Insurance companies and other non-bank financial institutions.Commercial Banks may not be directly investment in fixed assets of non-self use and non-financial enterprises.

　　金融“大部制”猜想 The financial"The super-ministries"guess

　　无论是利率、汇率的市场化，还是扩大直接融资规模，推进综合经营，无一例外都需要一个共同的推手，即监管部门。中国金融业监管格局是典型的分业监管，即一行三会的架构。

Whether interest rates/The marketization of exchange rate,Is to expand the scale of direct financing,The management in a comprehensive way,Without exception all need a common driver,The regulatory authorities.China's financial industry regulatory pattern is typical of supervised respectively,Is a line of three architecture.

　　“中国现行一行三会体制，即央行专注于货币政策的制定和实施，而银监会与证监会、保监会一起，构成了覆盖银行、证券、保险等三大领域的监管体系，基本建立了一行三会信息共享和政策协调机制。”瑞穗证劵亚洲公司首席经济学家沈建光认为，但是，现存问题是中央银行制定货币政策独立性有限，尤其利率是多部门博弈和协调，例如汇率政策与商务部的协调，和其他宏观经济部门尤其是三会的协调的难度也不小。

"China's current system of a line of three will be,The central bank focused on the formulation and implementation of monetary policy,The CBRC and the CSRC/Circ together,Constitute the cover bank/securities/In the field of insurance and so on three big regulatory system,Basic set up a line of three policy of information sharing and coordination mechanism."Mizuho securities said shen jianguang, chief Asia economist at that,but,The existing problem is the central bank's monetary policy independence is limited,Especially interest rate is more than game and coordination department,Such as exchange rate policy coordination with the ministry of commerce,And other macro economic departments especially the difficulty of the coordination of three will also not small.

　　中国政法大学教授李曙光认为，这种监管的好处是专业化和针对性比较强。但随着资本市场发展，其不足也越来越清晰，比如目前发展很快的综合类业务，并不是一家机构能够监管的，像中信、光大、招商、华夏等金融控股公司，下面不仅有证券，还有保险、信托、银行，但是现有监管对其是分开的，监管机构之间信息交流不够，监管标准也不统一。

China university of political science and law professor Li Shuguang think,Such regulation are the benefits of specialization and pertinence is stronger.But with the development of capital market,Its insufficiency is becoming more and more clear,Such as the development of comprehensive business soon,Is not an institution to regulation,Like citic/everbright/China merchants/Chinese financial holding companies, etc,Not only have stock below,And insurance/The trust/The bank,But the existing regulation are separated,Information exchange between regulators is not enough,Regulatory standards are not unified.

　　因此有学者提出，就是将银监会与证监会、保监会一起组成国家金融业监督管理总局，负责对银行业、保险业、证券业实施统一监管，同时对影子银行进行规范管理，受理和查处金融业违法行为，整顿规范金融市场。

So some scholars put forward,Is to the CBRC and the CSRC/Circ together constitute the total bureau of national financial sector supervision and management,Responsible for the banking industry/The insurance industry/Exercise unified supervision of the securities industry,Specification for the shadow banking management,Accept and illegal financial behavior,Establish and standardize the financial markets.

　　沈建光称，在目前条件下，三会的分设还是必要的，但需要人民银行的协调，整合监管资源以进行更高层次的宏观审慎混业监管，达到监管的规模经济和范围经济来降低监管成本。“人民银行虽属于国务院组成部门，但地位应该大大提高，并有协调银监会、证监会和保监会的职能。”

Jianguang shen,Under existing conditions,Three will be set up is necessary,But the need of the people's bank of coordination,Integration of regulatory resources to a higher level of macro-prudential mixed regulation,Reach regulation of scale economy and scope economy to reduce regulatory costs."Belong to the people's bank of departments under the state council,But the status should be greatly improved,And coordination of the China banking regulatory commission/The functions of the securities and insurance regulatory commission."

　　就此问题，银监会前主席刘明康亦在此前不久表示，就目前而言，多个行业监管机构共同监管，这个局面没问题。但从中长期来看，未来5年、10年以后，则需与时俱进，在一些方面进行改进。

On the issue,The China banking regulatory commission liu mingkang, former chairman of also said shortly after,At the moment,Several common supervision industry regulator,This no problem.But the medium and long run,In the next five years/Ten years later,Need to keep pace with The Times,In some ways to improve.