赖小民 Lai Xiaomin

　　在财政部、人民银行、银监会、证监会、保监会一系列创新政策的推动下，混业经营的界限被实质性打开，金融综合经营已是大势所趋，债券市场、衍生品市场，及泛资产管理行业都将深度融合，金融创新走向纵深。

In the Treasury/The people's bank of China/The China banking regulatory commission/Securities regulatory commission (CSRC)/Series of innovation policies pushed by circ,The boundaries of mixed management is substantial open,Financial integrated operation is the trend of The Times,The bond market/The derivatives market,And pan will be deeply integrated asset management industry,Financial innovation to depth.

　　混业浪潮中，一支异起之军的力量不容忽视。继信达、华融完成改制后，长城、东方今年初亦启动股改准备，四大金融资产管理公司（AMC）将全面完成从政策性金融机构向商业机构的转型。

In the mixed wave,Vision of army force cannot be ignored.The linkage/Huarong completion of restructuring,The Great Wall/Oriental also launched earlier this year share reform,The four financial asset management company(AMC)Will be fully completed from policy-based financial institutions to the transformation of business organizations.

　　新的历史时点，AMC的功能定义需要“再造”。

A new historical point,The function of the AMC defined needs"reengineering".

　　“金融资产管理公司就是不良资产处置公司，一定要把这个传统观念彻底改变掉。”3月10日下午，京城难得的艳阳天，全国人大代表、中国华融资产管理股份有限公司（下称“华融”）董事长赖小民在两会驻地接受了本报记者的专访。

"Company is bad asset disposal of financial asset management companies,Be sure to drop the radical changes in traditional concepts."On March 10, in the afternoon,In a rare sunny days,The National People's Congress/China huarong asset management co., LTD(Hereinafter referred to as"huarong")Chairman Lai Xiaomin accepted our reporter's interview in both houses of the station.

　　赖小民提出，要把AMC办成真正意义上的资产管理公司。他大胆设想，未来的AMC应具备四大职能：资产处置、资产经营、资产管理、财富管理。

Lai Xiaomin put forward,To make AMC asset management company, in the true sense.His bold ideas,AMC should have the four functions in the future:Asset disposal/Assets management/Asset management/Wealth management.

　　他向“两会”提交议案，建议修改《金融资产管理公司条例》或者以国务院研究发布政策文件的形式，赋予金融资产管理公司相应的法律地位和资产经营手段。

He told the"The two sessions"A bill,Suggest to modify[Financial assets management companies ordinance]Or in the form of research under the state council issued policy documents,Given the corresponding legal status of financial asset management companies and assets management means.

　　这无异于在给AMC做“顶层设计”。

This would be tantamount to AMC for"The top design".

　　然而，中国金融改革的推进决不能以国有金融资产的迅速庞大以致经济失衡为代价。如果将AMC作为一个行业来看，行业的健康发展有赖于金融主体的多元化。长远看，四大国有AMC垄断的格局必须打破。

however,Propulsion of financial reform in China must not by large state-owned financial assets quickly so that economic imbalances.If the AMC as an industry,The healthy development of industry depends on the diversity of financial main body.In the long run,Four major state-owned AMC the pattern of monopoly must be broken.

　　赖小民对此表示赞同。“资产管理行业需要大量市场主体的加入。”他建议，在风险可控、专业人才具备、行业标准制定的前提下，降低市场准入门槛，多发展各种性质的资产管理公司，包括引入更多民营资本。

Lai Xiaomin agrees."The asset management industry needs a large number of market main body join."He suggested that,In risk control/Professionals have/Under the premise of industry standards,Reduce the threshold of market access,Development of all kinds of the nature of the asset management company,Including the introduction of more private capital.

　　“地方政府能组建自己的商业银行，为什么不能成立自己的资产管理公司呢？”赖小民反问道。

"The local government to build its commercial Banks,Why can't we set up their own asset management company?"Lai Xiaomin asks.

　　金融整体创新不足 Overall financial innovation is insufficient

　　《21世纪》：如何评价金融各个领域创新的进程？你觉得整个债券市场在全国统一的话目前还有哪些机制需要确立？

[The 21st century]:How to evaluate financial innovation in various fields process?Do you think the whole bond market in the national unified the need to establish what mechanisms?

　　赖小民：这几年银行、证券、保险几大领域的金融创新都在齐头并进，取得了良好的发展，这些成绩的取得得益于金融改革的推进，下一步要不断深化金融体制改革。我认为深化金融体制改革应该从两个方面进行：第一加大创新，第二强化监管。

Lai Xiaomin:Bank over the years/securities/Insurance in the field of several major financial innovation go hand in hand,Achieved good development,These achievements obtained thanks to financial reform,The next step will continue to deepen financial system reform.I think we will deepen reform of the financial system should be conducted from two aspects:The first increase innovation,The second strengthen supervision.

　　中国的金融业，不管是银行业、证券业还是保险业，创新能力是远远不够的，这表现在金融产品不足，金融服务能力也比较弱，相对于社会的发展、人民金融需求的增加差距还很大。

China's financial industry,Whether the banking industry/Securities or insurance,Innovation ability is not enough,The performance in financial products,Financial service ability is also weak,Relative to the development of the society/The people's growing demand for the financial gap is very big.

　　我们也注意到，从国家的高层、“一行三会”都在不断引导创新。特别是证监会最近的力度比较大，将证券公司很多业务都放开了；银监会也在推资产证券化，保监会也出了保险投资新政，等等。

We also noticed that,From top of the country/"A line of three will be"Lead innovation continually.Especially the CSRC's recent strength is larger,Securities company a lot of business will be let go;Banking regulatory commission (CBRC) in asset securitization,Circ is out of the insurance investment policies,And so on.

　　《21世纪》：未来金融创新的方向如何设计？以金融资产管理公司为例，未来会有什么可期的变化？

[The 21st century]:The direction of the future financial innovation how to design?Financial assets management companies, for example,What will the future but the change of phase?

　　赖小民：金融创新要在几个方面加大力度。第一是思想观念的创新；第二是发展模式的创新。金融业要转变增长方式，特别是在获取利润的空间、盈利模式、交易结构方面加大创新。

Lai Xiaomin:Financial innovation will intensify efforts in several ways.The first is the innovation of ideological concept;The second is the innovative development model.The financial sector to transform growth mode,Especially in the profit space/Profit model/Trade structure more innovation.

　　比如银行业，2012年实现净利润1.24万亿，非常高，但80%-90%还是靠存贷利差，如果利率一市场化，银行业的盈利水平会大幅度降低，至少会降低40%以上。

Such as the banking industry,In 2012 net profit of 1.24 trillion,Is very high,But 80% 90% or a savings and loan spreads,If the interest rate marketization,Banking profitability will be significantly reduced,At least can reduce more than 40%.

　　第三是金融产品和金融服务的创新。产品和服务的创新催生出许多新的金融工具，如资产证券化、期货、掉期、新的资产管理等等，这些业务都还有很大空间。

The third is the innovation of financial products and financial services.Product and service innovation spawned many new financial instruments,Such as asset securitization/The futures/swaps/A new asset management, etc,These operations are also has the very big space.

　　AMC现在并不是严格意义上的资产管理公司，实际上名不符实，只能叫做不良资产处置公司。因为AMC的业务面、业务范围特别窄，只针对银行业不良资产、只针对金融债权在处置。我呼吁，要加大金融创新，把金融资产管理公司办成真正意义上的资产管理公司。就像过去小平同志讲“把银行办成真正的银行”，道理是一样的。

AMC now is not a proper asset management company,In fact a misnomer,Can only be called bad assets disposal company.Because the business side of AMC/Business scope is very narrow,Only for banking non-performing assets/Only in view of the financial creditor's rights in the disposition.I call on,To increase the financial innovation,Make financial asset management companies in the true sense of asset management companies.As in the past to comrade deng xiaoping"Make bank real bank",Truth is the same.

　　《21世纪》：国际上既有从事“优良”资产管理业务的AMC，也有“不良” 资产管理业务的AMC，你提出做真正意义上的“资产管理公司”，是否有标杆或目标？如何给AMC的功能重新定义？

[The 21st century]:Both engaged in in the world"good"Asset management business of AMC,There are"bad" Asset management business of AMC,You do in the true sense"Asset management companies",If there is a post or target?How to redefine the function of AMC?

　　赖小民：提到国际上的这些资产管理公司，高盛、摩根士丹利、富国银行、富达基金等等，都有很多地方值得我们学习，但我觉得中国的资产管理公司，不能纯粹照搬它们。中国的AMC既要遵循资产管理公司自身的经济规律，也要借鉴国外一些好的资产管理模式，结合中国的实际构建一个中国特色的、真正意义的资产管理公司。

Lai Xiaomin:References to these asset management companies on international,Goldman sachs/Morgan Stanley/Wells Fargo bank/Fidelity, etc.,There are many places worth us learning,But I think China asset management co., LTD,Cannot just copy them.China's AMC should not only follow the economic laws of asset management companies,Also want to draw lessons from foreign some good asset management mode,Combined with China's actual building a Chinese characteristics/The real meaning of assets management companies.

　　四大AMC1.4万亿多的不良资产处置，只收回了500亿-700亿的现金，现金回收率才17%，是非常低的。现在回过头来看，过去有一些资产过早地处置完了，一卖了之，很少考虑资产未来的升值价值，没有真正行使过资产经营的职责。

Four AMC1.4 trillions more non-performing assets disposition,Cash back only 50 billion - 70 billion,Cash recovery rate was 17%,It is very low.Looking back on it now,In the past some asset disposal out prematurely,YiMaiLeZhi,Rarely consider asset appreciation of the value of the future,No real exercise of assets management responsibility.

　　所以我提出要把AMC办成真正意义上的资产管理公司。不仅仅做处置收购金融债权，不良债权这样一个单一的业务，还应该经营优质的，优良的资产。

So I offered to make AMC asset management company, in the true sense.Not only do disposal of acquisitions of financial creditor's rights,Distressed debt so that a single business,Should also be running quality,Good property.

　　四大职能设想 The four functions

　　《21世纪》：具体而言，除了金融不良债权，哪些资产AMC可以经营？

[The 21st century]:To be specific,In addition to financial distressed debt,What assets AMC can run?

　　赖小民：至少有六个方面的资产AMC可以做，第一块是金融债权，这个有授权，其他的还不在AMC的业务范围里，但市场更大。第二块是央企、国企企业债权，很多央企、国企，多年积累下来形成了很多优质资产，也沉淀了很多不良资产，按照现在的法律规定不能处置、经营。

Lai Xiaomin:At least six aspects of asset AMC can do,The first block is the financial creditor's rights,This authorization,Other than in the AMC's business scope also,But the market more.The second piece is lowered/State-owned enterprise debt,A lot of state-owned enterprises/State-owned enterprises,Years of accumulated to form a lot of high-quality assets,Also precipitated a lot of bad assets,Can't dispose of according to the current law/business.

　　第三块是政府融资平台。到2010年底地方债务余额有10.7万亿元这么庞大，其中银行贷款有7万多亿，毫无疑问政府融资平台是一个很潜在的风险，我判断相当一部分肯定会出现不良。

The third is the government financing platform.Local debt and the balance is 10.7 trillion yuan by the end of 2010 so big,Including bank loans has a more than $70000,There is no doubt that the government financing platform is a very potential risks,I'm quite part will appear bad judgment.

　　第四块是政府手上的优质资产，比如医院、基础设施、保障性住房等等。可以把好的资产打包捆绑起来，通过证券化的一些手段运作实现增值。

The fourth piece of high-quality assets is the government's hands,Such as the hospital/infrastructure/Affordable housing, and so on.Can put the packaging good assets tied up,By some means of securitization operation value.

　　第五块军队的资产。军队是特殊资产，一般不能去碰，但毫无疑问这么多年下来，国防当中有一些不良资产通过专业化的处置，可以盘活，提升更大的价值，不要造成资产的浪费。我认为可以委托国有背景的资产管理公司进行特殊资产处置经营，像华融，我们完全有能力进入。

The fifth piece of military assets.The army is a special asset,General can't touch,But there is no doubt for so many years,Defense has some of bad assets by professional treatment,You can activate the,Increase the value of the larger,Don't cause waste of assets.I think may be entrusted to state-backed asset management company to operate special asset disposal,Such as huarong,We are fully capable to enter.

　　第六块国民的财富，国民财富积累越来越多，迫切需要财富的增值，这里面有相当一部分可以作为资产进行管理。

6 pieces of national wealth,More and more national wealth accumulation,Urgently need the value of wealth,There are quite a few can be managed as an asset.

　　《21世纪》：就是说除了资产经营的功能，你还希望AMC被赋予财富管理的职能？还有其他的职能吗？

[The 21st century]:Means that in addition to the function of assets management,You also want to AMC are endowed with wealth management functions?Are there any other functions?

　　赖小民：是的。现在货币市场、资本市场、资产管理市场三大市场正在同步推进，过去我们沉浸于传统的货币市场，忽视后两个市场，现在应该加大对资产管理市场的关注。当然，财富管理职能对资产管理公司的专业化程度、人员素质等提出了更高的要求，资产公司需要有这个能力与之匹配。

Lai Xiaomin:yes.Money market now/The capital market/Asset management market three big markets are synchronous,We immersed the traditional money market in the past,Ignore the two markets,Should now be more focus on asset management market.Of course,,Wealth management function on the degree of specialization of asset management companies/Personnel quality, etc. Put forward higher request,Assets companies need to have the ability to match.

　　我认为，资产管理公司未来应该赋予它四大功能：第一，资产处置的功能；第二，资产经营的功能；第三，资产管理的功能；第四，财富管理。总而言之就是“多元化”。

I think,Asset management companies should give it four functions in the future:The first,Asset disposal function;In the second,The function of the assets management;In the third,The function of the asset management;In the fourth,Wealth management.To sum up is"diversification".

　　《21世纪》：AMC做财富管理的模式，跟银行、券商、基金等有什么不一样？ AMC旗下子公司其实已具备资产管理的功能，你倾向于在母公司层面做，还是子公司层面？

[The 21st century]:AMC for wealth management mode,With the bank/brokers/Funds have what different? AMC subsidiary actually has the function of asset management,Do you tend to be in the parent company level,Or unit level?

　　赖小民：资产管理公司首先可以从设立理财中心做起，既有与银行理财同质的一些业务，又有资产管理公司理财独特的一些功能，属于另类理财。银行理财是柜面的，而资产管理公司理财可以通过资产证券化实现更高的收益，同时风险更大。这就需要把投资者的资金结合有效的资产配置，用更好的交易结构来实现资产的保值增值。

Lai Xiaomin:Asset management companies can start from setting up financial center in the first place,Some business there are some financial homogeneity with the bank,And there was a financial asset management company's unique features,Belong to the alternative financing.Bank finance is counter,And asset management, financial management through asset securitization can achieve higher returns,At the same time a greater risk.This requires the investors' money in combination with effective asset allocation,Better use of the trade structure to realize the property to maintain or increase its value.

　　我希望在华融整个集团的层面推进财富管理，在制度上进行顶层设计。这与信托、证券、银行等子公司搞理财并不矛盾，二者并不影响，两个层次有各自独特的一些运作渠道和交易结构。

I hope in huarong across the group to promote the level of wealth management,Top design on the system.This has to do with trust/securities/Bank subsidiaries as financing does not conflict,The two did not affect,Two levels have their unique some operating channels and deal structure.

　　实际上，我们已经开始着手调研，计划成立华融财富管理中心，以准事业部制的形式设立，但这需要监管部门的支持，需要给予准入。

In fact,We have started to research,Plans to set up huarong wealth management center,In the form of quasi divisional system set up,But it need the support of regulators,Need to give access.

　　我们也想在资产证券化方面做点文章。对于我们来说，做资产证券化关键首先要找到好的资产。发现资产的能力、资产价格的定价机制、市场风险管控机制、专业化人才队伍，以及资产的市场配置资源，这些对我们来说都是一个考验。

We also want to do something in terms of asset securitization.For us to,Do key must first find good asset securitization.Found that the ability to balance/Pricing mechanism of asset prices/Market risk control mechanism/Professional talent team,The market allocation of resources and assets,This is a test for us.

　　四大渠道补充资本 Four channels to replenish capital

　　《21世纪》：你主张把AMC办成真正的资产管理公司，同时给它的市场定位、业务范围做了一个很宏大、富有想象力的设计，你觉得如果未来市场盘子真有这么大的话，都是交给四家AMC来做吗？是否应该放开市场准入，打破AMC的垄断地位？

[The 21st century]:You make AMC real asset management company,At the same time to its market positioning/Scope of business to do a very grand/The design of the imagination,Do you think if future market the dishes really have so much,Is home to four AMC to do?Whether should let go of market access,Break the monopoly of AMC?

　　赖小民：我赞成打破垄断，既然资产管理市场作为一个行业发展，需要数量更多、不同性质的市场主体的加入。现在全国大大小小的资产管理公司有一万多家，很多是民营的，但毫无疑问短时间内没有谁能够取代俗称的四大AMC，即华融、信达、长城、东方。

Lai Xiaomin:I am in favor of breaking up monopolies,Since the development as an industry asset management market,Need to be more/The addition of different nature of the market main body.Now the national asset management company has more than ten thousand large and small,Many are privately owned,But there is no doubt in a short period of time no one can replace the commonly known as the four amcs,The huarong/cinda/The Great Wall/The east.

　　但我觉得下一步要逐渐打破这个垄断格局。要降低准入门槛，要多发展一些各种性质的资产管理公司，这类似于吸收更多的民营资本来发展中小、社区银行，这也是深化金融体制改革的一个体现。

But I think the next step to gradually break the monopoly pattern.To reduce the barriers to entry,To develop more of the nature of the asset management companies,This is similar to absorb more private capital to develop small and medium-sized/Community Banks,It also an embodiment of deepening the reform of financial system.

　　《21世纪》：比如说现在有一种说法，各省可以成立自己的资产管理公司，这是一种好方案吗？

[The 21st century]:Now there is an argument for example,Provinces can set up their own asset management company,This is a good solution?

　　赖小民：我注意到这个消息，虽然有关部门出来辟谣了，说没有这个事，我倒是赞成地方设立自己的资产管理公司。现在省、市级政府都能组建、设立自己的银行，为什么不能成立资产管理公司呢？

Lai Xiaomin:I noticed the news,Although the relevant departments of the retort,Said without this thing,I would agree with place to set up own asset management company.Now province/The municipal government can be formed/To set up their own Banks,Why can't we set up asset management companies?

　　这与发展AMC并不矛盾，有竞争必然就有合作，在竞争中才能发展，在合作中实现共赢。例如，地方融资平台10.7万亿的负债，哪怕只有1%、5%形成不良，数字也非常庞大，都靠四家国有的资产管理公司处置也不太现实。

With the development of AMC does not conflict,There is competition inevitably there is cooperation,Can we develop in the competition,Win-win situation in cooperation.Such as the,Local financing platform, 10.7 trillion of debt,Even if only 1%/5% bad form,Numbers are very large,Depends on four state-owned asset management company disposing of also not too realistic.

　　当然，放开市场准入并不意味着一窝蜂、谁有资本就都能做，首先要制定准入标准、行业门槛，要有专业人才、风险管控能力。在这个基础上，我赞成多发展一些资产管理公司。

Of course,,Open market access does not mean that the herd/You can get one who has the capital,First of all should formulate access standards/Industry threshold,Have the professional personnel/Risk control ability.On this basis,I am in favor of developing more asset management company.

　　《21世纪》：我们看到，AMC转型以来发展十分迅速，未来的市场空间也很大，但AMC资本相对有限，资金来源渠道单一，高资本消耗的资产占比较大，这些问题突出，随着银监会对AMC并表管理、最低资本监管力度的加大，如何解决资本金压力问题？

[The 21st century]:We have seen,AMC transformation since the development is very rapid,The future market space is very big also,But the AMC capital is relatively limited,A single funding channels,High capital consumption assets accounted for is larger,These problems,As the banking regulatory commission (CBRC) to AMC and table management/Increase the minimum regulatory capital strength,How to solve the problem of capital pressure?

　　赖小民：这个问题非常重要。AMC长期这么高速的发展、成倍的利润增长是不可持续的，所以我今年提出转变增长方式，把过高的增长速度主动降下来，“稳中求进，稳中求新，稳中求实，稳中求变”，坚持底线思维，严控风险、科学可持续发展。

Lai Xiaomin:This question is very important.AMC so high speed development for a long time/Multiple profit growth is unsustainable,So I put forward the transformation of the mode of growth this year,Cut down the high growth initiative,"WenZhongQiuJin,Stability in the new,Stability of realistic,Stability of change",Stick to the bottom line of thinking,Control risk/Scientific and sustainable development.

　　发展遇到最大的问题就是资本金压力，未来补充资本金的方式，对于华融而言，下一步首先是发债，华融去年底已经获批进入全国银行间同业拆借市场，这是一个重大突破。再一步是通过上市，第三个方式是通过增资扩股。

Development one of the biggest problems is the capital pressure,The future way of supplementary capital,For huarong,The next step is the issuance of first,Huarong late last year has been approved to enter the national inter-bank lending market,This is a major breakthrough.Followed by step is listed,A third way is through private placements.

　　此外，我们希望可以申请国家注资，比如大股东财政部注资，或者汇金注资。国家外汇储备这么多，拿一点来注资资产管理公司，确保国家绝对控股是可行的，我认为投资AMC，收益率也会很高。

In addition,We hope that we can apply for national capital injection,Such as major shareholders of finance capital,Or huijin capital injection.China's foreign exchange reserves so much,Take a bit to inject assets management companies,To ensure national absolute control is feasible,I think invest in AMC,Yield will also be very high.

　　目前影响资产管理公司发展的因素主要包括：资本金、流动性、风险管控、队伍建设，以及业务方面的潜在风险五大方面。建立风险补偿机制，按照中央说的“确保不发生重大系统性和区域性风险，坚守风险底线”至关重要。

At present the factors affecting the development of asset management, mainly including:capital/liquidity/Risk control/Team construction,As well as the potential risk of the five aspects of business.Establish the risk compensation mechanism,According to the central"Ensure that no major risk of systemic and regional,Risk to the bottom line"Is critical to.