中国的金融理财产品正在“井喷”式增长。

China's financial products are"blowout"Type growth.

　　最新的数据显示，截至2012年末，中国各家银行发行的理财产品存续数为32152款，理财资金账面余额高达7.1万亿元，占当年社会融资总量的45.05%；2011年末银行理财资金账面余额4.59万亿元；2010年末银行理财资金账面余额2.8万亿元……每年近60%增速的背后正在隐藏着诸多风险隐患。若再加上表外运行的商业汇票、委托贷款、信托贷款、担保典当融资、券商资金池、地下钱庄等非银行金融机构融资，其规模远在20万亿～30万亿元，这笔庞大的资金一旦出现错配，“资金池”出现亏损，“发新偿旧”不能满足到期兑付，后果将不堪设想。

The latest figures show,By the end of 2012,Chinese Banks issued by the continuation of this financial product number is 32152,Financial cash book balance is as high as 7.1 trillion yuan,Accounting for 45.05% of the total social financing that year;At the end of 2011 bank financing cash book balance is 4.59 trillion yuan;At the end of 2010 bank financial cash book balance 2.8 trillion yuan...A growth rate of nearly 60% a year is hidden behind a lot of risks.If plus table outside of commercial bills/Entrusted loans/Trust loans/Pawn financing guarantee/Brokerage pool/Underground Banks and non-bank financial institutions financing,Its size in 20 trillion ~ 30 trillion yuan,The huge funds once appear mismatches,"pool"A loss,"Send new way old"Can't meet the due payment,Consequence will be unimaginable.

　　当前，中国的金融决策部门需要对“影子银行”高度重视，如果再一味地为其辩护或者轻视其风险，则中国的银行破产与爆发系统性金融危机的可能性将会加大。

The current,Need to China's financial decision-making departments"The shadow banking"Attaches great importance to,If again defended its blindly or depreciate its risk,The Chinese bank bankruptcy and the possibility of a systemic financial crisis will increase.

　　或许有很多业内人士会说中国的“影子银行”不同于西方的“影子银行”，他们是创新过度和过度衍生化，而我们的“影子银行”或者民间借贷是为了弥补正规金融的不足，放大“影子银行”风险是在妖魔化中国的金融创新。当然我们更希望这是危言耸听，毕竟民间金融是金融垄断和利率传导机制不畅的产物，理论上这种金融脱媒现象应该鼓励，但是“影子银行”的膨胀速度太快了，再加上高杠杆、高传染性和想方设法绕开监管的特征，让人很难保持乐观。尤其在中国实体经济不景气的情况下，让大量资金在实体经济之外空转，频繁使用财务杠杆来“借新还旧”，会很容易滋生系统性的金融风险。

Maybe there are a lot of industry insiders say Chinese"The shadow banking"Different from western"The shadow banking",They are creative and excessive derivatization,And our"The shadow banking"Or the folk lending is to make up for the deficiency of the formal financial,amplification"The shadow banking"Risk is the demonization of China's financial innovation.Of course we also hope this is true,After all the folk finance is financial monopoly and the product of interest rates transmission mechanism not free,In theory this financial disintermediation should be encouraged,but"The shadow banking"The expansion of the speed too fast,Coupled with high leverage/Highly contagious and managed to circumvent regulation characteristics,It's hard to remain optimistic.Especially in China's entity economy,Make a lot of idle funds in the real economy,Frequent use of financial leverage"By the new and the old",It is easy to cause a systemic financial risk.

　　银监会似乎已经意识到了这一潜在风险，十八大之前就开始警示银行资金池业务，今年将理财业务列为重点监管工作，据悉银监会将派出机构对银行理财产品销售活动进行专项检查，并对“资金池”进行现场检查，要求商业银行在今年4月份之前对“资金池”类理财产品进行自查整改、“解包还原”，严格限制银行理财资金进入地方政府融资平台、“两高一剩”企业、商业房地产开发项目等限制性行业和领域，并要求理财产品发行人指出每款理财产品的具体投向。由于资金池业务运转的根基在于“期限错配”和“发新偿旧”，单个理财产品的资金很难与投资项目形成一一对应，一旦“解包还原”就意味着资金池模式就此终结。银监会监管的招数显然是对路的，遗憾的是，银行和信托公司却在想方设法地绕开银监会的监管措施，他们将资金池业务迅速转移给证券公司、基金公司、期货公司、保险公司等机构，躲避银监会的监管，银行、信托、证券、保险等机构之间建立起了跨机构合作的大“资金池”，从而让券商的资产管理业务规模迅速出现了“井喷”。但目前中国整个财富管理行业都处于初级阶段，金融风险管理能力参差不齐，泥沙俱下的快速膨胀搞不好会摧毁整个行业的信誉基础，因此希望中国的财富管理业务健康发展、量力而行。

Banking regulatory commission (CBRC) appears to have been aware of the potential risks,Began warning before 18 large Banks pool business,This year will finance business as a key regulatory work,The offices of the CBRC will conduct special inspection on bank financial product sales activities,And the"pool"Conduct site inspection,Require commercial Banks to before in April this year"pool"Class financial product checking corrective/"Unpack the reduction",Tight restrictions on bank financial capital into the local government financing platform/"Two senior left"enterprise/Restricted industries and fields such as commercial real estate development project,And ask the financial product issuer pointed out specific to each financial products.Due to funding pool is the foundations of the business operation"Maturity mismatch"and"Send new way old",Individual wealth management products of funding is difficult to form a one to one correspondence with investment projects,As soon as"Unpack the reduction"Means that the end pool model.The move of the CBRC regulation is clearly right,It is a pity that,Banks and trust companies are trying to get around the regulation,They will pool business to move quickly to the securities company/Fund company/The futures company/Institutions such as insurance company,To avoid the regulation of the banking regulatory commission (CBRC),The bank/The trust/securities/Insurance institutions established between big of interagency cooperation"pool",So that the securities assets management business scale quickly emerged"blowout".But the wealth management industry in China are now in the primary stage,Financial risk management ability is uneven,NiShaJuXia rapid expansion maybe will destroy the whole industry credit basis,So hope that the healthy development of China's wealth management business/Our strengths.

　　资金池业务之所以让人担心，主要是这些理财产品采取了“期限错配”，发行的很多理财产品都是以预期收益率作为发行条件，实施“短借长贷”，加上不透明运作，既不能有效监管，也很难划清责任，一旦这些理财产品背后对应的投资标的出现“有毒”资产，实际投资收益不能满足预期收益或者出现亏损，资金池风险只能由新客户为老客户买单，一旦资金链断裂则全盘奔溃。因此，说资金池业务像“庞氏骗局”其实并不为过，这种以创新名义钻空子的方式是目前中国金融分业监管下典型特征，就是利用不同的监管主体来进行监管“套利”，而资金池本身的风险和隐患并没有任何缓解。

Pools of capital business is worrying,Mainly these products"Maturity mismatch",Issued by a lot of wealth management products are expected return as a condition of release,Implementation of the"Borrowing short and lending long",Plus the opaque operations,Neither effective regulation,It is hard to draw a responsibility,Once these products appear behind the corresponding investment target"poisonous"assets,Actual investment income can not meet the expected benefits or losses,Pool risk only by new customers pay for old customers,Once the capital chain rupture, completely melt.so,Said the pool like a business"A ponzi scheme"Didn't,This loophole in the name of innovation approach is typical of China's financial industries managed and supervised respectively,Is the use of different regulatory agencies to regulate"arbitrage",And the pool itself risks and hidden dangers and no relief.

　　当务之急，我们的金融监管框架需要尽快改革，随着平安、中信、光大等金融控股集团的不断涌现，金融机构混业化发展的趋势越来越明显，如果我们继续沿用分业监管，除了监管覆盖不足，各种交叉性的金融理财产品会让金融系统性风险进一步扩散，这不利于金融安全。尤其金融控股集团的业务涉及多个金融领域、遍及多个国家和地区，于是风险变得更加分散和难以监控，传统的分业监管体制往往难以对金融集团的总体风险进行有效监管。因此，建立统一的金融混业监管机制迫在眉睫。

Top priority,Our financial regulatory framework needs to reform as soon as possible,As the peace/citic/Everbright, such as the growing emergence of financial holding group,Financial institutions mixed the trend is increasingly obvious,If we continue to use supervised respectively,In addition to inadequate regulatory coverage,All kinds of financial products and cross will make financial systemic risk further proliferation,This is bad for financial security.Especially financial holding group's business involves multiple financial sector/Across multiple countries and regions,So the risks become more diffuse and difficult to monitor,Traditions are often separated regulation system is difficult to effective supervision on financial group's overall risk.so,Establish a unified financial mixed supervision mechanism is imminent.

　　在中国大部制改革的当下，希望尽快启动金融监管体制改革，打通各部门之间的监管通道，“一行三会”共享监管信息，尽早建立统一、协调的金融混业监管框架。如果还没有做好混业监管的准备，那就先将分业监管调整为统一的分类监管，最好先按金融产品的属性来划分监管范围，而不是以部门和企业来划分，避免同质产品的不同监管主体和不同的监管标准，导致风险防范不一。只有统一监管体制才有助于监管部门更好地识别和监控金融风险在不同金融机构和部门之间的转移，可以防范金融控股集团内部的不同业务风险交叉，监管部门可以有效监控不同类型金融机构提供的同类金融产品和服务。同时，应对各金融单位和混业经营的金融企业实施严格的防火墙制度，避免系统性风险的传染。如果继续对金融混业现状视而不见，继续采取画地为牢、各部门利益为重的分业监管，“五龙治水”很容易滋生金融系统性风险。

The super-ministries reform in China today,Hope to start as soon as possible financial supervision system reform,Through regulation of channel between different departments,"A line of three will be"Sharing regulatory information,Establish a unified, as soon as possible/Coordination of financial mixed regulatory framework.If you don't have to be prepared for a mixed regulation,Then you have to adjust supervised respectively for the first classification of unified regulation,It's best to start according to the classification regulation range of financial products properties,Rather than by departments and enterprises,Avoid similar products of different regulatory agencies and regulatory standards,Lead to different risk prevention.Only unified regulatory regime will help regulators to better identify and monitor financial risk transfer between different financial institutions and departments,Can prevent internal business risks across different financial holding group,Regulators can effectively monitor the kind of different types of financial institutions to provide financial products and services.At the same time,Deal with the mixed management in financial institutions and financial enterprises implementing strict firewall system,To avoid systemic risk of infection.If you continue to ignore financial mixing industry status quo,Continue to take the designated area/Each department interests of supervised respectively,"Wulong water conservancy"It is easy to cause financial systemic risk.

　　另外，当前要尽量减少金融资产的证券化，不能盲目纵容金融机构将没有把握的金融资产通过证券化转嫁给大众，风险资产和“有毒资产”转嫁给大众是极不负责任的。比如将银行的信贷资产证券化，虽然让银行体系风险变小了，但地方债、房地产信贷、铁公基贷款等全都会转嫁给其他人，如果让证券公司将资金池等隐患产品再打包证券化，则会给中国带来灾难性的后果。

In addition,Now try to minimize financial asset securitization,Cannot blindly connivance will not sure of the securitization of financial assets by financial institutions to pass on to the public,Risky assets and"Toxic assets"Passed on to the public is highly responsible.Such as the bank credit assets securitization,Although let the banking system risk small,But local government debt/The real estate credit/Iron and base all loans would be passed on to others,If the securities firm will be repackaged securitization pools etc products,Will bring disastrous consequences to China.