复旦大学金融研究中心主任、经济学院副院长孙立坚：

Fudan university, director of the center for financial research/Sun lijian, vice President of the school of economics:

　　“金融创新不足”致结构调整举步维艰

"Lack of financial innovation"The structure adjustment is struggling

　　本报记者 王敏

Our reporter min

　　实体经济的不振和金融指标的“亢奋”，形成的鲜明对比，已经持续了一段时间。其中原因是什么呢？怎么样走出这样的困境？中国的金融该怎么样进一步创新为实体经济服务？《中国企业报》记者为此专访了复旦大学金融研究中心主任、经济学院副院长孙立坚。

The weakness of real economy and financial indicators"irritability",Bright contrast is formed,Has been going on for a period of time.What are the reasons?Out of this predicament?China's financial the further innovation to serve the real economy?[China enterprise news]Reporter to interview the fudan university, director of the center for financial research/Sun lijian, vice President of the school of economics.

　

　社会资金闲置 Social idle funds

　　无法被实体经济吸收 Can't be absorbed by the real economy

　　《中国企业报》：一季度经济数据出台后，新增社会融资总量的规模却超过了6万亿元，这高于去年同期大约60%。3月末，广义货币(M2)余额103.61万亿元，同比增长15.7%。一季度人民币贷款增加2.76万亿元，同比多增2949亿元。中国的实体经济和信贷数据之间，开始出现了显著的差异。实体经济的不振和金融指标的“亢奋”，形成了鲜明对比，这是为什么呢？

[China enterprise news]:In the first quarter economic data are introduced,New social financing scale of total more than 6 trillion yuan,That is higher than about 60% over the same period last year.The end of march,Broad money(The m2)Balance of 103.61 trillion yuan,Up 15.7% from a year earlier.In the first quarter RMB loans increased 2.76 trillion yuan,Compared to the more than 294.9 billion yuan.China's real economy and between credit data,Began to appeared significant difference.The weakness of real economy and financial indicators"irritability",In stark contrast,Why is this?

　　孙立坚：这组数据告诉我们，央行的不完全冲销行为，事实上释放了一个非常明显的信号：它正在容忍基础货币投放的增加。

Sun lijian:This set of data to tell us,Incomplete sterilisation behavior of central bank,In fact released a very clear signal:It is stand for the increase of monetary base on.

　　之所以这样做可能是出于以下几方面的考量：一方面，中国新一轮投资的开启，比如，城镇化建设需要大量的资金投入加以支持，另一方面，国内物价水平的下滑给央行货币政策走向宽松创造了条件。再者，发达国家非传统的量化货币政策正给中国市场带来流动性泛滥的压力，为防止外汇占款增加造成人民币升值压力过大的现象，央行不得不采取这种不完全的市场干预策略。

This is done is probably due to the following considerations:On the one hand,The opening of a new round of investment in China,Such as the,Urbanization construction requires a lot of money to support them,On the other hand,The decline in the domestic price level to the central bank monetary policy easing.moreover,Developed countries traditional quantitative monetary policy is to the Chinese market liquidity pressure,In order to prevent foreign exchange of RMB appreciation pressure,Central Banks had to take this kind of incomplete market intervention strategies.

　　众所周知，实体经济的发展是为了提高人们的生活质量；而货币发行和金融服务是为了确保企业投资和大众消费活动能够长期有序地得到发展。但是，自从布雷顿森林体系解体以后，世界经济告别了“金本位”主导的货币增长的自律时代，来到了一个完全靠信用体系支撑的全新时代。

As is known to all,Is the development of the real economy in order to improve the quality of people's lives;While currency and financial services is to ensure that business investment and mass consumer activities can orderly develop for a long time.but,Since the bretton woods system collapse,Said goodbye to the world economy"The gold standard"The dominant monetary growth era of self-discipline,Came to a completely new era by the credit system to support.

　　于是，当经济繁荣的时候，尤其是世界经济步入了全球化时代之后，一国的货币供求水平很容易出现过度增长的势头。在信用体系时代，国家和个人的财富价值是基于货币购买力的高低来衡量的，所以，如果经济发展的速度跟不上货币和信用增长速度的话，就很容易产生资产泡沫和通胀的格局——前者埋下了未来资产泡沫崩溃所造成的财富价值缩水的隐患，而后者则直接导致了当前购买力下降的后果。

so,When an economic boom,Especially after entering the era of globalization of the world economy,Level of a country's currency supply and demand is very prone to excessive growth momentum.In the era of credit system,Country's and personal wealth value is measured based on the discretion of the purchasing power of money,so,If the speed of economic development can't keep up with money and credit growth,It is easy to produce the pattern of asset bubbles and inflation - the former planted asset bubbles collapse caused by the future wealth value of hidden dangers,While the latter directly led to the consequence of the current purchasing power decline.

　　相反，在经济萧条的时候，人们厌恶风险的态度会导致他们采取更为保守的投资和消费行为，于是，大家“现金为王”的生活态度，会让很多社会资金被闲置下来，无法被实体经济部门所吸收。由此带来的企业利润进一步下滑，老百姓工资收入和财富收入也随之减少的后果，让经济萧条的格局变得更为严重。

instead,At the time of economic depression,People are risk-averse attitude can cause them to take a more conservative investment and consumption behavior,so,everyone"Cash is king"The attitude to life,Will make a lot of social idle funds,Cannot be absorbed by the real economy.As a result of corporate profits to fall further,People income and there is less wealth and income,Make the pattern of the economic depression is more serious.

　

　增加货币政策的独立性 Increase the independence of monetary policy

　　《中国企业报》：您认为目前的货币政策足以支撑实体经济吗？

[China enterprise news]:What do you think of the current monetary policy to support the real economy?

　　孙立坚：事实上，中国央行并不缺乏宏观调控的能力，最缺乏的是货币政策的独立性。长期以来，中国央行的“实际地位”还是计划经济时代延续下来的，满足其他承担“建设性功能”的部委所提出的资金要求，是财政部支付窗口的一种格局。这就会干扰货币政策的连贯性和有效性。

Sun lijian:In fact,,The people's bank of China does not lack of macroeconomic regulation and control ability,The lack of the independence of monetary policy.For a long time,Of the people's bank of China"The actual status"Or continuation of the planned economy era,Meet other bear"The construction function"Ministries and commissions of the proposed funding requirements,Is one of the Treasury payment window pattern.This will interfere with the coherence and effectiveness of monetary policy.

　　它跟着中国经济短暂的“一冷一热”现象，伴随着政府今天“放”明天“压”的行政指令，左右摇摆，严重干扰了企业和市场的投资与消费安排，大大增加了投资过度和消费不足的概率。

It follow the Chinese economy is short of"A cold one hot"phenomenon,With the government today"put"tomorrow"pressure"The administrative instruction,From side to side,Serious interference of enterprises and market investment and consumption,Greatly increases the probability of excessive investment and inadequate consumption.

　　《中国企业报》：目前城镇化浪潮汹涌，在城镇化过程中，您觉得依靠基础货币投放的概率有多大？

[China enterprise news]:Current wave of urbanization,In the process of urbanization,What do you think how much depends on the monetary base on the probability of?

　　孙立坚：中国经济未来要走出一条健康可持续的发展之路，就必须强化金融体系资源配置的能力，将过度集中在房地产市场的资金引导到具有稳定收益增长的实体经济部门中，而不是过度依赖基础货币的投放来支撑城镇化的进程。

Sun lijian:China's economic future to get out of a healthy and sustainable development,We must strengthen the financial system's ability to resource allocation,The excessive focus on the real estate market channel funds to have stable earnings growth in the real economy,Rather than relying too much on the monetary base to support the process of urbanization.

　　金融为实体经济服务的能量提高和实体经济部门的盈利能力是正向互动的，反过来，如果我们的金融服务能力不到位，城镇化的建设等过度依赖货币政策的支持，不仅不能增强企业的盈利能力，反而会因为资源价格上涨、通胀预期强化、资产泡沫严重等“宽货币”的不良后果，使得企业在实体经济部门的投资收益不断恶化，“钱荒”和“钱流”并存的问题也更加无法得到有效的解决。

Financial service to the real economy energy increase and the profitability of the real economy is a positive interaction,In turn,,If our financial service ability is not in place,The urbanization construction, etc. The over-reliance on monetary policy support,Not only can't enhance the profitability of enterprises,Instead, because resource prices/Inflation is expected to strengthen/Asset bubble, etc"Wide currency"The adverse consequences,Makes the enterprise investment in the real economy is deteriorating,"Money shortage"and"Money flows"Coexisting problems also more can't be effectively solved.

　

　金融进一步创新 Financial innovation further

　　为实体经济服务 To serve the real economy

　　《中国企业报》：对于未来中国金融的发展您有哪些建议？

[China enterprise news]:For what are your Suggestions of the development of China's financial future?

　　孙立坚：有一个现实我们都知道，欧美国家爆发危机的根源在于“金融创新滥用”导致“安全资产”缺失，而中国受到牵连的原因则是因为“金融创新不足”，使得自身结构调整无法实现。结果，这样的不良状态就使得发达国家今天“安全资产”供求失衡的问题，严重影响到了中国经济的可持续发展和(本来就较脆弱的)金融体系的长期稳定性。所以，正像这次两会所指出那样，未来中国金融的发展要为中国经济的转型(即降低对外依存度)和产业链定位的优化(即增加靠要素回报创造财富的软实力)做出应有的贡献。

Sun lijian:There is a reality we all know,The root of the crisis is that the European and American countries"Misuse of financial innovation"Lead to"Safe assets"missing,While China be affected because of the reason"Lack of financial innovation",Makes its own structural adjustment cannot be achieved.As a result,Such a bad state will make developed countries today"Safe assets"Supply and demand imbalance problem,Serious impact on China's economy and sustainable development(Was weaker)The long-term stability of the financial system.so,As the two sessions are pointed out,The future of China's financial development for China's economic transformation(Reduce the external dependency)And positioning of the industry chain optimization(The increasing returns to create wealth by elements of soft power)To make due contributions.

　　为此，我们提出如下更为具体的政策建议：

To do this,We propose the following more specific policy recommendations:

　　发挥一线城市金融人才和专业技术的比较优势，大力培育像美国硅谷那样的“企业家金融”的发展模式(美国有世界一流的大学研究力量，“直接金融”服务科技创新能力举世瞩目)，即靠创新企业自身的高收益回报来作为金融服务的收益来源，而不是基于这类企业利润潜在增长预期来推动的市场中资本利得的膨胀来索取纯粹靠“前期概念”支撑的金融服务的“高收益”。

Play a first-tier cities financial talents and professional technical comparative advantage,Foster like silicon valley"Entrepreneurs, financial"The development of the model(The United States has the world first-class university research strength,"Direct financial"Service innovation ability of science and technology has attracted worldwide attention),High returns on innovation of enterprise itself as a revenue source for financial services,Rather than based on the enterprise potential profit growth is expected to promote the Chinese market the expansion of the principal and interest have to request a purely rely on"Preliminary concept"Support of financial services"High yield".

　　加快中国产业组织的优化调整，强化民营企业和国有企业、民间金融和民营企业之间的合作机制，努力塑造像日韩银行业那样的“供应链金融”(在它们国家，很多知名的大企业靠自己的品牌和规模冲在了全球市场的第一线，而国际竞争力的提高所需要的技术密集型的研发和相关零部件的制造，则外包给与自己关系密切的、处在上游的国内中小企业。

We will accelerate adjustments in China's industrial organization optimization,Strengthen the private enterprises and state-owned enterprises/The cooperation mechanism between civil finance and private enterprises,Efforts to shape like Japan and South Korea the banking industry"Supply chain finance"(In their country,Many well-known large enterprises on their own brand and scale in the first line in the global market,And the improvement of international competitiveness of technology-intensive needed to research and development and related parts and components manufacturing,Is closely related to outsourcing give yourself/In the upper reaches of the domestic small and medium-sized enterprises.

　　充分利用一线城市金融市场、金融机构和金融产品集聚一身的明显优势，在确保优质企业团队稳定主板市场价值以及完善和规范各种激励与风险防范的制度基础上，营造专业化机构为民理财、协调和造福的现代“财富金融”。中国只有强化金融改革来不断提升财富效应，才能真正看到中国消费时代的到来。

Make full use of the first-tier cities financial markets/Financial institutions and financial products offer a clear advantage,In ensuring high-quality corporate team stable mainboard and improve and standardize the market value based on a variety of incentives and risk prevention system,Build specialized institutions for financial management/Coordination and the benefit of modern"Financial wealth".China only strengthened financial reforms to improve the wealth effect,Can truly see the arrival of the era of Chinese consumption.

　　掌握“先行先试”的主动权，利用上述“企业家金融”平台、“关系型金融”环境和“消费者金融”模式所提出的多元化市场和金融服务的高要求，推动中资企业“走出去”战略和上海“自由贸易实验区”的建设，稳步打造国家金融安全和实体经济繁荣所需要的以“人民币国际化”为方向的“全球化金融”模式。

To master"First try"Of the initiative,Using the above"Entrepreneurs, financial"platform/"Relational financial"The environment and"Consumer financial"Model presented by the diversification of the market and of the high demand for financial services,To promote Chinese enterprises"To go out"Strategy and Shanghai"Free trade area"The construction of the,Steadily build the country's financial security and the need to the real economy prosperity"The internationalisation of the renminbi"To the direction of the"Financial globalization"model.