从金融监管改革历史看，虽然各国的金融监管在不断完善与发展，但总体而言，金融监管改革都可以说是程度不同的危机所推动与问题导向的，以事后的完善为主，缺乏前瞻性。

Look from the history of financial regulatory reform,Although countries in developing and perfecting financial regulation,But on the whole,Degree of financial regulatory reform is driven with different crisis problem oriented,Is given priority to with the improvement of the later,A lack of prospective.

面临的挑战 The challenge for

　　近年来，随着金融全球化、自由化和金融创新的迅猛发展，金融机构业务创新与交叉融合不断深化，监管环境发生重大变化，但我国监管机制与监管方式改革相对滞后，明显不适应金融发展形势要求，金融安全与金融效率均面临挑战，监管有效性面临质疑。具体表现在如下方面：

In recent years,With the financial globalization/The rapid development of liberalization and financial innovation,Deepening financial institutions business innovation and cross fusion,Significant changes in the regulatory environment,But our country supervision mechanism and regulatory reform relative lag,Obviously not adapt to the developing situation of financial requirements,Financial safety and financial efficiency are facing challenges,Regulatory effectiveness in question.Embodied in the following aspects:

　　（一）跨领域的金融机构、金融业务与产品创新日益涌现，监管依然处于分业的状态，形成了监管体系中的潜在风险。

(a)Financial institutions across the field/The growing financial business and product innovation,Regulation is still in a state of separation,Formation of the potential risks in the regulatory system.

　　首先，由于业务创新与产品创新，金融机构的功能边界逐渐模糊，不同类型的金融机构往往提供功能相似的金融产品与服务，按机构类型分业监管容易产生监管标准不统一与监管真空现象，引起不公平竞争与“监管套利”等问题，形成金融体系潜在风险隐患。以资产管理为例，资产管理是证券基金业的传统业务，但近年来银行与信托的资产管理业务快速发展，管理资产规模远远超过证券基金行业。如2011年底证券公司资产管理业务规模仅2800亿元，而信托公司资产管理业务规模4.8万亿，银行理财产品余额4万亿元，证券公司资产管理业务规模不及银行信托业的零头。但最近由于证监会积极推进证券公司创新业务，资产管理投资范围放开，同时由于银监会对银行同业业务和表外业务监管规范不断加强，证券公司资产管理业务快速发展，在一年时间里从2011年底的2800余亿元增长至2012年底的1.89万亿元，证券定向资产管理业务成为银行将表内信贷类资产转移至表外的主要通道。

First of all,Due to business innovation and product innovation,The function of financial institutions gradually blurred border,Different types of financial institutions tend to provide functionality similar to financial products and services,Supervised respectively according to body type to do not have a unified regulatory standards and regulatory vacuum phenomenon,And lead to unfair competition"Regulatory arbitrage"Problems such as,Form a potential risks around the financial system.In asset management, for example,Asset management is the traditional business securities industry,But in recent years the rapid development the asset management business of bank and trust,Assets under management more than securities fund industry.Such as the size of the asset management business of securities companies at the end of 2011 280 billion dollars only,The trust company asset management business scale of 4.8 trillion,Bank wealth management products balance of 4 trillion yuan,Size of the asset management business of securities companies as a fraction of the bank trust industry.But due to the securities regulatory commission (CSRC) actively promote the innovation in securities company business recently,Asset management, investment scope,At the same time due to the China banking regulatory commission to Banks and off-balance-sheet business continuously strengthen regulatory norms,Rapid development of the asset management business of securities companies,In one year from the end of 2011 2800 one hundred million yuan rose to 1.89 trillion yuan by the end of 2012,Securities directional asset management business as the bank will credit class assets transferred to the table in the table outside the main channel.

　　其次，不同类型金融机构间业务交叉与融合程度不断加深，相对分割的监管体制难以识别和有效防范金融风险跨领域的传递。如银行广泛参与证券基金与信托产品的销售，并为证券与期货提供资金结算与存管服务，证券与基金为保险资产与银行理财产品提供投资服务等。独立来看，相关业务均为无风险的中间业务或资产委托管理业务，但业务交叉后是否存在损害消费者利益，是否会产生风险传递感染等，通过相对分割的金融监管体制难以有效识别和防范。

The second,Business degree of crossover and integration between different types of financial institutions,Relatively integral regulation system is difficult to identify and effectively guard against financial risk across domains.Such as Banks are widely involved in securities fund and trust products sales,And provide funds for securities and futures clearing and depository services,Securities and fund of insurance assets and bank financial products offer investment services.Independent to see,Related businesses are risk-free entrusted management business in the middle of the business or assets,But after business whether there is damage the interests of consumers,Whether can produce risk transfer infection,Through relatively segmentation is difficult to effectively identify and guard against financial regulatory system.

　　再次，基于独立金融机构的审慎监管难以识别金融控股集团整体的风险状况。为适应金融业务交叉和融合趋势，更有效地发挥协同效应，以控股集团或母子公司等形式开展金融综合化经营的金融控股集团纷纷出现。金融机构综合化经营在为客户提供了“一站式”金融服务，提高服务效率与质量的同时，也蕴含新的风险，对相对分割的监管体制形成新的挑战。如对金融控股集团成员的微观审慎监管是否能有效防范金融集团的整体风险？系统性风险在金融控股集团内部如何传导？监管套利在金融控股集团是否便利？

Once again,,Based on independent prudential supervision of financial institutions it is difficult to identify financial holding group's overall risk profile.In order to meet the financial business cross and integration trend,More effectively play a synergistic effect,In the form of holding group and parent-subsidiary financial integrated management of financial holding group.Comprehensive management in financial institutions to provide""One-stop" work style"The financial services,Improve the service efficiency and quality at the same time,Also contains the new risks,The relative integral regulation system to form a new challenge.Such as micro prudential supervision of financial holding group members can effectively guard against financial group's overall risk?How systemic risk in financial holding group internal conduction?Regulatory arbitrage in the financial holding group is convenient?

　　另外，在金融机构业务创新的过程中，直接金融与间接金融的界限也逐渐趋于模糊，但监管方式上信息披露与透明度要求并未随之提高，金融市场潜在道德风险与逆向选择风险突出。以银行理财产品为例，截至2012年底，银行理财产品余额达7.4万亿元，超过银行表内贷款规模的10%，对银行理财产品的监管不当可能会导致金融风险的累积。从投融资双方关系看，银行理财产品向社会公众非定向募集资金，投资于债券、货币市场工具、项目融资类资产和权益类资产，投资风险由产品购买者承担，具有直接金融属性。但在监管上，对银行理财产品未按直接金融的要求进行强制与持续的信息披露，资金供给方缺乏对资金使用方有效的监督与控制，存在道德风险问题。

In addition,In the process of business innovation of financial institutions,The boundaries between direct finance and indirect finance is gradually tends to blur,But regulation on information disclosure and transparency requirements did not improve,Financial market potential moral hazard and adverse selection risk.Bank wealth management products, for example,By the end of 2012,Bank wealth management products balance of 7.4 trillion yuan,More than 10% of the bank lending in the table,Inadequate supervision of bank financial products could lead to the accumulation of financial risks.Look from the investment and financing the relationship,Over bank wealth management products to the public to raise funds,To invest in bonds/Money market instruments/Project finance assets and equity asset class,Investment risk borne by the product buyer,Has a direct financial attributes.But on the regulation,For according to the requirement of the direct financial bank financial products for which the force and the continuous information disclosure,Money supply is lack of effective use of funds supervision and control,Moral hazard problem.

　　（二）跨领域的金融改革创新需求与日俱增，而相对割裂的金融监管体制中形成的行政分割，影响了改革的持续推进。

((2))Across the financial reform and innovation in the field of increasing demand,And relatively fragmented financial regulatory system in the form of administrative division,Affect the reform continues to advance.

　　以债券市场发展为例，目前的银行间市场和交易所市场分别由人民银行和证监会监管，企业债的发行须发改委审批，在市场准入条件、信息披露标准、资信评估要求以及投资者适当性制度、投资者保护制度等方面存在不统一的情况，影响了债券市场功能进一步发展。另外，在利率市场化与资本账户可兑换的推进过程中要求配套的金融改革政策同步推进，为金融机构与企业居民提供有效的风险管理工具与市场，而我国涉及利率与汇率的现货市场由人民银行监管，国债、外汇等现货的主要参与主体由银监会监管，而《证券法》规定金融衍生品市场的监管主体为证监会，相对割裂的监管体制在推进跨领域的改革中存在目标不一致，甚至是目标冲突的情形，进而影响金融改革的整体推进。

In the bond market development, for example,The interbank market and exchange market, respectively, by the people's bank and securities regulation,The issue of corporate bonds must be for examination and approval of the national development and reform commission,In market access conditions/Information disclosure standards/Credit evaluation requirements and appropriate institutional investors/Investors are not unified in the protection system,Affect the function of bonds market further development.In addition,Advance in interest rate liberalization and capital account convertibility requirements form a complete set of financial reforms in the process of synchronization,Residents for financial institutions and enterprises to provide effective risk management tools and the market,And our country related to interest rate and exchange rate of the spot market is regulated by the central bank,Treasury bonds/Foreign exchange spot, such as the main players by the banking regulatory commission (CBRC) regulation,while[Securities laws]Regulation of financial derivatives market supervision main body to the CSRC,Relatively fragmented regulatory system reform in the field of advancing across inconsistencies exist in the target,Even the goal conflict situations,In the whole advancement, in turn, affects the financial reform.

　　（三）经济社会发展对金融结构的灵活调整提出了更高的要求，而金融监管仍习惯于行政审批与准入限制等传统的监管方式，制约了金融功能的发挥与金融创新发展。

(three)Economic and social development of the flexible adjustment of financial structure is put forward higher request,And financial regulation is still used to traditional regulatory approaches such as administrative examination and approval and access restrictions,Restrict the exertion of financial function and financial innovation development.

　　在政府管制的金融监管体制下，监管部门通过市场准入限制、牌照限制、对创新业务的管制、对直接金融活动严格的行政审批等手段，影响金融服务的有效供给，阻碍了金融结构的灵活调整，制约了金融功能的发挥。如为中国中小微企业及“三农”提供金融服务的中小型金融机构一直缺乏，在金融机构新设审批上一直难以满足市场需求；对民营资本进行金融行业限制，影响了金融机构的经营效率与活力，也制约了金融服务实体经济的深度与广度；对股票债券等直接金融工具的发行进行严格的行政审批，制约了金融功能的发挥与资本市场的发展。

Under the government regulation of financial regulatory system,Regulators through market access restrictions/License restrictions/Restrictions on business innovation/To direct financial activities strict measures of the administrative examination and approval,Affect the effective supply of financial services,Hindered the flexible adjustment of financial structure,Restricts the financial function.Such as micro, small and medium enterprises, and for China"Agriculture, rural areas and farmers"Provide financial services to small and medium sized financial institutions has been a lack of,On the financial institutions set up a new approval has been difficult to meet the market demand;Limit for private capital to finance industry,Affects the operating efficiency of financial institutions and vitality,Also restricts the depth and breadth of financial services entity economy;To direct financial tools such as stocks and bonds issuance of administrative examination and approval strictly,Restrict the exertion of function of financial and capital market development.

　　（四）与发达国家不断加强宏观审慎金融监管改革形成鲜明对比的是，中国系统性金融风险防范机制建设与改革进展缓慢。

(four)With the developed countries constantly strengthening macro-prudential in contrast to financial regulation reform,The systemic financial risk prevention mechanism construction and reform progress is slow.

　　中国金融业发展与改革“十二五”规划中虽明确提出构建健全的宏观审慎监管框架的目标，但在目前“一行三会”监管框架下，没有一家金融监管机构具备监控市场系统性风险所必需的信息与权威，各家监管部门也难以做到有效协调。因此，相对于欧美等发达市场，中国宏观审核监管改革缓慢，目前尚未确定的责任主体与监管手段，尚未建立宏观审慎监管与微观审慎监管间的有效信息沟通与协调机制。

China's financial sector development and reform"The 12th five-year"Planning is clearly put forward the building of macro-prudential regulation framework of goals,But at the moment"A line of three will be"The regulatory framework,Without a financial regulators have to monitor the market information and authority necessary to systemic risk,Regulators also difficult to achieve effective coordination.so,Relative to Europe and the United States and other developed markets,Review China's macro regulatory reform has been slow,At present has not yet been determined and the main responsibility of the regulatory means,Has yet to establish macro prudential supervision and effective information communication between the micro-prudential supervision and coordination mechanism.

　　（五）与大量涌现出的新兴地方性金融机构与地方性金融市场相矛盾的是，中国地方金融管理部门监管法律依据空白，监管方式与手段落后，难以有效控制金融风险。

(five)Emerge with a large number of emerging local financial institutions and local financial market is contradictory,China's local financial management supervision law blank,Supervisory methods and means lag behind,Difficult to effectively control financial risks.

　　近年来，中国各地村镇银行、小额贷款公司、担保公司等新型金融机构以及各类地方性股权、大宗商品交易市场迅猛发展，很多新型金融机构实际上部分扮演了“影子银行”的角色，承担了地方企业与政府融资信用中介职能，部分股权交易市场与大宗商品交易市场具备金融市场属性，但目前中央金融监管部门由于监管力量的限制，难以对众多的中小型金融机构与分散的地方性市场实施有效监管，地方金融管理部门由于法律依据的不足以及监管方式与手段的落后，重视准入环节的审批监管而轻视行为与风险监管，可能成为潜在的金融风险的累积点。

In recent years,The towns and villages around the bank of China/Small loan companies/Guarantee companies and all kinds of new financial institutions, such as local equity/Commodity trading market rapid development,A lot of new financial institutions actually part of the play"The shadow banking"The role of,Local businesses and government financing credit intermediary function,Partial equity markets and commodities trading market with financial market attribute,But at the moment, the central financial supervision and regulation department due to regulatory restrictions of power,It difficult for many small and medium-sized financial institutions and decentralized local market to implement effective supervision,Place due to the lack of legal basis of the financial management and supervisory methods and means lag behind,Attaches great importance to the access link for examination and approval regulation and risk regulation and despise,May become the potential financial risks accumulated points.

　改革的思路 The thinking of reform

　　从金融监管改革历史看，虽然各国的金融监管在不断完善与发展，但总体而言，金融监管改革都可以说是程度不同的危机推动与问题导向的，以事后的完善为主，缺乏前瞻性。

Look from the history of financial regulatory reform,Although countries in developing and perfecting financial regulation,But on the whole,Financial regulatory reform is varying levels of crisis and problem oriented,Is given priority to with the improvement of the later,A lack of prospective.

　　金融监管改革的历史规律决定了中国的金融监管改革更多需要从问题导向入手，需在有较强外部推动力下进行。就目前改革而言，

The history of financial regulatory reform law determines the financial regulatory reform in China is need to more, from the perspective of the problem oriented,Should be carried out under a strong external force.In terms of current reform,