信贷违约风险不可轻视

The credit default risk not to be sneezed at

　　本报北京讯（记者王继高） “货币供应量的快速增长在刺激经济增长方面起到了重要作用，但也引起了民众对资产价格上涨、通货膨胀加速的担忧。”北京大学中国信用研究中心课题组日前在2013中国信用高峰论坛上发布的主题报告称，防范系统性信用风险可能将成为金融监管机构的一个核心任务。

Our newspaper Beijing(The reporter Wang Jigao) "The rapid growth of the money supply has played an important role in stimulating economic growth,But also caused the people to rise in asset prices/Concerns about inflation accelerated."Team China credit research center of Peking University in 2013 China's credit boom before the theme report posted on the BBS,Prevent systemic credit risk is likely to become a core task of financial regulators.

　　报告提到，当今货币都是信用货币，是以信用活动为基础的，当前国内的广义货币供应量已经居于世界第一。与此同时，随着银行贷款作为社会融资规模的主渠道的重要性不断降低，信托贷款等违约事件陆续出现，国内关于信托贷款等影子银行在金融体系的作用的认识日益深化，影子银行的风险性开始受到关注，相关的监管和风险防范也逐步被提上议程。此外，随着国内持续宽松信贷政策的实施和经济增长率的下滑，不良贷款的风险开始出现。城投债的风险也不可小觑，城投债的发行中存在信用评级虚高、商业银行变相担保和增信等问题，这也是债市发展的隐忧。

The report notes,The money is credit money today,Is based on credit activities,The current domestic broad money supply has been one of the world's first.At the same time,As the importance of bank loans as the main channel of social financing scale continuously reduced,Trust loans default events appear in succession,Domestic about trust loans such as the shadow banking in the understanding of the role of the financial system deepening,Attention has been given to the risk of shadow banking,Related regulation and risk prevention is also gradually on the agenda.In addition,As domestic continuous loose credit policy implementation and the decline in the rate of economic growth,The risk of bad loans began to emerge.City to the debt risks are to be reckoned with,Debt issuance of city is artificially high credit ratings/Commercial Banks disguised guarantees and credit promotion, etc,This is also the bond market development concerns.

　　该报告认为，“未来一段时期内，如何稳妥地化解地方政府债务和影子银行体系对金融市场和宏观调控政策的冲击将成为金融监管机构的一个核心任务，防范系统性信用风险将成为今后的工作重点。”

The report says,"For a period of time in the future,How to safely resolve local government debt and the shadow banking system in the financial markets and the impact of macroeconomic regulation and control policy will become a core task of financial regulators,Prevent systemic credit risk will become the focus in the future."

　　此外，北京大学经济学院副院长、北京大学中国信用研究中心主任章政在做主题报告时提到，从整个信用政策的角度来看，信用政策的顶层设计在明显加快，社会信用建设的组织框架已经基本确立，信用体系建设规划编制工作已经正式启动；从中央到地方的信用水平明显提升；信用意识和信用实践对社会经济运行的反作用在去年明显在加大，即信用事件带来的破坏性加大了。

In addition,Vice President of the Peking University school of economics/China credit research center of Peking University, director of the theme ZhangZheng doing report,From the point of view of the whole credit policy,Credit policy in speeding up the top of the design,The organization of social credit construction framework has been basically established,The credit system construction planning work has been officially launched;From central to local levels significantly improve credit level;Credit awareness and credit practice in social economic operation backlash last year in increasing obviously,That a credit event brings destructive increased.