本报记者 蔡宗琦

Our reporter Cai Zongqi

　　“应站在中国经济结构转型、世界经济格局变化的高度来建设资本市场”，对于资本市场如何助力实现“中国梦”，一创摩根副董事长贝多广认为，金融市场可以从多个角度为经济结构转型提供帮助，但必须坚持市场化和国际化的方向。

"Should stand in China's economic structure transformation/The height of the world economic pattern changes to capital market",How to help to realize capital market"The Chinese dream",Think a gen Morgan vice chairman Mr Bei,Financial markets can be to help economic structure transformation from multiple angles,But we must insist on the direction of marketization and internationalization.

进一步改善金融服务平台 To further improve financial services platform

　　贝多广认为，资本市场要助力“中国梦”的实现，应站在中国经济结构转型的高度建设资本市场。多年来，我国金融市场对实体经济的服务并不到位，但跳出行业局限视野就会豁然开朗，金融市场可以从多个角度为经济结构转型提供帮助：

Bei duoguang think,To boost the capital markets"The Chinese dream"The implementation of the,Should stand in the height of the Chinese economic structure transformation construction of capital market.Over the years,China's financial markets to the real economy service is not in place,But out of industry limited horizons will be suddenly enlightened,Financial markets can be to help economic structure transformation from multiple angles:

　　首先是如何为中小微企业服务。从实际操作情况来看，金融机构目前更关注中小企业，较少关注到微型企业，但它们才是经济“金字塔”最底端的经济体，也是数量最大的经济“细胞”，更是缴纳税费和解决就业的主体，经营活跃且生命力顽强，在国民经济中起着基础性作用。与之对比，我国的融资结构倒挂，银行能为其提供的服务有限。

First of all is how to micro, small and medium enterprises service.From the actual operating conditions,Financial institutions are more focused on small and medium-sized enterprises,Less attention to the micro enterprise,But they are economic"The pyramids"The most at the bottom of the economy,Is the largest economy"cells",Is the main body of pay taxes and employment,Active and alive,In the national economy plays a fundamental role.In contrast,Our country's financing structure is upside down,Banks can provide it with services co., LTD.

　　从海外市场经验来看，具体的解决之道不一，欧美等成熟市场主要通过天使基金、PE等社会投资的基金公司提供融资，而发展中国家则更多通过专业机构提供中小微贷款。经过实践摸索，这些路径都已积累了丰富经验可供我国参考。资本市场如何在这一领域推波助澜，值得探讨。

From the experience in overseas markets,Specific solution,Mature markets such as Europe and the United States mainly through angel fund/PE and other social investment funds to provide financing,While developing countries are more through professional institutions to provide small and medium-sized micro loans.After practicing,These paths have accumulated rich experience for our reference.How capital markets contributed in the field,Is worth to discuss.

　　其次，政府积极倡导扩大消费需求，该如何发挥金融的作用？目前我国有13亿人口，但信用卡仅发放3亿张，覆盖的人群恐怕不足1亿人。而在城镇化过程中，很多涌入城市的打工族虽然月收入并不高，但有扩大的消费需求，特别是年轻人会容易接受分期付款的形式，提出一种融资性需求。这类人群数量非常之大，往下延伸“接地气”，金融服务完全可以发挥更大的作用。

The second,The government actively advocate expanding consumer demand,How to play the role of financial?At present our country has a population of 1.3 billion,But only 300 million credit CARDS,Covering the people I'm afraid of less than 100 million people.And in the process of urbanization,Many migrant workers poured into the city although income is not high,But there's expanding consumer demand,Especially the young people will easily accept installment payment form,Put forward a kind of financing needs.In this kind of population is very large,Down the stretch"Grounding gas",Financial services can play a bigger role.

　　再次，在城镇化的过程中，金融行业如何帮助各级地方政府融资？城镇化过程中地方各级政府应当承担起基础设施和公共品的建设功能，比如环境的改善、城市下水道改造等，但是钱从哪里来？财政制度要改革，事权、财权应明确，地方政府必须开辟新的融资渠道。在这其中，金融市场特别是资本市场大有可为。

Once again,,In the process of urbanization,How to help all levels of local government financing financial industry?In the process of urbanization of local governments at various levels shall take up the construction of infrastructure and public utility function,Such as the improvement of the environment/Urban sewage renovation, etc,But the money come from?To reform the financial system,The duties/Purse strings should be clear,The local government must open up new financing channels.In the middle,Financial markets, especially the capital market.

　　此外，中国经济结构转型过程中必须促进新兴产业发展，但我们的金融市场在实际操作中并没有鼓励新兴产业，也极难接受新生事物，过去大批没能盈利的中国企业只能奔赴海外上市，最后在海外资金的支持下成就了百度等公司。如果我国的金融平台能进行一些改进，可以切实助力经济结构转型发展。

In addition,In the process of Chinese economic structure transformation must promote the development of emerging industries,But in the actual operation of our financial market is not to encourage emerging industries,Also very difficult to accept new things,The large number of Chinese companies failed to profit only to list abroad,Finally with the support of overseas funds companies such as baidu.If our country's financial platform can make some improvement,Can effectively boost economic structure transformation development.

　　最后，中国企业“走出去”是大势所趋。反观国际市场，每一家跨国公司背后都有投行的影子，投行跟随客户开辟海外市场，为客户服务。但我国的投行在这方面提供的服务还非常少，如能有所改进，必将对经济转型发挥极大作用。

The last,Chinese companies"To go out"Is the trend of The Times.In contrast, the international market,Behind every multinational company there is the shadow of the investment bank,Investment Banks following the customers opening up overseas markets,For customer service.But our country's investment Banks provide services in this respect is also very less,As can be improved,Will play a great role for economic transformation.

　坚持市场化和国际化方向 Adhere to market-oriented and internationalization direction

　　除经济结构转型外，贝多广认为，应站在世界经济格局变化的高度建设资本市场。目前，世界经济格局发生巨大变化，新兴经济体在世界经济中的比重正在日渐超过发达国家，这对全球经济及地缘政治带来深刻影响，未来新兴经济体的话语权、影响力会大幅提高。

In addition to the economic structure transformation,Bei duoguang think,Should stand in the world economic pattern changes the height of the construction of capital market.At present,The world economic structure has changed dramatically,Weight in the world economy are increasingly emerging economies than developed countries,The profound influence on the global economic and geopolitical,Notion of emerging economies in the future/Improve the influence.

　　相应的，国际金融体系在金融危机后酝酿着金融新秩序。美元霸主地位受到挑战，国际货币体系有多元化趋势。中国早已是资本输出国，应考虑如何把资本优势转化为软实力，以在国际金融体系中扮演越来越重要的地位。

The corresponding,The international financial system after the financial crisis brewing a new financial order.The dollar hegemony is challenged,The international monetary system has a diversified trend.China is already the capital exporting countries,Should consider how to put the capital advantage into soft power,In order to play more and more important status in the international financial system.

　　另一方面，人民币国际化是必然趋势，这一战略目标的实现将是长期过程，甚至需要耗费数十年的时间，难以一蹴而就。而这一目标必将倒逼国内金融市场进行深刻改革，中国金融体系必将更加开放包容，让开放和改革互相促进。

On the other hand,RMB internationalization is an inevitable trend,Will be a long process to achieve the goal of this strategy,Even it takes decades of time,It is difficult to happen overnight.And this goal will be reversed transmission deep reform of domestic financial market,China's financial system will be more open and inclusive,To open and reform, promote each other.

　　此外，新的国际金融秩序下国际金融中心将发生重大变迁，只有开放的资本市场才能真正形成国际金融中心。正是在这样的背景下，财富管理将是中国未来20年真正的大生意，作为资金输出大国的投资者，正面临着世界资产配置的机会，大量的资产也必定有进行全球资产配置的需求。

In addition,Under the new international financial order in international financial center will be a major change,Only open capital markets can truly international financial centre.It is in this context,Wealth management is the real big business over the next 20 years in China,As investors capital exporter,Asset allocation is facing the world,A large number of assets also must have demand for the global asset allocation.

　　正是基于以上判断，贝多广认为，资本市场助力“中国梦”必须坚持市场化和国际化的方向。一方面，最核心的是摆正政府与市场的关系，改善监管。过去30年来，政府和市场的关系在磕磕碰碰中往前走，行政权力在不断强化，但资本市场发展壮大只靠政府的安排是难以实现的，因此政府在界定监管边界时，该管的要坚决管，比如执法要严，惩罚力度要大，加大对违规机构的处罚以提高造假成本；不该管的坚决不管，比如各种行政性的审批，把一些对错交给市场判断。

It is based on the above judgment,Bei duoguang think,Capital market power"The Chinese dream"Must adhere to the direction of marketization and internationalization.On the one hand,The most core is to balance the government's relationship with the market,Improve the regulatory.Over the past thirty years,The relationships between government and market in the party forward,In strengthening administrative power,But the capital market development on the arrangement of the government alone is difficult to achieve,So the government when defining the regulatory boundary,With the tube of the tube,Such as the strict law enforcement,penalties,Increase penalties for illegal agencies to raise the cost of fraud;Should resolutely no matter,Such as all kinds of administrative examination and approval,Give some right or wrong market judgment.

　　另一方面，金融业发展有其市场规律，成熟的市场经济体中已经有许多现成的经验，应减少市场经济中一些“特色”的东西，尊重市场本色，对市场有敬畏之心。不尊重市场的行为，最后都会被市场报复。

On the other hand,Financial sector development has its market rules,In mature market economies are already has a lot of experience,Should reduce some of the market economy"features"things,Respect the nature of the market,On the market there is fear of heart.Don't respect behavior of the market,The market will be revenge.