Zhou xiaochuan: hope through the development of capital markets makes equity investment in funds
People′s daily Beijing, March 20 (Li Haixia), sponsored by the development research center of the State Council, "China Development Forum in 2016 would" March 19-21st at the Diaoyutai State Guest House. CPPCC National Committee Vice-Chairman, people′s Bank of China Governor Zhou xiaochuan attended and delivered a speech. During the meeting, Zhou xiaochuan, detailed "Thirteen-Five plan" relating to the contents of the financial system. He pointed out that the "Thirteen-Five plan" hope through the development of capital markets, so that more funds for equity investment, reduce its reliance on borrowing leverage.
　　Zhou xiaochuan speech reads as follows:
Ladies and gentlemen, ladies and gentlemen, good afternoon!
Honored at the China Development Forum to communicate with everybody, today I want to talk about is the subject of financial reform. 12, China just concluded session of the national people′s Congress fourth Conference adopted the "Thirteen-Five plan", I would like to take this opportunity to briefly discuss the "Thirteen-Five plan" on financial reform.
"Thirteen-Five plan" 16th chapter on financial reform, general reference is "to improve the system of financial institutions and markets, and promote the healthy development of the capital market, improve the mechanism of monetary policy, deepen the reform of financial regulation, improve the modern financial system, improve the efficiency of financial services to the real economy and the ability to support economic restructuring, and effectively guard against and defuse financial risks." 16th chapter consists of three and a column: the first section is "enrich the financial institutions system"; the second section is "a sound financial market system"; section III is the reform of the financial regulatory framework. I was one of a few items to discuss with you.
First, the rich financial institutions system. Number and types of financial institutions in China is still relatively small and cannot meet the needs of financial services for economic development, so to enrich the financial institutions system. A prominent reference in this section is to improve commercial finance, development finance, financial policy, cooperative financial rational division of labor, complementary financial institution system. As we all know, Chinese commercial banks, rural credit cooperatives, cooperative finance development, the emphasis on development finance and financial policy, also needs to cope with the global financial crisis.
First, past the conventional concept is financial or commercial or public, similar to the reference to binary, non-zero. But since the global financial crisis, many commercial organizations have gone through its own process of balance sheet adjustment, and full play to the role of the flesh is weak. Also, if the general public financing in the past should be fiscal spending, but the financial situation is not the same, some fiscal space is small, so internationally on development finance and policy financial attention once again. Just three such institutions in China, a State Development Bank, China export-import Bank, agricultural development Bank of China. Balance sheet of this trio together was probably about 15 trillion yuan, the vast majority of assets is the sustainability of business assets, so in the "zero" or "one" some businesses, these business people don′t care too much about in the past, but we felt the need to give due attention in times of crisis. In other words, below the commercial returns, but not entirely public, this part of the business development does not target to maximize profits, but at the same time to make up for some of the "zero" and "a" between the financing.
For China, there are also some special meaning, is China′s economy from a centrally planned economy to a market economy in the past, due to various reasons during the transition process (including price structure) caused part of commercial finance business can do, government funding was not enough. Therefore, in the "Thirteen-Five" plan is still in development finance and financial policy as an important content of the description.
In addition, this section also refers to the expansion of private capital entering domestic banking, inclusive financial development and many types of medium and small micro-finance organization, standardize the development of Internet banking. Do these things there are a few known issues to discuss emerging consensus.
First, in China, illegal fund raising, financial fraud more, compared with the international may also stand out. In this case may have a question, meaning that if you expand the number of financial institutions and further liberalize access, there will be more confusion?
Second, the total level of financial services in China? Supply is sufficient and do not need to set up more agencies? Or lack of financial services in General, leading to some unlawful fraudulent financial activities, gaming properties but there are a lot of markets and opportunities. So this issue also needs to be clear through the discussion. From the "Thirteen-Five plan" look, I think that as the economies of China, while the number of commercial banks, securities companies, insurance companies, but because of the great country, on the total amount of basic financial services is still insufficient.
Third, the Chinese Government has always emphasized the financial services to the real economy. Service of the real economy there are also different views, the view was expressed that financial development, would have taken resources, tend to neglect the real economy. The view was expressed that financial products themselves and create markets and selling it speculatively, not for the real economy, so more negative views on the development of the financial services sector. I think from the perspective of game theory, in fact, can be divided into three categories: that is, between the financial sector and the real economy can be a win-win situation, or it can be a zero-sum game, or it can be a lose/lose situation. What China should do, and can at least have a preliminary conclusion was if not better able to develop and improve financial services more generally, while providing more products to meet market needs, the real economy will be limited.
We emphasised to the relationship between the financial sector and the real economy are more varied, "Thirteen-Five plan" on financial reforms implemented in good, awareness of the need to further clarify this aspect.
"Thirteen-Five plan" second section 16th chapter is "a sound financial market system", one of the most prominent and most mentioned at the beginning is how healthy development of capital markets. Development of capital market in China still has a lot of space, but also has a lot of work to do. Apart from the many capital market services market demand and improved corporate governance, capital markets financing needs, in China there is also a special consideration, is the high rate of China′s overall economic leverage, that is, we often discuss the total proportion of loans and other debt and GDP, especially corporate sector borrowing debt as a percentage of GDP is high. "Thirteen-Five plan" also hope that through the development of capital markets, so that more funds for equity investment, reduce its reliance on borrowing leverage, they are questions that concern.
How China′s highly leveraged corporate sector or the corporate sector? I would like to say three things:
First, China′s national savings rate is high. 20%-30% of the national GDP, China′s gross savings rate last year was 46%, including residents in more than 35%. A high savings rate has a wide variety of reasons, saving more money, through Bank and bond debt financing will be higher, so if Chinese Enterprise debt rate higher than in other countries, from this point of view is not surprising. But not too much higher, otherwise there are problems.
Second, China′s equity market relatively late, the stock market began to appear in the early 90, shorter development time, so the low proportion of total financing of capital markets and private equity financing is relatively weak.
Third, since China′s reform and opening development faster, but always civil, private wealth accumulation is still relatively small, so private wealth into equity opportunities are also relatively small.
These factors combined led to lending rates higher, it is easy to produce macro-risks, which we also attached great importance to and many international friends. Solution also has many species, one important way is to accelerate the development of capital markets, equity financing through capital market can make a larger proportion in the national savings funds for equity financing, also reduced the proportion of debt to GDP, also reducing the ratio of debt to equity.
In perfecting the financial system this section also talks about a lot of other content, including the development of the bond market and perfecting the market mechanism of interest rate and exchange rate. Everyone is more concerned about interest rates, exchange rate mechanism reform, we long ago under the G20 also discussed the exchange rate mechanism. China′s interest rate marketization should be basically completed by the end of last year, the interest rate, whether loans or deposits have been canceled, financial institutions have the right to independent pricing of interest rates. Of course, the interest rate reform next there are a lot of tasks, for example guidance on interest rates by the Central Bank also has a sound transmission mechanism problem. For instance, interest rate formation mechanism on the market also has a constantly running, gradually improve the process. Therefore, there are many areas that need improvement, but on the whole has made decisive progress in the reform of interest rate marketization.
"Thirteen-Five plan" section is "financial regulatory reform." In this respect, first of all, plan on enhancing financial management of macro-prudential system, built with the coordination of monetary policies and prudent management of the financial management system. This shows that China is still attaches great importance to lessons learned from the global financial crisis. Central Bank stressed the adjustment to general price levels in the past, many central banks have inflation-targeting, do this only is not enough. Even in some cases inflation level is not high, but other financial risks may also arise in the economy, or even a crisis. So first of all stressed the need to strengthen the macro-prudential regulatory framework established.
In addition, the "Thirteen-Five plan" to improve with China′s national conditions and international standards set forth in regulation. In this regard, to seriously consider the lessons of our own, including fluctuations in financial markets last year when, on the market there are all kinds of discussions, including some view China′s financial supervision system is also not ideal, so we have to absorb the lessons.
From the international point of view, although there is no one ideal model, but a number of problems in the global financial crisis, these problems in the future in terms of financial supervision system reform should be how to deal with, there are many discussions on the international, also had a lot of practice and exploration, this is an important reference to financial regulatory reform.
In financial regulatory reform in the also special proposed has to effective protection financial consumers of lawful rights and interests of, this is currently system Shang of insufficient of at, in implementation "Thirteen-Five planning" process in the to vigorously strengthening, including financial consumers lawful rights and interests of of protection, and privacy of protection, and improve financial based facilities and financial system of security, and strengthening on consumers of education, makes its can better to protection itself interests. Special emphasis is, in the case of Internet technologies and the development of information technology, this work should be done better.
Thank you very much! Page (source: people′s daily online-financial channels)
(Editors: Pan Yi burn UN657)
2016-03-20 18:52:00
People′s daily online

周小川：希望通过发展资本市场使资金进行股权投资
人民网北京3月20日电（李海霞）国务院发展研究中心主办的“中国发展高层论坛2016年会”3月19日-21日在钓鱼台国宾馆举行。全国政协副主席、中国人民银行行长周小川出席并发表讲话。周小川在会上详解了“十三五规划”有关金融体制改革的有关内容。他指出，“十三五规划”希望通过发展资本市场，使更多的资金进行股权投资，减少企业对借贷杠杆的依赖。

　　周小川讲话全文如下：

　　女士们，先生们，各位来宾，下午好！

　　很荣幸又在中国发展高层论坛跟大家进行交流，今天我要讲的题目是金融改革。刚刚结束的中国十二届全国人民代表大会第四次会议通过了“十三五规划”，我想借此机会跟大家简要讨论下“十三五规划”有关金融体制改革的内容。

　　“十三五规划”第十六章专门讲金融体制改革，总的提法是“完善金融机构和市场体系，促进资本市场健康发展，健全货币政策机制，深化金融监管体制改革，健全现代金融体系，提高金融服务实体经济的效率和支持经济转型的能力，有效防范和化解金融风险”。第十六章共有三节和一个专栏：第一节是“丰富金融机构体系”；第二节是“健全金融市场体系”；第三节是改革金融监管框架。我就其中的几项内容跟大家讨论一下。

　　第一，丰富金融机构体系。中国金融机构数量和种类还比较少，不能满足为经济发展提供金融服务的需要，所以要丰富金融机构体系。这一节一个突出的提法是要健全以商业性金融、开发性金融、政策性金融、合作性金融分工合理、相互补充的金融机构体系。大家知道，中国商业银行、农村信用社、合作金融都有所发展，此次强调开发性金融和政策性金融，也是应对全球金融危机的需要。

　　首先，过去常规的概念就是金融要么是商业性，要么是公益性，采用类似二进制的提法，非零即一。但是本次全球金融危机以来，很多商业性机构都经历了自身资产负债表调整的过程，所以充分发挥作用就心有余而力不足。同时，如果说公益性融资一般过去都是应该财政花钱，但各国财政情况也不一样，有的财政空间也不大，所以国际上就对开发性金融和政策性金融再次关注。中国正好有三家这样的机构，一个是国家开发银行，一个是中国进出口银行，一个是中国农业发展银行。这三家机构的资产负债表加在一起大概是15万亿人民币左右，其中绝大多数资产是商业可持续性的资产，所以在“零”和“一”之间有一些业务，这些业务过去大家不太在意，但是在危机期间大家觉得需要给予一定的关注。也就是说，低于商业性回报，但又不完全是公益性，这部分业务的发展可以不以盈利最大化为目标，但同时又能弥补一些在“零”和“一”之间的融资空间。

　　对于中国来讲，也有一些特殊含义，就是中国经济从过去集中型计划经济向市场经济转轨，在转轨过程中由于各种各样的原因（包括价格体制等）造成一部分业务的商业性融资做不了，政府融资力量也不够。因此，中国在“十三五”规划中仍旧把开发性金融和政策性金融作为一个重要的内容进行描述。

　　另外，在这一节里还提到了扩大民间资本进入银行业，发展普惠金融和多业态中小微金融组织，规范发展互联网金融。做好这些事也有几个认识问题需要讨论来逐渐达成共识。

　　第一，在中国，非法集资、金融诈骗的现象还比较多，和国际相比可能还比较突出。在这种情况下可能就会有质疑，就是说如果扩大金融机构的数量和进一步放宽准入，会不会出现更多的混乱？

　　第二，中国金融服务的总水平如何？是供给十分充足不需要再设立更多的机构？还是金融服务总体不足，导致一些非法、钻空子性质的欺诈金融活动反而有很多的市场和机会。所以这个问题也需要通过讨论来明确。从“十三五规划”看，我觉得中国作为这么大的经济体，虽然商业银行、证券公司、保险公司数量不少，但因为国家很大，基层金融服务总量上来讲还是不足。

　　第三，中国政府历来强调金融要为实体经济服务。为实体经济服务的观点也有不同，有人认为金融发展了，就会把资源占走，反而忽略了实体经济。有人认为，金融界创造的市场和一些产品自己炒来炒去，不是为实体经济服务的，所以对发展金融服务业持有比较负面的看法。我认为从博弈论的角度来看，实际上可以分三类：即金融业和实体经济之间可以是双赢局面，也可以是零和博弈，也可以是双输局面。对于中国来讲应该做到什么样，至少可以有一个初步的结论，就是如果金融业不能够更好地发展，提高更普遍的金融服务，同时提供更加符合市场需求的产品，那么实体经济就会受到限制。

　　我们对金融业和实体经济的关系强调地比较多，说法也多种多样，要把“十三五规划”中有关金融改革的内容落实好，就需要进一步理清这方面的认识。

　　“十三五规划”第十六章第二节内容是“健全金融市场体系”，其中最突出和最开始提到的都是如何健康发展资本市场。中国资本市场的发展仍然有很大的空间，同时也有很多工作要做。除了有很多资本市场服务的市场需求、资本市场融资的需求以及改善公司治理的需求以外，在中国也有一个稍微特殊的考虑，就是中国经济的整体杠杆率偏高，也就是大家常讨论的总的借贷等债务和GDP的比重，特别是企业部门借贷等债务占GDP的比重偏高。“十三五规划”也希望通过发展资本市场，使更多的资金进行股权投资，减少企业对借贷杠杆的依赖，这也是大家关心的问题。

　　如何看待中国企业部门或者公司部门的高杠杆率？我想说三点：

　　第一，中国的国民储蓄率高。一般国家在GDP的20%—30%左右，中国去年的总储蓄率还是46%点多，其中居民部门在35%以上。储蓄率高有多种多样的原因，储蓄的钱多，通过银行和买债券渠道的债务融资就会高一些，所以如果说中国企业债务率高于其他一些国家，从这个角度看也不奇怪。当然也不能高的太多，否则也是有问题的。

　　第二，中国的股本市场发育比较晚，股票市场在90年代初才开始出现，市场发展的时间还短，所以资本市场总融资比例比较低，民间的股本融资也相对薄弱。

　　第三，中国改革开放以来发展比较快，但总的民间积累、民间财富还比较少，所以民间财富变为股本的机会也相对比较少。

　　这些因素加在一起就导致借贷比例比较高，就容易产生一些宏观上的风险，这方面我们也是和国际上很多朋友们一样给予高度重视。解决的方法也有很多种，其中一个重要的方法就是加快发展资本市场，通过资本市场股本融资能够使国民储蓄中更大比例资金进行股本融资，也就降低了债务占GDP的比重，也降低了债务股本的比例。

　　在健全金融市场体系这一节中还谈到了很多其他内容，包括债券市场的发展、健全利率、汇率的市场决定机制。大家都比较关心利率、汇率机制的改革，我们前一段时间在G20的场合下也讨论了汇率机制。中国的利率市场化在去年年底之前应该说基本上完成了，利率管制，不管是贷款还是存款都已经取消，金融机构都有了利率的自主定价权。当然，利率改革后续还有很多任务，比如说中央银行对利率的指导还有一个健全传导机制的问题。再比如说，利率形成机制也还有一个在市场上不断磨合、逐渐完善的过程。因此，还有很多需要不断完善的方面，但总体上看利率市场化改革已经取得了了决定性的进展。

　　“十三五规划”的第三节内容是“金融监管体制改革”。在这方面，首先，规划中提出要加强金融宏观审慎管理制度建设，构建货币政策与审慎管理相协调的金融管理体制。这表明中国还是很重视全球金融危机中的经验教训。中央银行过去比较强调对价格总水平的调控，很多央行还实行通货膨胀目标制，仅做到这点还不够。即便有些情况下通货膨胀水平不高，但经济体系还可能出现其他的金融风险，甚至是危机。所以首先强调要加强宏观审慎管理框架的建立。

　　另外，“十三五规划”中提出要健全符合我国国情和国际标准的监管规则。这方面，要认真研究我国自身的经验教训，包括在去年金融市场发生波动的时候，市场上有各种各样的讨论，包括有一些观点认为我国的金融监管体制还不是很理想，因此我们要从吸收经验教训。

　　从国际上看，尽管没有一个非常理想的模式，但全球金融危机中出了不少问题，这些问题今后在金融监管体制改革方面应如何对待，国际上也有众多的讨论，也有很多的实践探索，这也是我们金融监管体制改革的重要参考。

　　在金融监管体制改革中还特别提出了要切实保护金融消费者的合法权益，这也是目前体制上的不足之处，在落实“十三五规划”过程中要大力加强，包括金融消费者合法权益的保护、隐私的保护、提高金融基础设施和金融系统的安全性，以及加强对消费者的教育，使其能够更好地保护自身权益。特别要强调的是，在互联网技术和信息科技发展的情况下，应该把这项工作做的更好。

　　谢谢大家！page (来源：人民网-金融频道)
(责任编辑：潘奕燃 UN657)
2016-03-20 18:52:00
人民网