中國金融體系

1、Chinas Financial Sector: Basic Form and ReformDing TaoJune 5, 2005中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介2Content 概述 Overview 金融決策體系的基本框架 Decision Making System 貨幣政策制定機(jī)構(gòu) Monetary Policy Agency 政策性銀行 Policy Bank 商業(yè)銀行 Commercial Bank 中國證券市場(chǎng) Chinas Securities Market WTO與中國金融業(yè) WTO and Chinas Financial Sector中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介

2、3概述 Overview中國施行改革開放政策20多年來，相對(duì)于其他許多領(lǐng)域來說，金融業(yè)的改革由于其復(fù)雜型和敏感性，是相對(duì)滯后的Over the past two decades, financial sector reform has been lagged behind due to sensitivity and complexity issues.中國金融市場(chǎng)具有明顯的轉(zhuǎn)軌市場(chǎng)和新興市場(chǎng)特征 Financial market is featured as being transitional and innovative.銀行體系主導(dǎo)的間接融資模式仍占中國融資結(jié)構(gòu)的90，直接融資方式亟待

3、發(fā)展90% of the financing is made through indirect financing controlled by banking system, with direct financing lacking.中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介4金融決策體系的基本框架金融決策體系的基本框架 Decision Making System of Chinas Financial Sector中國人民銀行Peoples bank of China財(cái)政部Ministry of finance國家發(fā)展改革委員會(huì)National development and reform co

4、mmission 商務(wù)部Ministry of commerce中國銀行業(yè)監(jiān)督管理委員會(huì)China banking regulatory commission中國證券監(jiān)督管理委員會(huì)China securities regulatory commission 中國保險(xiǎn)監(jiān)督管理委員會(huì)China insurance regulatory commission中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介5政策性銀行政策性銀行-國家開發(fā)銀行 Policy Bank-National Development Bank 主要職能：向政府經(jīng)濟(jì)發(fā)展計(jì)劃和產(chǎn)業(yè)政策支持的重點(diǎn)項(xiàng)目提供長(zhǎng)期融資，以支持和促進(jìn)經(jīng)濟(jì)發(fā)展。項(xiàng)目例如：

5、三峽工程、西氣東送等 Function: Providing long-term financing support for key projects promoted by government economic plan, e.g. three gorges, gas transfer, etc. 變化：正力圖從一個(gè)政策性銀行向開發(fā)性金融機(jī)構(gòu)發(fā)展 Change underway: from policy bank to financial institution promoting development中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介620002003年國家開發(fā)銀行資產(chǎn)狀況（Asset

6、 by National Development Bank Unit: million RMB）中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介7政策性銀行政策性銀行-中國進(jìn)出口銀行Policy Bank-China Import & Export Bank 政府全資擁有的國家出口信用機(jī)構(gòu) The institution fully owned by government, Providing export credit, 主要服務(wù)對(duì)象：Areas of services 機(jī)電產(chǎn)品和高新技術(shù)產(chǎn)品的出口 Export of machinery, electronic and high tech pro

7、ducts 推動(dòng)具有“比較優(yōu)勢(shì)”的企業(yè)對(duì)外發(fā)展 Assisting enterprises with comparative advantage to develop on international market. 籌融資特點(diǎn)：Main features in investment and financing 營運(yùn)資金主要來源于向境內(nèi)發(fā)行人民幣金融債券 Main financing source being domestically issued financial bond中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介8政策性銀行政策性銀行-中國農(nóng)業(yè)發(fā)展銀行Policy Bank-Agricultur

8、al Development Bank 國有農(nóng)業(yè)政策性銀行 State-owned, policy bank for agriculture 運(yùn)營資金目前主要用于糧棉油收購等流動(dòng)資金貸款 Mainly to provide current fund for procurement of grain, cotton, oil, etc 資金來源主要是中國人民銀行的再貸款 Source of funding: Re-loan from Peoples Bank of China中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介9商業(yè)銀行 主體是四家國有商業(yè)銀行 four national banks中國工商銀行C

9、hina Industrial and Commercial Bank中國農(nóng)業(yè)銀行China Agriculture Bank中國銀行Bank of China中國建設(shè)銀行China Construction Bank中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介10中國銀行業(yè)改革的幾個(gè)階段Chinas Banking System Reform by Phaseso19841994，銀行專業(yè)化改革:形成各司其職的二元化銀行體系oSpecialization reform: dual function with division of responsibility among bankso19942003

10、，國有獨(dú)資商業(yè)銀行改革 1994，政策性金融與商業(yè)性金融分離 1997，受亞洲金融危機(jī)啟示，成立四家資產(chǎn)管理公司，接收并處置商業(yè)銀行不良貸款；發(fā)行特別國債補(bǔ)充商業(yè)銀行資本金，等等 Reform of State-owned commercial banks 1994,Separation of policy financing and commercial financing 1997, with lessons from Asian financial crisis, formed 4 capital asset management corporation to deal with bad

11、 loan in commercial banks, to issue special national bond to supplement capital asset of commercial banks, etc.o2004年至今，商業(yè)銀行實(shí)行國家控股的股份制改革o2004, State dominated share holding system reform in commercial bank.中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介11國有商業(yè)銀行股份制改革Development of Share-holding System in State Owned Commercial Ba

12、nks 目的：從根本上改革國有商業(yè)銀行體制，補(bǔ)充資本金，改善公司治理 Purpose: radically restructure state-owned commercial bank system, increase capital asset and improve corporate governance 形式：選擇境內(nèi)外戰(zhàn)略投資者，改變單一股權(quán)結(jié)構(gòu)，實(shí)現(xiàn)投資主體多元化，但保持國家控股 Form: Attract strategic investors both domestically and internationally and diversify ownership struc

13、ture, but maintain dominance of state share. 步驟：財(cái)務(wù)重組公司治理改革資本市場(chǎng)上市 Steps: Financial restructuring-corporate governance reform-go public in stock market中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介12股份制改革進(jìn)展情況Progress in recent share holding system reform 中國銀行和中國建設(shè)銀行已在2004年完成股份公司的設(shè)立，目前正作配套改革，下一步目標(biāo)是到境內(nèi)外資本市場(chǎng)上市By 2004, Bank of China

14、and the Construction Bank established their joint-stock companies. Currently, systematic reform is underway and the next step is to go public on international stock market. 中國工商銀行和中國農(nóng)業(yè)銀行已啟動(dòng)綜合改革，目標(biāo)是提高資產(chǎn)質(zhì)量和經(jīng)營效益，建立現(xiàn)代金融企業(yè)制度Comprehensive reform has been initialized at the Industrial and Commercial Bank,

15、and the Agriculture Bank, with the aims of enhancing capital quality and operational performance, and establishing modern financial corporate system中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介13中國證券市場(chǎng)Securities Market in China迄今為止只有15年歷史，發(fā)展非常迅速，已擁有上市公司1300多家Only 15 years of history, rapidly grow into a market with 1300 public

16、 companies.具有明顯的新興市場(chǎng)和轉(zhuǎn)軌市場(chǎng)特征Possessing the characteristics of an emerging and transitional market持續(xù)4年的下跌，對(duì)投資者信心帶來嚴(yán)重考驗(yàn)，但不乏代表中國經(jīng)濟(jì)增長(zhǎng)的藍(lán)籌公司W(wǎng)ith 4 years of depression, investors confidence was hit heavily. Nevertheless, many blue-chip companies remain.目前正在進(jìn)行被稱為股市革命的股權(quán)分置改革，旨在讓部分不可流通的股份具有流通權(quán)Ongoing a reform,

17、 aiming at liberalizing trade of formerly non-tradable stock. 中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介14上市公司增長(zhǎng)狀況上市公司增長(zhǎng)狀況（1990199020042004）Growth of Growth of Number of Companies in Stock MarketNumber of Companies in Stock Market10101414535317717728728731131151451472072082582592392310601060113311331213121312871287135313531

18、9901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 20002000 20012001 20022002 20032003 20042004H 股H 股A 股A 股B 股B 股中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介15證券市場(chǎng)主要機(jī)構(gòu)投資人其他機(jī)構(gòu)投資者境外合格機(jī)構(gòu)投資者 商業(yè)銀行信托公司、財(cái)務(wù)公司企業(yè)年金社?；鸨ｋU(xiǎn)公司證券投資基金中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介16Institutional Investors in Security Market Mutual Fu

19、nd Insurance Company Social Insurance Foundation Trust Company and Financial Company Annuity Commercial Bank Qualified Foreign Institutional Investor Other Institutional Investor中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介17中國證券市場(chǎng)的監(jiān)督管理Monitoring and Management of Securities Market in China中國證監(jiān)會(huì)China Securities Regulatory Comm

20、ission證券交易所Stock Exchange證券業(yè)協(xié)會(huì)Stock Business Association中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介18中國金融業(yè)的“兩低”現(xiàn)象“Two Low” Phenomena in Chinas Financial Sector 1、經(jīng)濟(jì)的證券化程度低 Security Market plays low role in the economy 2003年，中國股市總市值占GDP的比例只有36.38%，而1998年美國、英國的證券化率就分別達(dá)到了135和154，發(fā)展中國家的平均證券化率也達(dá)到67.3% In 2003, total market value

21、of stock accounts for 36.38% of GDP中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介19我國金融業(yè)的“兩低”現(xiàn)象 2、直接融資比重低 Low level of direct financing 我國企業(yè)直接融資與間接融資的比例僅為1:18, 美國為1.14:1，韓國為1.17:1中國金融改革進(jìn)程概述及基本制度簡(jiǎn)介20目前證券市場(chǎng)面臨的問題Remaining Issueso 提高上市公司規(guī)范化運(yùn)作程度o Standardization of Operation of Corporations on Stock Marketo 加強(qiáng)證券公司的綜合治理o Strengthening Integrated Management of Securities Businesseso 解決上市公司大部分股份不可流通問題o Liberal