中国金融改革概述及基本金融制度介绍.pptx

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1、2021/9/11中国金融改革进程概述及基本制度简介1Chinas Financial Sector:Basic Form and ReformDing TaoJune 5,20052021/9/11中国金融改革进程概述及基本制度简介2Content概述 Overview金融决策体系的基本框架 Decision Making System货币政策制定机构 Monetary Policy Agency政策性银行 Policy Bank商业银行Commercial Bank中国证券市场 Chinas Securities MarketWTO与中国金融业 WTO and Chinas Financi

2、al Sector2021/9/11中国金融改革进程概述及基本制度简介3概述 Overview中国施行改革开放政策20多年来，相对于其他许多领域来说，金融业的改革由于其复杂型和敏感性，是相对滞后的Over the past two decades,financial sector reform has been lagged behind due to sensitivity and complexity issues.中国金融市场具有明显的转轨市场和新兴市场特征Financial market is featured as being transitional and innovative.

3、银行体系主导的间接融资模式仍占中国融资结构的90，直接融资方式亟待发展90%of the financing is made through indirect financing controlled by banking system,with direct financing lacking.2021/9/11中国金融改革进程概述及基本制度简介4金融决策体系的基本框架金融决策体系的基本框架 Decision Making System of Chinas Financial Sector中国人民银行Peoples bank of China财政部Ministry of finance国家发

4、展改革委员会National development and reform commission 商务部Ministry of commerce中国银行业监督管理委员会China banking regulatory commission中国证券监督管理委员会China securities regulatory commission 中国保险监督管理委员会China insurance regulatory commission2021/9/11中国金融改革进程概述及基本制度简介5政策性银行政策性银行-国家开发银行 Policy Bank-National Development Bank主

5、要职能：向政府经济发展计划和产业政策支持的重点项目提供长期融资，以支持和促进经济发展。项目例如：三峡工程、西气东送等Function:Providing long-term financing support for key projects promoted by government economic plan,e.g.three gorges,gas transfer,etc.变化：正力图从一个政策性银行向开发性金融机构发展Change underway:from policy bank to financial institution promoting development2021

6、/9/11中国金融改革进程概述及基本制度简介620002003年国家开发银行资产状况（Asset by National Development Bank Unit:million RMB）2021/9/11中国金融改革进程概述及基本制度简介7政策性银行政策性银行-中国进出口银行Policy Bank-China Import&Export Bank政府全资拥有的国家出口信用机构The institution fully owned by government,Providing export credit,主要服务对象：Areas of services机电产品和高新技术产品的出口Expor

7、t of machinery,electronic and high tech products推动具有“比较优势”的企业对外发展Assisting enterprises with comparative advantage to develop on international market.筹融资特点：Main features in investment and financing营运资金主要来源于向境内发行人民币金融债券Main financing source being domestically issued financial bond2021/9/11中国金融改革进程概述及基

8、本制度简介8政策性银行政策性银行-中国农业发展银行Policy Bank-Agricultural Development Bank国有农业政策性银行State-owned,policy bank for agriculture运营资金目前主要用于粮棉油收购等流动资金贷款Mainly to provide current fund for procurement of grain,cotton,oil,etc资金来源主要是中国人民银行的再贷款Source of funding:Re-loan from Peoples Bank of China2021/9/11中国金融改革进程概述及基本制度简

9、介9商业银行主体是四家国有商业银行 four national banks中国工商银行China Industrial and Commercial Bank中国农业银行China Agriculture Bank中国银行Bank of China中国建设银行China Construction Bank2021/9/11中国金融改革进程概述及基本制度简介10中国银行业改革的几个阶段Chinas Banking System Reform by Phaseso19841994，银行专业化改革:形成各司其职的二元化银行体系oSpecialization reform:dual function

10、with division of responsibility among bankso19942003，国有独资商业银行改革1994，政策性金融与商业性金融分离1997，受亚洲金融危机启示，成立四家资产管理公司，接收并处置商业银行不良贷款；发行特别国债补充商业银行资本金，等等Reform of State-owned commercial banks1994,Separation of policy financing and commercial financing1997,with lessons from Asian financial crisis,formed 4 capital

11、asset management corporation to deal with bad loan in commercial banks,to issue special national bond to supplement capital asset of commercial banks,etc.o2004年至今，商业银行实行国家控股的股份制改革o2004,State dominated share holding system reform in commercial bank.2021/9/11中国金融改革进程概述及基本制度简介11国有商业银行股份制改革Development o

12、f Share-holding System in State Owned Commercial Banks目的：从根本上改革国有商业银行体制，补充资本金，改善公司治理Purpose:radically restructure state-owned commercial bank system,increase capital asset and improve corporate governance形式：选择境内外战略投资者，改变单一股权结构，实现投资主体多元化，但保持国家控股Form:Attract strategic investors both domestically and i

13、nternationally and diversify ownership structure,but maintain dominance of state share.步骤：财务重组公司治理改革资本市场上市Steps:Financial restructuring-corporate governance reform-go public in stock market2021/9/11中国金融改革进程概述及基本制度简介12股份制改革进展情况Progress in recent share holding system reform中国银行和中国建设银行已在2004年完成股份公司的设立，

14、目前正作配套改革，下一步目标是到境内外资本市场上市By 2004,Bank of China 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.中国工商银行和中国农业银行已启动综合改革，目标是提高资产质量和经营效益，建立现代金融企业制度Comprehensive reform has been initial

15、ized at the Industrial and Commercial Bank,and the Agriculture Bank,with the aims of enhancing capital quality and operational performance,and establishing modern financial corporate system2021/9/11中国金融改革进程概述及基本制度简介13中国证券市场Securities Market in China迄今为止只有15年历史，发展非常迅速，已拥有上市公司1300多家Only 15 years of hi

16、story,rapidly grow into a market with 1300 public companies.具有明显的新兴市场和转轨市场特征Possessing the characteristics of an emerging and transitional market持续4年的下跌，对投资者信心带来严重考验，但不乏代表中国经济增长的蓝筹公司With 4 years of depression,investors confidence was hit heavily.Nevertheless,many blue-chip companies remain.目前正在进行被称为

17、股市革命的股权分置改革，旨在让部分不可流通的股份具有流通权Ongoing a reform,aiming at liberalizing trade of formerly non-tradable stock.2021/9/11中国金融改革进程概述及基本制度简介14上市公司增长状况（上市公司增长状况（1990199020042004）Growth of Growth of Number of Companies in Stock MarketNumber of Companies in Stock Market2021/9/11中国金融改革进程概述及基本制度简介15证券市场主要机构投资人其他

18、机构投资者境外合格机构投资者 商业银行信托公司、财务公司企业年金社保基金保险公司证券投资基金2021/9/11中国金融改革进程概述及基本制度简介16Institutional Investors in Security MarketMutual FundInsurance CompanySocial Insurance FoundationTrust Company and Financial Company AnnuityCommercial BankQualified Foreign Institutional InvestorOther Institutional Investor202

19、1/9/11中国金融改革进程概述及基本制度简介17中国证券市场的监督管理Monitoring and Management of Securities Market in China中国证监会China Securities Regulatory Commission证券交易所Stock Exchange证券业协会Stock Business Association2021/9/11中国金融改革进程概述及基本制度简介18中国金融业的“两低”现象“Two Low”Phenomena in Chinas Financial Sector 1、经济的证券化程度低 Security Market pl

20、ays low role in the economy 2003年，中国股市总市值占GDP的比例只有36.38%，而1998年美国、英国的证券化率就分别达到了135和154，发展中国家的平均证券化率也达到67.3%In 2003,total market value of stock accounts for 36.38%of GDP2021/9/11中国金融改革进程概述及基本制度简介19我国金融业的“两低”现象 2、直接融资比重低 Low level of direct financing 我国企业直接融资与间接融资的比例仅为1:18,美国为1.14:1，韩国为1.17:12021/9/11

21、中国金融改革进程概述及基本制度简介20目前证券市场面临的问题Remaining Issueso提高上市公司规范化运作程度oStandardization of Operation of Corporations on Stock Marketo加强证券公司的综合治理oStrengthening Integrated Management of Securities Businesseso解决上市公司大部分股份不可流通问题oLiberalizing non-tradable stock which is majority on the stock market o提高机构投资者所占比例，倡导长期

22、投资理念oIncreasing share of institutional investors,and promoting long-term investmento加强证券法制建设oImproving legislations2021/9/11中国金融改革进程概述及基本制度简介21WTO带来的挑战和机遇Challenges and Opportunities after WTO 金融开放加快形成竞争性金融市场结构金融开放加快形成竞争性金融市场结构Opening of financial system speeds up formation of competitive financial

23、market打破高度行政垄断的两条路径民营化改革和引进外资Two ways to break through government monopoly:privatization and introduction of foreign investment不一定会在短期内见效 Not a easy process促进金融机构的整合促进金融机构的整合Integration of financial institution 分业经营混业经营 Specialized operation and mixed operation兼并整合优胜劣汰Merging and Integration-Let the fittest survive2021/9/11中国金融改革进程概述及基本制度简介22Thank You!