高效的金融体系是经济发展的重要支撑
（2005年5月18日 北京）
国家开发银行行长 陈元

A Highly Efficient Finance System Is a Vital Pillar For Economic Development
May 18th, 2005 in Beijing
Chen Yuan, President of China Development Bank

尊敬的各位嘉宾，女士们，先生们：
感谢《财富》全球论坛的邀请，很高兴与各位探讨中国金融业改革发展问题。

Distinguished guests,
Ladies and gentlemen:

First, I’d like to thank Fortune Forum for its gracious invitation. I’m very pleased to discuss with you issues concerning the reform and development of China’s finance sector.

近些年来，中国经济迅速崛起，以极快的速度融入世界经济。但总体来说，中国金融国际竞争力与世界第六的综合国力很不相称。金融竞争力强调支持经济社会可持续发展和社会全面进步的能力。金融是现代经济的核心，高度开放的社会经济环境中，对经济社会发展起支撑作用的是强大、稳健、高效的金融体系。

In recent years, China’s economy has been growing rapidly, incorporating itself into the global economy at an amazing pace. On the whole, China’s international financial competitiveness is not commensurate with its overall national strength, which ranks sixth in the world. Financial competitiveness underscores the ability to support sustained socioeconomic development and all-round social progress. Finance is the core of modern economy. In an open socioeconomic environment, what shores up economic and social progress is a robust, sound and highly efficient financial system.

中国金融体系以信贷融资为主，银行业是金融的核心，相对发达国家而言，银行在金融体系中担负着更为重要的角色。但由于缺乏对金融制度的深刻理解，银行长期局限于财政融资的观念、方法和框架，没有建立起市场化的融资观念，忽视风险控制。这种把市场化的金融资源当作财政性资源来分配和管理的做法，势必造成大量不良资产、治理结构缺损、经济与金融发展相脱节等问题。

The centerpiece of China’s finance system is credit and financing, with the banking sector as its core. Unlike in developed countries, the banking sector plays a more important role in the finance system in China. However, due to lack of a deep understanding of the financial system and long-standing restrictions by the concepts, methods and frames of fiscal financing, the banking sector failed to establish market-oriented financing concepts, and even ignored risk management. Allocating and managing market-oriented financial resources the way fiscal financial resources are allocated and managed inevitably gives rise to non-performing assets, inadequacies in the management structure and disjuncture between economic development and the development of the finance sector.

银行体系一致被视为中国金融体系最脆弱、最危险的组成部分，对经济的影响也最大。但必须看到，金融业的问题不单单是银行的问题，而是经济社会各种矛盾的综合反映，是企业脆弱的融资结构以及薄弱微观环境的必然结果。经济的快速增长并不意味着金融生态的改善，这些问题实质是市场建设和融资体制建设落后、信用和制度薄弱等深层次问题在宏观经济上的表现。

The banking system is unanimously considered the weakest, the most dangerous component of China’s financial system, and has the biggest impact on economy. However, it must be noted that the problems with the financial sector are not just problems with the banks. Rather, they are the comprehensive reflection of various contradictions in the economic society, and the inevitable results brought about by the precarious financing structure of enterprises and vulnerable microenvironment. Rapid economic growth does not necessarily mean improvement of the financial ecology. These problems are, in essence, the macroeconomic manifestation of backward market building and financing system building, low credibility, underdeveloped systems, and other deep-seated problems.

中国要形成强健高效的金融体系，支持经济社会发展，关键是要着力打造健全发达的微观制度和金融基础设施，真正树立起市场化融资的观念、方法和体制，推动整个经济和金融的良性循环和发展。微观制度包括法人、法人治理结构、所有制、产权；金融基础设施包括会计准则、支付、信用、业绩考核和法律等方面。微观制度如同单个的汽车，金融基础设施如同运行的轨道，前者决定社会每一个细胞的健康水平，后者决定全社会的运转效率。两者相互独立、相互支持，但不能相互替代。

If China is to establish a robust, sound and highly efficient financial system, to sustain economic and social progress, the key will be to forge fully fledged micro-systems and financial infrastructure, to establish market-oriented financing concepts, methods and systems, and to help form a virtuous circle for economic and financial progress. Micro-systems include legal persons, legal management institutions, ownerships, and property rights. Financial infrastructure includes accounting standards, payments, credibility, performance assessment, relevant laws and so on. Micro-systems are like an automobile, while financial infrastructure is like operational tracks. The former determines the health of every cell of society while the latter determines the operational efficiency of the entire society. The two are independent of each other, mutually supportive, yet not interchangeable.

在这个过程中，要把政府和市场两个作用结合起来。政府和市场是互动的，互为目标，互相推进，是外在力量和内生力量互相促进、成长的过程。有效的政府作用是经济与社会持续发展的必要条件，能够对市场经济和个人活动起催化、促进作用，提高市场的效率和效用。而市场、金融机构和公众可以有力的推动经济发展，迅速覆盖过去很多只能由政府推动的领域。中国要利用好这方面的能力和资源，在宏观经济强劲势头的推动下，与国家信用的高能量相结合，把市场建设作为一个重要目标和任务加以推动，深入到微观制度和金融基础设施建设中去。过去发展完全靠政府，现在要靠政府和市场的结合，用建设市场的方法促进经济社会全面协调可持续发展，这在传统的财政融资领域是没有的。

The roles played by the government and the market shall be combined during this process. It’s a process during which the government and the market interact with each other, target each other, and propel each other; it’s a process during which external and internal forces boost and reinforce each other. An effective government role is a prerequisite for sustained economic and social progress; it can act as a catalyst for market economy and individual activities, thus enhancing market efficiency and efficacy. Meanwhile, the market, financial institutions and the public can press ahead with economic development vigorously, quickly covering many areas that used to be covered mainly by the government. China must make good use of its capabilities and resources in this regard. Driven by the strong momentum in the macro-economy and the high energy of state credibility, China must consider market building an important task, and endeavor to boost it, and incorporate it into micro-systems and the building of financial infrastructure. In the past, development relied solely on the government. Today, development calls for the combined forces of the government and the market; the all-round and sustained economic and social progress is pushed forward through market building. Such methods were not employed in traditional fiscal financing.

从各国实践看，开发性金融是连接政府和市场的桥梁，是适应制度落后和市场失灵，为维护国家金融安全、增强经济竞争力而出现的一种金融形式。国家开发银行是中国政府的开发性金融机构，我们用建设市场的方法实现政府发展目标，在实践中推动治理结构、法人、现金流和信用体系等建设，实现项目建设和市场建设的双成功，市场业绩已连续三年稳定在国际先进水平，极大地增强了我们支持国家社会经济发展的能力。

It can be concluded from the experience of various countries that developmental finance is a bridge linking the government and the market. It's a financial form created against the backdrop of backward systems and a runaway market, with a view to protecting state financial security and enhancing economic competitiveness. China Development Bank is a developmental finance institution of the Chinese government. We achieve government development goals through market building, and improve the management structure, legal persons, cash flow and credit systems through practice. We have succeeded in both project and market development. Our market achievements have been on a par with international advanced level for three consecutive years, which greatly enhanced our ability to sustain national socioeconomic development.

女士们，先生们，

中国经济社会的繁荣发展和金融业的改革发展息息相关。我相信，中国可以发挥自身优势，推动金融体系和市场建设，我们愿与诸位共同努力，为中国金融发展贡献力量！
谢谢！

Ladies and Gentlemen:

China’s socioeconomic prosperity and development are inextricably linked with the reforms of the financial sector. We’re convinced that China can give full play to its own advantages and push forward the building of the financial system and the market. We’d like to work together with you and contribute to the development of the finance sector in China.

Thank you!