第五章 金融系统改革
全面商业化现有的金融系统--------------------这个是银行老板都要拍手叫好的，想想美国，一个银行总裁年薪可以上亿呢，这个估计国有的银行高层都会支持，不过银行的底层就惨了
2. Further liberalizing interest rates
China has reached the stage where it needs to phase out remaining interest rate controls. Much progress has been made in liberalizing interest rates, but the remaining controls have been blamed for many distortions in the financial sector
利率自由化，中国已经到了需要自由化利率的阶段，--------------这个本人认为可行，目前的银行利润高的不像话！
3. Deepening the capital market
Deepening the capital market is conducive to a re-balancing of the financial structure and to the catch-up strategy of innovation in science and
technology in which innovative, vibrant private firms could emerge and thrive 深化资本市场，引入市场竞争，和私有公司发展繁荣
A commercially oriented governance system should be introduced. While privatization would be the best way to make SFIs more commercially oriented, privatization of the big SFIs would not be easy.42 Since the government is likely to remain majority owner of the SOBs, state ownership functions need to be strengthened. To be effective, state ownership agencies need to act in ways similar to private owners. Otherwise, given the multiple objectives of the
government,SFIs will not become truly commercialized. China may introduce a governance structure of banks by a thorough stock taking of the existing state ownership functions, agencies and practices, and drawing lessons from international best practice and failures
商业导向型的管理系统应当被引入。国有金融机构私有化是最好的商业化方法，私有化大型国有金融机构可能会比较困难，（加了下标注42，可能很难找到合适的买家云云），因为政府仍然是国企的主要拥有者，国企的管理需要加强，为了更有效，国有金融机构的管理者应该更像私人拥有者，否则国有金融机构不会真正商业化。中国应当引入管理机制-国际先进的实践经验并通过已经存在的机构来管理银行国有股----------------马脚全露啊，私有化，一切为了私有化，相信不久中国银行可以改名为花旗银行中国分行了。
多谢各位捧场，本人水平有限，只摘录骨干进行翻译，让大家看个大概意思，特别是国企和国有金融机构部分的改革方向
P148 4. U pgrading financial infrastructure and the legal framework Financial infrastructure needs to be further upgraded to facilitate the financial market in general and the capital market in particular.
升级金融结构和金融法制框架以进一步提升金融市场和资本市场 Adequate and accurate disclosure and transparency supported by credible accounting and auditing practices can go a long way in supporting
financial development by minimizing informational frictions
提高会计质量和审计标准以准确和充足的披露和透明度能够最小化信息损耗
5. Strengthening the regulation and supervision framework
The independence and effectiveness of regulatory and supervisory bodies can be enhanced.Institutional arrangements are needed to better align
regulatory resources and structure to deal with increasing integration of the financial services industry.A well-defined and functioning macro-prudential framework is critically important for China to prevent and mitigate disruptive idiosyncratic risks, including those that may well emerge from the rapid growth of shadow banking activities.China could establish a high-level financial committee on the basis of the existing framework, with the main objective of reducing systemic risk and maintaining financial stability.
5. 加强监管和监管框架
建设独立和有效的监管机构以便适应日益集成的金融服务市场，一个良好和完善的框架对于中国防止和减轻突发性金融风险是至关重要的，包括金融市场商业化以后的影子银行活动。中国应当在现有的基础上建立高级的金融委员会，主要的目的是减少系统风险和维护金融稳定
--------------------------------影子银行就是非银行系统的存贷款机构, 例如投资银行,贷款公司等
6. Building a financial safety net, developing crisis management and insolvency schemes
建立一个金融安全网，提供危机管理和破产程序--------------------这完全是照搬美国那一套
Financial liberalization will lead to a more efficient financial system but also increase the risk of financial instability.
金融自由化将建立一个更有效的金融系统但是也增加了金融市场的不稳定性
An early warning system would be helpful for effective oversight, early intervention and prevention of financial crisis.
早期预警系统对于效率有所帮助，早期预警和防止金融危机
China should create an insolvency regime for the financial sector that would allow for an orderly exit of weak or failing financial institutions.
中国应对于金融机构建立破产程序，允许弱的和失败的金融机构退出市场 In China, “too big to fail” or “too connected to fail” is deeply rooted in the state ownership and control of financial institutions. Even small financial institutions that fail to pay off their debt rarely go bankrupt。
在中国，“大而不能倒”或者“联系太紧密而不能倒”根深蒂固，特别是国有控股金融机构，甚至小金融机构也很少进入破产程序
A formal deposit insurance scheme is needed to deal with potential bank runs on privately owned depository institutions and to protect the savings of small depositors
需要一个正式的储蓄保险机制对应解决潜在的私有化银行挤兑以保护小额
存款人
An effective crisis management framework should be put in place. China has come out of the financial crises of Asia in 1997 and the recent financial crisis of 2008 largely unscathed.But that should provide no reason for
complacency, as the Chinese financial institutions have been untested and are not immune to external and internal shocks。
有效的风险管理框架应当建立起来，中国已经走出1997亚洲金融危机和2008金融危机，但是这不是自满的理由，中国金融机构并没有被测试，也不是对于内部和外部冲击免疫
7. Recasting the rights and responsibilities of government
重新划定政府的权利和义务
Most existing problems and potential risks in China’s financial system could be traced back to the functions of government. An important
distinguishing feature of China’s financial system is the extensive involvement of the government in financial market activities.
大量存在和潜在的风险应当在政府职能上找根源，一个重要的特性就是中国金融系统是中国政府在金融市场行为中的参与和延伸
First, the government should put more emphasis on creating an
environment conductive to finance. The government could invest in financial infrastructure, allow the SFIs to price their services and products without interference, promote entry and impose discipline on failures.
首先政府应该强调创立环境，导向金融，政府应投资金融基础，允许国有金融机构对它们的产品和服务自由定价，降低门槛和惩罚失败
Second, the conflict of interest caused by the multiple roles of government as owner,
supervisor and promoter should be resolved.
第二，政府做为所有者，监管者和运营人的角色利益冲突
Third, the rights and responsibilities of local governments need to be aligned. Although local governments bear the responsibility for the financial failure of local financial institutions, they do not have relevant supervisory mandates and capabilitie
第三，地方政府的权利和责任应当分清，地方政府承担地方金融机构的失败责任，但他们并没有这样的监管权力和能力，
In this regard, there is a need to establish an effective provincial-level financial supervisory framework.
在这个意义下，有必要建立有效的省级金融监管框架
Fourth, the government needs to define and effectively provide non-commercial financial
services. A clear line between policy and commercial activities would
determine what services and products shall be provided by the government or by financial institutions owned by the government.
第四，政府需要定义并提供非商业金融服务，政策和商业行为应当清晰的分
开-------------这里的意思是说政策性扶持的金融，贷款应该与商业性的贷款分开
从接下来的部分看，重头戏可能还在金融机构改革上，这个其实更狠，因为金融机构国家的经济命脉，有理由相信 世行对于这一块是不遗余力的，而国内利益集团也会大力推进，一旦金融私有化，可以想象金融家集团对这个国家的控制力
Obstacles to reform Moral hazard of SOBs and SOEs. In a situation where major banks and firms are owned by the state, moral hazard can be pervasive. Without hard budget constraints, firms would continue to engage in reckless investment and borrowing which would lead to continued high demand for credit despite increased interest rates. Banks which put higher priority on gaining market share than on profit and prudential management would drive interest rate competition. Weak banks would have especially big incentives to offer higher deposit rates to mobilize funds and lend or invest them in high risk borrowers or projects. This can lead to widespread distress borrowing and financial instability. If the strong incentives for moral hazard are not properly checked, interest liberalization, and financial liberalization more generally, may invite a high risk of financial instability.
金融改革的障碍
1.国有企业和国有银行的道德风险，没有预算控制，公司会大量贷款，投资并持续产生信贷额度提升，而银行为了获取高市场份额将驱动利率竞争，相对弱的银行会有很大的冲动提高存款利率，这将导致广泛的压力和金融不稳定性，如果这种因素没有被正确的预计，金融自由化将导致高风险和金融市场风险 Financial weakness of some SOEs. Currently, SOEs pay much lower
average interest rates for their debt than other borrowers such as private firms and cooperatives. The weighted average return on assets (ROA) of SOEs is also significantly lower than that of other firms (see previous chapter). On the other hand, the average debt/equity ratio of SOEs is substantially higher, exceeding 230%.48 If the financial system is liberalized, many highly
leveraged SOEs would face difficulties in financing their investment or debt at low cost, deteriorating their financial situation and possibly leading to a insolvency society. All these would work to mobilize resistance to financial reform and build a tendency of system inertia or regressing back to the old system.
一些国有企业的不良资产结构。现在国有企业相对其他私营公司享受着低贷款利率，资产回报率也低于私营公司（------这个必须的，国有企业不逃税嘛，享受好处的同时肯定要多做贡献），另一个方面国有企业的债务/权益比率超过230%（这个不知道是不是真的，我认为数字比较有问题），很多高杠杆率的国企将面临困境甚至破产。这些将是金融改革的障碍
Political and bureaucratic resistance. Financial repression has created economic rent which has been distributed to the favored borrowers and nurtured vested interests. Banks have enjoyed a comfortable business
environment provided by high entry barriers, interest rate control, and excess
demand for credit which allows credit rationing. Officials’ power to control
banks and their credit allocation is one source of their power over the economy and society. All these would work to mobilize resistance to financial reform and build a tendency of system inertia or regressing back to the old system.
3 政治和官僚阻力，金融管制创造经济寻租活动（这个是说利用低存款利率，高贷款利率产生的寻租空间），银行享受着高进入门槛的舒适的商业环境，利率控制和对信用的需求允许 CREDIT RATIONAING(这个词是说银行对于贷款人的挑剔—实际上任何银行不论中外都存在CREDIT RATIONING，所以这句话个人认为夸大事实),官员对于银行的控制力和信用分配存在寻租行为，这样会产生对改革的抗拒（--------------私有化能解决吗？金融机构只怕会更混乱）
E. Sequencing of Reforms
Keeping adequate pace and sequencing would be very important for the successful progress of financial liberalization and opening. China’s financial sector has served for the rapid economic growth reasonably well over the last three decades, and in the process, it has been reformed and restructured. However, in view of the current and expected future economic circumstances, it should be further reformed and restructured. China may not need to pursue the same structure (including the ownership structure) and practices of
financial market as we see in most advanced economies these days. It is also true that the liberalization and opening process would not be easy and could face many challenges including instability or temporary deterioration of economic performance, especially when it is not managed carefully. While managing financial reforms is as much art as science, and country-specific circumstances figure heavily, certain broad principles can be put forth, drawing on the experience of other countries.
金融领域改革顺序（改革路线图）
1.保持足够的空间和正确的顺序对于成功的金融自由化和开放至关重要。中国的金融领域在过去三十年中保持了快速的增长，过去也已经有过改革。然而在现时的环境和可预见的未来经济环境，应当进行进一步改革。中国可能不需要追求与先进发达国家相同的结构（包括所有制）以及金融实践，另一方面自由化和开放进程可能会遭遇很多挑战例如暂时的恶化经济表现和不稳定，特别是管理不善的情况下，推进金融改革是一门艺术而不是科学，应该根据国家特定的情况而改革，根据一些主要原则，吸取其他国家的经验
Reckless deregulations driven by the interests of the regulated should be avoided as has been seen through the experience of financial crisis of many other countries, including the US and Europe. Liberalization should be complemented by strengthening regulation and supervision. On the other hand, too much regulation would choke innovations and improvement in efficiency. Striking the right balance is not easy but is an essential
consideration.
处于管理方利益的冒进的去规则化应当避免，这方面欧美已有深刻教训，自由化应该在加强管理和监控的条件下进行，另一方面过多的规则可能方案创新和
效率，如何做到平衡有一定难度但是应是基本的考量
? Financial reform is the result of a political economic progress which can limit what is feasible in the near-term and slow progress. Certain market-based reforms cannot be deepened without accompanying measures. Premature reforms may also be a source of financial instability.The histories of both Japan and Korea indicate that partial deregulation of the financial system led to regulatory arbitrage that ultimately proved destabilizing. It will therefore be important to introduce deregulation across various sectors in the financial system in ways that do not lead to major regulatory arbitrage. Liberalization should be parallel between banks and NBFIs, so that a severe
disintermediation or rapid expansion in some sectors does not take place, and become a cause for financial crisis later.
金融改革是政治经济改革进程的结果，而政治经济改革短期内将是相当漫长。市场化的改革不能超越相关的考量，过早的改革将是金融不稳定的源头，日本和韩国的历史指出部分的金融区规则化导致管理层套利（REGULATORY ARBITRAGE----不太明白是管理层还是监管层），所以应当在不同领域和层面进行去规则化而且不能在主层面发生管理层套利，自由化应在银行和非银行金融机构同时展开，不应发生快速的金融去中介化或一些领域的变化，这些将导致金融危机
The pace of domestic liberalization must be expedited when external opening of the financial system is envisaged. While mounting external
pressures eventually forced financial market opening in Japan and Korea, it also led to a significant shift of domestic financing toward offshore transactions or severe financial instabilities or when there had not been concomitant
progress in domestic financial liberalization. In this regard, further interest rate liberalization should be expedited according to the principle suggested above. While China may be more able to resist external pressure, it would still need to accommodate demands by the rest of world to grow and prosper together. By liberalizing the domestic system earlier rather than later, and in a systematic rather piecemeal fashion, China could achieve the benefits of
financial development without suffering undue instability.
在全面开放金融系统的同时国内自由化的进程应当加速。当外部压力最终逼迫日本和韩国的金融开放时,当他们国内的金融自由化进程还未进行，这导致离岸交易并引发不稳定，所以进一步的利率自由化应当先行。中国能够抵御外来的压力，但他还是必须适应全世界其他地区要求发展和繁荣的需求。通过更早的自由化国内系统，中国能够获得金融发展的好处而不是不稳定（由于外国压力带来的）
----------------------这段怎么这么熟悉，是强迫人民币自由兑换吧～呵呵全世界其他地区人民要求发展和繁荣的需求～
Financial market infrastructure should be strengthened prior to liberalization. In order for the system to embark on a virtuous cycle, it will be critical for the government to strengthen such infrastructure as quickly as possible and
gradually reduce its influence in the internal affairs of the financial institutions
to focus on the roles that belong to the government, including regulation and supervision, securing credible accounting and audit practices, transparency in transactions, as well as creating and enforcing the right incentives and
mechanisms.
金融市场基础结构建设应当早于自由化进程。为了使系统进入良性循环，政府应当加强基础架构并尽可能快的减少对与金融机构的影响，而关注于规则和监管层，审计实务和账户管理，交易透明度以及创造和加强正确的激励机制
Financial reform can progress successfully only when accompanied by institutional and organizational reforms. Liberalizing market rules without changing old institutions can deepen distortions. Unless the government’s organization changes, its modus operandi of intervention/involvement in the financial system may not significantly change. This gives the system strong inertia against real liberalization. Again, the Japanese and Korean experiences could be cases in point. In this respect, in China, the reform of governance and incentive structure for management and staff of SOF, and institutional reforms
of the relevant government bodies seems to be one of the high priority agenda. 金融改革只能在机制改革和组织改革的成功之下获得成功，旧的体制伴随自由化市场会产生更坏的结果，除非政府改变体制，否则它的干预/参与将不会有很大的改变，这将产生强大的系统惯性抵制真正的自由化，另外日本和韩国的经验可以为鉴，在这个意义上，改革政府体制和激励机制特别是国有化银行以及相关机构改革应提到最主要的日程安排上。
金融改革的部分基本上就完了，迟点放出的是土地政策和其他内容
欢迎一起翻译啊，同学们 了解世行报告对于了解国家改革的一些问题还是有相当帮助的
土地政策
This report outlines three land policy themes or issues that will be
particularly critical for achieving high income status and social stability along with relevant reform needs and options:(i) tenure security in rural areas and governance; (ii) land policy and rural-urban integration; and (iii) land policy and municipal finance.
这份报告主要刻画三个政策方面，1 农村土地所有权问题 2 城乡一体化和土地政策 3 土地政策和地方财政
Tenure Security in Rural Areas and Governance
On its path to high-income status, China needs to improve overall tenure security in rural areas to create the right incentives for long-term investments and continued growth in agriculture and for rural to urban migration through: effective implementation of its policies of indefinite land use rights to farmland and strengthening the rights to other types of rural land; expanding land
registration and strengthening rural land markets; and reforming and
modernizing the governance structure of the rural collective. Despite a relatively clear legal and policy framework on rural land tenure, rural households continue to have weak rights over land and often face
expropriation risks.
在进入高收入国家的状态中，中国需要提高所有权安全以创造激励机制，让农民收入长期投资和持续增长，对于农业用地有效完善永久土地所有权，提高土地注册和加强农村用地市场，改革和现代化农村集体所有制，尽管有着相对清晰的法律和政策框架，农村用地依然有被剥夺的风险-----------------还是私有化
In addition, there remain serious difficulties in the implementation of
policies and laws,in improving governance and accountability at the local level, in the documentation of land rights, and in citizens’ low awareness of existing rights.
This complex set of problems needs to be addressed in a carefully
sequenced and integrated reform approach that strengthens tenure security in rural areas.
Securing indefinite land use rights.
In the near- to medium-term, supplemental reforms will have to tackle the currently poor quality of collective land ownership and individual use rights documentation.
另外，存在一些政策实施和法律上的困难，在提高管理水平和可数字化上，在土地权利的文件上，和公民对于存在权利的低认知度上，这一复杂的问题应该要小心的按照顺序执行改革，最终达到加强农村土地的永久所有权安全。在近期和中期，改革应该集中在改变现存的集体所有制土地的所有权上和个人用地权利的文件化
In addition, there remain serious difficulties in the implementation of policies and laws,in improving governance and accountability at the local level, in the documentation of land rights, and in citizens’ low awareness of existing rights. This complex set of problems needs to be addressed in a carefully
sequenced and integrated reform approach that strengthens tenure security in rural areas
Securing indefinite land use rights.
In the near- to medium-term, supplemental reforms will have to tackle the currently poor quality of collective land ownership and individual use rights documentation.
另外，存在一些政策实施和法律上的困难，在提高管理水平和可数字化上，在土地权利的文件上，和公民对于存在权利的低认知度上，这一复杂的问题应该要小心的按照顺序执行改革，最终达到加强农村土地的永久所有权安全。在近期和中期，改革应该集中在改变现存的集体所有制土地的所有权上和个人用地权利的文件化
另外，在以下方面仍有严重困难：政策与法律的执行；改善基层的管理和统
核；土地权利备案；公民对现有权利的认知。
C. Land Policy and Rural-Urban Integration
土地政策和城乡一体化
On its path to high-income status, China needs to introduce fair and transparent rural land acquisition policies and practices, curtailing the role of the State in land requisition, and ensure more socially compatible rural-urban integration through allowing collectives and land use rights holders to share the benefits from urbanization.
在进入高收入国家进程中，中国应当采用公平和透明的农村土地征收政策，削弱政府在土地征收的作用，保证城乡一体化进程中农村集体所有制和个人共享城市化利益
--------------------------这个明显是没经过调研的，实际上虽然强征土地依然存在，这并非政府的错误，而是执行中一些利益群体唯利是图的结果
D. Land Policy and Municipal Finance Reform
On its path to high-income status, China needs to address the distortions in its local governance and finance system and reduce its excessive reliance on land transfer-based revenue generation through the introduction of property taxes and reform of land requisition practices.
土地政策和地方财政改革
在进入高收入国家进程中，中国需要注意到地方政府的财政系统严重依赖于土地流转的现象，通过征收物业税和改革土地征收政策来解决
Introducing market value-based property taxes. While income from land transfer fees has become a significant source of local public revenue, real property in China is subject to a range of minor fees, taxes and charges, but there are virtually no annual taxes on property. Over time, property taxes could provide a sustainable substitute as receipts from land trading are reduced in parallel with a reform of land requisition practices.
引入基于市场价值的物业税，当本地政府主要收入来源于土地交易的同时，实际上中国还没有年化的物业税，长期来看，物业税可以提供稳定的替代土地交易的收入，尤其是土地交易减少的状况
However, the property tax will take time to grow into a significant revenue source. Even in the long run, it is unlikely to fully replace income currently generated by sale of land use rights.
Even in the long run, it is unlikely to fully replace income currently generated by sale of land use rights. Bahl (2009) notes that only a few
countries like the US and Canada raise on the order of 3 to 4% of GDP from such a tax, with the OECD average being 2.1% of GDP.
当然物业税需要时间来变成重要的收入来源，长期来看，物业税也不会完全取代收入所得税，BAHL2009提到美国和加拿大的物业税大概占到GDP的3%到4%，OECD成员国大约2.1%左右
-------------------------------------这段比较赞成，希望物业税早日实行，然而这个物业税和领导公开财产有相当的冲突，恐怕这才是改革的阻力吧
支持性的第一部分文件就差不多了，因为是摘要，所以只翻译些大家关心的问题，全文还是等到官方文件发布自己了解吧，另外也有童鞋给出了英文版的下载，我这就不再发链接了
本人水平有限，所以错误在所难免，欢迎高手们参与并指点，有错的话请更正加贴，支持性文件的第二部分急需童鞋们看看～
In addition, there remain serious difficulties in the implementation of
policies and laws,in improving governance and accountability at the local level, in the d...........
A commercially oriented governance system should be introduced. While privatization would be the best way to make SFIs more commercially oriented, privatization of the big SFIs would not be easy.42 Since the
government is likely to remain majority owner of the SOBs, state ownership functions need to be strengthened. To be effective, state ownership agencies need to act in ways similar to private owners. Otherwise, given the multiple objectives of the government, SFIs will not become truly commercialized. China may introduce a governance structure of banks by a thorough stock taking of the existing state ownership functions, agencies and practices, and drawing lessons from international best practice and failures
商业导向型的管理系统应当被引入。国有金融机构私有化是最好的商业化方法，私有化大型国有金融机构可能会比较困难，（加了下标注42，可能很难找到合适的买家云云），因为政府仍然是国企的主要拥有者，国企的管理需要加强，为了更有效，国有金融机构的管理者应该更像私人拥有者，否则国有金融机构不会真正商业化。中国应当引入管理机制-国际先进的实践经验并通过已经存在的机构来管理银行国有股----------------马脚全露啊，私有化，一切为了私有化，相信不久中国银行可以改名为花旗银行中国分行了