李克强总理：关于深化经济体制改革的若干问题（中英对照）

六、完善金融市场体系

VI. The financial market needs to be improved

近年来，我国金融业改革和发展取得了明显成效，服务经济发展能力不断增强，但也存在金融机构经营方式总体粗放，农村金融和中小金融机构发展相对滞后，金融体系对实体经济和民生改善支持不够等问题，亟须加大改革力度。金融改革内容非常丰富，今年的重点是做好以下3件事。

We have achieved notable results in the reform and development of our financial sector in recent years, with the capacity of the financial sector to serve the economy having been constantly boosted. However, there are still a number of outstanding issues that must be addressed urgently through reform, such as the generally extensive business modes of financial institutions, the lagging development of rural finance and small and medium-sized financial institutions, and insufficient support from the financial system for the development of the real economy and the improvement of public wellbeing. Financial reforms cover a wide expanse of content. This year, we will focus on completing the following three tasks.

第一，放宽市场准入。金融业虽有其特殊之处，但本质上仍是竞争性行业，同样需要通过竞争促进服务改善，通过市场优化资源配置。要在加强监管前提下，放宽市场准入，允许具备条件的民间资本依法发起设立中小银行等金融机构。这一方面可以增加一些熟悉当地情况、特色鲜明的基层银行，以缓解小微企业、“三农”等融资难、融资贵的问题；另一方面，可以使金融业回归竞争性行业的本来面目，形成一个各种市场主体共同参与竞争的金融生态，为促进实体经济发展提供有力支撑。这项改革，要逐步积累经验，积极稳妥推进。

First, we need to ease market access restrictions. Despite demonstrating certain characteristics that distinguish it from other industries, the financial sector is still in essence a competitive industry. Therefore, like other industries, the improvement of services and the optimization of resource allocation in the financial sector must come through competition and through the market. On the basis of enhancing market regulation, we need to ease market access restrictions by permitting eligible private investors to legally establish financial institutions such as small and medium-sized banks. On the one hand, this will allow for the creation of more specialized local banks that boast ample local knowledge, which in turn will help to make financing cheaper and easier to secure for small and micro businesses, as well as for ventures concerning agriculture, rural areas, and farmers. On the other hand, the easing of market entry restrictions will enable the financial sector to revert back to its true nature as a competitive industry, allowing for the creation of a financial ecosystem which allows various kinds of market entity to engage in competition, and which will serve as a solid foundation underpinning the development of the real economy. In carrying out this reform, we need to build up experience gradually and proceed in an active yet prudent fashion.

第二，推进利率市场化。利率市场化就是将资金价格的决定权交给市场。目前，绝大多数的资金价格都已市场化，无论是股票、债券还是贷款的价格均已放开，只剩下存款利率上限这最后一道关口。实际上，一些金融机构为规避存款利率管制，发行了不少理财产品，一定程度上扩大了市场化定价的范围。要继续推进利率市场化，扩大金融机构自主定价权。需要把握好两点：一是利率市场化是一个系统工程，单兵突进式的改革难以成功，需要与相关方面改革协调推进。二是利率市场化赋予了市场主体更多自主权，金融机构和企业要加快完善公司治理，强化财务硬约束，不能不顾成本，盲目竞争，搞利率大战。

Second, we need to make interest rates more market-based. In subjecting interest rates to market forces, we are in effect giving the market the right to determine the prices of money. At present, money prices are already being determined by market forces in the majority of cases, with restrictions on the cost of shares, bonds, and even loans having been fully lifted. Now, we are only left with the interest rate cap on bank deposits. In fact, in an attempt to evade interest rate restrictions on deposits, some banks have issued a number of financing products which have, to a certain extent, broadened the scope of pricing by the market. Going forwards, we need to proceed with the marketization of interest rates and give financial institutions greater autonomy in pricing. There are two key points that we must grasp in this regard: First, the marketization of interest rates is a systematic undertaking that cannot be achieved through isolated reform initiatives, but must be approached by coordinating various aspects of reform. Second, since the marketization of interest rates provides market entities with greater autonomy, financial institutions and companies will be required to move quickly to improve their corporate governance and enhance their hard budget constraints, so as to ensure that they do not engage in blind competition and interest rate wars with no regard for costs. 

第三，建立存款保险制度。存款保险制度是市场经济条件下保护存款人利益的重要措施，是金融安全网的重要组成部分。从各国经验看，建立存款保险制度是发展民营银行、小银行的重要前提和条件。存款保险客观上能增强这些银行的信用，为之创造一个与大银行公平竞争的金融市场环境，从而有利于推动金融业放开市场准入等改革。

Third, we need to establish a deposit insurance system. Deposit insurance represents an important measure for the protection of depositors in a market economy, constituting an integral part of the financial safety net. The past experiences of various countries tell us that the establishment of a deposit insurance system is an important prerequisite and condition for permitting the establishment of private and small banks. Objectively speaking, deposit insurance is able to enhance the trustworthiness of private and small banks, helping to create a financial market environment in which they can compete fairly with big banks. Thus, the introduction of deposit insurance will be conducive to the advancement of reform, and particularly to the relaxation of access restrictions for the financial sector. 

金融业是高风险行业，防范风险是金融业的永恒主题。要加强监测预警，做好及时控制风险的预案，但关键还是要通过深化改革开放，在可持续发展中防范系统性风险。

The finance sector is a high-risk industry in which risk prevention is a constant theme. For this reason, it is important that we enhance our capacity to detect and predict risks, and formulate contingency plans that will allow us to respond quickly when risks surface. Despite this, however, our key focus should be the prevention of systemic risks during the course of sustainable development, which must be achieved through the deepening of reform and opening up.

七、构建开放型经济新体制

VII. A new system for an open economy needs to be laid down

现在，我国经济与世界经济高度融合，是120多个国家的第一大贸易伙伴；同时，我们仍处于国际分工和产业链的中低端。当前的外部环境，既有机遇，也有挑战。我们要努力构建开放型经济新体制，以对外开放的主动，赢得经济发展上的主动、国际竞争上的主动。

At present, China has already integrated itself deeply into the global economy, being the largest trading partner of more than 120 nations. However, the fact remains that we are still located towards the middle and the lower end of the international division of labor and industrial chain. The current external environment presents us with opportunity and challenge in equal measure, and it is therefore important that we lay down a new system for our open economy. By taking the initiative to open up further to the outside world, we will strive to gain an edge in both economic development and international competition.

第一，改革涉外投资管理体制。包括改革利用外资和对外投资管理体制。现在我国外汇储备高达3.9万亿美元，为什么还要放宽外商投资准入、利用外资呢？这是因为，利用外资不是简单地引进资金，更重要的是获取先进技术、管理经验、市场机会，这些都不是有钱就能买到的。利用外资是我们的长期方针。目前，我国利用外资仍采取逐案审批加产业指导的管理方式，审批环节多，影响了外资的积极性。为改变这种状况，去年我们有一个重大探索，就是批准设立中国上海自由贸易试验区。实行准入前国民待遇加负面清单的管理方式，只要没有列入负面清单的行业，企业投资都不需要审批。需要强调的是，自贸区不是搞“政策特区”或“税收洼地”，而是要推进政府职能转变，探索创新经济管理模式。下一步要研究扩大自贸区试点，具备条件的地方可以纳入试点范围。

First, we need to revamp our system for the administration of foreign investment. These reforms will involve two aspects: the utilization of foreign investment in China; and the administration of Chinese investment overseas. At present, China’s foreign exchange reserves exceed 3.9 trillion dollars. Why, then, would we seek to ease restrictions on foreign investment and the utilization of foreign investment in China? This is because the introduction of foreign investment is not merely a case of bringing money into the country; more importantly, it is a means of acquiring advanced technologies, managerial expertise, and market opportunities, none of which can be bought. Therefore, we have identified the introduction of foreign investment as a long-term policy. Our current model for the management of foreign investment in China sees the government review each proposed venture individually on the basis of a list of industries permitted for foreign investment. However, these reviews, which involve numerous approval procedures, have dampened the enthusiasm of foreign investors. In a bid to address this situation, we took a major step into new territory last year by approving the establishment of the China (Shanghai) Pilot Free Trade Zone. Accompanying the Shanghai free trade zone is a new model for the management of foreign investment that affords pre-establishment national treatment (PENT) to foreign investors on the basis of a negative list. Under this model, government approval is not required for investment in any industry that does not appear on the negative list. It must be noted that the establishment of this free trade zone does not represent an attempt to create a “special policy zone” or a “taxation lowland”; rather, it is an endeavor to promote the transformation of government functions and explore a new mode of economic management. The next step of our efforts will be to expand the scope of trials for free trade zones and identify eligible localities to participate in trials.

对外投资蓬勃发展，境外经济技术合作规模和区域迅速扩大，是我国新一轮开放型经济发展的显著特征。现在的问题是，我国对外投资管理体制不适应对外投资加快发展的新形势，在投资审批、外汇管理等方面存在诸多制约。要大幅下放对外投资审批权限，建立以备案制为主的境外投资管理体制，确立企业和个人对外投资主体地位，实行谁投资、谁决策、谁受益、谁承担风险。这样做，有利于加快“走出去”步伐，带动我国的产品、技术、标准、服务出口，也有利于促进国内产业升级和国际收支平衡。我们不仅要让中国产品、中国制造走向世界，更要让中国装备、中国创造走向世界、誉满全球。当然，“走出去”不能自相残杀、打乱仗，要加强协调、规范秩序、形成合力。

The vigorous growth of Chinese investment overseas and the rapid expansion of China’s overseas economic and technological cooperation in terms of both scale and regional coverage are notable features of China’s latest round of economic opening up. The problem we are facing at present is that our current system for the administration of outbound investment is unable to cope with the rapid growth of overseas investment that we are now experiencing. In particular, there are a number of constraints with regard to investment approval and foreign exchange management that need to be addressed. In line with the principle that investors make their own decisions and beneficiaries assume their own risks, we need to significantly delegate approval powers for outbound investment, establish a registration-based system for the administration of outbound investment, and identify companies and individuals as the principal entities in outbound investment. These changes will help to boost the pace of our drive to “go global,” stimulating the export of our products, technologies, standards, and services. In addition, they will also be conducive to promoting China’s industrial upgrading and keeping its payments in balance. In addition to promoting the global spread of Chinese goods and Chinese-made commodities, we also need to take Chinese equipment and innovations global and boost their international reputation. Of course, in “going global,” we cannot descend into cut-throat and chaotic clashes amongst ourselves. Rather, we must boost coordination, establish order, and form synergy.

第二，扩大内陆和沿边开放。过去，我国对外开放主要是在沿海地区，内陆和沿边地区对外开放相对滞后。今后扩大开放的最大潜力和回旋余地在中西部地区。要抓紧制定丝绸之路经济带、21世纪海上丝绸之路的相关规划和具体方案，重点推进与周边国家基础设施互联互通，打造孟中印缅、中巴经济走廊，沿线各地要找准定位、密切配合。要大力推动内陆与沿海沿边通关协作，把“关检合作”改革试点扩大到全国，加快提升中西部地区通关效率。

Second, we need to further open up inland and border areas. In the past, China’s opening up primarily took place in the country’s coastal regions, while the opening up of its inland and border areas lagged behind. Looking ahead, China’s largest area of potential for opening up further will be its central and western regions. Therefore, we must work quickly to formulate plans and implementation schemes for the “Silk Road Economic Belt” and “21st Century Maritime Silk Road”; prioritize the interlinking of infrastructure with neighboring countries; and establish two economic corridors, one connecting Bangladesh, China, India and Myanmar and the other connecting China and Pakistan, wherein the localities in question will be required to position themselves well and work together in close coordination. In addition, we must vigorously promote cooperation between inland, coastal, and border areas in customs clearance, begin nationwide trials for cooperation between quality inspection and customs authorities, and quickly increase the efficiency of customs clearance in China’s central and western regions.

第三，坚持多边和自贸区两个轮子一起转。现在世贸组织成员涵盖我国98%以上的对外贸易。多边贸易体系是我国巩固贸易大国地位的“压舱石”。自贸区代表更大范围、更宽领域、更高层次的开放，是我国走向贸易强国的“推进器”。我们要积极参与高标准自贸区建设，推进中美、中欧投资协定谈判，加快与韩国、澳大利亚、海湾合作委员会等自贸区谈判进程，实现与世界各国互利共赢。

Third, we must remain committed to a dual strategy of promoting both multilateral trade and free trade zones. At present, trade with other members of the World Trade Organization (WTO) accounts for more than 98% of China’s foreign trade. Whereas the multilateral trade system is the foundation on which we will consolidate our position as a major trading nation, free trade zones, which represent a greater, broader, and more advanced form of openness, will give us the boost we need to establish ourselves as a leading trading nation. Therefore, we must actively participate in the establishment of high-quality free trade zones, advance China-US and China-Europe bilateral investment treaty negotiations, and accelerate free trade zone negotiations with South Korea, Australia, and the Gulf Cooperation Council, with a view to achieving mutually beneficial cooperation with all countries.