3.2 金融机构发展战略、业务模式普遍趋同。各大银行在发展战略和业 务模式上没有明显区别。农信社、城信社大多选择了市场化改革道路，向商业 银行方向发展；只要基本条件具备，各家银行都以上市作为目标。金融机构间 利率、费率的竞争，受到监管当局严格限制。普通金融服务和保障性金融服务 没有有效区分，“穷人的银行业务”日益边缘化。在政策性银行业务方面，我 国已确定了其商业化改革的道路，未来政策性业务的发展面临新的市场环境。 3.2 The convergence of the development strategy and business model. There arent many differences between the development strategy and business model of different banks. Most of the Agricultural Credit Cooperatives and City Credit Cooperatives have chosen the reformation path of marketization, aiming at being commercial banks; As long as they have the basic premises, all the banks would target at going on the board. The interest rate and tariff competition among different organizations are under strict regulation of the regulatory authority. The normal finance service hasnt been effectively differentiated from supportable finance service yet, and the “poors banking service” has been peripherized with each passing day. As for the policy bank, our country has chosen its way of commercialization. In the near future, the policy business will face a brand new market environment.3.3 在金融市场结构中，货币市场中以银行间债券市场为主体，资本市 场中以股票市场为主体，股票市场又以场内交易市场为主体。直接融资发展相 对滞后，债券市场发展和财政、准财政关系密切。直接融资占比较低是银行主 导型金融体系的重要特征，不仅如此，我国股票一级市场在规模和价格方面同 时存在管制，价格和行为扭曲明显；二级市场投机气氛较为浓厚，市场大起大 落，指数长期成长性低于经济增长率水平。债券市场方面，地方政府缺乏正规 债务融资渠道，相当数量的企业债具有市政债券性质，隐含政府担保风险。 3.3 The main part of currency market is bond market between different banks, while the main part of capital market is stock market .And the body of stock market is transaction on exchange. The development of direct financing is relatively lagged behind. Bond market has a close relationship with fiscal and quasi-fiscal. The low portion of direct finance is a main feature of bank-centered financial system. Whats more? The regulation exists simultaneously in the scale and price of primary market. And the distorting of price and act are very obvious. The speculated atmosphere in the secondary market is too strong. Theres upheaval in the market. The index growthiness always lowers than economic growth rate; local government doesnt have a complete regulation on financing channel. Quite a number of enterprises have the quality of municipal bonds which contains the government- guaranteed risk.3.4 货币市场、外汇市场、资本市场发育不全，存在价格扭曲。作为货 币市场基准利率对货币政策和汇率的影响远未体现。始于 2005 年 7 月的人民 币汇率形成机制，已历时 5 年，至今仍有缺陷外汇交易市场的发展还处于初级 阶段，发行审批和询价制度的不健全导致新股上市高溢价和高市盈率的不断出 现。 3.4 The undergrowth and price distortion of capital market, money market and international exchange market. The benchmark interest rate hasnt shown its influence over money market. The RMB rate mechanism was formed since June.2005. It has been five years, nevertheless the international exchange market still on its elementary stage. The distemperedness on issue, approval and inquiry system lead to the recurrence of high premium and earning ratio.3.5 垂直集中领导的分业经营、分业监管模式，面临新的挑战。“一行 三会”严格分业监管模式的监管效率存在降低趋势，监管真空和重复监管同时 存在。分业监管模式无力对境外混业的外资金融机构开展有效监管。人民银行 作为最后贷款人，与其在现有监管体系中的地位和作用不相符合，金融稳定、 金融发展、货币政策传导之间存在内在冲突。地方金融监管作为派出机构，不 承担区域金融发展责任，金融监管和地方金融发展有所脱节。 3.5 New challenges of Separate Operation and Supervision Segregation mode under vertical concentration. The supervision efficiency of “One bank and three commissions” has seen a falling down. And the vacuum supervision and repeat supervision are coexisted with each other. The Supervision Segregation can not apply to foreign capital financial institutions effectively. The Peoples Bank, as the lender of last resort, is not worth of its name. There are conflicts between financial stability, financial development and the carry on of Monetary Policy. Local financial Supervision, as the sending-out agency, can not shoulder the responsibility of financial development. There is a gap between financial supervision and local financial development.4 4、我国金融结构问题阐述、我国金融结构问题阐述 改革开放以来，尽管金融结构发生了巨大的变化，但仍然存在很多问题， 使金融结构演进中促进金融发展和提升金融功能与效率的作用没有体现出来， 还带来诸多不利影响。金融结构中比较突出的问题有: 4、Problems of Chinas financial structure Since reform and opening-up, a lot changes has been taken place in financial structure, yet there are still many problems. The financial structure revolutions influence over financial development, function and efficiency hasnt been shown. Contrarily, it brings about many unfavorable influences. Some of the prominent problems are:4.1 我国金融结构的变迁仍带有较强的计划经济色彩和人为设计的痕迹， 多元化结构的形成不是由各经济主体的内在需求决定，而是由政府主导(其中 不乏为便利政府有效筹集资金，进行经济增长计划的实施，或是为了达到某种 改革效果的强制性设置)，甚或由行政安排的，更多关注的是形式化的改变和 简单化的建设，这种自上而下的结构变迁一旦不能遵循市场经济发展的内在要 求，必然大大削弱多元化结构演进中的效能发挥。 4.1 The variations of Chinas financial structure still have a strong color of planned economy and artificial work. Its multi-faceted structure wasnt decided by the inner needs of economy entity, instead, it was decided by the government (theres no lack of examples of the measurements take in the conveniences of the government so as to achieve the goal of economic growth.) This kind of top-to- bottom structure would not bring into full play if it can not go to the