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 ratesChina 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 marketDeepening 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. T o 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 frameworkFinancial 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 supportingfinancial 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 frameworkThe 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。