presenters：邓宝鸿 0903012333.ppt

China needs to revamp its banking system so that it relies more on market mechanisms, such as interest rates, to head off a steady build-up of financial sector vulnerabilities, the International Monetary Fund said, in its first broad review of Chinas financial system. The result, the IMF said, is a system that tilts heavily to state-owned firms, encourages over-investment and creates asset bubbles, especially in real estate. Citing work by other economists, the IMF said that since 2001 China invested 40% more for every $1 of GDP created than Japan and South Korea did when they were at a similar stage of development. The cost of these distortions is rising over time, posing macro-financial risks, the IMF warned. In its report, the IMF listed interest-rate and exchange-rate reform as high priorities to be achieved in the medium term, which it defines as within three to five years. The IMF review, called the Financial System Stability Assessment, was largely a snapshot of the Chinese financial system at the end of 2010, when the report concluded. China spent many months to approve publication of the report–different from the IMFs annual review of Chinas economy. Words Expression Words Expression Words Expression 关于中国金融系统是否面临风险的问题，早已成为国内外一个高度关注的焦点问题。从中国推动金融改革以来，宏观金融风险的来源基本上都源于银行金融体系成为政府政策落实的一个附属体系，也就是说，银行承担着保持中国经济稳定增长的任务，这就使得大量的金融资源无法按照市场规则来配置。正如IMF在报告中所指出，中国金融系统仍过多依赖政府的行政管理。同时还将银行贷款利率设在远高于存款利率的水平，从而几乎确保了这些银行的利润。这样一来，就使金融系统向国有企业严重倾斜，助长了过度投资并引发了资产泡沫，这种投入产出比扭曲的代价会随时间推移而不断上升，并带来宏观金融风险。 当前，中国的金融改革正处于一个关键的攻坚阶段，包括利率、汇率等方面虽然经过前期的改革已经明确提出了适合中国自身发展的改革路径，但是这些政策的实施到目前并不顺利，利率市场化基本上已经固化，而汇率形成机制问题，在外围环境赌人民币升值的情势下，单边升值的扭曲机制给中国的汇率机制改革带来很大的破坏力。 * * * presenters：邓宝鸿 0903012333 林芳 0903012340 林丽倩 0903012336 /article/SB10001424052970204323904577038962800958568.html?mod=WSJAsia_hpp_LEFTTopStories 1 revamp改革，改进 Eg：The department is revamp to try to improve its performance. 该部门进行了改组以改进工作。