金融的

According to this result and the reality of rural finance and economical development, the article proposed that there should be breakthroughs in the aspects of the innovation of financial system, the choice of financial route, the construction of rural financial system, deepening reform in financial organ, ect., to realize the goal of benignity interaction between rural financial system and agricultural economical growth.

根据这一结论以及我国农村金融、经济发展的实际，文章提出要在金融制度创新、金融路径选择、农村金融体系建设、金融机构深化改革等方面有所突破，以达到农村金融制度与农业经济增长良性互动的发展目标。

Under the economic adaptability and the profit inductivity of different growth poles, the regional financial institution should adjust their service structure and scale structure spontaneously, carry on the financial innovation effectively, reduce the financial risk, enhance finance function and the disposition efficiency of financial resources, and thus realize the regional financial structure optimization and the regional financial development.

区域金融主体在适应不同的增长极经济发展的前提下，在各自经济利益的诱导下，驱使自发的调整业务结构、规模结构、有效实现金融创新，降低金融风险，增强金融功能，提高金融资源配置效率，从而实现区域金融结构优化和区域金融发展。

The most important of them are: the relevant economic entities has inappropriate macro-economic policies, the develop mode of permanent low savings and high consumptions makes it difficult to continue; the financial organizations' unilateral pursuit of the profit makes themselves overexpansion; the financial and rating organizations lack the self-discipline have resulted in aberrance of the risk information and asset pricing ; the capacity of financial supervision and financial innovation dose not match, the risk of financial ramification continuously accumulate and proliferate.

主要是：有关经济体宏观经济政策不当、长期低储蓄高消费的发展模式难以为继；金融机构片面追逐利润而过度扩张；金融及评级机构缺乏自律，导致风险信息和资产定价失真；金融监管能力与金融创新不匹配，金融衍生品风险不断积聚和扩散。

Specially, the author hopes to find whether the financial system development promotes the provincial per capita, the accumulation of provincial savings, the formation of provincial capital, the advancing of productivity, the bettering of industrial structure and the shaping of firms. Finally, according to the result of the empirical study, the author brings forward the Contradiction of Chinese Financial System Development during transition period. To explain the Contradiction, the author puts forward a hypothesis: time consistency and institution coupling of the optimal system arrangements. Within the hypothesis framework, the author analyses and explains the contradiction's essential, and seeks the reason of Chinese financial system development's path formation during transition period. After judging the efficiency of Chinese financial system development prudentially, the author gives his advices on how to drive Chinese financial system to the"Growth-Enhancing Financial System Development"path. The dissertation is divided into five chapters. It consists of as follows: Part I includes foreword and Chapter One"the review of financial development theory and literature". In foreword, the author expounds the fundamental definition and basic theory. In Chapter One, the author first analyses the"finance-growth"nexus in theory, and which constitutes the foundation of the concrete mechanism of finance affecting growth.

首先对金融发展与经济增长的关系在理论上进行了梳理，指出金融发展能够促进经济增长，金融是现代经济增长的"第一推动力"；其次将这种理论关系分解，借助当前本领域的最新研究方法和工具从宏观和微观层面验证转轨时期中国各地区金融发展与经济增长传导机制的效果，即金融体系的发展是否有效地促进了各地区人均产值的增加、储蓄的积累、资本的形成、生产力的提高、产业结构的调整以及企业的成长；最后在实证检验的基础上提出"中国金融发展悖论"，并在"最优制度安排的动态一致性与制度耦合"假说的框架内来分析中国金融发展悖论的真实内涵以及中国金融发展路径形成的原因，审慎评价转轨时期中国金融体系的发展效率，初步探讨了中国金融体系走向"推动经济增长"金融发展道路，指出实现金融对现代经济的"第一推动力"作用所应努力的方向。

Secondly, based on the theoretical and empirical analysis stated above, shows the existing problems and their causes in financial support to rural economic development, the rural financial organizations exist limited and function is not sound , As the result, rural capitals are flowing into urban cities and developed areas through various channels, the scatteration and devolution of mechanism for finance risk is scare, and then puts forward the innovative mode and innovative way of the rural financial system in Xinjiang, therefore, it is of urgent need to perfect our rural finance system with the co-existing institutions of commercial finance, policy finance , cooperative finance and other financial institutions, live up a pluralistic, competitive and sustainable development of rural financial system, perfect the rural financial ecological environment, so as to promote rural economy growth in Xinjiang.

在此基础上，剖析新疆农村金融体系的症结所在，主要表现为农村金融组织不完善且功能不健全，金融风险分散与转移机制缺失，农村资金严重外流。进而提出新疆农村金融体系的创新模式与路径，建立真正意义上的商业金融、政策性金融、合作金融和其他金融机构并存、充分竞争与合作、可持续发展的农村金融体系，优化农村金融生态环境，以此促进新疆农村经济增长。

In order to further financial reform, avoid financial risks, and develop national economy continuously, healthy and quickly, the Government, referring to international experience, made decision in 1999 about disposal of commercial banks' unperformed assets with financial assets management company.

由于历史原因，我国金融领域积聚了大量不良资产，严重影响了金融安全和金融秩序，为深化金融改革，防范和化解金融风险，促进国民经济持续、健康、快速发展，我国政府借鉴国际经验，于1999年做出了采用组建金融资产管理公司的方式专业处置国有商业银行不良资产的重大决策。

Nest,according to the economical and financial influence of the crisis,connecting the situation of our natioal economical system,and following other countries' resolution to the financial,there came out five measures to idealise our financial system:first,to arrange the macroscopical financial adjust and control means;secondly,to lead the financial orgniation to the right choices;thirdly,to strenghten the financial supervise system;forthly,to build the stable financial marcket system;fifthly,to create an safe financial environment,to offset the frail part of the financial system,and respond actively to the threat of the American loan crisis.

然后根据次贷危机对经济及金融体系的影响、结合我国金融体系的现状、借鉴他国对金融体系的改革措施，得出了完善我国金融体系的五方面对策：第一，整合宏观金融调控手段；第二，引导金融机构对金融创新的正确选择；第三，健全金融监管体系；第四，建立稳定的金融市场体系；第五，营造安全的金融环境，以此为金融体系的脆弱部分添砖补瓦，积极应对美国次贷危机的威胁。关键词：美国次贷危机，金融体系，金融改革，经济发展

There is a lesson to be learned from Japan's response to financial crisis, Japanese experts say."When a bubble bursts and the financial system gets destabilized, providing liquidity is not enough to overcome a crisis," Yutaka Yamaguchi, who served as deputy governor at the Bank of Japan during part of the financial crisis here, told one newspaper."Unless financial institutions get recapitalized by raising funds in the markets or receiving public funds, the financial crisis will not end. That's the lesson should learn from Japan's financial crisis." Yamaguchi says the U.S. financial model has effectively gone bankrupt. We are witnessing a "turning point," he adds—just as in the 1930s

日本从金融危机中吸取了教训，日本专家说，&当泡沫破灭金融系统动荡不安，倘若流动性不足以克服危机& Yutaka Yamaguchi曾在日本经济危机时期任日本银行副总裁，对记者说&除非通过市场积累资金和吸纳公众资金令金融体系获取资本，否则金融危机不会结束，这是美国应该从日本金融危机中学到的教训& Yamaguchi认为美国金融模式实质上已经破产，我们在见证&转折点&，他补充道，就像三十年代那样。

EOIA should set up and perfect its own credit system, such as constructing network organization, setting up community association of mutual guarantee and joint insurance, controlling and dissolving credit risks form inside, etc. On the other hand, As for bank, should be effect of structural adjustment of financial supporting policy, Such as enhancing credit assurance for EOIA, reducing government interfere in field of finance makes EOIA able to really go on the position of fair competition, increasing supplementary fund for grass-roots financial institutions, strengthening support dynamics of EOIA financing, offering more flexible policy to community financial association of EOIA, providing protection within the range of policy, and opening the market of interest rate progressively, etc.

本文强调国有银行、农村信用社等金融机构要从落实&三农&是重中之重的战略高度，采取积极改革措施，重新调整农村金融机构布局，健全农村金融体系，把支持农业和农村经济的发展摆在更加重要的地位：构筑中央与地方分权的二元金融管理体制，为加大对农业和农村经济建设的投融资力度提供体制保障；构筑正规金融与民间金融互补共存的金融体系，为涉农企业和广大农户提供多渠道金融支持；同时，在支持农业和农村经济发展过程中，提出强化金融部门风险管理，把信用风险降低到最低限度的具体措施。

According to the subject or undertakers of financial risks, financial risks can be divided into financial institution risks, enterprise financial risks, resident financial risks and national financial risks.

根据金融风险的主体或承担者划分，金融风险可以分为金融机构风险、企业金融风险、居民金融风险和国家金融风险。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。