First， WTO accession on China's financial industry the great challenges China's huge， high-speed growth of financial markets and lack of financial deepening， long-term policy to protect China's financial sector to foreign financial consortium constitute the immense attraction of trying to a good opportunity for China's accession to the WTO to enter China's financial market has been the focus of their efforts The United States Commerce Secretary William Daley said the Sino-US WTO negotiations fell the most crucial questions， such as banking and insurance areas of financial April 9， 1999， the United States Trade Representative Office unilaterally announced the so-called Chinese date for accession to WTO and the United States reached an open market These measures， according to the United States in China's accession to the WTO that it would begin to In fact， these so-called Protocol of the United States in fact just the asking price， of which only the agricultural part of complete agreement， other not yet fully The United States Trade Representative Office unilaterally announced the so-called China's accession to the WTO after the financial markets， the openness of the list， from which we can see that the United States and China， asking for specific financial services industry may be subject to the impact of the extent of: (1) Banking Between the two countries will continue negotiations on this However， China has agreed to join WTO， US-owned banks to foreign customers can immediately provide all the foreign exchange One year after WTO accession， the United States to the Chinese bank can provide customers with foreign exchange business， Sino-US joint-venture banks will be allowed to operate wholly foreign-owned banks will be allowed to operate at 5 years， foreign banks in two years will be allowed to conduct RMB business at 5 During the year the finance retail (2) the securities industry At present， the securities， the Chinese will still insist open B-share market， but the A shares should not The US side insists that the opening of the stock For this requirement， China still insists that financial sector liberalization must be gradual and orderly progress， if we do not do so， it will be further subjected to the crisis in Southeast Asian countries to (3) the insurance industry US demands China's accession to the WTO， life insurance companies in the foreign shareholding ratio can be up to 50%， add a year later， increased to 51% Non-life insurance companies and reinsurance companies will be allowed at a joint venture insurance companies hold 51 percent stake， and at two years to set up wholly-owned branch With China's accession to the WTO will become the truth， China is striving to provide open financial markets to prepare: (1) Chinese department director has been fixed for the opening of RMB business Open RMB business faster than most people probably would exceed expectations， in the "foreseeable future" is very likely at all large and medium-sized city open RMB (2) add at WTO， China will be the first to open RMB business in life insurance and property & casualty insurance As capital markets belong to the securities industry， opening up the speed will be relatively March 20， the China Insurance Regulatory Commission Ma Yongwei， chairman， said the opening up of China's insurance market is a foregone conclusion in the near future， there will be a number of foreign insurance companies enter the Chinese (3) foreign banks will be one year after China's accession to the WTO， China allowed to provide foreign exchange business customers， and two years later for the enterprise business to provide renminbi business activity， and after five years for Chinese individuals to provide financial People's Bank of China will be lifted this year， foreign banks operating branches geographical restrictions， from the current Shanghai， Beijing， Tianjin， Shenzhen and other 23 city extended to all central cities， while the United States formally approved the Shenzhen branch of Citibank， Bank of Tokyo JAPAN Shenzhen sub - Bank to conduct RMB (4) of the securities market， foreign capital eager to enter， but the domestic securities market is not mature enough， and the RMB is not freely convertible， direct foreign investment and opening up is unlikely， in recent years， the China Securities Regulatory Commission once the proposal to examine the formation of Sino-foreign joint investment fund the possibility of us to consider the form of foreign investment funds to enter and take the establishment of Sino-foreign cooperative fund the possibility of From the above analysis we can already feel that China's accession to the WTO， China's financial industry by the face of international financial integration of the great challenges: (1) China's financial industry in the long-term barriers to retaining a high degree of policy evaluation， the WT O to add a high degree of market competition after the situation has required a process of Chinese bankers are much， for opening up banking reacted strongly consider in the next five years to completely open up the banking industry， time is very According to the World Bank has long been known as one pairs of Chinese banking industry experts Radi said that the need for around ten years， China's banking sector in order to prepare， in the face of foreign competition in the industry， and not in First of all， the Chinese banking system has yet to be market-oriented reforms to further deepen， at present， four major Chinese state-owned commercial banks are all the Ministry of Finance， the national bank assets accounted for more than 90% of Shenzhen Development Bank are so far the only listed Secondly， non-performing loans of domestic banks within five years， it is difficult to National plans to discount the portion of the debt or sell securities， but this process may be will need to spend a few years or even Reconstruction of the fragile Chinese banking system is that the Chinese Government to allow foreign financial institutions to gain full access to their markets， while domestic financial crisis will not lead to an important (2) the financial services sector in our country's industry has been opening sequence in a relatively backward part of the opening of international financial competition environment has a process of China's financial industry must be limited to opening up the market to prevent the Asian financial turmoil the price of a repeat in C (3) China's financial sector， especially state-owned commercial banks in the past the process of non-market operators have accumulated a lot of non-performing loans， which makes US financial sector competition in the market relatively heavy historical Second， actively respond to (1) Expand the financial inspection of assets and liabilities of financial institutions to find out the Chinese Government to further guard against financial risks， as well as opening up financial markets to meet the challenges faced， had started a period of 5 months of a general inspection of national financial work out a comprehensive financial institution's assets and the debt Work focused on financial institutions to check the financial position and its non-performing assets in order to regulators of financial institutions nationwide to find out the true state of This will not only help regulators assess the financial risks effectively， and to take appropriate response measures， the gradual elimination of financial institutions， large non-performing (2) in an open domestic market before the director of China's financial department to deal with banks to restructure or to inject more funds into the bank to improve the operation and management principles and the rule of law and set up appropriate regulatory Too fast， opening up the financial industry risk is probably much higher than the strength of foreign investment China's domestic financial system， we should fully absorb the lessons of the Asian crisis: liberalization in the financial industry before， we must strictly regulate the domestic financial system， commercial banks are required to have proper access to capital injection and operation and (3) change their concepts， to face up to the international financial integration of great International financial integration is one of the world inevitable trend of economic development， we are opening up the financial industry overall strategy is unchanged， just add WTO so that the subject had placed earlier in front of At the previous monopoly of the soil protection grew up China's financial industry should face up to the international financial integration of the enormous challenges， we must seriously examine their own point whether there is really strong enough to contend with transnational corporations， the core of our competitiveness where扬长up short， a positive 一、加入WTO对中国金融业的巨大挑战 中国庞大的、高速增长的金融市场和金融深化不足、长期为政策 保护的中国金融业，对外国金融财团构成了巨大的吸引力，试图通过 中国加入WTO的良机进入中国金融市场一直是它们重点努力的方向。 美国商务部长戴利称，中美入世谈判最关键的问题落在银行和保险等 金融服务领域中。 1999年4月9日，美国贸易代表处单方面公布了所谓中国迄今为加 入WTO与美国达成的市场开放协议。这些措施据美国称将在中国加入 WTO时开始实施。其实这些所谓的协议实际上只是美国的要价，其中 只有农业部分完全达成协议，其他仍未完全达成。美国贸易代表处单 方面公布了所谓中国加入WTO后金融市场开放程度一览表，我们从中 可以看到美国具体的要价和中国金融业可能会受到的冲击程度： (1)银行业 两国仍继续此项目的谈判。但中国已经同意，加入WTO后，美资 银行可立即向外国客户提供所有外汇业务。加入WTO一年后，美国的 银行可向中国客户提供外汇业务，中美合资的银行将立即获准经营， 外国独资银行将在5年内获准经营，外资银行在二年内将获准经营人 民币业务，在5年内经营金融零售业务。 (2)证券业 目前就证券而言，中国坚持仍然会开放B股市场，但是A股不能开 放。美方则坚持提出开放整个证券市场。对于这个要求，中国仍然坚 持金融部门的开放必须循序渐进，如果不这样作，就将步遭受危机的 东南亚国家后尘。 (3)保险业 美方要求中国加入WTO后，人寿保险公司中外资持股比例可高达 50％，加入一年后，提高至51％。非人寿保险公司和再保险公司将获 准在合资保险公司中持有51％的股份，并可在二年内成立全资的分支 机构。 随着中国加入世贸组织将成事实，中国也正为开放金融市场做好 准备： (1)中国主管部门已订出开放人民币业务的时间表。人民币业务 开放速度之快可能会超出多数人的预期，在“可见的未来”极有可能 在所有大中城市开放人民币业务。 (2)在加入WTO后，中国将首先开放人民币业务寿险及产险市场。 至于属于资本市场的证券业，开放的速度则会相对较慢。3月20日， 中国保险监督管理委员会主席马永伟表示，中国保险市场的开放大局 已定，在不久的将来，会有多家外国保险公司进入中国市场。 (3)外资银行将在中国加入WTO一年后，获准为中国客户提供外汇 业务，两年后可为企业商务活动提供人民币业务，而五年后可为中国 个人提供金融服务。中国人民银行今年将取消外资银行营业性分支机 构地域限制，从现在的上海、北京、天津、深圳等23个城市扩大到所 有中心城市，同时正式批准美国花旗银行深圳分行、日本东京银行深 圳分行经营人民币业务。 (4)证券市场方面，外资渴望进入，但国内证券市场并不成熟， 而且人民币尚不能自由兑换，直接开放外资进入的可能性不大，近年 来中国证监会曾经提出研究组建中外合作投资基金的可能性，我们认 为以基金的形式吸收外资进入，采取组建中外合作基金形式的可能性 极大。 我们从上述分析中已经可以感受到中国加入WTO后，中国金融业 所面对国际金融一体化的巨大挑战： (1)中国金融业长期处于高度的政策壁垒护估之下，对于加入WT O后高度的市场竞争形势需要有个适应过程。 中国许多银行业人士，对于对外开放银行业务反应强烈，认为在 五年内彻底开放银行业，时间是十分急迫的。据世界银行一位对中国 银行业素有研究的专家拉迪指出，大约需要十年，中国银行业才能作 好准备，面对国外同业的竞争，而不致于陷入险境。首先，中国银行 业体制的市场化改革仍有待进一步深化，目前，中国四大国有商业银 行属财政部所有，占全国银行资产的90％以上，深圳发展银行是至今 唯一上市的银行。其次，国内银行不良贷款在五年内难以清除。国家 计划将这部分债务以折价或证券化的方式出售，但此过程也许将需花 上数年甚至更长。重建中国脆弱的银行系统，是中国政府允许外国金 融机构完全进入本国市场，而不致引发国内金融危机的重要先决条件 。 (2)金融业在我国的行业对外开放序列中一直处于较后的部分， 对开放后的国际金融竞争环境也有个适应过程。中国金融业必须有限 制地向外开放市场，以防止亚洲金融风暴的代价在中国重演。 (3)中国金融业特别是国有商业银行在过去的非市场经营过程中 累积了不少不良贷款，这使我们的金融业在市场竞争中历史包袱比较 重。 二、积极应对 (1)展开金融大检查，摸清金融机构资产负债 中国政府为进一步防范金融风险，以及迎接金融市场开放所面临 的挑战，已开始展开为期5个月的全国金融大检查工作，全面摸清金 融机构的资产和债务状况。工作重点在于检查金融机构的财务状况及 其不良资产，以便监管机构能摸清全国金融机构债务的真实状况。此 举不仅有助于监管部门能有效评估金融风险，并可采取适当的应对措 施，逐步消除金融机构庞大的不良资产。 (2)在开放国内市场以前，中国金融主管部门应对银行进行重组 或增加注资，改进银行经营管理方针，并建立适当的法治和规范框架 。过快开放金融业的风险在于外资实力可能大大超过中国国内金融体 系，我们应该充分吸取亚洲危机的教训：在金融业自由化前，必须对 国内金融系统严格规范，商业银行必须妥善获得资本金注入及经营管 理。 (3)转变观念，正视国际金融一体化的巨大挑战。国际金融一体 化是世界经济发展的必然趋势，我们金融业的对外开放的总方略是不 变的，加入WTO只是使这一课题提早摆到了我们的面前。以往在垄断 保护的土壤中成长起来的中国金融业应该正视国际金融一体化的巨大 挑战，要认真审视自己究竟有哪一点足以与真正强大的跨国公司抗衡， 我们的核心竞争力在何处，扬长补短，积极应对。
