2018年6月5日，深圳市政府出台了一个《深圳市人民政府关于深化住房制度改革加快建立多主体供给多渠道保障租购并举的住房供应与保障体系的意见》（下文里简称《意见》）。

在5月底的一周时间里，A股有3家公司的股票被终止上市。值得强调的是，这3家上市公司有两家是国有控股的上市公司，这不仅意味着在退市制度面前所有的公司一律平等，而且也间接反映出监管部门在退市问题上的决心。

国家金融与发展实验室中国债券论坛

近年来发生的一系列风险事件表明我国银行的公司治理仍存在“形似而神不似”的问题，一些阻碍公司治理正常运转的缺陷和深层次问题未得到解决，在诸多方面仍需要提升和改善。

在中国的证券市场上，有一大堆证券公司研究所的研究员，还有一小堆基金公司、保险公司和私募基金等的研究员，本来应该是同质性的工作，但在行业链条上，他们却成为上下游关系，前者成为卖方，后者成为买方。二者的关联与区别，述说着多彩的故事，当然也可能是行业未来潜在就业者的关注点。一篇小文，供娱乐。

十九大报告强调：“加快建立绿色生产和消费的法律制度和政策导向，建立健全绿色低碳循环发展的经济体系。构建市场导向的绿色技术创新体系，发展绿色金融，壮大节能环保产业、清洁生产产业、清洁能源产业。”

前言 《中国金融监管报告（2017)》作为中国社会科学院金融法律与金融监管研究基地的系列年度报告，秉承“记载事实”、“客观评论”以及“金融和法律交叉研究”的理念，系统、全面、集中、持续地反映中国金融监管体系的现状、发展和改革历程，为金融机构经营决策提供参考，为金融理论工作者提供素材，为金融监管当局制定政策提供依据。 《中国金融监管报告（2017)》主要由“总报告”、“分报告”和“专题研究”三部分组成。“总报告”部分包括两篇：第一篇为“金融科技的发展与监管”，在回顾金融科技的发展历程基础上，对金融科技的典型表现及其对金融体系的影响进行了详细的分析，并在总结我国监管现状以及金融科技监管的国际经验基础上，提出了完善金融科技监管的政策建议；第二篇为“中国金融监管：2016年重大事件述评”，对2016年度中国金融监管发生的重大事件进行系统总结、分析和评论，并对2017年中国金融监管发展态势进行预测。“分报告”为分行业的监管年度报告，具体剖析了2016年度中国银行业、证券业、保险业、信托业以及外汇领域监管的年度进展，呈现给读者一幅中国金融监管全景路线图。“专题研究”部分是对当前中国金融监管领域重大问题的深度分析，主要涉及商业银行表外业务监管、交叉金融产品监管、保价业务监管、区块链金融监管、支付清算行业监管、信用违约互换监管、程序化交易监管等方面。 《中国金融监管报告（2017)》由胡滨担任主编，负责报告的组织、撰写和审定工作；尹振涛和郑联盛担任副主编，负责报告的统编和撰写工作；感谢社会科学文献出版社的周丽、挥薇、王楠楠老师，以及为本书赐稿的所有专家和学者。中国社会科学院金融监管与金融法律研究基地期待以《中国金融监管报告》为媒介和平台，与学术界、实业界以及政策界等进行全方位的合作和交流，致力于共同推动中国金融监管改革与发展。   Preface As the annual report of the Research Center for Financial Laws and Regulations(FLR）,Annual Report on China's Financial Supervision and Regulation (2017)seeks to reflect the current status, development and reform progress of China's financial supervision and regulation in a systematic, comprehensive, persistent and authoritative manner. With the philosophy of “factually recording, objectively reviewing, and comprehensively analyzing", we hope this report can provide reliable and useful references for financial institutions, academic researchers, and regulatory authorities. The Report 2017 consists of three parts: General Reports, Sub-reports, and Special Topics. The first of the general reports is Development and Regulation of FinTech in China which discusses the development of FinTech, as well as the potential financial risks and regulatory policies. The second general report is Financial Supervision of China: Significant Events in 2016, which surveys the major reform and policy issues of China's financial supervision and regulation in 2016 and gives an outlook of 2017.The sub-reports provide the details of development in regulation of banking, securities, insurance, trust and foreign exchange administration. The Special Topics deliver deeper analysis on selected important issues in China's financial supervision and regulation, including regulation of off-balance sheet business, cross financial products, insurance business, block chain financial, payment and settlement business, credit default swaps and program trading, and so on. Professor Hu Bin, as the chief editor of the Report 2017, is responsible for the organization and final approval of the compilation. Dr.Yin Zhentao and Dr.Zheng Liansheng, as deputy chief editors, are responsible for the editing work. We would like to thank the authors for their brilliant work. We would also like to thank Ms.Zhou Li,Ms.Yun Wei and Ms.Wang Nannan who work in the Social Sciences Academic Press(China)for their invaluable help and support. We expect the Annual Report on China's Financial Supervision and Regulation to become an important platform for the communication and cooperation between FLR and all sectors of the society, thus promoting the reform and development of China's financial supervision and regulation.

摘要 《中国支付清算发展报告（2018)》是国家金融与发展实验室支付清算研究中心（中国社会科学院金融研究所支付清算研究中心）推出的系列年度报告的第六本。报告旨在系统分析国内外支付清算行业与市场的发展状况，充分把握国内外支付清算领域的制度、规则和政策演进，深入发掘支付清算相关变量与宏观经济、金融及政策变量之间的内在关联，动态跟踪国内外支付清算研究的理论前沿。报告致力于为支付清算行业监管部门、自律组织及其他经济主管部门提供重要的决策参考，为支付清算组织和金融机构的相关决策提供基础材料，为支付清算领域的研究者提供文献素材。自2013年出版第一本报告之后，连续五本都引起了政策层、实务界和理论界的高度重视与社会的广泛关注。 支付清算市场发展的核心问题，就是如何处理好效率与安全的“跷跷板”。一方面，在不断加强金融监管、防范系统性风险的大背景下，支付清算强监管将是未来几年的政策基调，支付市场规范发展也是一项长期性的任务。另一方面，伴随着新技术的快速发展，支付清算体系也迎来了日新月异的变化，尤其是在零售支付工具领域，各种创新令人眼花缭乱，不断改变着老百姓的日常生活。作为交易环节的“最后一公里”，“支付+”的探索越发受到关注。 本报告由总报告和专题报告两部分构成。总报告全面分析了我国支付清算体系的发展历程、现状特点、存在问题及发展趋势，并且运用量化分析工具考察了支付清算体系运行与宏观经济变量、区域经济与金融发展、金融稳定与金融风险、货币政策的内在关联等；专题报告跟踪分析了国内外支付清算体系的发展状况、热点与难点，系统梳理了金融科技与支付创新的相关研究文献。我们期待本报告能够成为一个重要平台，用来促进我们与各界同人加强交流与合作，共同为中国支付清算体系的创新与发展做出贡献。   Abstract China Payment and Settlement System Development Report (2018), as the annual report of Research Center of Payment & Settlement, aims to summarize and reflect the various aspects of China's payment and settlement system and their implication for real economy. It tries to cover the reform and evolution of institutions, rules, and policies on payment and settlement system over the world and track the theoretical frontiers in this area. With ample data and detailed analysis, the report tries to provide reliable and useful references for financial institutes, academic researchers, and regulatory authority. Since its first publication in 2013, the five issues of the annual report have attracted general and intense attention of academics, market professionals, and policy makers. The key issue in the development of payment market is the balance between efficiency and security. On the one hand, against the background of strengthening financial supervision and preventing systemic risk, the regulation of payment market will be a basic and long-term task. On the other hand, with the rapid development of technology, our payment and settlement systems are evolving at a breathless pace. Especially in the area of retail payment, all kind of innovations are changing people's routine life. As the last link of payment process, “payment+” is getting more and more attention. The report consists of two parts: general reports and special topics. The general report presents a panorama of China's payment and settlement system, including its evolution path, current status, existed problems, and future trends and explores the relationship between payment system indexes with macroeconomic variables, regional development, financial risk, and monetary policy with quantitative methods. Special topics keep a track of the development in domestic and foreign payment and settlement systems as well as the hot issues in this area and provide a selective survey of the literature in FinTech and payment innovation. We expect this report to become a platform for the communication between Research Center of Payment & Settlement and all the peoples and institutes interested in this significant area to contribute to the development of China's payment and settlement system.

摘要 《中国金融科技运行报告（2018)》系国家金融与发展实验室金融科技研究中心与金融科技50人论坛（CFT50）联合推出的系列年度报告的第一本。报告旨在系统分析国内外金融科技创新与发展状况、演进动态与市场前景，充分把握国内外金融科技领域的制度、规则和政策变化，不断完善金融科技相关的理论基础与研究方法。 报告主要包括五个部分。一是明确了讨论金融科技时，究竟有哪些“科技”需要关注。围绕大数据技术、人工智能技术、互联技术（移动互联、物联网）、分布式技术（云计算、区块链）、安全技术（生物识别、加密）等，“技术篇”从基础技术及其应用层面着手，围绕相关技术类别，进行了理论探讨与动态跟踪。二是虽然谈到金融科技时，人们更关注一些新兴业态与产品，但是技术创新早就成为金融变革的主线，只是在当前形势下才趋于“质变”。由此，“行业篇”仍然试图从银行业、证券业、保险业的角度，深入探讨传统金融行业拥抱科技的情况及前景。三是根据金融稳定理事会和巴塞尔委员会的分类方法，金融科技活动主要分为支付结算、存贷款与资本筹集、投资管理、市场设施（包括分布式账户）四类。依托该分类原则，“业务篇”侧重于分析主流金融体系之外的金融科技创新尝试。四是金融科技的健康发展，离不开对风险和监管的深入思考，风险识别、管理与监管本身就是金融科技研究的重要领域。“风险篇”试图在此领域弥补现有研究的不足。五是从全球视野，“比较篇”努力探索金融科技理论、政策与实践的比较研究范式。 报告致力于为金融科技相关监管部门、自律组织及其他经济主管部门提供重要的决策参考，为金融科技企业和金融机构的业务探索提供有效支撑，为金融科技领域的研究者提供文献素材。   Abstract China FinTech Annual Report (2018) is the first report co-published by the Research Center of Financial Technology in National Institution for Finance and Development and Fifty People Forum of Financial Technology. The report is aimed at improving the theoretical basis and research methods in FinTech with systematic analysis of the innovation and development, the evolution and market prospects, and the standard and policy changes in FinTech area at home and abroad. The report consists of five parts. The first part clarifies the definition and scope of Fin Tech that we should give more focus on. The section of technology starts from basic technology and application level, which including big data, artificial intelligence, interconnect technologies (mobile internet, internet of thing），distributed technology (cloud computing, blockchain),as well as security technologies(biometrics, encryption),and conducts theoretical discussions and dynamically tracks on related technology categories. While people paying more attention to some emerging Fin Tech business and products, the second part shows that technology innovation has long been the main driving force of financial reform even though its role only gets recognized recently. The section of industry tries to investigate on the application of Fin Tech in traditional finance industry from the perspective of banking industry, securities industry and insurance industry. Based on the classification of Financial Stability Board and Basel Committee, the third part divides the FinTech business into four segments: payment and settlement, deposit and loan and capital financing, investment management, market facilities (including distributed accounts). Relying on the classification methods stated above, this part focuses on the analysis of the financial innovations outside the mainstream of financial system. The fourth part proposes that healthy development of Fin Tech business depends on the dep understanding of risk and supervision, particularly the identification, management and supervision of risks. Those factors constitute to an important research area of FinTech. The section of risks tries to make up for the lack of those research area. From a global perspective, the fifth part explores a comparative research paradigm of theory, policy and practice in Fin Tech area. This report can be a reference book for regulators, self-regulatory organizations and other economic authorities in their decision-making related to Fin Tech. It also offers basic materials to financial institutions, Fin Tech enterprises and researchers in Fin Tech area.