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mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-unhide:no; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </STYLE> <DIV style="LAYOUT-GRID: 15.6pt none" class=WordSection1> <P style="MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; mso-layout-grid-align: none; mso-line-height-alt: 12.0pt" class=a1><SPAN style="FONT-SIZE: 16pt"><?xml:namespace prefix = o /><o:p> </o:p></SPAN></P> <P style="MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; mso-layout-grid-align: none; mso-line-height-alt: 12.0pt" class=a1><SPAN style="FONT-SIZE: 16pt"><o:p> </o:p></SPAN></P> <P style="MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; mso-layout-grid-align: none; mso-line-height-alt: 12.0pt" class=a1><SPAN style="FONT-SIZE: 18pt">稳步推动信用风险缓释工具创新与发�?o:p></o:p></SPAN></P> <P style="TEXT-ALIGN: right; LAYOUT-GRID-MODE: char; mso-pagination: widow-orphan; mso-layout-grid-align: none; mso-margin-bottom-alt: auto" class=MsoNormal align=right><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt; mso-ascii-font-family: 'Times New Roman'">——时文朝秘书长在“信用风险缓释工具座谈会”上的致</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt; mso-font-kerning: 0pt; mso-hansi-font-family: 宋体; mso-bidi-font-family: 宋体">�?SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P> <P style="TEXT-ALIGN: center; LAYOUT-GRID-MODE: char; mso-pagination: widow-orphan; mso-layout-grid-align: none; mso-line-height-alt: 0pt" class=MsoNormal align=center><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt; mso-font-kerning: 0pt; mso-hansi-font-family: 宋体; mso-bidi-font-family: 宋体" lang=EN-US><o:p></o:p></SPAN></P> <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-TOP: 7.8pt; mso-para-margin-top: .5gd" class=MsoNoSpacing><B><SPAN style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 15pt; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">尊敬的各位领导，各位专家�?/SPAN></B><B><SPAN style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 15pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 仿宋_GB2312; mso-font-kerning: 1.0pt" lang=EN-US><o:p></o:p></SPAN></B></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">大家上午好！欢迎大家出席今天的信用风险缓释工具业务座谈会！我们非常荣幸地邀请到国务院办公厅、法制办、发展研究中心、政策研究室和高法、人民银行、证监会、保监会、国资委�?/SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt; mso-font-kerning: 0pt; mso-bidi-font-family: 仿宋_GB2312">主管部门的领导，以及部分市场机构的专家，</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">共同探讨信用风险缓释工具创新与发展有关问题。我首先介绍以下四个方面的情况：</SPAN></P> <P style="TEXT-INDENT: 30pt; MARGIN: 15.6pt 0cm 7.8pt" class=a0><SPAN style="FONT-FAMILY: 黑体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">一、什么是信用风险缓释工具</SPAN></P> <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; LINE-HEIGHT: 30pt; TEXT-INDENT: 30pt; LAYOUT-GRID-MODE: char; mso-char-indent-count: 2.0; mso-line-height-rule: exactly; mso-pagination: none; mso-layout-grid-align: none" class=MsoNoSpacing><SPAN style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 15pt">信用风险缓释工具�?SPAN lang=EN-US>Credit Risk Mitigation, CRM</SPAN>）是指包括信用风险缓释合约、信用风险缓释凭证及其他用于管理信用风险的简单的基础性信用衍生产品。总体来说�?SPAN lang=EN-US>CRM </SPAN>�?SPAN lang=EN-US>CDS</SPAN>加中国国情，它是一个�?SPAN lang=EN-US>2+N</SPAN>”的创新产品体系，其中以信用风险缓释合约�?SPAN lang=EN-US>CRMA</SPAN>）和信用风险缓释凭证�?SPAN lang=EN-US>CRMW</SPAN>）为核心产品，同时还包含了今后市场成员可进行自主创新的简单的基础性信用衍生产品。虽�?SPAN lang=EN-US>CRM</SPAN>包含不同的产品形式，但其核心功能在于缓释信用风险，为市场参与者提供有效的信用风险管理手段�?SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">其中�?SPAN lang=EN-US>CRMA</SPAN>是典型的传统场外金融衍生交易工具，由信用保护卖方就约定的标的债务向买方提供信用风险保护，而买方则按照约定的标准和方式向卖方支付信用保护费用�?SPAN lang=EN-US>CRMA</SPAN>适用于现行的银行间金融衍生产品市场运行框架，在交易、清算等方面类似于利率互换等场外金融衍生产品�?SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt" lang=EN-US>CRMW</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">是更加标准化的信用衍生产品，由标的实体以外的第三方创设，为凭证持有人提供信用风险保护，可在二级市场交易流通的证券�?SPAN lang=EN-US>CRMW</SPAN>实行“集中登记、集中托管、集中清算”，利于增强市场透明度，控制杠杆率，防范市场风险，是广大市场成员在总结国际金融危机深刻教训、结合中国市场发展实际的基础上，“集市场智慧”开发的具有中国特色的自主创新产品，是中国对世界信用衍生产品市场的重要贡献�?SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P> <H1><SPAN style="FONT-FAMILY: 黑体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">二、为什么要推出信用风险缓释工具</SPAN></H1> <H2 style="TEXT-INDENT: 30pt"><SPAN style="FONT-FAMILY: 仿宋_GB2312; FONT-WEIGHT: normal; mso-ansi-language: EN-US">应该说，协会组织广大市场成员推动信用风险缓释工具创新，是促进金融市场深化发展，推动经济结构战略性调整的客观需要�?SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></H2> <P style="TEXT-INDENT: 30.1pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">一是满足市场参与者有效管理信用风险的需要�?SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></B></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">信用衍生产品本身只是一种中性工具，关键看投资者怎么使用。目前，我国银行总体贷款大概�?/SPAN><SPAN lang=EN-US>40</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">多万亿，按照四分之一比例来计算，信用贷款�?/SPAN><SPAN lang=EN-US>10</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">多万亿。近</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">年来，我国债券市场发展迅速，目前市场规模已跃居亚洲第二、世界第六，特别是信用债券市场规模已居亚洲首位�?SPAN lang=EN-US>2010</SPAN>�?SPAN lang=EN-US>11</SPAN>月末，银行间市场信用债券发行量达<SPAN lang=EN-US>1.5</SPAN>万亿元，截至第三季度末，信用债券托管量已突破<SPAN lang=EN-US>3.4</SPAN>万亿元，这还不包�?SPAN lang=EN-US>5</SPAN>万多亿元的金融债券。这样算来，现在市场�?SPAN lang=EN-US>50</SPAN>万亿左右的信用产品，庞大的信用产品规模必然要求对信用风险进行管理。特别是随着市场从原来单一的利率风险逐渐转变为利率风险与信用风险并存的二元风险结构，我国在信用衍生产品领域的长期空白，使市场参与主体难以通过市场化的信用风险缓释工具高效地对冲、转移和规避信用风险，不仅容易造成风险积聚，而且制约市场深化发展，因此，市场对管理工具要求迫切。建立和完善社会主义市场经济体系，客观上要求建立能够使风险在市场中流动、识别、转移的机制安排，创新相应的金融工具，这样市场才能持续、稳定发展，不会产生系统风险。通过<SPAN lang=EN-US>CRM</SPAN>，使信用风险在市场上流动起来，将信用风险由不愿承担的人手中转到愿意承担的人手中，这对经济金融稳定发展大有裨益�?/SPAN></P> <P style="TEXT-INDENT: 30.1pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">二是贯彻落实党中央、国务院关于“积极扩大直接融资，显著提高直接融资比例”方针政策的需要�?/SPAN></B><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">近年来，作为直接融资的重要组成部分，我国信用债券市场发展迅速，对推动直接融资规模扩大起到了重要作用。但在规模快速扩大的同时，也出现了发行主体信用等级分布中枢逐渐下移、债券信用风险特征不断显现的状况。大量低信用等级的企业进入市场融资势必会使信用风险增加，若没有相应的信用风险管理工具是不可想象的。目前，市场上成立了几家担保公司，但不能把全部的风险转移到担保公司。所以，市场发展需要建立相应的风险分担机制安排，否则会有系统性风险。同时，由于缺少有效的信用风险管理工具，投资者难以通过市场化的方式主动的、动态的管理信用风险，导致投资者持有债券就必须承担信用风险，想承担信用风险就必须买入债券，从而极大地限制了资金充裕的风险厌恶型及资金短缺的风险偏好型投资者参与直接债务融资市场的深度和广度，直接融资规模难以有效扩大。而且，金融市场信用风险分担机制的不完善，还在客观上造成了大量金融资源归集于风险较小、信用等级较高的大型企业，风险相对较高、信用等级偏低的中小企业得不到足够的金融支持，难以切实发挥金融促进经济结构调整的作用。通过信用风险缓释工具促进风险和收益的优化配置，推动直接融资市场发展，是贯彻落实党中央、国务院“积极扩大直接融资，显著提高直接融资比例”方针政策的具体体现�?SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P> <P style="TEXT-INDENT: 30.1pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">三是有效防范系统性风险，促进宏观金融平稳发展的需要�?/SPAN></B><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">虽然经历了国际金融危机的冲击，但总体上看，我国从<SPAN lang=EN-US>2002</SPAN>年以来始终处于宏观经济上行周期，国民经济保持了平稳较快增长的态势，各类资产的信用风险并不突出，为金融体系实现资产规模和资产质量的同步提升创造了有利的宏观环境。然而，宏观经济走势具有内在的周期性和波动性，信用风险在金融体系内部或某个金融子领域的过度集中，必然会给金融体系造成风险隐患。通过创新与发�?SPAN lang=EN-US>CRM</SPAN>等信用衍生产品，对市场供需、违约概率、违约回收率等风险相关信息进行更加及时、充分的揭示，有利于提高系统性风险的监测效率。同时，通过<SPAN lang=EN-US>CRM</SPAN>促进信用风险在不同金融市场和经济领域的合理配置和分散，有助于平抑宏观经济运行的顺周期现象，有利于降低信用风险对经济金融体系的冲击，增强经济体的抗风险弹性，维护宏观金融稳定�?B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><o:p></o:p></SPAN></B></SPAN></P> <P style="TEXT-INDENT: 32pt; MARGIN: 15.6pt 0cm 7.8pt" class=a0><SPAN style="FONT-FAMILY: 黑体; FONT-SIZE: 16pt; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">三、信用风险缓释工具的特点和创新机制安�?/SPAN><SPAN style="FONT-SIZE: 16pt"><o:p></o:p></SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">基于上述因素�?/SPAN><SPAN style="mso-ansi-language: ZH-CN">2009</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">�?/SPAN><SPAN style="mso-ansi-language: ZH-CN">12</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">月以来，协会</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">组织来自中外资金融机构、市场中介平台、律师事务所的金融衍生产品领域专家成立了“信用衍生产品研究工作组”，对信用风险缓释工具创新相关问题开展系统研究。在深入研究的基础上，按照</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">“服务实需、简单透明、控制杠杆”的原则�?/SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">提出�?/SPAN><SPAN lang=EN-US>CRM</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">创新试点方案，并起草了《信用风险缓释工具试点业务指引》�?/SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">与国际上通行�?/SPAN><SPAN style="mso-ansi-language: ZH-CN">CDS</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">等信用衍生产品不同，</SPAN><SPAN style="mso-ansi-language: ZH-CN">CRM</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">有以下特点和创新机制安排�?/SPAN><SPAN style="mso-ansi-language: ZH-CN"><o:p></o:p></SPAN></P> <P style="TEXT-INDENT: 30.1pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">一是市场参与者分层管理�?/SPAN></B><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">由于银行间市场参与者众多、风险管理能力参差不齐，对市场进行分层管理是提高监管效率和交易效率、降低交易成本、防范市场风险的有效措施，符合市场发展的内在要求。因此，信用风险缓释工具试点业务按照核心交易商、交易商、非交易商的方式进行市场分层管理，核心交易商可与所有市场参与者开展交易，交易商可与所有交易商进行出于自身需求的交易，非交易商只能与核心交易商进行以套期保值为目的的交易�?/SPAN><SPAN style="mso-ansi-language: ZH-CN"><o:p></o:p></SPAN></P> <P style="TEXT-INDENT: 30.1pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">二是交易结构简单�?/SPAN></B><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">国际上的</SPAN><SPAN style="mso-ansi-language: ZH-CN">CDS</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">交易一般通过指定参考实体、债务类型和债务特征，把各种债务都纳入到信用保护的范围之内，而且对信用保护的债务类型也没有限制，任何债权均可作为信用保护的标的。与此不同，</SPAN><SPAN style="mso-ansi-language: ZH-CN">CRM</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">明确信用保护针对特定的具体债务，且标的债务类型仅限于债券和其它类似债务，从而使每笔交易合约都与具体债务对应，因而在交易结构上比国际通行�?/SPAN><SPAN style="mso-ansi-language: ZH-CN">CDS</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">更加简单明确，充分体现了标的债务的“穿透性”原则�?/SPAN><SPAN style="mso-ansi-language: ZH-CN"><o:p></o:p></SPAN></P> <P style="TEXT-INDENT: 30.1pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">三是严格控制杠杆�?/SPAN></B><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">国际上对信用衍生产品市场监管和风险防范措施的缺失，造成市场规模不断膨胀、杠杆率过高，并最终酿成系统性风险。《指引》通过建立风险控制指标，对</SPAN><SPAN style="mso-ansi-language: ZH-CN">CRM</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'">买卖双方各自的净买入余额、净卖出余额及其与净资本的比例等方面进行限制，有效防范风险�?/SPAN><SPAN style="mso-ansi-language: ZH-CN"><o:p></o:p></SPAN></P> <P style="TEXT-INDENT: 30pt; MARGIN: 15.6pt 0cm 7.8pt" class=a0><SPAN style="FONT-FAMILY: 黑体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">四、信用风险缓释工具试点情�?/SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">�??xml:namespace prefix = st1 /><st1:chsdate Year="2010" Month="10" Day="29" IsLunarDate="False" IsROCDate="False" w:st="on">2010�?0�?9�?/st1:chsdate>协会发布《信用风险缓释工具试点业务指引》后，市场成员参与CRM试点业务的热情很高。截�?st1:chsdate Year="2010" Month="12" Day="9" IsLunarDate="False" IsROCDate="False" w:st="on">12�?�?/st1:chsdate>，已�?7家CRM交易商�?4家CRM核心交易商和23家CRMW创设机构�?o:p></o:p></SPAN></P> <P class=MsoNormal><st1:chsdate Year="2010" Month="11" Day="5" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">11�?�?/SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">，中国首批信用风险缓释合约正式上线，截至<st1:chsdate Year="2010" Month="12" Day="9" IsLunarDate="False" IsROCDate="False" w:st="on">12�?�?/st1:chsdate>，已�?1家交易商共达成了23笔信用风险缓释合约交易，名义本金合计19.9亿元人民币。标的债务类型包括短期融资券、中期票据等信用债券，合约期限涵盖了�?6天到2.21年不等的各种期限长度�?o:p></o:p></SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">在信用风险缓释合约上线后�?st1:chsdate Year="2010" Month="11" Day="11" IsLunarDate="False" IsROCDate="False" w:st="on">11�?1�?/st1:chsdate>，协会“金融衍生产品专家”召开专题会议，审议通过了中债信用增进公司、交通银行和民生银行�?家创设机构提交的4只CRMW的创设登记�?st1:chsdate Year="2010" Month="11" Day="23" IsLunarDate="False" IsROCDate="False" w:st="on">11�?3�?/st1:chsdate>�?只CRMW全部创设成功，名义本金合�?.8亿元，中国首创的CRMW正式上线�?o:p></o:p></SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN"><o:p> </o:p></SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">各位领导，各位专家，CRM的推出，离不开主管部门的大力支持和指导，更凝聚了广大市场成员的智慧和心血，在此，我谨代表交易商协会，对各位领导、各位专家表示衷心的感谢�?o:p></o:p></SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">当然�?/SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt; mso-font-kerning: 0pt; mso-hansi-font-family: 宋体; mso-bidi-font-family: 宋体">我们也清醒的看到�?/SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">CRM的推出仅仅解决了产品的有无问题，产品功能的充分发挥和市场的发展壮大仍有许多制约因素需要我们一一去破解。相信在主管部门的大力推动下，通过全体市场成员的共同努力，一定能实现CRM市场�?/SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-bidi-font-size: 15.0pt">规范、健康和持续发展</SPAN><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">�?o:p></o:p></SPAN></P> <P class=MsoNormal><SPAN style="FONT-FAMILY: 仿宋_GB2312; mso-ansi-language: ZH-CN">谢谢大家�?o:p></o:p></SPAN></P></DIV> </td></tr> <tr><td height="25" valign="top" align="left"> </td></tr> <tr style="display:none;" id="pdfShow" align="center"> <td height="600"> <div id="flashObjId"></div> </td></tr> </table> </td> </tr> </table> </td> </tr> </table> <table width="1001" border="0" align="center" cellpadding="0" cellspacing="0"> <tr> <td height="5"></td> </tr> <tr> <td height="3" bgcolor="#203E98"></td> </tr> <tr> <td height="35" align="center" valign="bottom"><a href="/html/.zlglxyfxxw.201202........fzlmrczp.html" target="_blank" class=gray>人才招聘</a> <SPAN class=font_wh>　|　</SPAN> <a href="/html/.zlglxyfxxw.201202........fzlmGYWM201202t20120227_4278.html" arget="_blank" class="gray">关于我们</a> <SPAN class=font_wh>　|　</SPAN> <a href="/html/.zlglxyfxxw.201202........fzlmLXWM201202t20120227_4286.html" arget="_blank" class="gray">联系我们</a> <SPAN class=font_wh>　|　</SPAN> <a href="/html/.zlglxyfxxw.201202........fzlmWZDH.html" target="_blank" class=gray>网站导航</a> <SPAN class=font_wh>　|　</SPAN> <a href="/html/.zlglxyfxxw.201202........fzlmyhbz201202t20120227_4289.html" arget="_blank" class="gray">用户帮助</a> </td> </tr> <tr> <td height="20" align="center"><span style="font-size:12px">京ICP�?8009794�?/span></td> </tr> <tr> <td height="20" align="center"><span style="font-size:12px">中国银行间市场交易商协会所有未经允许请勿转�?2007 </span></td> </tr> </table> <div style="display:none"> </div> <div style="display:none"> <noscript><p><img src="https://neilshang.cn/piwik/piwik.php?idsite=1&rec=1" style="border:0" alt /></p></noscript> </div> <script type="text/javascript" src="/tongji.js"></script></body> </html>