How to strengthen the coordination and coordination of fiscal and monetary policy reverse cyclical adjustments，Keep the bottom line that does not occur without systemic risks，It is an important issue that is urgent to solve at present。Policy Bank is an important investment and financing institution at the national level，Both policy and marketability，Both the supporting extension of fiscal policy，It is the conduction channel of monetary policy，It has a unique advantage in coordinating fiscal and monetary policy。In the face of increasing uncertainty at home and abroad，Difficulties and challenges increasingly complex economic and financial environment，Policy banks should strengthen the adjustment of counter -cyclical adjustment，Divide financial pressure，Improve monetary policy conduction efficiency，Drive social funds to invest in new infrastructure construction、New urbanization construction and transportation、Water conservancy and other major engineering construction areas，Stimulate new momentum of endogenous growth。

Current，The macroeconomic situation is not optimistic，Internal impact and external impact interweave，Bring a huge challenge to the choice of financial and monetary policy for our country。A series of fiscal and monetary policy "combined boxing" launched in the first half of 2020，Effectively alleviated the negative impact of the new coronary pneumonia's epidemic situation on our economy，But there are some problems that need to be solved during the execution process。

First，Structural contradictions in the process of "wide credit"。Since this year，Bet365 app download The People's Bank of China has a three -time reduction and arranged a special re -loan and re -discount quota，Release 3.55 trillion yuan of funds to support the prevention and control of the epidemic。The interest rate of the inter -bank currency market is new low at the end of May，The growth rate of social financing has increased from 10.7%at the beginning of the year to 12.5%at the end of May。Monetary policy basically realized "wide currency、Wide Credit "policy goals。But，"Wide Credit" also appeared in some structural contradictions，Investment、Consumption、Industrial added value、PPI and other indicators are not ideal，Explain that the effective demand of financing is still not strong。State -owned enterprise、The growth rate of fixed asset investment in real estate companies has risen rapidly，The growth rate of fixed asset investment in private small and micro enterprises, which is severely affected by the epidemic, rose slowly。other，Since May，The transaction price of second -hand housing in some cities has begun to pick up，The scale of corporate structural deposits continues to rise，The stock market is strong，​​Signs of emptiness of funds。The emergence of these problems reflects the transmission channels of the monetary policy to the real economy, especially key areas and weak links.。

Next，Internal equilibrium and external equilibrium target conflict contradictions。The flexible exchange rate mechanism is a stabilizer that should achieve an internal and external equilibrium in the external impact，To coordinate the balance of internal equilibrium and external equilibrium，It is necessary to keep the RMB exchange rate basically stable at a reasonable balanced level。In the first half of this year，Affected by the epidemic，Bet365 lotto review Demand demand for the US dollar in various countries increased dramatic，Make the "US dollar shortage" in the international market，The exchange rate of the RMB against the US dollar has a trend of shock depreciation。The uncertainty faced by the exchange rate restricts the flexibility of the adjustment of monetary policy。Domestic aspect，The issuance of special national debt and local debt has rigidity，Requires monetary policy to create a good liquidity environment for government bond issuance。Contradictions of external impact and internal rigid demand，Make the coordination of fiscal and monetary policy at the operational level increases the difficulty of increasing。

Last，Contradictions of the risk of regulation and prevention and control risks。In recent years，my country's government and corporate debt ratios are at a high level in developing countries，The sudden epidemic makes the previous prudent deleveraging come to an end，Steering for private small and micro enterprises that support the affected by the epidemic。Downside by the economy、Land revenue decreases、Multiple impacts such as tax cuts and fees，my country's government's fiscal revenue is growing slowly，Negative growth under the impact of the epidemic，and the expansion of fiscal expenditure has re -increased the leverage rate of government departments。At the same time，Fiscal policy transmission channels are limited，There are shortcomings in screening market information。Commercial banks provide small, medium and micro enterprises with the necessary liquidity of bailout with the support of monetary policy，and bear the credit risk brought by it。Can monetary policy discounts cover the risk loss undertaken by the bank，There is still uncertainty，restricted the implementation bet365 best casino games effect of the policy。Moderate reverse cycle adjustment to a certain extent helps prevent and control risks，But excessive reverse cycle adjustment will push the risk。The contradiction between counter -cycle and control risk，Requires the implementation of counter -cyclical adjustment policy，Whether from the macro or micro level，All need to be promoted carefully。

The root cause of contradictions in the regulation of fiscal and monetary policy，It lies in the type of policy transmission channel、layer、Structure still has defects，While repairing the market failure，It may also cause the market to distort the allocation of resources，Sustainable development of damage to the economy。The internal adverse periodicity of policy banks in the operating mechanism determines that it is an important conduction channel for adverse period adjustment policy。September 2019，The State Council Financial Stable Development Committee specially held a meeting，Emphasize "the role of policy financial institutions in economic transformation and upgrading and high -quality development"。​​This shows that policy banks are indispensable during the implementation of the counter -cyclical regulation policy，It is necessary to attach importance to the prominent role of small and medium -sized banks to support private small and micro enterprises，It is also necessary to attach importance to the significance of policy banks in supporting infrastructure construction。

Policy banks must twist the inverse cycle adjustment of this central task，Promoting functional advantages，Promote the optimization and upgrade of the economic structure，Give play to the maximum efficacy of counter -cyclical regulation。First, to highlight functional advantages，Increase the adjustment strength of bet365 best casino games inverse cycle。The operating mechanism of the policy bank contains reverse periodicity。From the liabilities of policy banks，Under economic downward environment，Commercial banks choose light assets、The business mode of light capital，Drive the increase in investment demand，Reduce policy bank funding costs。Looking at the asset side，Policy banks with domestic infrastructure、Foreign trade development and "agriculture, rural areas" as the scope of business，High weight over the key areas of counter -cyclical adjustment，To ensure the basic life of the people、Employment、Stable investment is important。other，Policy banks have carried out silver administration cooperation for a long time，Have a unique information advantage in related fields，In the background of credit contraction，​​It can be divided by a credit structure and risk sharing mechanism，Effectively control credit risk。The unique operating mechanism and operating characteristics of policy banks determine that it should play a pioneer model in the reverse cycle adjustment。

Second, we must adhere to the moderate amount，Structure Optimization。In terms of business，The functional border of policy banks is subject to policies and regulations、Principles of sustainable operation、Risk compensation mechanism and other multiple factors restrictions，Dynamic adjustments need to be made according to economic development。In terms of scale，Policy banks must control the scale and rhythm of funds，Strictly follow the requirements of the total amount of monetary policy。At the level of micro business，We must pay attention to the safety and liquidity of operation，Strengthen the authenticity of the project、Compliance review，While exerting the functions bet365 Play online games of reverse cyclical adjustment，Keep the bottom line that does not occur without systemic risks。Should insist on keeping the capital and the starting point of the benefit entity，Pay attention to loan projects to promote consumption、Drive employment、Comprehensive benefits to promote industrial upgrading，Continuously optimize the loan structure，Realize the unified economic and social benefits。

Third is to focus on "two new and one weight"，Help high -quality development。Government work report in 2020 proposes to expand effective investment，Focus on supporting consumption to benefit people's livelihood and regulate the "two new and one weight" construction。"Two new and one weight" support areas and policy banks highly coincide，It is an important point for policy banks to play the role of counter -cyclical regulation，These areas are large investment、long term、Uncertainty and other characteristics，Often is a field where commercial banks are less involved。Policy banks have been working in the "two new and one weight" field for a long time，Have information advantages、Customer resources and rich experience。In the field of emerging industry，To play a leading role，Do a good job of market construction in emerging fields and provide financing support，Selected to cultivate a group of competitive high -tech enterprises。In the field of traditional infrastructure，To combine with actual innovation investment and loan、New model of government and social capital cooperation，Guide to drive social capital to participate in the "two new and one weight" construction。To actively docking government needs，Strengthen Silver Administration Cooperation，Provide supporting funds for key projects supported by local debt funds，Effective collaboration with fiscal policy。We Bet365 lotto review must actively strive for the central bank's targeted monetary policy support，Give full play to the field of policy banks accurately、Strict advantages of capital supervision，Make the structural monetary policy tool to achieve precise docking of "two new and one heavy"，Improve monetary policy conduction efficiency。

(Author Unit: School of Finance and Finance, Renmin University of China)