Continue to improve the control model of monetary policy
November 18, 2020 09:44 Source: "China Social Sciences", November 18, 2020, No. 2050, author: Li Cheng Li Yifan

The current domestic and foreign economic situation is complicated,Economic uncertainty has increased significantly,The constant international environment has a huge impact on my country's economic development。The Fifth Plenary Session of the 19th Central Committee of the Party clearly proposed,"Improve the Monetary Supply Regulation Mechanism"。In order to comprehensively implement the "six stability" work and "six guarantee" mission,steadily promoting the high -quality development of China's economy,Realize the grand goal of building a well -off society in 2020,Help comprehensively build a socialist modern country,It is necessary to continue to improve the monetary policy regulation mode。

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From the short term,The impact of the new crown pneumonia's epidemic has obtained some effective recovery of physical enterprises,The potential of domestic consumption needs to be further released。The current prevention and control of my country's epidemic has achieved staged victory,Economic activities gradually recover,But the damaged enterprise completely returns to normal production and operation. It still takes time。Especially small and medium -sized enterprises in a difficult and difficult situation due to insufficient solvency,Chain reactions to enterprises upstream and downstream of the industrial chain,It also formed a large pressure on employment。In order to fully realize the requirements and tasks of "six stability" and "six guarantees",Requires monetary policy to "emergency、Relief ",Provide sufficient liquidity for physical enterprises,Guarantee the steady development of the macroeconomic。

From the middle period of view,In 2015, an inflection point appeared in the bet365 Play online games growth momentum of my country's foreign trade surplus.,Coupled with the exit of the mandatory foreign exchange exchange and sales system,In the past, export -oriented economy relied on large -scale foreign exchange reserves to grow out of the basic currency,The central bank has a fundamental change in the era of hedging the amount of currency in the market in the form of increasing the statutory deposit reserve ratio。This new requirements are proposed for the initiative of monetary policy regulation and the way to broaden the channels of monetary supply。Behind the reduction of the trade surplus,The potential risks containing the transfer of industrial chain and tightening foreign demand,It shows that the external channels of my country's economic development are impacted,So,Need to seek balanced and maintaining high -quality development between domestic demand and external demand。Correspondingly,In order to form a market demand, the focus is mainly from the external economy as the main body "with domestic large cycle as the main body、The new development pattern of the transition of domestic and international dual cycles,Requires the motivation to find effective demand on the market supply side。This is also optimized for monetary policy regulation and control,Promoting the domestic demand -oriented economic development of large domestic cycles and the development of domestic demand -oriented economic development。

From the long term,In 2008, the financial crisis pushed the world economy into a downward ramp,Dragging power on my country's economic growth,In addition, the domestic economy has entered the new and old kinetic energy conversion and industrial structure transformation stage,The speed of economic growth slows down to what is inevitable,Gradually from high -speed growth to medium and high -speed development。Looking back at my country 2000 to 2010、2010-2019 GDP growth rate can be found,my country'Bet365 app download s economic growth is declining。Under the impact of the new crown pneumonia,The possibility of further decline in economic growth in various countries increases significantly,is the downside risk of hedging economy,Requires monetary policy to strengthen counter -cyclical regulation at the total level,Stable operation of maintaining economic growth,Guarantee the toughness of the economy。

  Clarify phased goals and functions

Copy complex environment,Monetary policy regulation should take into account economic development short、Middle、Long -term staged features,There are some emphasis on the operation technology、Precise Force。

First,The long -term goal of monetary policy regulation is economic growth and stability of prices,Maintain economic growth in a reasonable range,While promoting the stable economic operation of economic stability, the level of prevention of price is significantly increased。Second,The mid -term goal of monetary policy regulation is to promote the use of domestic large cycles as the main body、Economic transformation promoted by domestic and international dual cycles,Promoting the balance of domestic economic supply and demand,Guarantee stability of foreign trade,The "dual -cycle" economic development that achieves internal and external balance。third,The short -term goal of monetary policy regulation is to help enterprises get rid of the dilemma of funds as soon as possible,Give play to the multi -level advantage of the People's Bank of China to increase market liquidity,Provide inclusiveness to the real economy、persistent、Direct funding support of accuracy,The urgency of solving the funds of corporate production funds,Prevention of the capital chain of economic development。

At the same time,Monetary policy regulation should strengthen "total supply", "price traction" and "structural guidance" triple features。"Total Supply" refers to the increase in bank credit by the People's Bank of China by regulating the bet365 best casino games total gateway of the currency supply,Guide the flow of credit、scale and real economy can be obtained,Make the macroeconomic liquidity to micro,Meeting the needs of the operating funds of physical enterprises。"Price Direction" refers to the release of reasonable and plenty of liquidity to the People's Bank of China to the market,Direction interest rates with the help of market supply and demand mechanisms,Reduce financing costs through commercial banks and financial markets,Subsidies for guarantee funds and price signals,Stable micro -subject low -cost funds expectations,Confidence in stimulating business development。"Structural Guidance" refers to the ability to expand the structure guidance function of the monetary policy,For the weak link for the real economy,Clear Credit Object、scale、Dialogue and use,Improve the long -term mechanism for banks to increase loans of small and medium -sized enterprises,Accurately release liquidity to achieve accurate drip irrigation,Avoid "removing reality and virtual",Realize "Structural Guidance" effect。

Monetary policy regulation should be aimed at the common force of quantitative tools and price tools,Increase the "volume and price composite" loan convenience class tool strength,Use window guidance、Direct Regulations、Administrative tools for assessment of index,Innovative tools that improve the direct to the real economy,Diversified、Multi -dimensional monetary policy tools cover a wider range of operations,Give play to marketization、Efficacy of administrativeization。Based on this,Fully excavate the monetary policy toolbox,The advantages of giving play to various monetary policy tools。Pharmaceuticals for the phased needs of the complex economic environment,Flexible use reduction、Loan convenience、Open market operation、Re -loan、Cashback and other tools,The effectiveness of the regulation of monetary bet365 Play online games policy through combination with different tools。

  Implement service "Six Stability" and "Six Insurance" tasks

In order to comprehensively implement the "six stability" work and "six guarantee" mission,It can be coordinated and optimized for the regulation of monetary policy from the following aspects。

First,Increase the coordination of stable and moderate monetary policy and more active fiscal policy。5g、New industry represented by artificial intelligence、New format、New kinetic energy is developing rapidly,Fiscal policy and monetary policy need to match each other to improve efficiency。In the process of forming a new development pattern,On the one hand,On the other hand, we must also maintain the scale of the credit of traditional infrastructure at the right proportion,Stable transition to realize economic kinetic energy conversion,More active fiscal policy and stable and moderate monetary policy collaborative force。

2,Promoting monetary policy regulation and macro -prudential management remain consistent。Monetary policy while maintaining reasonable liquidity,Need macro -prudential supervision,"Double Stability" of the economic and finance。where,Persist in the bottom line of thinking for the virtual economy,Implement strict supervision and prevent asset bubble,Guide funds into the key areas of the real economy; take flexible supervision for the real economy field,Properly relax some regulatory indicators under the premise of controlling risks,Protect the enthusiasm of the agglomeration of micro -subject,Help the real economy to overcome difficulties,Long -term equilibrium that achieves stable growth and risk prevention。

third,Grasp the liquidity reasonable and abundant expected funds precise guidance。Facing the intricate economic environment,Monetary policy must be closely monitored to change the liquidity changes in domestic and foreign markets。Practitioning the anti -cyclical regulating role according to the economic situation,Broadcasting (M2) growth rate and the Bet365 lotto review growth rate of social financing must be appropriately increased,To meet the needs of economic entities' operating funds。At the same time,The impact of hedging economic downturn with greater strength,Posted a positive signal for the transmission of monetary policy to the market,Realize the dynamic adjustment of funds and adjust flexible and moderate。Structural operations combined with economic differences in different regions,Precise funds to the real economy,Grasp the strength and rhythm of liquidity launch,Maintenance of market funds is abundant and stable。

Fourth,The regulation and control of transparent monetary policy will be disclosed with the stable market expected management synchronization。Report the implementation of monetary policy through open and transparent tools and information report,Diversified means such as regular window guidance and policy publicity,Do a good job in the policy level of the People's Bank of China、The information of the credit layer of commercial banks and the market layer of the economic main body is unblocked。Activity of strengthening monetary policy、Forward -looking guidance,Targeted correction of the tendency of the company's focus on the virtual economy,Increase the key areas of the real economy、Small and micro enterprises、The credit support of the core industrial chain and its upstream and downstream enterprises。Economic stability requires optimistic market expectations,To work hard at the expected level of the stable market,Determination of the country's determination to convey the country to strongly support the development of the real economy,Guide market entity behavior and monetary policy goals,Realize the "six stability" and "six guarantee" goals under the premise of economic stability development。

  (This article is the general project of the National Social Science Fund "the cause、Monitoring and Countermeasure Research "(17bjy193) phased results)

(Author Unit: School of Economics and Financial, Xi'an Jiaotong University)

Editor in charge: Zhang Yueying
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