Structural Policy: The key starting point for coordinating the economic and risk prevention
March 22, 2023 09:37 Source: "China Social Sciences" March 22, 2023 Total Issue 2615 Author: Sui Jianli Liu Biying

Stable characters、Stable and progressing is the general tone of the current economic development of China,Stable growth、Volatility of Employment and Price,The impact and transmission of preventing risks,It is important to build a strong and tough national economic cycle system。The Central Work Conference in 2022 emphasizes the need to "improve the policy implementation method,Enhanced timeliness and accuracy ",Structural policy is the key starting point for playing the role of "precise drip irrigation"。So,Relying on structural policies to accurately and strongly stabilize the economy and risk prevention,It has important practical significance。

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First,Understanding structural policy at the broad level,Not limited to structural monetary policy tools。With the advancement of supply -side structural reforms,Monetary policy needs to be targeted at weak links in the economic structure,Give precise and powerful support,Structural monetary policy tools came into being。But,Relying on the adjustment of the supply level,Not enough to solve the problem of structural imbalance,It should also upgrade the total demand structure、Debt structure、Income distribution structure, etc.。So,Structural policy at the broad level corresponds to total policy,refers to the economic policy that adjusts and optimizes the economic structure。A series of structural problems currently facing my country,It is necessary to implement a larger range of structural policies,For example, "Accelerate Digital Transformation", "Accelerate the Development of Long -Rent Housing Market", "Supporting Coal Clean and Efficient Utilization", "Optimized Channel Layout,Upgrade Logistics Network bet365 best casino games "and other measures,The key point of the imbalance of the structural imbalance between the orientation of the orientation。

2,Structural policy exists credit、Interest rate、expectations、Risks bearing the conduction mechanism。In terms of credit transmission mechanism,Guide credit resources flow to weak links or key areas,Provide credit liquidity for specific markets,Reduce "credit discrimination",Promoting the stable and healthy development of the economy。In terms of interest rate conduction mechanism,Reduce financing costs by adjusting interest rates,Improve interest rate term structure,Then affect short -term、conversion efficiency between long -term interest rates,Improve financing conditions and reduce risk premium。As far as expected conduction mechanisms are concerned,Use central bank communication and other means,Critical information such as conveying key support areas to the market,Then boost market subject confidence,Change market entity expectations and investment and financing decisions。As far as the risk is concerned about the conduction mechanism,Guide to control the loan structure and control the total amount of loans through the central bank window,Make financial institutions actively assume social responsibility,better meet the investment and operation needs of small and medium -sized enterprises。

third,Structural policy as a new tool for macro -control,It is the key starting point for coordinating the economy and prevention of risk prevention。First,Structural policy is an important manifestation of "innovation and improving macro -control",It is mainly targeted at various structural imbalances that affect the sustainable and healthy development of the economy,To achieve the goal of stable economy and risk prevention。Next,Structural policy helps to open production、allocation、circulation、Consumption and blocking points in the economic cycle at home and abroad,Dredging bet365 live casino games the obstruction of traditional fiscal and monetary policy transmission mechanisms,Improving the regulatory efficiency of the inverse cycle and the cycle of the macro -control policy。Last,Structural policies can ensure that the financing cost of enterprises is stable and reduced,Ability to enhance the real economy of financial services,Precise and effective disposal of key areas risks,to build a complete modern financial institution system,Improve the anti -risk ability of the economic system。

  Using key points of structural policy

Pay attention to the close connection between the economic structure。Using structural policies cannot only stare at a certain economic structure,Instead, pay attention to the connection between different economic structures。For example,General demand structure imbalance may come from uneven income distribution structure on the consumer side,It may also be attributed to the unreasonable supply structure of the investment side,Structural policy formulation not only needs to pay attention to the total demand structure,We must also take into account the dynamic balance between the income distribution structure and the supply structure。Visible,Using structural policy helps multi -dimensional、Delivery in many fields to explore structural imbalances,Prevent the repeated and diffusion of structural imbalances。

Policy tools need to focus on key points,There are advances and retreat。To assist the traditional fiscal and monetary policy,Drawing the unique advantages of the real economy of "precision drip irrigation" and "leverage",Structural policy tools intensive increase,It is intended to support key areas in the process of Chinese -style modernization。But,Excessive structural policy tools,It means that all market entities are benefited by policy benefits,Fund allocation effects of structural policy and traditional fiscal monetary policy will be no different。So,Structural policy tools need to focus on key areas Bet365 lotto review of different periods,Due to the situation created or exited due to the situation,and control the number of tools with the scale of the placement at a reasonable level,Avoid abuse of policy tools。

Improve the financing guarantee system,Optimization policy implementation environment。To avoid financial institutions, "I want to loans or dare not loan",Promote financial institutions to small and medium -sized enterprises、"Three -rural" subject issue loans,It is necessary to further improve the financing guarantee system,If the agricultural credit guarantee system is established、Establish a special risk compensation fund、Subsidy subsidy system for implementing the guarantee fee、Improve due diligence exemption rules, etc.,Changtong Guarantee、Re -guarantee chain,Forms "Dare Loan、May loan、Energy loan、Meeting Loan "long -term mechanism,to enhance the ability of financial institutions to bear risk,Create a good environment for the smooth implementation of structural policies,And as a small and medium -sized enterprise、"Three -rural" main body bits and breds,Cracking financing difficulties、Financing expensive issues。

Deep integration with cyclical policy,Collaborative linkage。Synchronous due to market demand contraction and supply shock,Periodic contradictions and structural contradictions outstanding,Need collaboration between policies,Enhance the vitality of economic development。In order to alleviate the short -term pain caused by structural policies,On the one hand,"Quick" for the periodic policy,It will improve consumption as the main point of expanding domestic demand,Utilizing the periodic policy directly acts on the micro -subject to promote consumption; on the other hand,,To make good use of the "support" of the cyclical policy,Periodic policy needs to ensure the smooth health of the market environment,Grasp the time effect of promoting deepening reform,To make it first bet365 best casino games and then break、Stable and stable。

  Policy support that stabilizes the economy and risk prevention

Relying on structural policy tools to consolidate and enhance economic toughness。Raising economic toughness is a prerequisite for stability and risk prevention。To enhance economic toughness,Structural policy tools can mainly start from the supply end,Continue to agriculture -related、small micro、Provide inclusiveness in private enterprises、Continuous capital support。At the same time,Supporting tools by creating carbon emission reduction reduction,Promote the transformation and upgrade of traditional industries,If you set up coal clean and efficient use of special re -loan,Provide preferential interest rate financing for key projects with high carbon reduction benefits,Release market innovation vitality and creative potential,Cultivate new kinetic energy of economic development。other,Promoting scientific and technological innovation、Inclusive Pension、Tools such as transportation and logistics special re -loan and other tools come into effect,It is expected to better meet the needs of high -quality economic development。

Relying on structural policy tools to promote stable growth and structure optimization of credit。Insufficient demand for valid credit in the market、Credit delivery weakness and other problems,Structural monetary policy shoulder the heavy responsibility of stable credit。On the one hand,Steady increases the valid requirements of credit。In the context of expanding domestic demand,Structural monetary policy tools need to play an anti -cyclical regulatory effect,Accelerate implementation of major projects that support the national development plan,such as "Fourteenth Five -Year" major project,and moderate advancement of traffic、Water conservancy、Information and other major infrastructure construction。On the other hand,Optimized credit structure。Guide credit resources flow to key areas of real economy,bet365 Play online games such as green low -carbon industry、High -tech manufacturing、biological industry、New Material Industry, etc.,It is expected to enhance the support of finance to the real economy。

Relying on structural policy tools to prevent and resolve economic and financial risks。Use structural monetary policy tools such as re -loan and targeted reduction,"Accurate Drip irrigation" management interest rate,Adjust the relationship between short -term interest rates and long -term interest rates,Maintain a reasonable level of liquidity in specific markets。With the gradual opening of my country's capital market,Volatility of asset prices affects currency demand and cross -border capital flow,Structural policy can be coordinated with macro -prudential policies,Periodic fluctuations of asset price prevention。other,Stabilize the banking system、Local finance、The leverage rate of the real estate market,Actively prevent and resolve economic and financial risks。For example,Optimized combination deficit、Special debt、Discipline and other tools,Sustainable sustainability of local finances,Control the risk of local debt in a certain range; use the special borrowing of the "insured property"、"Insurance Communications" loan support plan,Ensure that real estate companies pay the property on time,Promoting the steady and healthy development of the real estate market。

Relying on structural policy tools to curb economic and financial risks transmission。Some cross -institutions、Cross -industry、Cross -market and cross -border risk transmission often leads to Domino card effect,Treatment of systemic financial risks。In order to resolutely keep the bottom line that does not occur without systemic financial risks,You need to make good use of the "quasi" and "wisdom" of the structural policy。On the one hand,Classification of risks of key areas,Especially for high -risk financial institutions,Establish an intelligent financial risk control mechanism,Achieve precise Bet365 app download identification and monitoring of various risks at all kinds of risks,Enhance the toughness and stability of the financial system。On the other hand,Highly vigilant "Black Swan" and "Gray Rhino" incident,The probability of effectively reducing the occurrence and transmission of the financial crisis,Casting the barrier of the transmission of financial risks。

 (This article is the major project of the National Social Science Fund "the formation mechanism of China's economic toughness under the new development pattern、Dynamic Evaluation and Policy Collaborative Research "(21&ZD073) Pharmaceutical results)

(Author Unit: School of Business and Management of Jilin University)

Editor in charge: Chen Jing
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