From the perspective of globally，The formation and development of the modern financial system is inseparable from fiscal relationship。But，Mainstream financial theory and currency theory failed to conduct in -depth research on the relationship between the two。and my country's special finance -financial system，A strong impact on the market currency circulation system。This has caused the existing fiscal and currency theory to be unable to explain and guide the deep -seated interaction between the central bank and the financial currency regulation，Urgently needs to create a Chinese economic practice、Monetary regulation theory with Chinese characteristics。

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First，The Party's centralized unified leadership of financial work，It helps to strengthen the coordination of fiscal policy and monetary policy。This is one of the remarkable signs that are different bet365 best casino games from developed countries in my country，It is also a key system guarantee for my country to do a good job of fiscal policy and coordination of monetary policy。my country always adheres to the party's leadership，Constantly exploring the correct road of financial and social development，Few is affected and interfered by other short -term political goals。In terms of strengthening the top -level design of financial policy，By setting up the Central Financial Committee，The decision -making deployment of the Central Financial Commission was formed、Each executive agency cooperates with the work pattern of the implementation of financial policy。In terms of strengthening the central affairs of the financial system，By setting up the Central Financial Working Committee，Realized the unified leadership of party organizations and cadres of financial Bet365 lotto review institutions。other，Establish a monetary policy committee at the central bank，my country is developing monetary policy、When the effect of monetary policy is estimated，We must fully consider the fiscal policy response，Avoid the misplacement and conflict of fiscal policy and monetary policy，So that fiscal policy and monetary policy form a joint force。

2，The key links of main state -owned financial enterprises grasping monetary policy transmission。Monetary policy tools through the financial market's intermediary role ultimately affects social investment and consumption。For our country，Whether it is in the scale of assets，Still in the key link of financial transactions，State -owned financial enterprises are the subjects in the financial system。In terms of indirect financing，Eight banks leading the banking market are all central financial enterprises or controlled by central financial enterprises。For direct financing，As of July 2021，There are 140 securities companies in my country，Among them, 102 are state -owned capital holding。At the same time，Enterprise providers in my country's financial infrastructure are also mainly state -owned financial enterprises。

third，The Ministry of Finance and the local financial department fulfill the duties of investors of state -owned financial enterprises，is the key feature of the "financial power" of state -owned financial capital，It is also an important institutional guarantee that my country's financial department affects monetary policy at the level of policy transmission mechanism。State -owned financial capital is owned by the whole people，The State Council exercises the ownership of state -owned financial capital on behalf of the state，The State Council and local governments authorize the Ministry of Finance and local financial departments at all levels to perform the duties of state -owned financial capital investors。This responsibility includes the reform of the guidance agency、Optimize the capital Bet365 lotto review layout and improve the supervision system;，Under the premise of adhering to the principle of marketization, it needs to highlight the "shareholder" image，Specifically including strengthening company management、Review of the major matters and the appointment and removal of corporate affairs。The monetary policy tool of the Central Bank，Reserve of financial institutions such as commercial banks such as commercial banks、Financing cost，Then affect its transaction behavior，But under the institutional arrangement of the rights of state -owned financial enterprises on behalf of the state and local financial department on behalf of the state，The financial department as a shareholder，Legally, it can directly affect the specific business transactions of financial enterprises，thus affecting and regulating currency circulation。

Fourth，The central treasury centralized receipt and payment system gives fiscal revenue and expenditure to affect currency circulation。One account of the Chinese Treasury is opened at the central bank，Independent in the currency circulation system，The funds in the account are non -influential，Not included in currency statistical caliber，The role of fiscal funds that can be concentrated in the government budget management，With "concentration" function。At the same time，The government finance department deposits fiscal funds to a single account of the state treasury after forming a state treasury deposit，This account implements a centralized revenue and expenditure settlement mode for fiscal funds，The "isolation" of the fiscal funds and the currency circulation system from the system。State Treasury centralized collection and payment system with "isolation" function，Make the government financial department can use fiscal revenue and expenditure activities and national treasury cash management activities，Realize the inflow of fiscal capital or flow out of the currency circulation system，To achieve the effect of currency regulation。

　　The lack of interpretation of mainstream currency theory 

The mainstream currency theory regards the central bank as the only regulatory subject for the circulation of a country，Ignoring the actual regulation of the government's financial department for currency circulation。Cognition of currency creation for mainstream currency theory，The evolution from currency intermediary theory to currency multiplication theory to currency credit theory，But the discussion of the way of currency creation is still constrained by the banking system (including central banks and commercial banks)，The scope of theoretical discussion is also limited to the status and difference between the division of labor between the central bank and the commercial bank，and whether commercial banks are the main body of currency creation。This neglect of regulating the financial department，Leading the lack of deserved explanation in the relationship between the relationship between fiscal policy and monetary policy。One aspect，The financial department has formed a substantial currency regulatory function through fiscal revenue and expenditure activities。my country's financial department organizes fiscal revenue in accordance with the law、In the process of arranging fiscal expenditure activities，Focus on the flow of funds between the central treasury centralized collection and payment system and the market currency circulation system，and then objectively have the function of regulating currency circulation。On the other hand，Banknotes、Coin (auxiliary currency) and digital currency issuance functions, whether it is executed by the central bank or the government financial department，All belong to the typical national credit，Based on national sovereignty and government financial credit，The goal is to meet the common needs of the transaction convenience and wealth preservation of the whole society。This reflects the fundamental goal that fiscal meets bet365 Play online games the common needs of society。

As far as my country is concerned，The formation and development of the modern financial system and the relationship between government finance are inseparable，Under the special financial -financial institutional arrangement in my country，The government's financial department can have a substantial impact on the supply of currency。Under the bank credit currency system，The creation of broad currencies depends mainly on commercial banks。The institutional arrangement of the responsibilities of the responsibilities of the state -owned financial capital investor by the Ministry of Finance and the local financial department of my country，The prerequisite for the government's financial department to have the prerequisite for the guidance of credit guidance to commercial banks，This is a commercial banking system led by private capital with Western countries、The situation of weak business guidance of the government financial department formed a sharp contrast。other，The impact of government bonds on the supply volume of broad currencies is very significant，Insufficient raising or failure in the financial markets of Western countries，It is difficult to happen in my country's system design。State -owned financial enterprises invested and managed by the financial department and the first -level dealers responsible for underwriting government bonds overlap，It means that when the financial department issues government bonds as planned to raise funds，If there is a risk that is difficult to issue due to the low economy，The financial department may affect the behavior of state -owned financial enterprises through the duties of the financial capital investor，Make a state -owned financial enterprise with a first -level dealer's identity purchased、Underwriting government bonds，This guarantees the smooth issuance of government bonds。

　　Monetary regulation based on the central bank -financial "double subject" 

In the practice of socialist market economy，my country has formed a set of financial -financial institutional arrangements different bet365 best casino games from developed countries in the West，Makes financial influence and regulatory power on the market currency circulation system。Professor Huang Da in his comprehensive balancing theory of financial credit，Elaborate on the perspective of the government's financial department's income and expenditure affects currency circulation，Makes financial influence and regulatory power on the market currency circulation system。But accompanied by the formation of the unique fiscal -financial system，Monetal regulation theory that needs to be constructed and improved with the foundation of the existing institutional foundation。and the central bank -the theory of currency regulation of the "dual subject" of finance，It is based on my country's special institutional foundation and follow the research paradigm of the new market fiscal，Exploring the government's financial department's regulation and control capabilities for general currency circulation and its formation mechanism，and study the relationship between finance and bank under the theoretical and practical level of the currency regulation framework system。It can be said，This theory is the re -development of the comprehensive balancing theory of fiscal credit that affects reality currencies that affect the rectification of fiscal revenue and expenditure during the planned economic transformation.，Not only is it in line with the historical development law of the modern financial system and the inseparable financial development，It also conforms to the actual requirements of the current macro -control policies that attach importance to the money effect and financial effects of the finance。Li Junsheng and others have also shown，Government's fiscal activities have currency effects。In the market currency circulation system between 2000 and 2018，About 44.31%of the currency circulation scale is affected by the government's financial department，and this ratio is still growing。Study Bet365 lotto review on the currency effect and role of government debt show，2015-2020，The highest 25.31%of the credit scale in the currency market is affected by the entire process of local government bonds。

　　(Author Unit: China Finance Development Coordinated Innovation Center)