当前我国的融资收缩及应对政策

融资是现代经济运转的必要条件。近年来 ,我国经济运行中出现融资收缩。这是生产能力阶段性过剩和微观机制变化的综合反映 ,主流是健康的 ,但也有负面影响。自 1998年以来我国出台的多项政策措施具有明显的克服融资收缩负面效应的特点 ,效果是好的。未来一些年份 ,我们应围绕经济体制和经济增长方式“双转变”安排宏观经济调控 ,既保证经济的较快增长 ,又不能失之过松。从短期考虑 ,一要保持较大的国债发行力度 ,二要处理好防范金融风险和增加贷款的关系 ;从长期考虑 ,则应顺应形势发展 ,搞好财政、金融改革 ,积极发展金融市场

The Contraction of Borrowing and Macro Countermeasures in the New Economic Phase

Borrowing money is one of the requisite conditions for the operation of a modern economy. There has been a tendency towards contraction of borrowing in economic operations in China over recent years, which is a concentrated reflection of a phasic surplus of productive capacity and changes in micro mechanisms. The main trend is healthy although there are negative implications. Numerous measures aimed at overcoming negative effects of this contraction in borrowing have been initiated since 1998 with good results. In the coming years macro economic control and regulation should focus on the transformation of both the economic structure and the patterns of economic growth in order to achieve the economic growth and at the same time keep borrowing within reasonable bounds. In the short term, government loan bonds should be issued in reasonably large quantities and the relationship between preventing financial risks and the increase in loans should be well handled appropriately; in the long term, China must keep in step with development and do a good job of financial and monetary reform and vigorously develop its monetary market.