我国利率市场化的基础

国家低利率管制体制的引入是为支持国有经济实现“重工业优先发展”的目标,改革后这一体制的存续,是出于国有经济事实上承担着社会保障职责的考虑。本该由财政负担的社会保障使命由国有银行李代桃僵,则是因为国家的财政能力不足所致。所以,我国利率市场化的真正基础应该是公共财政制度的建立和完善。

The Foundation of Interest Liberalization

The introduction of low interest regulation system was to facilitate the development of heavy industries when China was a capital-scare economy before the reform. After 1979,it is for the burden of social welfare on the SOEs,as a result of the finance in short of fund,to maintain the old regulations on interest. The paper argues that the foundation of the interest liberalization is the establishment and perfection of the fiscal system.