Zhao Zhongxiu: Why should we accelerate the marketization of w88 casino games login rates?
(Source: "Qiushi" 2014Year7Issue)
Economic system reform is the driving force and focus of comprehensively deepening reform. Among them, there are many highlights in the reform to improve the financial market system, the most attracting one is accelerating the marketization of w88 casino games login rates. The marketization of w88 casino games login rates is not only an important condition for the market to play a decisive role in resource allocation, but also a key link in deepening the current economic system reform.
1. w88 casino games login rate liberalization is a global trend
What is w88 casino games login rate liberalization? There are two more consistent views: one is that the government relaxes direct administrative control on deposit and loan w88 casino games login rates, lifts the protection of bank deposit and loan w88 casino games login rate spreads, and relies on market supply and demand to determine the price of funds; the other is that market entities independently determine w88 casino games login rates, that is, in the case of sufficient market competition, no single market entity can become the decider of w88 casino games login rates. In fact, these two views are two sides of the same coin. w88 casino games login rate marketization is a reform promoted by the government. The process of deregulation of w88 casino games login rates by the government is a process in which market entities determine w88 casino games login rates through a competition mechanism. Its goal is to hand over the decision-making power of w88 casino games login rates to financial institutions, who will independently adjust w88 casino games login rates based on capital conditions and judgments of market trends, and ultimately form a system and w88 casino games login rate formation mechanism based on the central bank's benchmark w88 casino games login rate, with financial market w88 casino games login rates as an intermediary, and supply and demand relationships determining the deposit and loan w88 casino games login rates of financial institutions.
Why should we promote w88 casino games login rate marketization? Judging from the economic development experience of various countries, w88 casino games login rate controls often result in negative real w88 casino games login rates, leading to inefficient use of funds and inhibiting economic growth. As capital prices have been administratively suppressed, on the one hand, the financial system's ability to absorb domestic savings has been weakened, resulting in insufficient capital supply; on the other hand, excessively low w88 casino games login rates have stimulated enterprises' excessive demand for capital, resulting in a situation where capital demand far exceeds capital supply. In this case, it is easy to form a solidification of fund allocation, making it difficult for disadvantaged small and medium-sized enterprises to obtain funds and being excluded from the financial system. Reform is to reduce the impact of human factors on finance, give full play to the function of financial markets in fund allocation, and eliminate financial suppression to promote the development of the national economy.
After World War II, countries around the world generally adopted w88 casino games login rate control policies. The direct purpose of government control of w88 casino games login rates is to administratively lower the cost of capital to promote economic growth, and to maintain the stability of the financial system by restricting competition. last century7011359_114381980Start the w88 casino games login rate market reform in1986The regulation on deposit w88 casino games login rates was abolishedQRules; from Japan1977Commercial banks are allowed to purchase government bonds for sale on the market until1994Release all w88 casino games login rate controls;90At the end of the decade, India, Indonesia, South Korea and other countries were also thereIMF(International Monetary Fund) promoted the market-oriented reform of w88 casino games login rates. The liberalization of w88 casino games login rates has greatly promoted the construction of the financial systems of these countries, reduced financial costs, improved market efficiency, and promoted economic growth.
2. my country’s w88 casino games login rate marketization is promoted simultaneously with the reform of the economic system
The market-oriented reform of my country’s socialist economy is being promoted actively and orderly. In terms of establishing and improving the market system, the early reforms focused on rationalizing commodity prices and establishing and improving the commodity market, which has been achieved so far95%The prices of the above commodities are determined by market supply and demand. last century90Since the late 1990s, the marketization of production factor prices has been emphasized, and the production factor market has been gradually established and improved. Capital is an important factor of production, w88 casino games login rate is the price of capital, and marketization of w88 casino games login rates is an important part of marketization of prices of production factors. On the basis of learning from the experience of other countries, my country's w88 casino games login rate marketization reform has been steadily advancing in accordance with the unified arrangements of the Party Central Committee and the State Council. The overall idea is to "marketize w88 casino games login rates in the money market and bond market first, and then marketize deposit and loan w88 casino games login rates."
First, liberalize the inter-bank lending market w88 casino games login rate first.1986Year113830_138841995Year1113941_139851996Year1In March, all inter-bank lending business was handled through the national unified inter-bank lending market network, thus generating the China inter-bank lending market w88 casino games login rate (CHIBOR）。1996Year514181_14276
Second, liberalize bond market w88 casino games login rates.199114720_14750199614778_148081997Year6In March, the People's Bank of China issued the "Notice on Issues Concerning the Inter-bank Bond Repurchase Business", and the inter-bank bond repurchase w88 casino games login rate and spot bond transaction price were market-oriented.1998Year9In March, the China Development Bank issued financial bonds through public bidding for the first time through the bond issuance system of the People's Bank of China, and policy bank financial bonds realized market-oriented issuance.1999Year1015089_15136
Third, promote the marketization of deposit and loan w88 casino games login rates. The idea behind the marketization of deposit and loan w88 casino games login rates in my country is "foreign currency first, then local currency; loans first, then deposits; long-term, large amounts first, then short-term, small amounts." At the turn of the new century, my country began a new round of reform of the foreign exchange w88 casino games login rate management system,2000Year9The w88 casino games login rate on foreign exchange loans was relaxed in March.1999Year10In March, the People's Bank of China approved the pilot operation of long-term large-amount agreement deposit business for Chinese-funded insurance companies by legal entities of Chinese-funded commercial banks. The w88 casino games login rate level shall be determined by negotiation between the two parties. from2002Year2Starting from January, the scope of depositors for the agreement deposit pilot has been expanded to include the National Social Security Fund Council and provincial social insurance agencies that have completed the pilot program of pension insurance personal account fund reform.2003Year11In March, the Postal Savings and Remittance Bureau of the State Post Bureau was allowed to open postal savings agreement deposits with commercial banks and rural credit cooperatives.2004Year10The monthly liberalization of the upper limit of loan w88 casino games login rates and the lower limit of deposit w88 casino games login rates of financial institutions marks the realization of the phased goal of my country's w88 casino games login rate market-oriented reform.
2013Year7In March, my country fully liberalized controls on loan w88 casino games login rates for financial institutions. The main content of this reform is: canceling the loan w88 casino games login rate of financial institutions0.7Then, in order to meet the needs of marketization of loan w88 casino games login rates,2013Year10The centralized quotation and release mechanism of monthly loan basic w88 casino games login rate is officially launched. The liberalization of loan w88 casino games login rates means that the market-oriented reform of w88 casino games login rates has taken another big step forward. At the just-concluded "Two Sessions", a timetable was also given for the liberalization of the last and most critical w88 casino games login rate in my country's w88 casino games login rate system, namely the deposit w88 casino games login rate.
3. The market-oriented reform of w88 casino games login rates still requires tremendous efforts
The Third Plenary Session of the 18th Central Committee of the Communist Party of China proposed to accelerate the marketization of w88 casino games login rates, which is to further liberalize the price of monetary capital as a production factor, promote the transformation of the financial market from a low-level market to a high-level market, and ultimately form a complete financial market system. As monetary funds and market w88 casino games login rates increasingly play a fundamental role in economic activities, the market-based reform of w88 casino games login rates is destined to be a deeper and more difficult reform.
my country’s market-oriented w88 casino games login rate reform has reached a critical node, that is, further relaxing and eventually deregulating deposit and loan w88 casino games login rates, and gradually reducing and eventually canceling intervention in the exchange rate formation process. As a special resource, monetary capital is the general equivalent of various physical commodities and physical wealth. It has the widest versatility and the fastest liquidity. Any other resources can only become commodities that can be bought and sold and enter the market circulation only if they can be converted into monetary funds. As the "incarnation" of other resources, funds are also the most basic tool for regulating these resources. Therefore, if capital resources are not commercialized, that is, w88 casino games login rates are not market-oriented, it will be difficult for the market economy to go further.
At present, because deposit and loan w88 casino games login rates are controlled by the government to varying degrees, the overall level of w88 casino games login rates in our country is low, the w88 casino games login rate structure is unreasonable, the differential w88 casino games login rate policy is imperfect, and the supply and demand of social lending funds are unbalanced, which has resulted in some problems. The main manifestations are: the large w88 casino games login rate spread between deposits and loans is the main source of profit for commercial banks, resulting in banks' lack of motivation to improve the efficiency of fund use; commercial banks use their funds extensively for "direct credit" and are more willing to lend to large enterprises and government-supported projects with low risks and stable profits, while small, medium and micro enterprises and agricultural projects that are in urgent need of funds are short of funds; the overcapacity caused by low w88 casino games login rates Due to the huge demand for funds, fund allocation is often based on borrowers' personal interactions or even rebates, which can easily breed corruption; under inflation expectations, some funds flow out of banks and are invested in various financial products or private projects with higher returns, resulting in a large amount of private lending activities, which actually breaks through w88 casino games login rate controls and forms a new "dual-track w88 casino games login rate system" and the so-called "shadow banking."
It is foreseeable that with the advancement of comprehensively deepening reforms, my country's deposit w88 casino games login rates will be liberalized when conditions are mature, and an w88 casino games login rate formation and operation mechanism will eventually be established in which deposit and loan w88 casino games login rates are determined by market supply and demand, and the central bank uses monetary policy tools to regulate and guide. However, judging from the experience of market-oriented w88 casino games login rate reforms in other countries, liberalizing deposit and loan w88 casino games login rates, especially deposit w88 casino games login rates, faces huge challenges. The advancement of w88 casino games login rate liberalization will not only increase competition in the banking industry itself, but the entire financial industry will also face external impacts. If there is no follow-up of supporting reforms and unfavorable financial supervision occurs, it will bring about a series of problems and even lead to greater financial risks and even crises. For example, after the liberalization of deposit and loan w88 casino games login rates, large financial institutions, relying on their scale and strength, can relatively easily obtain social financial resources and continue to invest in enterprises and projects with stable returns, while small and medium-sized financial institutions are forced to collect deposits at high w88 casino games login rates to survive, and are forced to invest in enterprises and projects with high w88 casino games login rates and higher risks. If there is a lack of supervision or inadequate supervision, a situation similar to the U.S. subprime mortgage crisis may recur.
Therefore, to promote the marketization of w88 casino games login rates, we must combine the w88 casino games login rates determined by market supply and demand with the supervision and control of the central bank, and intensify reform efforts from both aspects at the same time. On the one hand, we should give full play to the role of market mechanisms and promote moderate competition in the financial industry. In particular, we must make good use of w88 casino games login rates as a signal function of capital prices to guide the optimization of the allocation of financial resources. Specifically, the marketization of w88 casino games login rates includes not only the marketization of w88 casino games login rate levels and fluctuation ranges, but also the marketization of the access and exit of financial institutions, and the marketization of w88 casino games login rate management methods. Only by matching the reforms in each link can the financial market operate effectively. On the other hand, strengthening financial supervision and monetary control specifically includes establishing financial regulatory tools and means that adapt to the marketization of w88 casino games login rates, strengthening regulatory coordination, and cultivating price-based tools for monetary control. On the basis of the relatively mature w88 casino games login rate marketization reform, we should promote exchange rate marketization and further promote capital account opening, so that the flow of international capital can be used for my country's economic development, so that its fluctuations can be better hedged by exchange rate and w88 casino games login rate fluctuations. Considering the impact of the exchange rate system on the independence of domestic w88 casino games login rate policies, in the process of promoting w88 casino games login rate marketization, it is necessary to further expand the range of exchange rate fluctuations and improve exchange rate flexibility to reduce the impact of international cross-border capital flows on domestic w88 casino games login rate marketization reforms.
Attachment: Original report link
http://theory.people.com.cn/n/2014/0401/c83846-24794585.html
