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Dołączył: 13 Gru 2010
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 Wysłany: Śro 21:57, 19 Sty 2011 Temat postu: Deepening the Reform of the interest rate market _ |
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Deepening the Reform of Interest Rate
Reform measures in our country have such a long-term planned economy countries, to achieve the full market interest rates take a very long transition period. Thus,[link widoczny dla zalogowanych], according to international experience, combined with our current economic and financial development of the actual situation, the following recommendations: (a) improve the socialist market economy, the party's third plenum and steadily push forward interest rate market, establish and perfect the interest rate determined by market supply and demand mechanism, the central bank to use monetary policy tools to guide the market interest rate. This steady progress in the country for my 61 pointed out the direction of interest rate marketization. But the interest rate reform is a long and complicated task. Interest rate reform involves a wide range of other reform measures need to match, taking into account China's specific national conditions. Therefore, the mechanism for coordinated regional economic development; building a unified, open and orderly modern market system; and improve macroeconomic regulation,[link widoczny dla zalogowanych], administrative system and economic legal systems; improve employment, income distribution and social security system; established to promote sustainable economic and social development mechanism . This is the interest rate market of the implementation of necessary market environment. (B) of the state-owned enterprises should establish and perfect the modern enterprise system, enterprises are the cells of the national economy, if the enterprise market regulation on macro-control and can not make a flexible, effective response, it is difficult to plan and market to play an effective role. Enterprise is to build the basis of the socialist market economic system, but also a key interest rate market. First, the state-owned enterprises should intensify reform, as soon as possible joint-stock reform, a clear corporate property rights, reduce the burden of state-owned enterprises, improve operational efficiency, enhance the ability to adapt to the market interest rate, increase the sensitivity of interest rates, thereby improving the efficiency of the interest rate transmission mechanism . Second, the state-owned enterprises should implement enterprise hard budget constraints, making it clear property rights, clear rights and responsibilities, separation of enterprise and scientific management of modern enterprises, and establish a real property system and corporate governance corporate structure, the enterprise system reform, financial system reform and the reform of interest rate controls and promote each other, mutual promotion and coordinated development. Finally,[link widoczny dla zalogowanych], the state-owned enterprises should broaden the financing channels, and actively participate in market competition. It can be said of the process of marketization of interest rates, largely determine the rate of reduction in corporate debt and corporate liabilities formed by the state-owned commercial banks to resolve bad debt. (C) the establishment of a sound financial market financial market is a place of economic and financial information delivery, but also benefit 'of Canton Xijin Mo) ~ oo7 in | I'2 signal transmission rate and performance of the place. Financial markets (particularly short-term bond market) interest rate on the formation of a guiding role, often as a bank deposit and lending interest rates for reference. The formation of financial markets the prices of various financial products, as reflected in market capital supply and demand situation and the risks of different financial products, an important indicator of earnings. Therefore, the following aspects of staff should establish a sound financial markets: the currency markets, including interbank market should first ensure that the inter-bank bond market, foreign exchange market, the paper market, including the coordinated development of various sub-markets. Constantly absorbing new market participants, especially institutional investors, the number of, and improve investment efficiency and enhance competition in the financial sense of the subject. China's money markets will eventually develop into the central bank can effectively control, but also on other financial markets, interest rates and bank credit markets have a positive impact of the core financial markets. In the capital markets, rich variety of financial instruments to encourage financial innovation, the establishment of full range of structured financing instruments system. By increasing tradable financial instruments, expanding the coverage of the market interest rates, active in healthy competition with bank credit. Systems, standardize information disclosure system, establish a legal and economic means for the characteristics of the regulatory regime. In summary,[link widoczny dla zalogowanych], the interest rate market is a gradual process. In the future, interest rate reform will continue to steadily and continuously improve the governance structure of financial institutions and internal control mechanism, and gradually increase the interest rate pricing and risk management capabilities, to further strengthen the central bank's monetary policy control system,[link widoczny dla zalogowanych], to guide interest rates to further develop and optimize the allocation of financial resources The role of macroeconomic regulation and control.
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