宏观调控背景下对特别国债的多维解读

The Multidimensional Interpretation to Special Treasury Bond Under the Background of Macroeconomic Regulation and Control

对冲投放加剧、流动性过剩、物价上涨等一连串积重难题,构成我国当前一幅"特别"的宏观调控图景。由于此前单一的货币政策工具愈显乏力,于是超越单纯财政眼光的1.55万亿元特别国债果断地走向前台。特别国债的作用理应用有:减少流动性过剩压力,增加公开市场操作"利器";扩容国债市场,促进债市结构化变革;注资国家外汇投资公司,发展"主权财富基金";衔接财政货币政策,凸显宏观调控新思路。

A series of accumulative and tough problems such as intensified hedging,fluidity surplus and price rising composes a special situation of macroeconomic regulation and control in current China.The special treasury bond of 1,550 billion is released beyond the pure financial purpose because of the ineffectiveness of the prior single mone- tary policy.The special treasury bond is supposed to have the following functions:deducing the pressure caused by the fluidity surplus and perfecting the operation of public market;expanding the special treasury bond market and promoting the structural reform of the special treasury bond market;capitalizing the China Investment Corporation and developing Sovereign Wealth Fund;joining fiscal and monetary policy and highlighting the new ideas of the macroeconomic regulation and control.