论利率市场化和我国的利率体制改革

The appropriateness research and lessons from Hong Kong's highly advanced financial system

我国利率体制改革的目标是实现利率市场化。但利率体制改革必须和国有企业改革、银行商业化改革相配套，只有它们的资金扩张和预算软约束得以控制，它们的行为规范化，利率市场化才有存在的可能和必要。此外，利率市场化改革还必须和外贸、投资、物价、社会保障体系等改革协调配套进行。而这些改革也都需要一个过程，因此必须认识到我国利率市场化改革具有协调性、渐进性、长期性和国际性的特征，是一项任重道远的改革。

The target of the reform of interest rate system is marketization.This reform should match the reform of state-owned enterprises,and the reform of the commercialization of banks.Only when the expansion of capital and the soft-restraint of budgets have been controlled will the existence of the marketization or reform be probable and necessary.In addition,this reform should also match the reform of foreign trade,investment,prices,the systems of social security,and so forth.As all these reforms take time,we should realize the harmonization,graduation,internationalization are characteristics of the reform of the marketization of interest rate,and we have a long way to go.