现阶段流动性过剩成因及疏通渠道分析

Analysis of the Causes and Channels of Modern Liquidity Surplus

中国现阶段存在流动性过剩问题,而且央行传统的金融调控手段面临失灵风险。文章认为,现阶段可通过改变人民币升值预期、采取紧缩性财政政策、大力发展资本市场吸纳过剩的流动性。但流动性问题的解决,不可能一蹴而就,因此从长期来看,必须调整产业结构,改进社会财富分配制度。

China encounters the liquidity surplus problems now, while the central bank＇s traditional policy measures fail to solve the problems, which new channels should be found to alleviate. In the short term, we should change the RMB appraise expectation tightening fiscal policies, and enhancing the capital markets to absorb the liquidity; in the long term, we should adjust the industrial structure to change the social welfare distribution systems.