化解我国当前流动性过剩问题的路径选择

The Preliminary Discussion on Current Excess Liquidity in China

本文将流动性过剩定义为金融资产交易能力的一种缺失。基于这一视角,本文指出,我国当前流动性过剩的根源在于经济结构的内外失衡,旨在化解流动性过剩的现行政策由于过于侧重总量控制而收效甚微。因此,流动性宜"疏"不宜"堵",只有从被动的总量控制转为主动的结构调整,实现经济和金融的良性互动,才能使我国当前过剩的流动性得到有效分流和利用。

This paper defines excess liquidity as lack of transaction ability of financial assets. From this perspective, the author points out that current excess liquidity in China originated from the internal and external disequilibrium of economic structure, and existing policies aiming at eliminating current excess liquidity do not operate adequately. Thus, it is better to ＂dredge＂ rather than to ＂stifle＂ liquidity. Furthermore, it is the change from passive gross control to active structural adjustment that can achieve benign interaction between economy and finance and utilize current excess liquidity in China efficiently.