流动性过剩的疏与堵

Excessive liquidity: Dredging and blocking

该文从我国流动性过剩形成方式的全球性和体制性,表现形式的结构性和相对性分析入手,辩证看待流动性过剩对经济的不利影响和积极作用,提出解决流动性过剩问题,应"疏"、"堵"并举,既要完善政策以提高围堵流动性的调控效果,也更要从转变政府职能、加快资本市场发展、促进经济增长方式转变等方面加强疏导流动性的机制建设。

Starting from the global and institutional masons for China＇s excessive liquidity as well as the structural nature of its manifestations, this paper uses a dialectic approach in analyzing the positive and negative effects of excessive liquidity on China＇s economy, and puts forward solutions for the liquidity glut. According to the author, both dredging and blocking should be adopted in addressing the problem, i.e. introducing monetary policies to raise the required reserve ratio and interest rate for blocking liquidity while enhancing institutional construction to guide and utilize the liquidity by means of reforming government functions, accelerating capital market development, and promoting the transformation of economic growth mode.