中国央行准财政职能的问题和对策

Quasi-fiscal Operations of China's Central Bank:Problems and Countermeasures

长期以来,中国央行承担清理银行不良资产、救助问题金融机构、支持金融改革和经济结构调整、提供汇率担保等准财政职能,对其财务状况有一定负面影响。这可能加大通胀压力,不利于经济金融长期稳定发展。应逐步理顺央行和财政的关系,财政担负其应有职能,改善央行财务状况,提高其有效进行货币调控的能力。

The quasi-fiscal operations(QFOs) conducted by China's central bank include cleaning up commercial banks' NPLs,bailing out insolvent financial institutions,supporting financial reform and economic restructuring,providing exchange rate guarantee under a de facto USD peg regime,and so on.The QFOs have substantially weakened the central bank's financial strength and its capacities to implement a sound monetary policy,which may in turn increase inflationary pressure and affect the long-term stable economic and financial development.The central bank,therefore,should improve its balance sheet and strengthen its ability in effective management of monetary regulation.A clear division of labor between the Ministry of Finance and the central bank,and the Bank's gradual exit from QFOs are crucial for China's sustained economic and financial development.