当前中国宏观经济总需求及货币政策调控

The Current China's Macroeconomic Total Demand and Monetary Policy Regulation and Control

从我国三大需求对经济增长的贡献看,内需是中国经济增长的主要动力源,外需为中国经济发展做出了重要贡献。货币政策对总需求的调控主要通过信贷渠道和利率渠道进行传导,但由于我国市场微观主体对利率信号不敏感,利率传导途径受到限制。货币政策利率传导途径有效的前提是微观主体根据货币政策做出决策后须有条件实现自己的选择,并因自己的行为获取利益或承担损失,这样才能建立起传递及时、反应敏感的传导机制,更好实现货币政策的调控目标。因此,要提高货币政策效应,应更多从夯实市场微观基础、健全市场竞争机制等方面来考虑。

From the angle of the contribution to economic growth of China＇s three major demands,domestic demand is the potential power of China＇s economic growth,while external demand has made important contributions.Regulation and control of monetary policy on aggregate demand is conduct through the credit channel and the interest rate channel.However,because of the micro-subject of China＇s market is not sensitive to interest rate signals,the interest rate pathways is limited.The condition of monetary policy interest rates conducting effectively is that the micro-subject can make their own decision based on monetary policy freely and can obtain benefi ts or bear the loss for their choice.Therefore,to improve the effect of monetary policy,we should consolidate the market micro-foundation and establish a sound market competition mechanism.