固基强实:再谈“收益宽幅”及其治理

The Enhancement of Real Economy and Solidity of Economy Foundation:Consideration of Return Disparity and Its Governance

在中国经济长期保持快速增长的过程中,货币刺激政策致利率持续走低而市场流动性不断放大,资产价格快速升高,结果形成了银行储蓄低利率收益与房地产投资收益高回报收益之间巨大收益宽幅,导致社会资本脱实向虚,实体经济"空心化",国民经济持续增长乏力。因此,壮大实体经济的实力,坚固国民经济基础,探索"储蓄累进利率制",克服"过度金融化倾向"带来的资产泡沫以及潜在金融风险的影响;运用市场工具和行政干预措施大幅收窄货币性资产与实物资产、实体经济与流通领域及虚拟经济之间的"收益宽幅"现象;诱导资金、人才进入实体经济;对实体经济与非实体经济实施分行业定向宽松的优惠利率政策、税收政策等,以此营造实业致富、产业强国的市场环境,采取有效措施帮助中小企业走出困境,防止"收益宽幅"对中国实体经济的伤害。

In the progress of the long-term rapid growth of economy in China,the expansionary monetary policy caused low interest rates,amplified market liquidity and rapid increases in asset prices.This resulted in a huge gap of return earned from bank savings and real estate investment,which illustrates ＂return disparity＂.When the capital is more tended to invest in virtual economy rather than real economy,the capital hollow in real industries suppresses the real growth of economy in China.The control of ＂return disparity＂ is seemed as a new way to expand real economy industries and improve the strength of national economy： the aggressive rate system should be used to enhance withdrawal of currency and overcome excessiveness of financialization,which leads asset bubble and potential financial risks;the market tools and administrative intervention can also be implemented to suppress ＂return disparity＂;more mechanism should be designed to induce capital and attract the talent to the real economy;we should designate different interest rate policies and tax policies based on the industries and give more help to small and medium-sized enterprises to prevent the detrimental influence of ＂return disparity＂.