我国利率市场化改革难以有效推进的根本原因分析

Why the Reform of the Free Interest Rate Regime is Hard to Perform

利率是资金的价格,只有市场化的利率才能真正反映市场资本的需求状况,从而提高经济资源配置效率。当前我国的利率管制政策不仅导致资源配置效率低下,而且缺乏应有的公平。政府对金融资源的垄断使得整个金融市场分化和畸形。利率市场化改革不是洪水猛兽,要客观辨析利率市场化的内在涵义,防止陷入认识误区。当前应高度警惕既得利益集团主导、误导乃至阻碍利率市场化的改革进程,这是我国利率市场化改革难以有效推进的根本原因。

Interest rate is the price of capital. Only a free interest rate regime can reflect the real market＇s demand and supply of the capital, so as to improve the efficiency of economic configuration. At present, policy of interest rate in China is not only the reason that led to a low efficiency of resources allocation, but also the reason of unfairness in the marketplace. The government monopoly of financial resources has brought about the disintegration and deformation of the financial market. Therefore, it is of vital importance to fully understand the significance of introducing a free interest rate regime. Vigilance has to be exercised concerning the reality that some vested interest groups have been manipulating the financial market by misleading and obstructing the reform of the interest rate regime, which is one of the causes for little visible progress in this regard