推进利率市场化改革的难点和路径

Challenges and suggestions for market-based interest rate reform

近年来，我国的利率市场化改革不断稳步推进，并取得重要进展。当前，《中共中央关于全面深化改革若干重大问题的决定》就加快利率市场化改革提出了新的任务和要求，在此背景下，该文就我国进一步推进利率市场化改革的意义、难点、风险和路径进行深入研究。文章认为，加快推进利率市场化改革有利于发挥市场在资源配置中的决定性作用，促进当前中国经济结构调整和转型升级；需特别关注表外风险监管与风险控制的思想、机制和措施滞后于利率市场化等风险；在实施路径上，要在巩固前期改革措施和推进主动负债产品利率市场化的基础上，将改革重心进一步转移到培育完善利率调控框架和利率传导机制上来。

In recent years, market-based interest rate reform has been progressing steadily and achieved important achievements in China. Currently, the Decision of the CPC Central Committee on Major Issues Concerning Comprehensively Deepening Reforms has set out new tasks and requirements on accelerating market-based interest rate reform. Against this background, this article provides an in-depth study on the implications, challenges, risks and paths for further promoting the reform. An accelerated reform is favorable to giving play to the market＇s decisive role in resource allocation and economic structure adjustment, transformation and upgrade. Special attention should be paid to the risks that off-balance-sheet risk regulation and risk control philosophy, mechanism and measures lag behind interest rate marketization. On practical paths, based on underpinning preliminary reform measures and promoting marketization of managed liability products, the reform focus should be transferred to developing interest rate regulation framework and interest rate transmission mechanism.