货币政策的阶段性特征和定向调控选择

Stage Characteristics and Directional Control of China's Monetary Policy

现阶段我国经济放缓,结构性矛盾、发展不平衡、涉农小微企业融资难等问题尤为突出。若采取传统全面调控货币政策的"一刀切"模式,只会加剧当前各种矛盾。2014年两次"定向降准"揭开了定向调控货币政策的序幕。当前定向调控货币政策在有效性、精准性上还存在实施困难,但这掩盖不了定向调控政策解决当前突出问题的定向精准微调优势。定向调控货币政策,应注重与其他政策、手段配合使用,立足金融创新,瞄准"靶点"精准发力。

At the present stage, the economy slowdown, and the problem of structural contradictions, unbalanced development, and agriculture-related small and micro enterprises financing are particularly prominent. If take the unified monetary policy, can only .aggravate the contradictions. In the first half of this year, the directional reduce reserve for the two times was implemented under the directional control of monetary policy. Although the directional control policy have precision fine-tuning advantages, it did not achieved the desired effect on the validity and accuracy, Therefore, Directional control of monetary policy should be used in conjunction with other policies, methods, as well as based on financial innovation,aiming at the ＂target＂ accurate force.