“增长优先”与货币政策中介目标的选择

Increase Priority and the Selection of Monetary Policy Intermediate Target

在以经济增长为优先目标时,信贷指标与产出的相关性优于其他类型指标,社会融资规模优于银行信贷。社会融资规模作为货币政策中介目标有利于推动金融服务实体经济,实现经济健康发展。

If economic growth is regarded as a priority target, in promoting output, credit is better than other economic indicators, and the aggregate finance to the real economy is better than bank loans.The aggregate finance as intermediate target to the real economy can help to promote financial system to serve for real economy and keep healthy development of economy.