基于供给侧结构性改革的货币政策与宏观审慎协调

Coordination between Monetary Policy and Macro-prudential under the Supply-Side Structural Reform

供给侧结构性改革的推进,将会对现有的经济结构造成一定的冲击,去产能、去杠杆与去库存的任务也会造成我国金融市场的波动,使我国发生系统性风险和区域金融风险的可能性增加。通过分析货币政策与宏观审慎政策协调的理论与实践,构建充分就业、经济合理增长与金融稳定的政策协调目标;建立与完善注重结构性调整的多元化政策工具体系,充分发挥利率的间接调控作用,积极探索和创新增强流动性的政策工具,完善宏观审慎政策和差别性货币政策;加大推行直接融资等方式,弱化政策传导机制在银行体系中的作用,使两种政策的叠加和协调效应达到最大化。

The structural reform of the supply- side will have a certain impact on the existing economic structure. The task of reducing overcapacity、de- leveraging and de- stocking will also cause the fluctuation of China＇s financial market,which will increase the likelihood of systematic and regional financial risks in China. By analyzing the coordination of theoretical and practice between monetary policy and macro- prudential policy,to establish the policy coordination target of full employment,reasonable economic growth and financial stability; To establish and perfect the diversified policy tool system focusing on structural adjustment and give full play to the indirect regulation of interest rate,and actively explore and innovate policy tools to enhance liquidity,improve macro- prudential policies and differential monetary policy; Increase the implementation of direct financing and other ways to weaken the role of policy transmission mechanism in the banking system,so that to maximize the two policies effect of superposition and coordination.