稳健中性货币政策的双重判断依据

Double Judgment Basis of Prudent and Neutral Monetary Policy

现阶段,除非经济有较大的下行压力.否则宽松不会成为货币政策的选择。然而目前也不宜实行紧缩的货币政策,否则将会进一步提高企业的融资成本,并可能引发债务危机。因而,"稳健+中性"的货币政策可能是中国当前的最佳选择。

At this stage, easy monetaiy policy will not be a choice unless there is a big downward pressure on the economy. However, it is not suitable for tightening monetary policy, for it will further raise the cost of financing for enterprises and could lead to a debt crisis. Thus, the 'prudent + neutral' monetaiy policy may be the best option for China at the moment.