2017年金融运行分析与2018年展望

Analysis and Forecasting of Chinas Financial Operation Situation and Monetary Policy

在金融去杠杆的政策影响下,2017年货币供应量与社会融资规模增速"一降、一升",人民币存款与人民币贷款"一少、一增",金融部门与实体经济杠杆率"一降、一稳",各类利率水平有所抬升。2018年要紧紧围绕服务实体经济、防控金融风险、深化金融改革三项任务,创新和完善金融调控,积极应对发达国家货币政策正常化、国内融资难、融资贵问题抬头以及各类金融风险点进一步暴露等多重挑战。金融调控要做到"四个加强":加强货币政策和宏观审慎政策的协调配合,维持经济和金融稳定;加强价格型调控,引导利率水平与人民币汇率平稳运行;加强结构性调控,提高金融服务实体经济效率;加强流动性精细化管理,保持银行体系流动性平稳。

In 2017, under the influence of the financial deleveraging policies,the performances of M2 and aggregate financing to the real economy,deposit and loan,the leverage ratios of the real economy and financial fecter became different,and interest rates is rising. In 2018, financial regulation should focus on the serving for the real economy, preventing and controlling the financial risks, deepening financial reform, and face the challenges, such as normalization of monetary policy in developed countries, domestic financing difficulties, exposures of various financial risks, etc. There are four improvements for financial regulation should be done. They are coordination of monetary policy and macro-prudential policy, price regulation, structural control, and liquidity fine management.