降息启动民间投资的思考

Consideration on the improvement of civilian investment through the reduction of interest

利率下调是刺激民间投资的有效手段。良好的市场环境是利率机制发挥作用的前提。近年来我国居民储蓄增长速度加快,民间投资的利率弹性有下降趋势。社会保障制度,投资体制以及融资环境之不足是影响利率弹性,制约降息政策启动民间投资效果的主要因素。结合我国目前民间投资现状,从实证的立场出发,要促进民间投资利率弹性的提高,使降息政策充分发挥启动民间投资的作用,必须改善相关的市场环境。加快利率市场化进程,完善社会保障制度,改善政策环境,融资环境以及服务环境从而促进投资环境的好转是我们目前面临的主要工作。

The reduction of interest rate is an efficient way to improve the civilian investment. A favorable environment of market is the precondition of interest mechanism. In the past years, the deposit of Chinese has been increasing rapidly and the interest elasticity of civilian investment has been decreasing. The system of social security, the system of investment and the environment of investment are the main causes prohibiting interest elasticity and the effects from the reduction policy of interest. With a practical standpoint, we must make the environment of market perfect so as to rise the elasticity of interest and fully develop the function of the reduction policy of interest. At present, what we should mainly do is to increase the construction of interest market, create a perfect system of social security, a perfect environment of policy and a perfect financial environment.