中国货币政策传导的现实难题与解决路径研究

The Practical Problems of Monetary Policy Transmission and Their Solutions

信用供给与需求的不平衡使中国当前的企业融资面临巨大的困境,货币政策传导渠道不畅加深了流动性在信用供给端的淤积,进一步增加了企业融资的困难。疏通货币政策传导渠道成为充分发挥货币政策调节作用、支持实体经济融资的关键前提。本文结合当前经济形势,通过分析货币政策传导渠道的现状,对比国内外货币政策传导机制的异同,来寻找货币政策传导受阻的原因与难点,最后对如何疏通货币政策传导渠道给出了建议。

The imbalance between credit supply and credit demand poses a dilemma for Chinese firms about financing. The poor transmission of monetary policy has increased the scarcity of liquidity, further increasing the difficulty of corporate financing. Smoothening the transmission of monetary policy has become a key prerequisite for giving full play to the adjustment role of monetary policy and supporting the financing of the real economy. Based on the current economic environment, this paper analyzes the present situation of monetary policy transmission channels, compares and contrasts the domestic and foreign monetary policy transmission mechanisms, and finds the causes of the unsmooth monetary policy transmission. Finally, it gives suggestions on how to smoothen the monetary policy transmission channels.