“双碳”目标背景下我国双支柱宏观调控体系面临的挑战与应对

The Challenges and Corresponding Measures of China’s Dual-pillar Macro-regulatory System in the Background of Carbon Peaking and Carbon Neutrality

“双碳”目标的实现是一个经济社会向绿色低碳转型的长期持续的过程。在此过程中,经济绿色转型既需要中央银行完善货币政策体系为其提供良好的金融环境,也需要创新宏观审慎监管体系防范转型过程中可能出现的转型风险。经济绿色转型对中央银行货币政策目标的权衡、政策工具的优化和创新、政策传导渠道的疏通等提出了挑战;而转型风险的防范对宏观审慎监管中转型风险的识别与评估、资本和流动性管理等监管工具的完善提出了新的要求。构建支持“双碳”目标实现的双支柱宏观调控体系需要将气候目标纳入货币政策目标体系,创新支持绿色转型的中长期货币政策工具,优化碳减排支持工具,扩大再融资合格抵押品范围,疏通绿色货币宽松向绿色信贷宽松的传导渠道,提升政策效果;宏观审慎政策方面,在构建转型风险识别和评估机制的基础上,优化资本和流动性管理等宏观审慎管理工具,实现促进绿色低碳转型和防范转型风险的激励兼容。与此同时,加强货币政策与宏观审慎政策的协调,提升政策的可信度,将有利于提升双支柱政策的前瞻性和有效性。

The realization of carbon peaking and carbon neutrality is a long-lasting process of transforming the economic society into the green and low-carbon one. In this process, the central bank needs to refine the monetary policy system to provide a sound financial environment and innovate the macro-prudential supervision system to prevent against potential risks. The transformation has posed challenges for the central bank to balance the goals of monetary policy, optimize and innovate policy tools and dredge the channels for policy transmission. Meanwhile, the transformation risk prevention makes new requirements on macro-prudential regulation involving the identification and evaluation of the transformation risks, as well as on the improvement of regulatory tools of capital and liquidity management. To build a dual-pillar(monetary and macro-prudential policies) macro regulatory system to support the carbon peaking and carbon neutrality, it is needed to incorporate the climate targets into the monetary policy target system, design new medium and long term monetary policy tools conducive to the transformation, optimize the supporting tools of carbon emission reduction, expand the scope of eligible collateral for refinancing and dredge the channels of the transmission from easy green monetary to easy green credit, thus the effect of the policies can be promoted. As for the macro-prudential policies, it is needed to, on the basis of establishing a mechanism for identifying and assessing transformation risks, optimize the macro-prudential management tools for capital and liquidity management to achieve the incentive compatibility between green and low-carbon transformation promotion and transformation risk prevention. Meanwhile, it will be beneficial to make the dual-pillar policies more forward-looking and effective when the coordination between monetary policies and macro-prudential policies is strengthened and the credibility of the policies is enhanced.