法定数字货币畅通国内大循环的理论逻辑与作用机制

Theoretical Logic and Mechanism of CBDC Promoting the Domestic Grand Cycle

畅通国内大循环,增强国内大循环的内生动力与可靠性是构建新发展格局的重中之重。法定数字货币是货币形态演化的新兴产物,具有区别于以往货币的经济特性和技术特征,会对经济循环产生潜在重大影响。法定数字货币通过以下四个作用渠道助力畅通国内大循环:提供新型的政策工具,提升金融支持实体经济的作用,助力畅通生产环节;改善宽松货币政策对财富分配的不利影响,弥合数字鸿沟,降低机会不平等,助力畅通分配环节;提高流通资本的周转速度,有效降低流通费用,建立高效率现代流通体系,助力畅通流通环节;在社会层面和消费主体层面共同作用,培育消费力,扩大内需,助力畅通消费环节。

Promoting the domestic grand cycle is the top priority to building a new development pattern of China. However, there are still a large number of blocking points in the domestic circulation. CBDC(Central bank digital currency) comes from the evolution of money form, which is different from the previous currency and payment forms, having a potential significant impact on the economic circulation. The introduction of CBDC avail the domestic circulation via the following four channels: central bank digital money can provide new policy tools, enhancing the role of financial support to the real economy, and help smooth the production process. CBDC can innovate monetary policy tools, to a certain extent, improve the adverse impact of monetary policy on income distribution, and help smooth the distribution process. CBDC can improve the turnover speed of circulation capital, effectively reduce circulation costs, establish an efficient modern circulation system and smooth circulation links. CBDC works to stimulate consumer demand at both social level and consumer level, helping smooth the consumption link.