降低社会融资成本重在结构性改革

Focusing on Structural Reforms to Reduce the Cost of Financing

目前出现的'融资难、融资贵'问题,本质上属于结构性问题,融资成本高的原因在于经济的结构性失衡。这就解释了在当前货币信贷环境整体宽松的背景下,融资成本却仍然高企不下的现象。正是由于结构性失衡导致资金投向错配,地方融资平台、产能过剩僵而不死的企业及政策性限制行业等利率弹性低的主体和行业吸收了大量资金,而且资金使用效率极为低下。

Costly and difficult financing for Chinese enterprises is an essentiallystructural problem.These systemic economic imbalances explain the presence of high financing costs despite the loose monetary and credit environment.They also misallocate capital.Local government financing vehicles,zombie enterprises in industries suffering from overcapacity and policy-restricted industries absorb large amount of funds but use them inefficiently.