对“金融去杠杆”的四点认识

Four Understandings of“Financial Deleveraging”

2016年中央经济工作会议已十分明确提出'稳是主基调,稳是大局'。防风险是今后一段时期中国金融领域的重中之重,那么这意味着未来一段时期货币金融调控和监管的方向一定是中性偏紧的。对于金融领域而言,既要缓解潜在金融风险,同时还要尽力保证经济运行的稳定。现代金融的核心功能应该是通过融资实现资金配置效率的优化,即金融始终是为实体经济服务的,由此带来的'金融脱媒'、'金融深化'、'金融市场化'等也均应围绕此展开。

The Central Economic Work Conference in 2016 clearly stated that“(financial)stability is of primary and overarching significance”.Therefore,risk prevention will be the top priority of China’s financial sector for some time.This implies that monetary policy and financial regulation will be neutral to tight in the near future.The financial sector needs tomitigate potential risks,and at the same time ensure a stable economy.The core function of modern finance is to optimizefund allocation,that is to say,financial services should always serve the real economy.“Financial disintermediation”,“financial deepening”,and“financial liberalization”shall all be carried out based on this principle.