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In The Second Half Of The Year, Macroeconomic Regulation And Control Will "Focus More On Directional Regulation".

2014/8/7 14:23:00 14

the central bank's two quarter monetary policy implementation report released in August 1st is clear, will continue to implement a prudent monetary policy, adhere to the "total stability and structural optimization" orientation, not only to maintain the strength and initiative, timely and appropriate pre fine-tuning, and enhance the foresight, effectiveness and effectiveness of regulation. 
 expert analysis shows that the report is basically consistent with the previous quarter's monetary policy trend, which means that the policy keynote will remain stable, and the fine tuning will be more reflected in the structural policy. "At present, China has a large stock of money and credit. It is expected that macroeconomic regulation and control will maintain a reasonable growth in total liquidity. At the same time, specific measures should be taken to control specific issues and make precise efforts." Analysts from ICBC said. 
 the meeting held by the Political Bureau of the CPC Central Committee has already revealed the idea of directional control. The meeting pointed out that to do well in the second half of the year's economic work, we must stick to the general keynote of working steadily and stick to the basic train of thought that macroeconomic policies should be stable, micro policies should live, social policies should be underpinning, and the continuity and stability of macroeconomic policies should be maintained. The meeting also pointed out clearly that we should pay more attention to directional regulation in view of the outstanding problems in economic operation. 
 directional regulation has been an important feature of macroeconomic regulation and control in 2014. In the first half of this year, in response to the downward pressure on China's economic operation and the downward trend of price inflation, the central bank has implemented the "quasi directional reduction" two times. At the same time, the floating rate of RMB to us dollar exchange rate in inter-bank spot foreign exchange market expanded from 1% to 2%. In addition, the short-term liquidity adjustment tool SLO is also used to conduct two-way adjustment in a timely and moderate manner, and to carry out the standing loans of branches to facilitate SLF pilot projects, so as to improve the central bank's channels for providing normal liquidity to small and medium-sized financial institutions. At present, this series of measures with clear direction and strong pertinence are gradually emerging, and the expected goal of macroeconomic regulation and control has been achieved. 
 People's Bank actively applies monetary policy tools to support economic restructuring, and the two "directional reduction" reflects this idea. The column also clearly pointed out that "directional reduction" played a leading role in signaling and structure, and enhanced support for "three rural" and small and micro enterprises by establishing positive incentives to promote credit structure optimization. The column also pointed out that the assessment of commercial banks will be carried out regularly in the future, and the reserve ratio will be dynamically adjusted according to the assessment results. Through the above settings, we should establish a positive incentive mechanism to guide commercial banks to make good use of the increment and revitalize the stock. This is conducive to increasing the amount of loans without increasing the credit support of the "three rural" and small and micro enterprises. In the monetary policy outlook, the report also mentioned that we should implement relevant measures of "directional reduction". 
P, chief economist of Communications Bank, said in an interview with reporters that the economic situation in the second half of the year is still complex. Our economy is also facing challenges, including the "soft landing" of real estate, the continued reduction of the financing costs of small and micro enterprises, and the debt risk of local government financing platforms. Coping with these tests requires precise manipulation. It is not simply achieved through monetary policy easing. At the same time, China's monetary and credit stock is relatively large and its growth rate is still at a relatively high level. It is not appropriate to rely on large volume expansion to solve structural problems. 
 the report also puts forward that, in the face of the complicated situation inside and outside, the task of adjusting the economic structure and changing the way of development is more urgent. We need to grasp the balance of the total quantity, but also focus on < a href= "http:// www.sjfzxm.com/news/index_c.asp" > structural optimization < /a >, from the strategic point of view to plan the economic growth point, and deepen the reform to solve the deep-seated structural problems in the economic operation. 
 we can see that in the second half of the year, a href= "http:// www.sjfzxm.com/news/index_c.asp" > macro control < /a > will still adhere to the idea of directional control. Correlation analysis predicts that it may be more flexible in form. For example, the central bank recently restarted the 14 day repo, and its issuance interest rate also dropped slightly. The analysis generally believed that this was a response to the central call to reduce the financing cost of enterprises, but it did not mean that the monetary policy had obvious relaxation signals, and more was the "directional" solution to the problem. 
 in the direction of directional regulation, Premier Li Keqiang of the State Council recently hosted some provincial and enterprise Symposium in Changsha, Hunan, pointing out that the implementation of directional regulation is an innovation of macro regulation and control, an important part of interval regulation, and a deepening of interval control. The three key aspects of directional regulation are to further stimulate market vitality, increase effective supply of public goods, and support the real economy. 
 < < a href= "http:// www.sjfzxm.com/news/index_c.asp >" monetary policy < /a > operation, this report points out that it will continue to play the role of credit policy to support the reloan and rediscount policy, and guide financial institutions to optimize the credit structure. We should encourage financial institutions to innovate organizations, mechanisms, products and services, and support the development of appropriate scale agriculture and new type of agricultural business entities. We should explore and improve the evaluation of the guiding effect of credit policies, better place the stock of credit, and increase the input of stock credit funds to small and micro enterprises. 
 obviously, the directional support function of monetary policy will continue to play an important role. However, the report also clearly stated that "monetary policy is mainly the aggregate policy, and its guiding role in structure is auxiliary. There will be some problems in the long-term implementation of structural measures such as directional reduction, such as the possibility of the authenticity of the data, and the role of the market in deciding the flow of funds may be weakened, and the uniformity of the reserve tools will also be affected. 
"P", "the central bank points out," in the medium to long term, the enhancement of endogenous economic growth power, the adjustment and upgrading of economic structure, and the optimization of credit resources investment must fundamentally rely on institutional reform and play a decisive role in the allocation of resources in the market. " It should be said that this judgment is very pertinent. In the long run, it is also the direction that macroeconomic regulation and control should always adhere to. Analysts at the ICBC said.