Call: 0123456789 | Email: info@example.com

Liu Yuanchun: How to Innovate Monetary Policy Tools in the Second Half of the Year Is Worth Expecting


Liu Yuanchun: How to Innovate Monetary Policy Tools in the Second Half of the Year Is Worth Expecting
On May 22, Sauna Night held two sessions of economic strategies, invited economists to be a guest in the live room of Sauna Night, Peng Sen, former deputy director of the National Development and Reform Commission, former director of the Institute of Finance of the Ministry of Finance, and Jia Kang, director of the China Academy of New Supply Economics,Liu Yuanchun, vice president of Renmin University of China, and Cao Yuanzheng, chairman of BOC International Research Co., Ltd., etc., jointly interpreted the government work report just released this morning.Liu Yuanchun said that the government work report first continued the basic tone set by the previous Politburo meeting for a period of time, that is, the stable monetary policy should be more flexible and appropriate, which reflects the positioning of the risks and structural issues facing the current Chinese economic shockInstead of simply copying homework in Western countries, insist on consistent statements, which we must realize.Liu Yuanchun believes that although the expression is the same, under the current environment, monetary policy remains strategically fixed, which is closely related to the current risks we face and some current structural issues, so we will not followThe monetary philosophy and monetary policy plan of the major western economies.Basically, the monetary policy in the government work report has been further refined than the previous overall positioning.At the highest level, it is clearly required that the annual growth rate of the universal money supply and the scale of social financing is significantly higher than last year. It is obviously not simply higher than last year. The possible points are almost more than 2 levels. Of course, the promotion of substitution is to maintain sufficient liquidity.At the same time, the government work report also proposed that we should innovate monetary policy tools that directly reach the real economy, gradually promote enterprises to facilitate access to loans, and push interest rates to continue to fall.In the last year and the first half of this year, we have made corresponding adjustments in RRR cuts and interest rate cuts, but in leading the market interest rate, it is not as large as everyone expected. The result is that the GDP growth rate in the first quarter is-6.8%, the growth rate of the added value of the financial industry is 6%. This contrast does not completely coincide with the central policy, because we require that the financial costs of the real economy be reduced, but our financial costs and capital costs are relatively increased.Therefore, in the second half of the year, it is highly worth looking forward to how to carry out policy tools and how to innovate.Liu Yuanchun said that although the monetary policy should be actively coordinated with the fiscal policy in the rescue of the epidemic and the subsequent economic recovery, it must actively cooperate with the fiscal policy to become a “co-pilot”.The requirements of monetary policy itself in the government work report are very clear, and the key lies in affiliation.Sauna, Ye Wang Pan Yichun editor Chen Li proofreading Liu Baoqing