• <abbr id="ck0wi"><source id="ck0wi"></source></abbr>
    <li id="ck0wi"></li>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li><button id="ck0wi"><input id="ck0wi"></input></button>
  • <abbr id="ck0wi"></abbr>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li>
  • Home >

    Gu Mingde: Why Is Interest Rate Cut Not Equal To Policy Easing?

    2014/11/30 17:18:00 20

    Gu MingdeInterest Rate CutsPolicy Easing

       Central Bank In response to the significance of the interest rate cut, the chief executive stressed that interest rate cuts were not equal to monetary policy change, and stable monetary policy orientation remained unchanged. This is the authoritative answer. Why should the various departments of the State Council make frequent moves, fine-tuning, directional and partial regulation, we still need to emphasize that this does not mean that policy is loose? I understand that the key is the overall judgement of the current economic growth rate and the trend of house prices. At present, the GDP growth rate in the first three quarters and the price ratio of the local housing prices and the year-on-year prices are, if judged to be "reasonable intervals", then there is no need to change the policy. If we compare the current economic situation with the winter of 2008 and think that China will have a serious recession and the edge of crisis, of course, we need a sharp turn in monetary policy.

    The problem is Standard of measurement What is the standard of a country's reasonable economic growth rate? It is not the rate of growth itself, but the employment status, property level, residents' income and enterprise tax status under this growth rate. Among them, the most important thing is the employment index. The United States and other western countries even regard employment indicators as the primary reference index of monetary policy.

    Therefore, it is also the growth rate of about GDP7%. In the winter of 2008, a large number of migrant workers returned home and the employment situation deteriorated, thus accelerating the shift of monetary policy at that time. Today, although the growth rate of GDP is down, there is no large-scale return of migrant workers in the whole country. The national employment index has been completed ahead of schedule, the unemployment rate is stable, and residents, enterprise income and other indicators are stable. This shows that the potential of economic growth has changed. Today's 7% growth rate has reached the normal level that various resources can provide. Therefore, it is entirely reasonable for the central bank to judge the general situation of the economy in a reasonable range. This is the main reason why monetary policy is not changing at present.

    Of course, monetary policy does not change without taking positive measures to deal with new situations, new problems and new difficulties. At present, the difficulty of financing and financing is a prominent problem. The interest rate marketization reform also needs to move forward. The interest rate cut will alleviate the expensive problem of corporate finance, and on the other hand, it will promote the marketization of interest rates. As to whether this is loose, it is beneficial to the interest rate reduction itself. financing Borrowing is beneficial to the money multiplier effect and is conducive to the expansion of the money supply.

    Therefore, from this perspective, the objective is a loose monetary policy effect. But this easing is within the framework of a prudent monetary policy. If the Central Bank continues to directly expand the supply of money by means of quantitative means, such as lowering the reserve ratio, after the price type measures, it will mean the transformation of the framework of monetary policy. If so, China's macroeconomic judgment should also change. At present, we need to wait for the next step in the new data of economy, finance and housing prices. It is too early to cut interest rates and usher in a rate cut cycle.


    • Related reading

    譚浩俊:有利可圖方能調動社會資本

    Macro economy
    |
    2014/11/28 12:15:00
    21

    Was The Third Currency War Launched In Twenty-First Century?

    Macro economy
    |
    2014/11/27 15:36:00
    22

    央行降息為股市帶來正能量

    Macro economy
    |
    2014/11/26 12:02:00
    8

    All Countries' Central Mama Qi Loose New Round Of Currency War Quietly Started.

    Macro economy
    |
    2014/11/25 17:47:00
    20

    The Central Bank's Interest Rate Cut Is Intended To Boost Market Confidence.

    Macro economy
    |
    2014/11/25 16:35:00
    15
    Read the next article

    如何接待上了年紀的顧客

    老年顧客的動作節奏很慢,要注意不急不躁,合上慢性子顧客的節奏。試穿的時候,老年顧客通常對脫衣服很反感,嫌麻煩。而且,隨身攜帶的東西也會礙手礙腳,不能慢慢的挑選。

    主站蜘蛛池模板: 杨玉环三级dvd| 欧美精品久久久久久久自慰| 国产精品视频二区不卡| 久久无码人妻精品一区二区三区| 精品无码国产自产在线观看水浒传| 国产色综合天天综合网| 久久亚洲精品人成综合网| 狠狠色丁香久久婷婷综合五月| 国产成人黄色小说| yellow字幕网在线播放不了| 樱桃视频影院在线播放| 午夜爽爽爽男女污污污网站| 怡红院免费全部视频在线视频| 我把护士日出水了| 亚洲成a人片在线不卡一二三区| 色婷婷综合激情| 国产精品爽黄69天堂a| 中文字幕av免费专区| 欧美亚洲另类热图| 全彩福利本子h全彩在线观看 | 91在线手机精品免费观看| 日本免费高清一本视频| 亚洲精品免费在线观看| 色八a级在线观看| 国产精品日本一区二区在线看| 两根手指就抖成这样了朝俞| 欧美人一级淫片a免费播放 | 国产v亚洲v欧美v专区| 2020亚洲欧美日韩在线观看 | 亚洲精品动漫免费二区| 色www永久免费| 国产福利短视频| a毛片全部播放免费视频完整18| 日本爽爽爽爽爽爽在线观看免| 亚洲第一区视频在线观看| 精精国产XXXX视频在线播放 | 波多野结衣无内裤护士| 嘟嘟嘟www在线观看免费高清| 亚洲成a人片在线不卡| 在线观看无码的免费网站| 中文字幕无码不卡一区二区三区|