Future Targeted Measures Need To Be Taken To Deal With Risks.

A few days ago, the central bank carried out a 14 day period of 38 billion yuan reverse repurchase operation in the open market, winning the bid rate continued unchanged at 4.10%. Industry experts said that combined with the central bank's targeted implementation of targeted reduction measures, this combination of boxing is to further observe whether the macro-economy is entering deflation and what kind of monetary policy tools to make targeted work.

Whether China has entered deflation is now controversial: both China has fallen into deflation and has not fallen into deflation. The general understanding of deflation is that CPI and PPI are negative. At present, although CPI is relatively low, it has not yet reached a negative number, so it can not be called comprehensive deflation at present, but the risk of deflation is aggravating. We should further guard against deflation.

Yao Jingyuan, a special researcher of the State Council Counselor's office, said that from the current data, we have not yet fallen into deflation. Now, changes in some indicators illustrate two problems: first, China's economy is entering a new normal, and an important symbol of the new normal is shifting from high speed growth to high growth in the past. Two, the downward pressure on economic growth is relatively large. In such a state, maintaining steady economic growth will achieve no deflation cycle.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, said in an interview with reporters that deflation is just a representation from the current economic operation of our country. Deflation phase 。

Dong Dengxin further analyzed, first of all, at present, China's currency stock M2 traffic is very large, is 2 times the growth rate of GDP; secondly, the size of new loans and total assets of banks are also very large, reaching 3 times the GDP growth rate. A large number of currency And idle funds are squeezed and occupied by excess capacity, such as real estate investment. All these indicate that our country is not in a state of deflation.

　　 Dong Deng Xin It is believed that the central bank's failure to release water may cause difficulties for banks and enterprises to raise funds, and the problem of excess capacity and expansion will be worried if water is released. Therefore, the central bank needs more targeted and effective measures in the future to cope with the risk of deflation.

Yao Jingyuan stressed that since the second half of 2012, PPI has continued to decline and the CPI index has remained low. Therefore, we must guard against deflation risks. The deflationary pressure is different from what it used to be. Although it is also affected by the shortage of exports, it is more the result of the "three phase superposition". It is the result of too much reliance on investment to stimulate economic growth. It is a concentrated outbreak of accumulated contradictions in the irrational economic structure. It is also a problem that has to be solved after entering the "new normal".

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A few days ago, the central bank carried out a 14 day period of 38 billion yuan reverse repurchase operation in the open market, winning the bid rate continued unchanged at 4.10%. Industry experts said that combined with the central bank's targeted implementation of targeted reduction measures, this combination of boxing is to further observe whether the macro-economy is entering deflation and what kind of monetary policy tools to make targeted work.

Whether China has entered deflation is now controversial: both China has fallen into deflation and has not fallen into deflation. The general understanding of deflation is that CPI and PPI are negative. At present, although CPI is relatively low, it has not yet reached a negative number, so it can not be called comprehensive deflation at present, but the risk of deflation is aggravating. We should further guard against deflation.

Yao Jingyuan, a special researcher of the State Council Counselor's office, said that from the current data, we have not yet fallen into deflation. Now, changes in some indicators illustrate two problems: first, China's economy is entering a new normal, and an important symbol of the new normal is shifting from high speed growth to high growth in the past. Two, the downward pressure on economic growth is relatively large. In such a state, maintaining steady economic growth will achieve no deflation cycle.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, said in an interview with reporters that deflation is just a representation from the current economic operation of our country, and China has not entered the stage of deflation.

Dong Dengxin further analyzed, first of all, at present, China's currency stock M2 traffic is very large, is 2 times the growth rate of GDP; secondly, the size of new loans and total assets of banks are also very large, reaching 3 times the GDP growth rate. Large amounts of money and idle funds are squeezed and occupied by excess capacity, such as real estate investment. All these indicate that our country is not in a state of deflation.

Dong Dengxin believes that the central bank's failure to release water may cause difficulties for banks and enterprises to raise funds, and the problem of excess capacity and expansion will be worried if water is released. Therefore, the central bank needs more targeted and effective measures in the future to cope with the risk of deflation.

Yao Jingyuan stressed that since the second half of 2012, PPI has continued to decline and the CPI index has remained low. Therefore, we must guard against deflation risks. The deflationary pressure is different from what it used to be. Although it is also affected by the shortage of exports, it is more the result of the "three phase superposition". It is the result of too much reliance on investment to stimulate economic growth. It is a concentrated outbreak of accumulated contradictions in the irrational economic structure. It is also a problem that has to be solved after entering the "new normal".