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2012年,我国利率市场化由无声变有声,社会对进一步加快利率市场化充满了期待。目前,我国的融资体系是企业融资高度依赖银行贷款,银行融资高度依赖存款,利率市场化的结果必然是显著推高市场利率水平。然而,我国的产业结构、资金供求大势以及文化价值观,都不支持食利阶层过度获益。大规模基础设施建设还在继续以及以中低端制造业为主的产业结构,迫切需要低成本的融资。因此,利率市场化的方向自然要坚定不移,但考虑到我国实体经济对偏高利率承受力不足以及金融体系的风控能力不强,需要把握好利率市场化的节奏,中期内存款利率上浮比例不宜再行扩大,非银行信贷融资市场也应加强规制。
In 2012, the marketization of interest rates in our country has been quietly voiced. The society is full of expectations of further accelerating the marketization of interest rates. At present, the financing system in our country is that the enterprise financing is highly dependent on bank loans. The bank financing is highly dependent on deposits. The result of marketization of interest rates must obviously push up the market interest rate significantly. However, China’s industrial structure, capital supply and demand and cultural values, do not support the over-benefit of the profit-making class. Large-scale infrastructure construction continues and the industrial structure dominated by low and mid-tier manufacturing industries urgently needs low-cost financing. Therefore, the marketization of interest rates should naturally be unswerving. However, taking into account that the real economy in our country is not capable of sustaining high interest rates and the financial control ability of the financial system is not strong, the rhythm of marketization of interest rates needs to be seized. The proportion should not be further expanded, non-bank credit financing market should also strengthen regulation.