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从我国三大需求对经济增长的贡献看,内需是中国经济增长的主要动力源,外需为中国经济发展做出了重要贡献。货币政策对总需求的调控主要通过信贷渠道和利率渠道进行传导,但由于我国市场微观主体对利率信号不敏感,利率传导途径受到限制。货币政策利率传导途径有效的前提是微观主体根据货币政策做出决策后须有条件实现自己的选择,并因自己的行为获取利益或承担损失,这样才能建立起传递及时、反应敏感的传导机制,更好实现货币政策的调控目标。因此,要提高货币政策效应,应更多从夯实市场微观基础、健全市场竞争机制等方面来考虑。
From the contribution of the three major needs of our country to economic growth, domestic demand is the main source of power for China’s economic growth. External demand has made an important contribution to China’s economic development. The regulation of monetary policy on aggregate demand is mainly conducted through credit channels and interest rate channels. However, due to the fact that China’s micro-market participants are not sensitive to the interest rate signals, the transmission of interest rates is limited. Effective precondition for effective transmission of monetary policy interest rate is that micro-entities should make their own choices based on their monetary policy after making decisions and obtain benefits or losses due to their own actions so as to establish a timely and responsive transmission mechanism, Better control of monetary policy objectives. Therefore, to enhance the effect of monetary policy, more should be considered from the aspects of compiling the microscopic foundation of the market and perfecting the market competition mechanism.