一、中国利率市场化已经成为关注焦点近期,中国利率市场化改革取得了重要进展,进一步推进利率市场化改革的时机已日趋成熟。另一方面,以拉迪为代表的国际金融界将利率问题作为中国经济金融问题重要关切点。其典型观点认为,中国经济对内管制并压低利率,真实利率长期为负,金融体系被分割为政府管制的部分和较少管制的自由市场;前者资金主要流向低效的国有企业和回报率低的基础设施建设;后者是中小企业以高利率融资。这种严重的价格歧视和市场侵害状态导致市 I. Market-oriented Interest Rate in China Has Been a Focus of Attention Recently, important progress has been made in marketization of interest rate in China and the time has now become ripe for further market-oriented interest rate reform. On the other hand, the international financial community represented by Radi indicated interest rates as an important concern for China’s economic and financial problems. Its typical view is that the Chinese economy controls inward and depresses interest rates, the long-term real interest rate is negative, the financial system is divided into parts of government regulation and less regulated free markets. The former flows mainly to inefficient state-owned enterprises and the rate of return is low Infrastructure construction; the latter is the SME financing with high interest rates. This serious price discrimination and market violation led to the city