利率市场化，无声无息-随便找财经网

利率市场化，无声无息

2011 年 12 月 19 日 17:00:05

类别：未分类

《国际金融》2011年第11期

2011年，中国利率市场化进程悄然推进。银行贷款利率基本市场化。即使在备受关注的存款利率方面，也有10.6%的存款实行市场化利率。间接融资的绝对主导地位决定了中国将继续坚持利率市场化的沉默之路。贷款利率市场化改革恰逢其时，存款利率市场化改革在存款之外。取消央行直接确定金融机构人民币存贷款基准利率是中国利率市场化改革的最后一环。提高银行人民币贷款融资以外的市场化融资比重，提高自愿性负债在银行资金来源中的比重，提高市场化金融工具投资在居民金融资产中的比重，都是推进利率的紧迫基础性任务自由化。家庭、企业、政府、银行等各利益相关方以及舆论都将支持这些基本任务。货币和金融当局每天都可以从容推进。五年之内，中国的利率市场化将悄无声息。它会自然而顺利地到来。

一、利率市场化在无声无息中快速推进

自1996年6月1日中国人民银行公布同业拆借利率以来，中国利率市场化已走过了15个年头。改革开放的头10年，央行出台利率市场化措施最多，实现了货币市场（主要是银行间市场）利率、债券市场利率、外币存贷款利率、人民币市场化协议存款利率，并于2004年扩大。金融机构人民币贷款利率浮动幅度。整个“十一五”期间，央行鲜有明显的利率市场化举措。利率调控的两大铁律——央行直接确定金融机构人民币存贷款基准利率和央行对金融机构“贷款利率下限和存款利率上限” - 没有松动。但非金融企业债务工具和银行理财产品的大规模发行，开辟了利率市场化“第二战场”，我国利率市场化步伐加快。

央行非金融企业债务工具的创设堪称利率市场化的杰作，直接推动了企业融资利率的市场化。 1993年，我国开始发行企业债券，由国家发改委审核。截至2004年末，公司债券累计发行327亿元，余额1232.5亿元。 2005年5月，中国人民银行推出企业短期融资券，当年发行1393亿元，2009年发行4652亿元； 1672亿元，2009年发行了6978亿元，2010年还发行了4958亿元。中期票据，以及后来的资产支持票据等，其实都是中长期债券，命名为《票据》便于中国人民银行管理。短期融资和中期票据可以流行。一是监管部门采取开放态度，真正实行“注册制”，可以“一次注册，多次发行”；二是最具资本和信誉的银行业参与；三是实行完全市场化利率，一般低于同期贷款利率100个基点以上。中国人民银行作为企业债务融资工具的设立，促进了监管主体的竞争。 2006年公司债券发行加快，当年发行1194亿元。公司债券利率不再受“不高于银行同期存款利率的40%”的限制。非金融企业大规模发行债务工具，迅速改变了企业的融资结构。 2006年我国企业债务工具（包括中期票据、短期融资券、公司债、公司债、可转换债券和可分离债券）占融资的比例仅为5.38%，2009年上升至13.24%和14.50% 2010年，2011年一季度升至24.06%。企业债务工具的发行直接替代了银行贷款，一定程度上降低了银行贷款利率。

监管部门对银行理财产品的快速发展持宽容态度，直接推动了个人投资收益的市场化。 10多年来，虽然货币市场工具、协议存款和各类企业债券的利率都实现了市场化，但最大的短板是个人无法直接参与外币存款利率放开，无法分享市场化带来的好处。银行理财的大发展弥补了这一不足。银行理财产品是银行销售的负责投资运作的资产管理计划。 2007年，银行理财产品发行量不足0.8万亿元。 2008年升至约3.7万亿元。 2009年增加到5万亿元。 2010年达到7.05万亿元，余额2.5万亿元。 2011年上半年，银行理财产品发行量8.51万亿元，银行理财产品余额3.57万亿元。这意味着3.57万亿元存款类资金——相当于同期人民币存款余额（78.6万亿元）的4.5%——实现了市场化收益率。

2011年，利率市场化步伐加快。在资金运用方面，利率市场化基本实现。 2011年上半年社会融资规模7.76万亿元，其中人民币贷款占53.7%，外币贷款占4.3%，委托贷款占9.1%，信托贷款占1.2%，银行承兑汇票账户占比17.1%，企业债券占比8.5%，境内非金融企业股票融资占比3.4%。外币贷款、委托贷款、信托贷款、企业债券的利率不受中央银行利率管制。银行承兑汇票本质上是商业银行发行的“货币”（在中央银行制度建立之前，商业银行是凭着自己的准备和信誉发行自己的货币“钞票”），其收取的承兑费用为，也属于市场化利率融资的范畴。只有人民币贷款受到严格的利率管理。但我国对贷款利率实行下限管理，没有上限。 2009年，在银行资金宽松的情况下，贷款下限管理开始发挥作用，商业银行对优秀企业的贷款利率不能超过10%。今年以来，银行的资金极为紧张。即使是最好的客户，银行也不愿意降低10%的贷款利率。因此，在贷款领域，今年的商业银行将感受不到央行利率调控的存在。在央行社会融资总量统计范围之外，非上市股权投资（PE）和租赁融资蓬勃发展，交易双方自行定价，也属于市场化利率资金的运用。

从资金来源看，利率市场化融资发展较快。货币市场工具融资（同业拆借、回购等）、企业债务工具融资、金融债券融资、银行外币存款等长期实行市场化利率。最重要的资金来源——人民币在银行的存款，仍然受到央行严格的利率管理，无法筹集。各类人民币存款的利率并不是一成不变的。单位存款中的保证金存款和个人存款中的保证金存款利率虽然由政府规定，但实际上是作为质押品，利率高低并不是“存款人”关注的重点。个人存款中的结构性存款本质上是一种理财产品，其收益率不再受政府规定的存款利率限制。财政存款中，国库现金定期存款利率采用招标方式定价，适用市场化利率。今年上半年共进行5次招标，余额1800亿元，约占财政存款余额的5%，中标利率接近贷款利率同一时期。委托存款，利率由委托方自主确定。其他存款主要由协议存款和协议存款组成，利率市场化已实施多年。 2011年8月末，保证金存款、结构性存款、国库现金定期存款、委托存款及其他存款余额合计6.86万亿元，约占全行人民币存款（78.66万亿元）的8.72%。此外，现有外币存款余额2561亿美元。两者合计8.51万亿元，占全部银行存款（80.3万亿元）的10.6%。也就是说，我国10.6%的银行存款实行了市场化利率。实际比例会更高。例如，2011年央行采用净额结算方式核算委托存款余额。 2011年8月末，仅为66亿元。不过，上半年社会融资规模中，委托贷款增加了7028亿元，这意味着委托存款至少增加了702.8亿元。十亿。

二、坚持走利率市场化的无声之路

当前，利率市场化呼声高涨。利率是最基本的市场化货币政策工具。所有的货币调控工具最终都是通过利率手段发挥作用的。当然，利率市场化的目标必须坚定不移，步伐越快越好。但是，利率市场化是具体的。目前未放开的利率主要是银行存款的89.4%和政府制定的存贷款基准利率。实现利率完全市场化，路径之一是发声模式，取消央行直接确定金融机构人民币存贷款基准利率和央行“贷款利率下限、存款利率上限”的规定金融机构的利率”。第二条路径是目前沉默的模式，即通过直接融资工具的快速发展推动贷款利率市场化，通过直接投资工具的快速发展推动存款利率市场化。

利率市场化路径取决于融资模式

在贷款几乎成为企业唯一主要资金来源的情况下，企业不得不非理性地接受银行超高利率的贷款。这时，如果贷款利率没有上限，银行必然会获得超额收益。当存款几乎成为银行唯一的主要资金来源时，银行将支付不合理的高利率来吸收存款。这时，如果存款利率没有上限，储户必然会获得超额收益。这与商业银行的定价权无关，定价权再高也会让位于生存。事实上，中国企业和商业银行的定价权并不低。无论是国有企业还是民营企业，都在银行比较存贷款利率。央行放开外币存贷款利率管制后，外币存贷款利率不存在恶性竞争。同业协议存款利率自由，不存在银行间协议存款利率恶性竞争。如今，我国商业银行的理财能力有了一定程度的提升，资本市场对净息差的关注也迫使银行密切关注资金来源成本与收益之间的平衡。资金的使用。

我国间接融资占比过高，是我国利率市场化不宜尽快解除的根本原因。中国的利率市场化路径极有可能与日本类似，即银行间接融资市场利率市场化步伐放缓，同时发展市场化利率的债券市场迅速与银行间接融资市场竞争，逐步实现利率市场化。 . 日本的利率自由化始于1979年，到1983年，日本的间接融资比例已降至72%。各方都意识到利率市场化的必然性，态度由反对转为支持。 1985年开始存款利率市场化试点，到1994年才完全市场化，从1979年算起，历时近16年。韩国从1981年开始尝试利率市场化，到1997年完成，历时17年。其他发达国家的利率市场化速度要快得多，美国六年（1980-1986），德国六年（1962-1967），澳大利亚六年（1976-1981），中国一步英国。一般来说，直接融资越发达，利率市场化进程越快。德国以间接融资为主，表面上似乎是个例外，但德国长期以来实行的是最彻底的混业经营，银行有足够的经营自由度。其他一些国家，如智利、阿根廷、泰国、马来西亚等间接融资国家，试图在三五年内完成利率市场化，结果成为典型的失败案例。

2003年，中国人民银行确定了“先外币，后本币，先贷款，后存款，先大额长期存款，后小额短期存款”的利率市场化改革顺序。应增加“先直接融资，后间接融资”。这正是中央银行在过去五年中实际上一直在做的事情。当市场化利率的债务工具融资占企业融资的30%甚至50%以上时，银行实施超高利率贷款并不容易。当非存款融资在银行资金来源中占比较高时，银行发动存款利率战并不容易。当储户有更多市场化的利率投资工具可供选择时，银行实施超低利率存款将不可行。

总之，制约我国存贷款利率市场化进程的根本障碍是间接融资的绝对主导模式。所谓银行和企业主体的市场竞争力（定价权）不足、金融监管能力薄弱、宏观金融不稳定等因素经常被提及，但它们依然存在，只是浮云。另一个突出的制约因素是政府的金融抑制政策。低利率是发展中国家，尤其是我国通过实现净储蓄的家庭部门补贴净负债企业和政府部门的基本“金融国策”。假设利率是市场化的，利率水平是由市场资金的供求关系决定的，政府将需要投入非常大规模的金融干预来实现低利率环境，而不是今天的公告。因此，第二条道路成为必然选择。

贷款利率市场化改革恰逢其时

贷款利率基本上已经悄无声息地市场化了。政策方面，是否要放宽甚至取消“贷款利率下限”？净出口的状态和汇率市场化的缺失，决定了我国在整个十二五期间不得不继续实行贷款限额控制。企业债务工具融资没有额度控制，债务工具融资的增速已经远超银行贷款16%左右的年增速。 2011年上半年，贷款融资占企业融资的比重下降至53%。扩大人民币贷款利率浮动区间不存在明显阻力。企业欢迎，银行不反对。上半年只有9.94%的贷款实行浮动利率，达到10%下限的更少，浮动利率达到61.15%。说明即使给予银行更大的浮动幅度，银行也不会竞相下浮。政策上允许个人首套房贷利率上浮30%，但实践中很少下调超过15%，就是一个例子。贷款利率政策进一步市场化的时机已经成熟。

扩大贷款利率浮动区间，也将增加央行调整利率的自由度。在我国历次利率调整中，降息容易，加息难。大企业始终反对央行上调存贷款基准利率，影响力大。贷款利率放宽后，这些业绩较好的大型企业至少可以申请到政策上浮动幅度较大的贷款，这将降低贷款基准利率上调带来的财务成本影响，从而削弱企业的财务成本。反对央行加息。

目前国内人民币利率高于国内美元利率，境内美元利率高于境外美元利率。此外，人民币升值空间的存在促使部分企业通过内保外贷、境外支付等多种形式进行境外融资。对此，政策应继续采取宽容导向。一般来说，境外融资绕过国内货币紧缩政策，推高国家外汇储备，导致不正当竞争，应严格控制。但是，海外融资降低了企业的财务成本，提高了国际竞争力。我国实行人民币汇率逐步升值（导致外汇储备高企）的原因之一是为了保持我国外向型企业的国际竞争力。为减轻通胀压力，国家限制食用油等国计民生产品涨价，但这些企业进口原材料的成本仍在上涨。事实上，海外融资在一定程度上对冲了部分原材料成本的影响，维系了这些企业。价格下单继续操作。客观来说，虽然利率仍为负，但6.56%的贷款基准利率并不低。还要考虑到我国生产的产品大部分销往国际市场，但美国、欧洲、日本都实行超低利率。日本在 1980 年代中后期将利率提高至 8% 的历史新高以应对通货膨胀。当时日本企业海外融资没有任何限制。日本一流大企业正是通过海外发债和借款，避开了国内高利率的冲击，保持了日本核心出口产业的竞争力。容忍企业境外融资，提高了利率市场化在企业融资中的比重，也在夯实我国利率市场化的基础。

笔者非常赞赏《中国国际收支报告（2009）》中的一段话“正常的贸易和投资活动不可避免地夹杂着一些异常的跨境资本流动……目前，我国异常的跨境资本流动其特点是不同于新兴经济体的“热钱”，一是主要通过合法合规的渠道流动……二是大部分以长期投资的形式存在……三是套利多资金由国内机构运营……四是部分资金的流入对企业发展起到了支持作用，目前我国的投融资体系有待完善，很多企业，尤其是中小企业民营企业，融资困难，部分资金需要通过体制外民间融资（包括境外融资）解决。会计制度需要规范和引导。” 我国目前的法律水平和行政能力使得很多政策有必要实施“一刀切”，但“一刀切”的调控政策难免伤及其他。因此，中央多次强调“增强针对性” 、宏观调控的灵活性和有效性。”近年来，金融监管部门对跨境贸易人民币结算中的夹带融资、信托理财中的融资倾向等采取了宽容的态度，就是一个有力的体现。贯彻落实中央宏观调控“三个性质”要求。

存款利率市场化改革不止于存款

在我国银行的资金来源中，截至2011年8月末，存款占比高达83%。在中国家庭金融资产余额中，截至2010年9月末，存款占比仍为64%。银行和家庭都严重依赖存款。在此背景下，政策允许存款利率上浮10%，所有银行的存款利率将同时上调10%，没有一家银行不敢不涨。从存款人的角度来看，我国所有银行的担保都是一样的，国家对所有存款实行充分的“隐性”担保。存款利率市场化的时机还远未到来。存款利率市场化改革只能在存款之外进行。适当的政策选择是不要仓促放宽存款利率上限，让有条件的金融机构和企业先行尝试市场化存款利率是行不通的。继续大力发展个人直接投资工具和银行主动负债工具，提高市场化资金在银行资金来源中的比重，降低存款比重。

美国推动存款利率自由化的主要工具是共同基金。互惠基金不仅具有与存款相同的安全性和流动性，而且具有市场化的收益率。它们是可以替代沉积物的天然产物。我国股市波动剧烈，分红吝啬，基金投资几乎没有安全可言，无法进行大规模的存款转移。固定收益银行理财产品的风险与银行存款相同，但收益率普遍高于同级别储蓄存款利率100个基点以上，是最佳的存款替代品在我的国家。 2011年上半年，该行理财产品新增8000亿元以上，已达到同期新增储蓄存款（3.1万亿元）的四分之一。 2011年1-7月，居民存款和企业存款增长缓慢，居民存款仅增加1.2万亿元，非金融企业存款增加2.7万亿元。银行通过发行理财产品筹集资金，或投资于个人和企业不能或不擅长投资的货币市场工具，活跃了金融市场；或者依靠信托中介机构为企业募集资金外币存款利率放开，满足企业愿意以市场化利率募集资金的需求。个人投资者也分享市场化的好处。筹款人、融资人和银行中介机构都自愿在市场化的利率环境中交易，自适应，实现共赢。银行发行理财产品和开展表外融资，削弱了货币紧缩效应。但是，这并不需要通过限制理财产品的发展来解决。在设置贷款额度时，应将这部分融资考虑在内，并在整个贷款额度中适当扣除。发行理财产品进行表外融资将增加银行业的风险。但这并不需要通过限制理财产品的发展来解决，而是需要银行将融资理财产品作为贷款来对待，通过完整的授信流程来控制风险。银行业是我国最成熟的专业融资中介，受到严格监管。允许各类直接融资通过银行中介服务，有利于宏观和微观金融的监测和稳定。因此，当前的银行理财市场值得宽容对待。监管的重点是保护理财投资者的利益，防范银行错投风险，而不是将其纳入宏观调控的武器库。

即使在存款基金中，用于支付和交易功能的存款（活期存款）和用于质押功能的存款（保证金存款）的比例也会增加，用于储蓄和投资功能的存款（定期存款）的比例会下降。 . 储蓄和投资功能更多地由银行理财产品等其他金融工具承担。存款的主要功能是支付，即活期存款。保证金存款是一种有效的主动负债，但往往被视为“假存款”、“不稳定存款”，甚至比例受到监管限制。免除保证金存款，减少缴纳法定准备金，可以促进保证金存款业务的发展。小额存款关系到我国金融改革的大思路，需要慎重考虑。十年前，央行决定发行大额存单，推动存款利率市场化。这是一个非常简单的解决方案，现在就可以实施。富有的个人和机构投资者可以直接购买大额存单。普通投资者也可以通过集体理财间接投资大额存单。银行也以大额存单的形式筹集资金。这样，银行和投资者就不需要依赖信任和理财来增加交易成本。有了大额存单，承担主动负债的方式就多了，银行也不必不计成本地为扩大机构网点而拼命了。

现有已实行市场化利率的投资工具，如公司债、公司债、中期票据、短期融资券等，可向个人投资者自由发售。股票投资的风险远大于企业债券。无需担心个人投资者购买无担保公司债的风险。股市、基金市场买方虚荣的观念已经深入人心。购买银行代销基金的投资者很少在发生损失后向银行寻求赔偿。银行以市场化利率出售企业债券等投资工具，风险也是买方自担风险。

About when the proportion of active liabilities in the source of bank funds and the proportion of market-oriented financial instrument investment in household financial assets both increase to 50%, both depositors and banks have adapted to the market-oriented interest rate environment. The established sequence of "small-amount and short-term" gradually liberalized the upper limit control of deposit interest rates, and the marketization of deposit interest rates is a matter of course. The economic reform has progressed to this day, the interest structure has solidified, and the public opinion environment is mixed. It is very difficult to introduce any in-depth reform measures. It is unrealistic and unfair to expect policy makers to break through and try and make mistakes. In 2003, the state creatively used foreign exchange reserves to supplement the capital of state-owned banks, and at the same time write off the capital of the Ministry of Finance, ushering in a golden decade for the development of my country's banking industry. With today's interest environment and public opinion environment, this measure is difficult to implement. Find another way, develop the periphery, cultivate alternatives, fight without declaring, eliminate the existing interests of the reform targets in the competition, and finally reach a consensus on reform among all parties in the calm. Many "top-level design" reforms in the economic field should be promoted in this way.

Of course, the gradual liberalization of deposit interest rate ceiling management is unfair to small depositors. According to the current policy, the minimum sales amount of bank wealth management products is RMB 50,000. It means that small-amount depositors cannot obtain market returns by purchasing wealth management products and large-amount CDs and other implicit deposit rate marketization channels. As compensation, banks should waive account servicing fees for small depositors. The savings preservation subsidy in the mid-1990s was a good way, which not only avoided the damage to enterprises caused by interest rate hikes, but also saved depositors from the pain of negative interest rates. At the end of 2010, in the equity structure of the entire banking industry, state shares accounted for 53.85%, and state-owned legal person shares accounted for 6.81%. There is still a reasonable basis for fiscal subsidies based on equity ratios or tax cuts. Otherwise, excess funds will be lost outside the banking system, or even flow to high-interest private financing, which will damage financial stability.

Maintain benchmark interest rates for RMB deposits and loans of government-designated financial institutions

Another topic of interest rate liberalization is whether to abolish the central bank's direct determination of RMB deposit and lending benchmark interest rates for financial institutions. Complete interest rate marketization, the benchmark deposit and loan interest rates of financial institutions should not be formulated by the central bank. In 2003, the "Decision of the Central Committee of the Communist Party of China on Several Issues Concerning Improving the Socialist Market Economic System" clearly pointed out that "steadily promote the marketization of interest rates, establish and improve an interest rate formation mechanism determined by market supply and demand, and the central bank guides market interest rates through the use of monetary policy tools." The central bank can only decide its own interest rates, such as the open market repurchase rate and the rediscount rate, so as to affect the deposit and lending rates of commercial banks. Statutory reserve interest rate, excess reserve interest rate, rediscount rate, and lending interest rate to financial institutions are the interest rates determined by my country's central bank. They are regarded as "central bank benchmark interest rates" in the current central bank statistics, but these benchmark interest rates cannot effectively affect bank deposits. Lending rates. The statutory reserve interest rate is the risk-free rate of return of commercial banks in my country. It is suppressed and has a punitive nature. Its main function is to directly regulate the amount of bank loanable funds and has little impact on market interest rates. Since 1997, my country's banking industry basically does not need to borrow from the central bank, and seldom goes to the central bank for rediscounting.

my country has spent a long time cultivating financial market interest rates. Originally, it was hoped that the central bank interest rate would affect the financial market interest rate, and the financial market interest rate would then affect bank deposit and loan interest rates. The "Eleventh Five-Year Plan" for the Development and Reform of the Financial Industry (February 2008) determined that "the Shanghai Interbank Offered Rate (Shibor) and the yield of treasury bonds will be gradually cultivated as the benchmark interest rates of my country's short-term and medium- and long-term financial markets, Dredge the interest rate transmission channels in the money market, bond market, and credit market, and build a complete financial market yield curve." This is the interest rate control mechanism that the central bank expects. Since my country's commercial banks mainly do not finance from the financial market, and enterprises seldom finance from the financial market, various Shibor, Chibor, central bank bill interest rates, treasury bond interest rates (yield curve) and other financial market interest rates cannot effectively affect bank deposit and loan interest rates. At the current stage when corporate financing relies on banks and bank financing relies on deposits, the transmission mechanism of the central bank's own interest rates and carefully cultivated financial market interest rates to bank deposit and loan interest rates is interrupted. In a sense, depositors are the bread and butter of my country's commercial banks. The presence or absence of the central bank or the presence of the market is not a matter of life and death.

At present, the benchmark interest rate for RMB deposits and loans of financial institutions determined by the central bank is actually my country's benchmark interest rate. Not only banks' deposit and loan interest rates for non-financial enterprises float based on this benchmark, but also various market-oriented direct financing forms such as treasury bonds, corporate bonds, entrusted loans, wealth management, and private financing are all priced with reference to the benchmark deposit and loan interest rates. The central bank's adjustment of the RMB deposit and loan benchmark interest rates of financial institutions has quickly and effectively affected the indirect financing and direct financing interest rates of the whole society. Various financing entities such as banks and enterprises need the "anchor" of the benchmark deposit and loan interest rates formulated by the central bank. At the same time, my country's large-scale infrastructure construction continues and the manufacturing-based industrial structure requires low-cost financing. At this stage, the government, enterprises and other net debtors all hope that the interest rate will be lower, and maintaining the right of the central bank to set the benchmark interest rate for deposits and loans can guide the market interest rate to a certain extent.

To sum up, the interest rate control mechanism, the anchor of pricing and the orientation of low interest rate policy determine that the RMB deposit and loan benchmark interest rate of government-designated financial institutions cannot be canceled for a relatively long period of time and must be maintained. The marketization of RMB deposit interest rate is not the last link of my country's interest rate marketization reform, but the abolition of the central bank's direct determination of the RMB deposit and loan benchmark interest rate of financial institutions. This is back to the original point, increasing the proportion of market-based financing other than RMB loan financing of banks, and increasing the proportion of active liabilities in the bank's funding sources are also the decisive basis for this reform.

Don't deviate from the silent road due to the difficulty of financing for small and medium-sized enterprises

Financing difficulties for small and medium-sized enterprises has become a hotly discussed issue in the society. Promoting interest rate liberalization as soon as possible is considered one of the main countermeasures. As early as the 1950s, Huang Da and other senior financial masters in my country pointed out that "material balance is the foundation, financial balance is the key, and credit balance is a comprehensive reflection" when discussing the "four balances" theory. Cost factors such as taxes, energy, raw materials, labor, and housing have risen significantly, and the internal quality of management and technology is not high. As a result, some small and medium-sized enterprises have increasingly meager profits. It seems that with new financing, everything is getting better for SMEs. Even with new financing, internal and external conditions are unlikely to change, and financing difficulties will reappear after a period of time. For example, the media often mentions that the Wenzhou lighter industry is in trouble due to financing difficulties. The actual reason is that the price of gasoline, plastics, and aluminum has doubled, but the price of lighters has not risen. What's more deadly is that after the implementation of strict airport security measures, consumers all over the world have given up fancy and expensive lighters. At present, the international environment and domestic resource carrying capacity can no longer support the rapid growth of China's economy. The central government hopes that the economy will slow down, and set a GDP growth rate of 7% at the beginning of the year. However, the mentality of entrepreneurs and others has not changed, and investment and production capacity have not been reduced. The absolute value of new loans decreased year-on-year. Rising prices of raw materials at home and abroad and other costs have consumed more of the company's already stretched monetary funds. The overall tension in social funds has occurred.

Of course, with the development of direct financing tools and the marketization of loan interest rates, large enterprises will dominate financing prices and reduce financing by banks, which will force banks to do more financing for SMEs. In the past two years, bank loans to small and medium-sized enterprises have increased significantly, which is the result of the squeeze. However, the marketization of loan interest rates has been basically realized. Today's interest rate liberalization is mainly the marketization of RMB deposit interest rates, and has nothing to do with solving the financing difficulties of small and medium-sized enterprises. The general call to speed up the liberalization of interest rates is actually calling for the liberalization of the upper limit of deposit interest rates. This will only cause banks to ask SMEs to share more of the burden of high-interest deposits, making SMEs more difficult. Therefore, don't change the silent mode of interest rate liberalization in our country just because you are eager to alleviate the financing difficulties of small and medium-sized enterprises.

Finalized on September 27, 2011

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