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利率是资金的价格,利率市场化是生产要素价格市场化的重要方面。我国从90年代开始利率市场化,十八届三中全会以来利率市场化进程进一步加快。2016年政府工作报告提出要深化利率市场化改革,“十三五”规划纲要提出要提高直接融资比重,完善利率市场化,健全利率市场决定机制,创新货币政策调控工具。2015年取消存贷款利率管制在我国利率市场化过程中具有里程碑式的意义,但我国利率定价和利率管理并未实现市场化,央行的利率调控机制尚未建立,我国当前的利率市场化只是形式上的市场化,真正意义上的利率市场化并未完成。我国应借鉴主要国家利率市场化过程中货币政策转型的经验,完善利率调控体系,加快构建符合我国国情的价格型货币政策调控框架。
The interest rate is the price of funds. The marketization of interest rates is an important aspect of the marketization of the factors of production. Since the interest rate liberalization started in the 1990s in China, the marketization of interest rates has been further accelerated since the Third Plenary Session of the 18th CPC Central Committee. The 2016 government work report proposes to deepen market-based interest rate reform. The Outline of the 13th Five-Year Plan proposes that the proportion of direct financing be raised, market-oriented interest rates should be improved, the interest rate market determination mechanism be improved, and monetary policy control tools should be innovated. The abolition of deposit and loan interest rate control in 2015 has a milestone significance in the process of marketization of interest rate in our country. However, interest rate pricing and interest rate management in our country have not been marketized, and the central bank’s interest rate control mechanism has not yet been established. The current marketization of interest rate in our country is only formally The marketization of the real interest rate market has not been completed. Our country should learn from the experiences of the monetary policy transformation in the process of marketization of interest rates in major countries, improve the interest rate regulation and control system, and speed up the construction of the regulatory framework of price-based monetary policies in line with China’s national conditions.