经济周期、宏观调控与银行监管

本文在分析中国经济周期特征和成因的基础上,认为政府主导下的投资和信贷波动是导致中国经济波动的主要因素。目前,中国平滑经济波动的金融宏观调控手段主要包括信贷控制和指导、存款准备金制度、利率和汇率政策及公开市场业务等措施。随着中国经济的开放化、法治化和市场化,需要进一步发挥银行监管在金融宏观调控中的作用,在实践中主要就在于建立和完善以资本充足率为核心的监管调控体系、以透明独立为特征的监管组织体系和以准确快捷为目标的风险预警和测试体系。

Business Cycle,Macro Management and Banking Supervision

The paper considers government-led investment and credit volatility as the main factors of China's e-conomic fluctuations on the basis of the analysis of China's economic cycle characteristics and causes. Currently,ma-jor measures of financial macro-control of smoothing economic fluctuations in China includes credit control and guid-ance,deposit reserve system,interest rate and exchange rate policies,open market operations and so on. With the openness,legislature construction and market-oriented reform of Chinese economy,we need to promote banking su-pervision in financial macro management. In practice,it mainly lies in the establishment and improvement of the reg-ulatory control system on the core of capital adequacy ratio,transparent and independent regulatory organization system,and accurately and quickly risks early warning and testing system.