优化金融供给结构防范流动性风险*

2018年以后，中国经济金融运行中出现了三对相互关联的“两难选择”：“去杠杆”与“稳增长”之间的矛盾、资金“脱实向虚”与“脱虚向实”之间的矛盾、金融整治与防风险之间的矛盾。实施宽松的货币政策、加大向经济金融运行注入流动性，难以破解这些“两难选择”，甚至有可能引致南辕北辙的效应。破解之策在于：拓展商业票据市场、债券市场和股票市场，允许城乡居民和实体企业以资金供给者和资金需求者的身份直接进入金融市场；加快发展资产管理市场，将金融服务对象从法人机构向居民家庭扩展，推动实体企业的暂时闲置资金从存款（尤其是定期存款）转向现金管理（或资金管理）；形成以负面清单为基础的行为监管机制和监管沙盒机制。

OPTIMIZING FINANCIAL SUPPLY STRUCTURE AND FORESTALLING LIQUIDITY RISK

Since 2018, there have emerged three correlated dilemmas in the economy and finance in China: the contradiction between deleveraging and maintaining growth, the contradiction between distracting the capital from its intended purpose and turning the capital back to its intended purpose; the contradiction between financial regulation and forestalling financial risks. These dilemmas can hardly be resolved by loose monetary policies and injecting more liquidity into the economy and finance, which may even cause contrary effects. The solutions are as follows: expanding the commercial paper market, the bonds market and the stock market, and permitting residents and entity enterprises enter into the financial market as the capital suppliers and capital demanders; promoting the development of the asset management market, expanding the objects of financial services from legal entities to residents and families, and promoting the transformation of temporary idle capital of entity enterprises from deposits (especially fixed time deposits) to cash management (or capital management); developing the behavior regulation mechanism and the regulatory sandbox mechanism basd on the negative list.