利率市场化与金融创新之探讨

改革开放25年以来,我国的商品和服务市场建设已经取得了长足的进展,市场调节价的综合比重超过了95%,但却对资金的价格———利率一直保持着计划管理为主的模式不变。这成为我国利率管理体制僵化、传导机制弱化以及利率结构扭曲的主要原因。十六大报告特别提出了“要稳步推进利率市场化改革,优化金融资源配置”的重要决策,揭开了我国利率市场化改革的帷幕。这必将引起我国金融制度、金融组织和金融工具的一系列创新。

Market- Driven Interest Rate and Financial Innovation

For over 25 years since the reform, the construction of Chinese commodity and service market has got a great progress, the compositive proportion of the market-adjusted price has been over 95%.However, as far as the price of funds-interest rate is concerned, it is almost kept unchanged as before.It has becomes the main reason for making interest-rate management mechanism rigescent,conducting the mechanism weakened and the interest rate structure contorted.The CCP's 16th Congress especially proposed the important decision-making of the interest-rate market reform, undrawing the purdah of China' market-driven interst rate reform. That will certainly result in a series of innovation in the financial system,organization and facilities.