从初始经济条件看中美国库现金管理效应及中国的操作选择

当前,中国正面临着货币流动性相对过剩的问题,开展国库现金管理对从紧的货币政策可能带来冲击。一方面中国应积极借鉴国际经验开展国库现金管理,提高财政收益,减少政府筹资成本;另一方面应该根据经济条件把握好国库现金管理的进度和规模,重点关注国库现金管理对货币市场的影响,并在操作中进一步探索财政政策与货币政策的协调机制。

Effectiveness of the Treasury Capital Management between Chinese and US and Operational Choices of China in Terms of Primary Economic Conditions

China is currently facing the problem of excess liquidity of money in circulation.Exercise of money management by the treasury is likely to present a challenge to the tight monetary policy.On the one hand,China should energetically learn from international experience in treasury money management to improve the benefits of fiscal policy and lower the cost of government financing.On the other hand,China should carefully regulate the degree and scale of treasury money management in accordance with economic conditions,focusing on the impact of treasury money management on the money market and working out ways to improve the coordinating mechanism for fiscal and monetary policy in fiscal operations.