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当前,我国经济运行中存在两类利率扭曲现象:贷款利率长期低于自然利率,存贷利差偏离均衡利差。利率扭曲容易引导资金脱实向虚、推高经济杠杆水平、放大金融风险并引发结构失衡。防范长期利率扭曲形成金融泡沫和系统性风险,应合理有序地推进利率市场化进程,降低中小企业的融资成本,慎用扭曲式货币政策,积极寻求平衡“保增长”和“防风险”的经济杠杆率。
At present, there are two types of interest rate distortions in China’s economic operation: the loan interest rate is lower than the natural interest rate for a long period of time, and the deposit-loan spread deviate from the equilibrium interest spread. Interest rate distortions can easily lead to the de-escaping of funds, pushing up the level of economic levers, amplifying financial risks and causing structural imbalances. Prevent long-term interest rates from distorting to form a financial bubble and systemic risks, advance marketization of interest rates reasonably and orderly, and reduce the financing costs of SMEs. We should be careful about distorted monetary policies and actively seek a balance between “maintaining growth” and “preventing growth” Risk "economic leverage.