Cai Enze
On this summer steaming day, watching the saliva battle between the Ministry of Finance and the Central Bank is more enjoyable than watching the World Cup.This is really not a glory of disasters, but this is the difference between Chinese economic regulatory agencies in terms of policy design opinions. It is rare for such an open scolding war.
So far, the two rounds of the water -wealth saliva have played three rounds.
The first round: On July 13th, a work research article by Xu Zhong, director of the Central Bank Research Bureau, pointed out that & ldquo; multiple phenomena indicate that positive fiscal policies are not really active & ldquo; positive fiscal policy without deficit is rogue & rdquo;EssenceOn July 16, Caixin.com signed a strong response of a fiscal system signed by Caixin.com & ldquo; Qingyi & RDQUO; and could not simply equate deficit size with the strength of active fiscal policies.In actual operation, the financial department has considers a variety of channels to increase active fiscal policy.
The second round: The central bank's call is too difficult to deleveraging financial deleveraging. He complained that the financial institutions had injected capital to the financial institutions. The finances did not really pay for it. They also demanded that the financial department as a state -owned financial institution investor.The Ministry of Finance immediately refuted that she really did not have back pain, and the expenditure of debt arrangements and expenditures through fiscal revenue were taken out of real gold and silver. As long as the central government was not poor enough to make white bars, they questioned that the central government did not really pay for the central government.This statement is very unprofessional.
The third round: The central bank accuses the financial department and local governments & ldquo; Ambiguous relationships & rdquo; or that we wear a pair of stall pants, and the local debt platform is high. In fact, the leverage rate is made by fiscal relaxation supervision.The Ministry of Finance responded to the fact that we and the local government were not related to your affairs. The company always borrowed some money from the bank to make difficulties on the grounds of unsatisfactory compliance.You, such as interest rates, exchange rates, and RMB internationalization, do not say to others.
After the three rounds, no one has the upper hand, but it makes the guests feel that the two have not high style, decorating themselves, and degrading others.This author has sorted out several issues from it, and it is worthwhile to pay attention to both banks.
The Central Bank and the Ministry of Finance are under the huge institutional system of the State Council of the Chinese State Council. Two high -agent economic management departments say that they are in charge of the lifeblood of the Chinese economy at all.It is the left arm of the country's economic supervision, holding the whole body.After previous institutional reforms, the functions of the two have been very clear, the level is parallel, and each is independent. Basically, the river water is not committed.Although the fighters participating in the above -mentioned saliva war brighten their swords as individuals, it is conceivable that if there is no high -level teachings and no certain power support, it is impossible for both sides to dare to make public shouts at this level.smell.
As the main designer and embodiment of the national monetary policy and fiscal policy, there should be a global concept. It is necessary to communicate, understand, and support each other, rather than dismantling each other.At least the two major economic regulatory departments this time often lack communication and lack of integration in policy design.Squeeze the implementation space and effect of departmental policies.
Why is there a public scolding battle at this time?This is probably related to a new situation in the current economic situation in China.The National Economic Daily Half -year Report has just come out. In the first half of the year, GDP increased by 6.8%. Although the growth rate was still 6.7%to 6.9%, such a mid -high -speed range was also affected by the uncertainty of the world economy.The United States has stressed to put a certain pressure on China's foreign trade development.In this situation, the silver wealth complained to each other, a little bit of responsibility.In other words, both parties are grabbing the right to speak in policy formulation. Whoever has a high tone and who is more rational, who can divide more power space in the future policy design.
Yinfai's scolding war also inspired people to re -examine the positive fiscal policy and the connotation of stable monetary policies.The & ldquo; fiscal policy proposed by the Central Economic Work Conference should be more active and effective & rdquo;The so -called & ldquo; Active & rdquo;, is to actively play the role of fiscal and important pillar in national governance, and enhance the foresight and preventiveness of fiscal policy, rather than passively cope and see tricks.The so -called & ldquo; Effective & rdquo;, is to grasp the key links, key issues, accurate efforts and right medicines, to achieve the effect of & ldquo; four or two pounds & rdquo;
Ruan Jianhong, director of the Department of Investigation of the People's Bank of China, said that in the future, the central bank will implement a stable and neutral monetary policy in the future to strengthen the situation prediction and fine -tuning.
In short, Yinfu scolding the war highlights the restlessness of China's economic supervision.Both sides are accusing each other for inaction, affecting the political achievements of the department.The correct attitude should be that the fiscal policy and monetary policy should be closely cooperated, starting from the overall economic and social development situation, coordinating the formulation of policies and determining efforts.At the critical stage of advancing the modernization of national governance capabilities, finance and the central bank must do something and do nothing. Under the framework of rule of law and marketization, each performing duties and responsibilities.The other party's chaos is the responsibility of the people's fundamental interests.
It is worth noting that the risk of the contradictory of the decision -making contradiction in the scolding of Yin Cai is.What forced the two sides to fight a saliva?It is currently the different understanding of the policy implementation level.I have to admit that the two major economic regulatory authorities still have a lot of differences in policy awareness. Specific to the policy, cooperation, and implementation of the policy, it is difficult for monetary and fiscal policies to be tacit.
However, this drama is not a bad thing.Liu Shengjun, dean of the China Institute of Finance Reform, said that from the perspective of reform, the argument between the two sides is not a bad thing.& ldquo; This collision is very necessary for reform. If there is no such argument and judgment, reform will not be promoted.& rdquo;
The author is a Chinese financial media columnist
