宏观政策应积极引导结构调整（感言）

2011年12月14日00:00    来源：人民网-《人民日报》     手机看新闻

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The people's university of China economy LiuYuanChun, vice President of the college
The debt crisis, export decline, hot money inflows and the emergence of the problem of interfering with some the implementation of policy, economic structure adjustment to the impact.Macro regulation should structure adjustment in a more prominent place.

This positive fiscal policy and prudent monetary policy in the control inflation, steady growth made the obvious effect, also meet with some difficulties.Such as three times in the industrial structure, the service industry growth slowed significantly, heavy industry within the industry in light industry faster;In income distribution pattern, the residents' income growth for behind financial income and profit amplitude.

In addition, foreign demand this year in back at the same time, domestic demand and can't complement;A decline in investment policy at the same time, private investment is still not fully activation;Fixed asset investment growth fell at the same time, consumption or weak growth.

Structure adjustment is not ideal, and extremely complex international economic environment have relations.The debt crisis, export decline, hot money inflows and the emergence of the problem of interfering with some policy execution and implemented, the economic structure adjustment to the impact.This year excessive use of monetary policy quantitative tools recovery liquidity, lead to the traditional channel capital on the appear partiality crunch, a large number of small and medium-sized enterprises have to use of private borrowing not regulate channels of financing, the interest rates in the difference of different channels widens, which caused regulatory arbitrage.

Many factors make the financial resources of superposition mismatch and financial price distortion worsened, the entity economy income as virtual economic income, capital of economic growth for the entity support weakening.In the financial and economic benefits of the entity differentiation at the same time, China's great enterprises and small and medium-sized enterprises, the performance of the resource monopoly enterprises and middle reaches of the manufacturing enterprise business performance had differentiated.In the third quarter from listed company performance can see: the enterprise of ROE (ROE) is highest, the middle of the enterprise ROE minimum.

A weak stock market, small and medium-sized enterprise management difficulties appeared to folk lending, bank financial products and other nonregular financial products spread.The entity economy profit difficult and some public companies when the money "DaoYe" is profitable, funds appear mismatch, the quality and efficiency of economic growth has fallen.

Structure adjustment is still a long-term task, and the macroeconomic regulation in the future, the structure adjustment in a more prominent place.In the implementation of active fiscal policy process, structural tax cuts will continue.In the direction of the fiscal expenditure, should be more people's livelihood to the area for expanding consumer provide support.

Monetary policy will enlarge the big trouble the market main body clear expectations, cause the market order of chaos, the influence to the real economy and orderly development.So should reasonable use monetary policy tools, avoid the excessive frequently used.Will keep on to the small and medium enterprise, main directional loose, and according to the domestic and international economic situation timely presetters fine-tuning.In the real estate market regulation, still insist on next year tightening policy, restrain the real estate investment hype, or real estate regulation may upset the applecart.

(our reporter LiuXianYun interview arrangement)