Research Of Chinese Interest Rate Marketization Problem

The marketization of interest rate is one of the important part of economic system reform of our country and also the emphasis and difficulties of financial system's reform. This paper,from the macroaspect of interest rate system reform,makes a normative definition of the marketization of interest rate reform under the socialism market economy. As the paper points out,the meaning of marketization of interest rate which is now carried out in China,is that the government (primarily through the National Central Bank),according to the requirement of currency policy's final aim and designation of market signals,focuses on the control of a fiducial interest rate,releases others,realizes effective macro control based on the feet that the interest rate is formed by the market,through the basic influence of fiducial interest rate on others. This paper absorbs and borrows the experience and lessons of marketization of interest rate reform of foreign countries for our country's reform. Combining theory discussion and empirical analysis,the paper deeply analyses the defects of our present interest rate system,and explores the difficulties and advantages during the process of reform. The paper concludes that after China's entering WTO and under a situation which international financial environment has greatly changed,at present,we have the ability to speed up the reform,and we should put emphasis on improving the interest rate structure and interest rate conduction system,meanwhile,take measures to improve the relevant system-financial supervision,financial markets,state-owned bank and stated-owned firms.