A Study On The Financial Policy Problem Of China

In the condition of the modern market economy,the regulative economy all uses"two hands":One cannot be seen is the market mechanism,which dispose the resources foundationally through the market;The other can be seen is the government macroeconomic regulation and control,which mainly makes up the insufficiency and malfunctions of the market regulation。The main tools are the financial policy and the monetary policy。The monetary policy conduct the total quantity more,the financial policy conduct the structure more。In the macroeconomic regulation and control,these two policies should closely coordinate。The regulative power and direction must be roughly consistent,then it can form the joint forces and obtains the regulative result。But which type of the fiscal policy and the monetary policy will be adopted specifically depends on the macroscopic economical situation。Since the Reform and Opening, China government uses the international experience for reference sufficiently, explores positively and makes decision courageously according to the development situation of different economy stages。It has respectively implemented the moderately tight (constrictive) financial policy in 1993,the positive (outstretched) financial policy in 1998 and the steady (neuter) financial policy in 2005。The financial regulation transforming from the direct way (refers to administrative methods primarily) to the indirect way(refers to economical methods primarily) has come true。Moreover it powerfully promoted the national economy development continually,fast and healthily。The practice proved,regardless of the outstretched financial policy,constrictive financial policy or steady (neuter) financial policy, all will be positive,sustainable,effective,so long as it utilizes appropriately, conforms to the macroscopic economical development need ,advantages eliminating the unstable,unhealthy factors in the economy movement。The choice of outstretched,constrictive,steady (neuter) financial policy must according to the macroscopic economical situation and the specific goal of macroeconomic regulation and control。The economy has been too hot,the financial macroeconomic regulation and control policy needs to focus on the economical temperature decrease,vice versa ;when it is not too cold or hot,the financial macroeconomic regulation and control policy needs to focus on the solution of unbalanced structure problem。Considering the appearance of superheat sign in the macroscopic economy, the proportion of the financial deficit to GDP already close 3% which is internationally recognized warning line, giant quantity of bank's bad assets and the social security unmet needs, as well as the universal existence of non-balanced development problem,China should implement the steady financial policy in the medium and long-term。That is if the big new and uncontrollable factors don't appear,China explicitly proposed that in the intermediate stage (3-5 years) we will not expand the absolute volume of financial deficit,and will compress the proportion of financial...