Research On Market-oriented Interest Rate Reform During The Twelfth Five Year Plan

As the price of capital and risk compensation, the importance of interest rate is no doubt. The marketization of interest rate is the core of financial liberalization, and the financial reform key to deepen. The marketization of interest rate is to represent the general trend, it helps to optimize the allocation of resources, promote the economy of a country more efficient development.Since 1996 China opened interbank interest rate, market-oriented interest rate has been steadily, gained huge success, and now get into the most crucial phase-the deposit and loan interest rate liberalization-stop struggling, progress is slow. Since the end of 2010, the interest rate marketization reform topic has been rising:first, the CPC Central Committee on the development of the "12th Five-Year Plan" proposed to steadily promote market-oriented interest rate reform; Zhou Xiaochuan later published article said, "there must be planning, step by step, not to move or retreat to promote market-oriented interest rate reform". During the Two Meetings, Premier Wen Jiabao emphasizes in governmental working report to promote the market-oriented reform of interest rate. Why China should promote market-oriented interest rate reform? Why the reform progressed so hard? How to continue to promote market-oriented interest rate? Which measures are need in the reform? How the institutional arrangement will be in the future? These problems caused widespread concern, this research and study helps to deepen the understanding of interest rate marketization.The market-oriented reform of interest rate is to represent the general trend, the understanding to this problem has also become a consensus.But it was easier said than done, It has always been the slow progress of the reform is largely fell into a dilemma, and this kind of predicament is born in China's reform path and mode of economic development. It is necessary to continue to advance the reform of the conditions, how to correctly choose to implement the reform and the path, it is also the main point to write. At the same time the market oriented interest rate reform is a systems engineering, it must be coordinated with other reform, gradually progress. the path, corresponding measures and system arrangement is the next research focus in continuing to promote market-oriented interest rate reform. This paper would like to these three issues were discussed and put forward their own analysis and advice, in order to eliminate the side on, correct understanding, to promote market-oriented interest rate reform and make their own judgments and contribution.This paper firstly reviews the process of marketization of interest rate of domestic and foreign practice and experience. Then introduces why the reform of our country progress is slow, analysis of the current difficulties, and the recent reform topic rising background, in the future continue to promote market-oriented interest rate reform approaches including pathway selection and datum selection of logical deduction. We believe that the market-oriented reform of interest rates sooner rather than later. Interest rate marketization reform lag the banking industry has become the biggest obstacle of development of each economy main body, distorting the profit allocation between the structure, but also the macroeconomic instability causes. Then considering the market-oriented reform of interest rate may have the effect, first make it clear that any a reform is essentially a kind of interests adjustment, then according to the macro and micro economic subject discussed respectively on different commercial banks, small and medium enterprises, reform of RMB exchange rate and macro economy internationalization and the possible beneficial or detrimental effects. Finally, the market-oriented reform of interest rate is a system engineering, we mainly from the influence of interest rate marketization reform of macroscopical economic stability, microcosmic foundation, cultivate perfect financial market, prudent financial supervision and so on five aspects to discuss the countermeasure.