Scale Of Social Financing, Benchmark Interest Rates And Economic Growth

The relationship between social financing situation, the benchmark interest rate and real economic growth is very important in the national economy. Social financing scale is within a certain period(monthly, quarterly or yearly) of total capital entity economy from the financial system, it is a great innovation China monetary policy theory and practice of macro-control, which can reflect the relationship between finance and economy, operation and effective monitoring of macroeconomic and real sector. At the same time, the interest rate is one of the key economic variables of concern, as the price of capital, an important link in the economic impact of both effects on economic activity of the microscopic economic subject is the monetary market and product market. The level of interest rates not only by the common effect of monetary market and product market, more reaction in two markets in the economic system, it also has effect on the regulation of the economy and reflect the operation status of economic signal, the running state of a country’s economic system have an important impact. Therefore, the paper research the relationship between the perspective of the whole society as the supply of funds reflect on the real economy in support of the social financing scale 、 as important leverage financial macro-control of growth rate and the real economy growth has important guidance and practical significance.This paper from the principle of social financing, the benchmark interest rate and real economic growth starting from economic theory, analyzes the conduction effect of social finance and real economy, the benchmark interest rate and real economic growth. By constructing a VAR model, error correction model, an empirical testing of the relationship between social financing, the benchmark interest rate and real economic growth, according to the empirical results, analyzing the reasons for the entity economy social financing remains to be further improved and the benchmark interest rate control, according to the problems of the current situation, put forward relevant policy recommendations: The first, to maintain a reasonable scale of social financing, optimizing the structure of social financing scale, using open market operations, reserve requirements and interest rates, price and quantity of tools for effective control of banking financial institutions credit scale, adjusting the total social financing scale, to maintain a reasonable scale and pace, continue to increase the proportion of direct financing; The second, to vigorously develop the capital market, to increase the supply of capital, reduce the proportion of indirect financing, building a diversified financing platform, give full play to the stock, bond, fund financing tools(equity financing, corporate bond financing, insurance and financing) role; The third, to speed up the market-oriented interest rate reform, improve with the interest rate mechanism and the system of market economy requirements. Positive change in central bank policy regulation, focusing on cultivating the benchmark rate to SHIBOR as the core, and reference counting rates, interest rates, and give full play to the role of market supply and demand; The forth, to accelerate transformation of the mode of monetary policy of central bank, adjust the quantity in the past and to price based, considering the allocation of resources, production capacity and market demand based on the perspective of market interest rate into the real economy; The fifth, the rational allocation of capital resources, according to the forms of economic and policy needs to improve the investment structure, strengthen guidance and management of the government to private investment, improve efficiency in the use of investment resources, rich investment channels, pay attention to technology progress and the adjustment of industrial structure.