刚刚过去的周末，央行行长周小川在三场论坛上发表了公开演讲，分别就货币政策、金融改革、宏观调控等市场关注的焦点问题阐述了他在实际工作中的经验、思考以及独到深刻的见解。

Just the past weekend,Central bank governor zhou xiaochuan in three field BBS published in public speaking,Monetary policy respectively/Financial reform/The macroeconomic regulation and control in markets such as the focus of attention problems expounded his the experience in the practical work/Thinking and original deep insights.

　　⊙记者 李丹丹 ○编辑 叶苗

⊙ reporter li dandan ○ YeMiao editor

　　货币政策 Monetary policy

　　多种手段做好流动性对冲 A variety of means to liquidity hedge

　　周小川17日在财新峰会上表示，总体来讲中国经济在转轨过程中还是普遍存在过热冲动，“在一个相当长的转轨过程中，经济是不对称的，过热倾向可能性大于偏冷的倾向。”在这样的背景下，需要始终强调防范通胀，“通货膨胀始终是比较大的风险，始终放在突出的位置来加以针对。”

Zhou xiaochuan 17 in wealth xinfeng meeting said,Generally speaking Chinese economy in transition process is common overheating impulse,"In a quite long transition process,Economy is not symmetrical,Tendency to overheat possibility more than partial cold tendency."In this context,Need to always emphasize to prevent inflation,"Inflation is always larger risk,Always in the outstanding position to be in."

　　但是货币政策不能仅仅关注通胀。他指出，与其他国家单一盯住低通胀目标不一样，中国货币政策采取了多目标制，还包括经济增长、充分就业以及国际收支平衡。

But monetary policy can't just concerned with inflation.He pointed out that,And other countries a single gaze at low inflation target is not the same,China's monetary policy adopted many targeting,Also includes economic growth/Full employment and the balance of international payments.

　　最近十年来，阶段性的国际收支双顺差造成货币供应量明显加大，市场流动性明显过剩，同时带来了通货膨胀的压力。周小川指出，中央银行货币政策有效运行首先一个基点就是要做好流动性对冲。

In the recent ten years,The stage of the international balance of payments surplus cause money supply increased obviously,Market liquidity surplus of obvious,At the same time bring the inflationary pressure.Zhou xiaochuan pointed out that,The central bank monetary policy effective operation first a base is to do liquidity hedge.

　　对此央行安排了多种产品，包括央行票据、存款准备金率、回购等。每种工具都有各自特点，吸引流动性、冻结流动性的深度不一样，价格不一样，运作机制也不一样，“这些工具配合起来能够起到对冲流动性的需要”。

This central bank arranged a variety of products,Including central bank bills/Deposit reserve rate/Counter-purchase etc.Each tool all have their own characteristics,Attract liquidity/Freezing liquidity depth not the same,Price is not the same,Operation mechanism is different also,"These tools to fit up to play a hedge liquidity needs".

　金融改革 Financial reform

　　重视自下而上式金融改革 Pay attention to bottom-up type financial reform

　　周小川17日在“国际金融论坛”上表示，我国金融改革中有相当一部分属于自下而上式改革，这类改革是我国金融改革的重要组成部分，应予以重视。

Zhou xiaochuan in 17,"International financial BBS"Said on,China's financial reform has quite part of belongs to the bottom-up type reform,This kind of reform in China is an important part of the financial reform,Should be pay attention to.

　　周小川举例称，包括天津滨海新区金融改革创新试点、温州金融改革综合试验区、浙江丽水农村金融改革试点等均属于自下而上式改革，这类改革不同于由中央决策后统一进行部署的自上而下式改革，而是以地方先行试点继而推广全国为特点、自下而上地发生。

Zhou xiaochuan, for example say,Including the tianjin binhai new area financial reform and innovation pilot/Wenzhou financial reform comprehensive test site/Zhejiang lishui rural financial reform pilot are bottom-up type reform,This kind of reform is different from the central decision-making to deploy unity after the reform from top to bottom type,But to place first pilot and promotion for the national characteristics/Bottom-up to happen.

　　以往有观点认为，我国金融改革只能自上而下进行，因为金融市场往往较为活跃，流动性很强，局部试点往往会产生改革的外溢性，另外试点也会产生地区间竞争的不公平。对此周小川表示，由于我国的改革很难有既有成熟经验供选择，此外我国又是一个发展极不平衡的国家，难以找到统一的改革路径。他认为，改革需要有自下而上的模式，自下而上式改革也往往因具有较高的改革热情而易推行。

In the past with a view,China's financial reform from only,Because financial markets are often more active,Liquidity strong,Local pilot tend to produce reform spillover sex,Another pilot also can produce regional competition unfair.Zhou xiaochuan said this,Because of our country's reform is difficult to have both the ripe experience for choice,In addition our country is an uneven development country,Hard to find a unified reform path.He thinks,The reform needs a bottom-up model,Bottom-up type reform also often for the reform of high enthusiasm and easy to implement.

　　宏观调控 Macroeconomic regulation and control

　　任何一种调控都不可能有百利而无一害 Any kind of control are not may have benefit to no harm

　　继接连在多个公开场合谈及中国金融改革、货币政策调控目标等焦点话题后，周小川18日在首届“金融街论坛”上图文并茂地谈及金融货币政策的调控原理，并回顾了应对全球金融危机期间央行采取调控措施的诸多细节。他表示，全球金融危机中，中国的调控“出手快、出拳重”，取得明显效果，获得全球赞誉。他同时也坦言，“任何一种调控都不可能有百利而无一害的”。

After more than in the public occasions on China's financial reform/Monetary policy goal of focus after topic,Zhou xiaochuan 18, in the first"Financial street BBS"Excellent pictures and texts on talk about financial monetary policy control principle,And review, in order to cope with the global financial crisis, the central bank to take control measures during many details.He said,The global financial crisis,The regulation of China"Make moves fast/Throw a punch heavy",Obtained obvious effect,Gain global recognition.He also said,"Any kind of regulation is impossible to have the benefit to no harm".

　　周小川回顾说，在全球金融危机爆发后，我国迅速采取措施，并很快向全世界宣布了包括将财政政策调整为积极财政政策，货币政策调为适度宽松的货币政策在内的一揽子刺激计划，同时利率、存款准备金率、财政安排等一系列调控工具迅速跟上。

Review zhou xiaochuan said,After the outbreak of the global financial crisis,Our country swift measures to be taken,And to the world soon announced including fiscal policy adjustment as the active fiscal policy,Monetary policy adjustment for moderately easy monetary policy, a package of incentives,At the same time, interest rates/Deposit reserve rate/Financial arrangement and a series of control tool catch up with the.

　　周小川结合经济学理论讲述了诸多调控细节是如何产生和应用的。他说，由于中国在全球金融危机期间的调控“出手快、出拳重”，取得良好效果，中国经济在全球率先复苏，对整个世界经济都是鼓舞，并提振了信心，在全球范围内获得赞誉。

Zhou xiaochuan combined with economic theory tells the story of many regulation details are how to generate and application.He said,Because of the global financial crisis in China during the period of regulation"Make moves fast/Throw a punch heavy",Achieve good effect,China's economy in the global recovery,The world economy is encouraged,Vibration and confidence,In the global scope get the praise.

　　不过，周小川坦言，宏观调控须兼顾诸多目标，且调控手段纷繁多样，“任何一种调控都不可能是有百利而无一害的”，也要服从于系统特性的描述，调控过程中也会有振荡。

but,Zhou xiaochuan said,The macroeconomic regulation and control must give attention to two or morethings many goals,And control means complex diverse,"Any kind of control are not may be of benefit to no harm",Will subject to the description of the system characteristics,In the process of regulation will have oscillation.

　　周小川还谈到调控的前瞻性和调控有效性衡量等问题。他特别提到，当前调控一些经济运行中的状态变量很难测量和获取，这难免会对调控形成不利影响。

Zhou xiaochuan said regulation prospective and control effectiveness problems such as measure.He especially mentioned,The current regulation of some economic operation of the state variables is hard to measure and obtain,This will inevitably to control formation adverse effect.