货币政策对经济运行与金融市场的影响有时滞性和延续性。要了解2013年货币政策的选择及其对经济与金融市场的影响，有必要对2012年以来的金融环境及演变特点和遗留问题做一番梳理。

Monetary policy impact on the economy and financial markets have time lag and continuity.To understand the choice of monetary policy in 2013 and its influence on the economy and financial markets,It is necessary to since 2012, the financial environment and evolution of the characteristics and problems left over by doing something.

　　2012年以来，稳健的货币政策向“宽松”方向微调。从政策出台的时间序列上看，去年2月24日央行下调人民币存款准备金率0.5个百分点。由于经济的下行风险加大，通胀形势明显缓和，5月18日，央行再次下调人民币存款准备金率0.5个百分点，随后又分别于6月8日和7月5日两次下调存贷款基准利率，并扩大了存贷款利率浮动区间。受央行放松银根的影响，社会资金供应状况有所改善。

Since 2012,The steady monetary policy"loose"The direction of fine-tuning.Look from the time series of policy,Last year on February 24, the central bank cut renminbi bank reserve against deposits rate 0.5%.Because of the economy downside risks,Inflation situation clearly,On May 18,,The central bank cut again renminbi bank reserve against deposits rate 0.5%,Then, on June 8 on July 5, and cut the benchmark interest rate two times,And enlarge the range of floating interest rate.Under the influence of the central bank monetary easing,Social capital supply condition improved.

　　

流动性闸门趋松，融资条件改善 Liquidity gate is loose,Financing conditions improve

　　1.M2增速稳中有升，M1增速低位反弹。

1 M2 growth better progressly,M1 rate low.

　　去年前4个月，M2增速保持在13%左右；M1增速持续个位数增长，1月份和4月份均处于3.1%的历史最低水平。随着央行两次降准、两次降息，5月份以来，M1增速趋冷状况好转；M2增速则在5、6、7月连续三个月反弹，9、10月份均突破14%的年度增长目标。11月末，M2余额同比增长13.9%，比4月末回升1.1个百分点，比上年同期高1.2个百分点；M1余额同比增长5.5%，比4月末回升2.4个百分点，比上年同期低2.3个百分点。

The first 4 months of last year,M2 growth at around 13%;M1 growth sustained growth in singly,In January and April were in 3.1% of the lowest level in history.With the central bank twice down/Cut interest rates twice,Since may,M1 growth improved cooling;M2 growth in 5/6/July for three months,9/In October all breakthrough annual growth target of 14%.And at the end of,M2 balance year-on-year growth of 13.9%,Than 4 month rise 1.1%,1.2% higher than the same period last year;M1 balance year-on-year growth of 5.5%,Than 4 month rise 2.4%,2.3% lower than the same period last year.

　　货币流动性比例（M1/M2）有所下降，11月末为31.42%，比上年同期低2.67个百分点。货币流动性比例反映了货币的“活跃”程度，该比例下降反映出企业与居民持币的交易动机减弱。预计年末M2增速将略低于14%的增长目标，M1增速有望保持在5%左右。

Monetary liquidity ratio(M1 and M2)decline,31.42% in late November,2.67% lower than the same period last year.Monetary liquidity ratio reflects the currency"active"The degree of,This decline reflect the enterprise and the residents of the currency trading motives.Is expected by the end of M2 growth will be slightly lower than the growth target of 14%,M1 growth is expected to remain at around 5%.

　　2.人民币贷款增势良好，贷款期限结构“短期化”。

2. RMB loan growth is good,Loan term structure"A lot".

　　2012年以来，人民币贷款增速基本呈稳定微升之势。11月末人民币贷款余额同比增长15.7%，比1月末回升0.7个百分点，比上年同期高0.1个百分点。前11个月人民币贷款增加7.75万亿元，同比多增9191亿元。除1月份、4月份、10月份和11月份外，前11个月其余各月新增贷款规模均高于上年同期。11月末外币贷款余额同比增长24.3%，比上年同期高1.9个百分点。前11个月外币贷款增加1215亿美元，比上年同期多增408亿美元。

Since 2012,Basic RMB loan growth showed the trend of steady rise.RMB loan balance year-on-year growth of 15.7% in late November,0.7% more than 1 month to bounce back,0.1% higher than the same period last year.The first 11 months 7.75 trillion yuan RMB loan,Compared to the more than 919.1 billion yuan.In addition to January/In April/In October and November,11 months before the rest was produced new loan scale are higher than the same period last year.Foreign currency loan balance year-on-year growth of 24.3% in late November,1.9% higher than the same period last year.The first 11 months of foreign currency loans rose by $121.5 billion,Than the same period last year more than 40.8 billion dollars.

　　2012年新增人民币贷款结构呈现以下特征：一是“企业多、住户少”。前11个月人民币非金融企业及其他部门贷款累计新增5.42万亿元，同比多增8736亿元；住户贷款累计新增2.31万亿元，仅比上年同期多增376亿元。二是“短期贷款与票据融资多、中长期贷款少”。前11个月人民币短期贷款累计新增4万亿元，同比多增6796亿元；票据融资新增7211亿元，同比多增7619亿元；中长期贷款新增2.79万亿元，同比少增6217亿元。三是房地产贷款下半年增速反弹。9月末，人民币房地产贷款余额同比增长12.2%，比6月末高1.9个百分点。

2012 new RMB loan structure has the following characteristics:One is the"Enterprise more/Residents less".The first 11 months RMB loans to non-financial enterprises and other departments of the new 5.42 trillion yuan,Compared to the more than 873.6 billion yuan;Households loans increased by 2.31 trillion yuan,Just than the same period last year more than 37.6 billion yuan.The second is"Short-term loans and financing/Long-term loans less".The first 11 months of short-term loans increased by 4 trillion yuan,Compared to the more than 679.6 billion yuan;Bill financing increased by 721.1 billion yuan,Compared to the more than 761.9 billion yuan;Long-term loans increased by 2.79 trillion yuan,Year-on-year increase less 621.7 billion yuan.Three real estate loan growth rebound in the second half.At the end of September,Yuan real estate loan balance year-on-year growth of 12.2%,1.9% higher than the end of June.

　　3.社会融资规模扩大，债券融资表现出众。

3. Social financing scale,Performance bond financing.

　　2012年前11个月社会融资规模为14.15万亿元，比上年同期多2.60万亿元。除1月份和4月份外，前11个月其余各月社会融资规模均高于上年同期，尤其是9月份比上年同期多出1.22万亿元。贷款增势良好，债券融资表现更为出众。前11个月，企业债券净融资2.04万亿元，比上年同期多8277亿元，超过上年全年规模。受国内股市下跌拖累，前11个月非金融企业境内股票融资2373亿元，同比少1654亿元。表外融资（包括未贴现的银行承兑汇票、委托贷款和信托贷款方式）好于上年，前11个月表外融资2.91万亿元，比上年同期多7201亿元。

11 months of 2012 years ago social financing scale is 14.15 trillion yuan,Than the same period last year more than 2.6 trillion yuan.Except in January and April,11 months before the rest was produced social financing scale are higher than the same period last year,Especially in September 1.22 trillion yuan more than the same period last year.Good loan growth,Performance bond financing is more outstanding.The first 11 months,Net enterprise bond financing 2.04 trillion yuan,Than the same period last year more than 827.7 billion yuan,More than last year.By the fall in the domestic stock market,Before 11 months of non-financial enterprises within the territory of stock financing 237.3 billion yuan,165.4 billion yuan less year-on-year.Off-balance sheet financing(Including not discount the bank acceptance of draft/Entrust loan and trust way)Better than last year,The first 11 months off-balance sheet financing 2.91 trillion yuan,Than the same period last year more than 720.1 billion yuan.

　　债券融资的出众表现与监管层积极推动债券市场发展有关。根据WIND数据，2012年前11个月非金融企业共发行短期融资券1.36万亿元，比上年同期多发行4064亿元；发行一般中期票据1.06万亿元，同比多发行3257亿元；发行一般企业债与公司债5716亿元与2361亿元，同比多发行3802亿元与1187亿元。在商业银行收紧对地方融资平台贷款之时，作为地方融资平台主要直接融资工具的城投债发行规模大幅扩张。

Bond financing of the outstanding performance of the related to actively promote the development of the bond market regulators.According to the data of breath,2012 years ago 11 months of non-financial enterprises short-term financing bonds issued 1.36 trillion yuan altogether,Issue 406.4 billion yuan more than the same period last year;General medium-term notes issued 1.06 trillion yuan,Compared to the more than 325.7 billion yuan;General 企业债 and corporate bonds issued 571.6 billion yuan and 236.1 billion yuan,Year-on-year issued more than 380.2 billion yuan and 118.7 billion yuan.Tighten up the local financing platform in the commercial bank loans,The local financing platform main direct financing tools for the city of debt issue size large expansion.

　　据统计，2012年前三季度城投债发行规模达5158.7亿元，超出2011年全年总额50%以上。此外，在表外融资中，与企业投资（尤其是房地产投资）有关的信托贷款和委托贷款前11个月累计增加2.12万亿元，比上年同期多增7768亿元。这说明在商业银行对地方融资平台和房地产两大风险点加强信贷控制的同时，地方政府与房地产企业的融资需求向债券融资和表外融资转移。

According to statistics,2012 years ago, three quarters of the city for debt issue size of 515.87 billion yuan,Is more than 50% of total value for the year 2011.In addition,In the off-balance sheet financing,And the enterprise investment(Especially in real estate investment)About the trust loans and entrust the first 11 months of cumulative increase of 2.12 trillion yuan,Than the same period last year more than 776.8 billion yuan.This suggests that the local financing platform in the commercial bank and real estate two point to strengthen the credit risk control at the same time,The financing needs of local government and real estate enterprises to bond financing and off-balance sheet financing.

　　4.人民币存款恢复性增长，外汇存款高增长。

4. RMB deposit restorative growth,Foreign exchange deposit growth.

　　2012年以来，由于CPI月度同比涨幅持续下行，通胀压力明显减轻。而6月8日的加息中，央行同时将存款利率浮动区间的上限调整为基准利率的1.1倍，不少银行选择将存款利率上浮10%。受上述影响，一年期存款实际利率自4月份以来“由负转正”。存款收益的改善使居民和企业持有银行存款的意愿提高，推动人民币存款增速自4月份以来持续回升。11月末，人民币存款余额同比增长13.4%，比4月末高2个百分点。前11个月人民币存款累计增加9.23万亿元，同比多增1.02万亿元。从各月表现看，除1月份、4月份、8月份和10月份外，前11个月其余各月新增存款规模均超过上年同期，尤其是9月份人民币存款增加1.65万亿元，同比多增9212亿元。

Since 2012,Due to the CPI monthly year-on-year increase continue downward,Significantly reduce inflationary pressure.And in the interest rates on June 8,Central bank will deposit interest rates at the same time the upper limit of the floating range adjusted to 1.1 times the benchmark interest rate,Many Banks choose to deposit interest rates by 10%.Affected by the above,The one-year deposit rate since April"From negative become a full member".Deposit benefit the improvement of the residents and enterprises holding bank deposits will increase,Push the RMB deposit rate continues to rise since April.And at the end of,RMB deposit balance year-on-year growth of 13.4%,2% higher than at the end of April.The first 11 months 9.23 trillion yuan RMB deposit accumulated,Compared to the more than 1.02 trillion yuan.See from the expression was produced,In addition to January/In April/In August and October,11 months before the rest was produced new deposit scale by more than the same period last year,Especially in September 1.65 trillion yuan RMB deposit,Compared to the more than 921.2 billion yuan.

　　外币存款大幅增长。去年11月末外币存款余额同比增长55.8%，增幅比上年同期提高42.9个百分点。前11个月外币存款增加1407亿美元，比上年同期多增996亿美元。外汇存款的迅猛增长主要是由于人民币单边升值预期被打破，出现“有升有贬”的双向预期。受人民币贬值预期影响，企业和居民持有外汇的意愿增强，出现资产外币化倾向。

Foreign currency deposit growth.Foreign currency deposit balance year-on-year growth of 55.8% in late November last year,Growth than the same period last year increased by 42.9%.The first 11 months increase foreign currency deposit $140.7 billion,Than the same period last year more than 99.6 billion dollars.The rapid growth of foreign exchange deposit is mainly due to unilateral appreciation of RMB is broken,appear"Have/has again"The two-way expected.Affected by RMB devaluation is expected,Enterprises and residents holding foreign currency will increase,In foreign currency assets tendency.

　　5.银行体系流动性相对宽松，货币市场利率有所回落。

5. The banking system liquidity relatively loose,Money market interest rate easing.

　　公开市场操作与调整法定存款准备金率是央行调节银行体系流动性的主要手段。2012年上半年，央行采取下调法定存款准备金率与正回购操作相结合的政策组合来保持银行体系流动性的平稳，下半年则选择更具灵活性与主动性的滚动逆回购操作来满足市场的短期资金需求。

Open market operation and adjusting the legal deposit reserve rate is the central bank to adjust the main measure of the banking system liquidity.In the first half of 2012,Central bank to cut the legal deposit reserve rate combined with is the combination of the buyback operation policies to maintain stable banking system liquidity,Can choose more flexibility and initiative in the second half of the rolling inverse repurchase operation to meet the short-term capital needs of the market.

　　去年一季度公开市场操作累计净投放资金60亿元，二季度累计净投放5233亿元，三季度累计净投放8539亿元，10-11月份净投放4279亿元，公开市场操作投放流动性力度有所加大。国库现金管理商业银行定期存款业务也可增加流动性投放，前11个月央行开展14期，共计6900 亿元，比上年同期多出2400亿元。央行释放流动性推动货币市场利率稳中有降。11月份，银行间市场同业拆借、质押式债券回购月加权平均利率为2.57%和2.55%，分别比上年末低0.92和0.97个百分点。

Last quarter net on the open market operation is the cumulative capital of 6 billion yuan,Second quarter cumulative net put 523.3 billion yuan,Third quarter cumulative net put 853.9 billion yuan,10 - net on November 427.9 billion yuan,Open market operations on liquidity strength increase.The Treasury cash management of commercial bank deposit business also can increase the liquidity,Before 11 months of the central bank to carry out the 14,A total of 690 billion yuan,Than the same period last year more than 240 billion yuan.The central bank released liquidity to promote steady fall in money market interest rates.In November,Market interbank lending between Banks/Pledge - bond repurchase on the weighted average interest rate of 2.57% and 2.55%,Persons lower than 0.92 and 0.97%, respectively.

　　6.人民币汇率弹性增强，对美元出现小幅贬值。

6. The RMB exchange rate elasticity,Mild to us dollar.

　　2012年，在经历了7年的升值长跑之后，人民币对美元汇率走到了历史性的关口。短期来看，人民币汇率重估已经逐步到位，加上我国经济减速、国际金融危机后续效应等影响，2011年四季度以来，人民币对美元由单边升值预期变为“有升有贬”的双向预期。面对这一形势，央行顺势加快人民币汇率形成机制改革，自2012 年4 月16 日起，将银行间即期外汇市场人民币兑美元交易价浮动幅度由5％。扩大至1%，将外汇指定银行为客户提供的人民币对美元现汇买卖差价幅度由1%扩大至2%。在内外因素的共同作用下，人民币对美元汇率保持双向波动，总体保持稳定，截至11月末，2012年人民币对美元中间价累计升值0.19%。

In 2012,,After seven years of appreciation after long run,RMB against the us dollar to the historic border.The short term,The exchange rate for the renminbi revaluation has in place step by step,Combined with China's economic slowdown/The international financial crisis follow-up effect, etc,Since the fourth quarter in 2011,Expected to RMB appreciation against the dollar by unilateral"Have/has again"The two-way expected.Facing this situation,The central bank with speeding up the reform of RMB exchange rate formation mechanism,Since April 16, 2012,The inter-bank spot foreign exchange market trading price fluctuation range by 5% against the dollar.Expanded to 1%,The designated foreign exchange Banks to provide customers with the RMB to usd 1 to expand sales price range from 1% to 1%.Under the function of the internal and external factors,RMB against the us dollar two-way fluctuation,Overall stability,By the end of November,In 2012 0.19% cumulative appreciation of RMB against the us dollar price.

　

　货币政策面临多重目标，宽松效果存在多重约束 Monetary policy is faced with multiple goals,Loose effect exist multiple constraints

　　1.金融调控存在目标冲突，流动性闸门需松紧适度。

1. The financial control goal conflict exists,Moderately liquidity gate should be reasonable.

　　去年前三季度GDP增速逐季回落。虽然“稳增长”政策对经济企稳起到了积极作用，但经济仍在筑底。需要看到，目前的经济减速不仅是短期需求收缩的结果，更是长期问题交织并集中爆发的结果。

Last year before the third quarter by quarter GDP growth fell back.although"Steady growth"Policy on the economy stabilises has played a positive role,But the economy is still in the building.Need to see,The current economic slowdown is not only the result of the short-term demand contraction,Is a long-term issue and focus on the results of the outbreak.

　　一是全球经济再平衡带来的外部压力持续加大，主要体现为欧美等发达国家危机四伏、经济疲软，我国出口面临的外需低迷。二是支撑我国经济增长的要素条件发生变化，中长期潜在供给条件趋弱，主要体现为人口红利、入世红利消失导致潜在增长率放缓。三是长期积累的经济结构性矛盾接近临界点，严重威胁到经济增长的可持续性，具体体现为收入分配结构、投资-消费结构及产业结构失衡导致严重的产能过剩。在经济长期面临下行压力的情况下，金融调控需要适时适度“稳增长”，平滑经济减速幅度，防范“硬着陆”。

A the external pressure is to balance the global economy continues to increase,Crisis is mainly embodied in Europe and the United States and other developed countries/Economic weakness,Export in our country faces now.2 it is to support China's economic growth factor conditions change,Medium and long term potential supply conditions is weak,Mainly embodied in demographic dividend/Wto dividend disappears lead to potential growth rate slowing.Three is a long-term accumulation of economic structural contradiction near the critical point,A serious threat to the sustainability of economic growth,Embodiment of the income distribution structure/Investment, consumption structure and industrial structure imbalance lead to serious excess capacity.Under the condition of the economy faces downward pressure for a long time,Financial regulation need timely moderately"Steady growth",Smooth economic slowdown,To prevent"A hard landing".

　　伴随经济增长放缓，通胀压力自2012年初以来也明显减轻。但通胀隐患并未完全消除，对通胀反弹仍不可掉以轻心。我国通胀的影响因素主要有：总供求相对变化、农产品涨价、货币投放、通胀预期、输入性因素。根据我们的测算，1980-1990年产出缺口率与CPI年度变化率之间的相关系数为0.78，1991-2011年两者间的相关系数下降为0.34。这说明在1991年以来的最近三次通货膨胀中，总供求因素的影响力在减弱，其他因素在发挥更大的作用。

Along with the economic slowdown,Inflationary pressures also significantly reduce since early 2012.But inflation hidden danger has not completely eliminated,Rebound on inflation still cannot treat STH lightly.Inflation in China were the main influencing factors:Always the relative changes of supply and demand/Price of agricultural products/Money on the/Inflation expectations/The input factors.According to our estimates,Output gap rate and CPI in 1980-1990 the annual rate between the correlation coefficient is 0.78,1991-2011, the correlation coefficient between reduced to 0.34.This suggests that inflation in the last three times since 1991,Total supply and demand factors of influence on the decrease,Other factors in play a bigger role.

　　2012年5月份以来，“稳增长”、“松银根”的政策措施对房地产市场产生刺激，部分热点城市成交量明显回升，不少城市地价、房价上涨。货币政策只是向宽松方向“微调”就立即使已调整了近两年的房地产泡沫死灰复燃，未来货币政策调整也需要考虑与房地产调控的协调。

Since May 2012,"Steady growth"/"Loose monetary policy"The policies and measures of the real estate market produce stimulation,Some hot cities volume rebounded significantly,Many urban land/Rising house prices.Monetary policy is to loose"fine-tuning"Immediately has already adjusted the past two years the real estate bubble is resurgent,Future monetary policy adjustment also need to consider the coordination and regulation of the real estate.

　　2.跨境资本流动不确定性上升，货币政策受困于“三元悖论”。

(2) uncertainty of cross-border capital flows,Trapped in the monetary policy"Ternary paradox.".

　　“三元悖论”近几年一直困扰我国货币政策。2005年以来，人民币持续面临升值压力，同时跨境资本大举流入。这一形势自2011年四季度以来有所改变。2012年受欧债危机深化导致国际金融市场动荡以及我国经济下行风险加大等的影响，我国外汇形势发生新变化。一是人民币对美元由单边升值变为“有升有贬”的双向波动。二是跨境资本总体“由进转出”。三是外汇占款增速大幅放缓。以上变化说明跨境资本流向在发生变化并导致外汇占款投放大幅减少。未来跨境资本流动仍存在较大不确定性，但不论是流入还是流出都会对我国货币政策产生困扰。

"Ternary paradox."In recent years has been plagued our country monetary policy.Since 2005,RMB continue facing upward pressure,At the same time cross-border capital flows on a large scale.This situation since the fourth quarter 2011 change.In 2012 by the European debt crisis deepening in the international financial market turmoil and the impact of China's economic increased downside risks, etc,China's foreign exchange new changes in the situation.One is a RMB appreciation against the dollar by unilateral"Have/has again"The two-way fluctuation.2 it is cross-border capital in general"By the turn out".3 it is foreign exchange gap growth slowed sharply.Above change that changes in cross-border capital flows and lead to sharply reduce foreign exchange gap.Still have considerable uncertainty cross-border capital flows in the future,But no matter inflow or outflow of monetary policy in China.

　　3.货币政策传导遇阻，宽松效果将被削弱。

3. The monetary policy transmission and sues,Loose the effect will be weakened.

　　货币政策的调控效果具有非对称性，即紧缩货币政策对抑制通胀效果显著，而在经济低迷时，实行扩张的货币政策效果就不明显。前者就像勒紧缰绳可控制住飞奔的快马，而后者就像向前推缰绳却无法让马前行。货币政策效果的非对称性原因在于货币政策传导机制的非对称。在经济低迷时，宽松的货币政策传导更可能遭遇梗阻。

The effects of monetary policy is asymmetry,The tight monetary policy to curb inflation,In the economic downturn,The expansion of the monetary policy effect is not obvious.The former is like tighten the REINS to control flying horses,While the latter is like pushing the REINS but can not make the horse go.The effect of monetary policy asymmetry reason lies in the asymmetric of monetary policy transmission mechanism.When the economic downturn,Loose monetary policy transmission is more likely to encounter obstruction.

　　一方面，企业与居民的不良预期使其投资与消费意愿不足，从而导致有效贷款需求不足。此时即便信贷政策全面放松，信贷规模也不会如期扩张。2012年新增贷款的结构呈现“企业多、住户少”、“票据融资多、中长期少”的特征，表明实体经济有效贷款需求趋弱。据央行储户问卷调查结果，2012年四季度贷款总体需求指数为71.1%，低于上年同期8.8个百分点。另一方面，经济下行带来不良风险上升也将对银行放贷形成约束。银行业资产质量与宏观经济周期有较强反向相关性。随着经济下行，2011年四季度至2012年三季度，银行业不良贷款余额连续四个季度小幅反弹。经济下行与不良贷款拐点隐现将使银行趋于惜贷、观望。

On the one hand,Enterprises and residents' bad expectation which intend to investment and consumption,Which can lead to lack of effective loan demand.Even if the credit policy relax at this time,Credit scale will not expand as scheduled.In 2012, the structure of the new loans"Enterprise more/Residents less"/"Bill financing more/The medium and long term less"The characteristics of the,That entity economy effective loan demand is weak.According to central bank depositors questionnaire survey results,Loans 2012 quarter overall demand index was 71.1%,Less than 8.8% the same period last year.On the other hand,Economy will bring undesirable will also increase in the risk of bank lending to form.Banking assets quality and macro economic cycle has a strong negative correlation.As the economy downside,In 2011 the fourth quarter in 2012 to the third quarter,Banking bad loans balance a modest rebound fourth straight quarter.Looming economic downward and non-performing loans inflection point will make Banks tend to be arisen/Wait and see.

　　4.信贷资金配置不合理，总量政策难解结构性矛盾。

4. Credit funds allocation is not reasonable,Total policy hard structural contradictions.

　　货币政策是总量政策，存款准备金率、利率、公开市场操作等政策工具的运用属于总量调控，难以解决资金的结构性矛盾。结构调整主要靠信贷政策。我国信贷资金供求一直存在结构性矛盾，主要体现为信贷投放集中于政府项目、国有企业、大型企业与传统行业，对民营企业、中小企业与新兴行业信贷支持力度不足。虽然央行与银监会一直积极引导商业银行进行“有保有压”的信贷结构调整，但信贷结构性问题仍较突出。

Monetary policy is the total amount of policy,The deposit reserve rate/The interest rate/The use of open market operation and other policy instruments belong to total amount control,Difficult to solve the structural contradiction of funds.Structural adjustment mainly by credit policy.There has been structural contradictions in our credit capital supply and demand,Mainly embodied in credit focused on government projects/The state-owned enterprise/Large enterprises and traditional industries,The private enterprise/Small and medium-sized enterprises and new industry credit support.Although the central bank and banking regulatory commission (CBRC) has been actively guide commercial Banks"There are different"The credit structure adjustment,But the credit structural problems still outstanding.

　　近些年信贷资金还向房地产市场与地方政府投资项目严重倾斜，地方政府融资平台贷款与房地产贷款占全部贷款的比重均约19%。事实上，信贷资金配置不合理根源在于经济存在结构性问题，同时也是金融体制改革与金融市场发展滞后的结果。货币政策总量宽松对信贷资金结构性矛盾束手无策，这一问题的解决短期有赖信贷政策引导，长期则需加快推进金融体制改革。

In recent years credit funds to the real estate market and the local government investment project is serious,The local government financing platform loans and real estate loan proportion is about 19% of all loans.As a matter of fact,Irrational allocation of credit funds roots in economic structural problems,Is also the result of the reform of the financial system and financial market development lags behind.Total loose monetary policy to the credit capital structural contradiction be at a loss what to do,This question depend on the solution of the short-term credit policy guidance,For a long time, need to accelerate the reform of the financial system.