The intermediate index of monetary policy refers to the intermediate or conductive financial variable selected to achieve the goal of monetary policy, which is divided into operational index and intermediary index. Operational indicators are policy variables that can be effectively and accurately realized by the central bank through the operation of monetary policy tools, such as reserve and base currency. Intermediary index is between the ultimate goal and the operational index, which is a policy variable that the central bank can achieve certain accuracy after operating and conducting monetary policy, mainly including market interest rate and money supply. At present, the operational indicators of China's monetary policy mainly monitor the base currency, the bank's excess reserve ratio, the interbank lending market interest rate and the interbank bond market repurchase rate, while the intermediary indicators mainly monitor the money supply and the total credit represented by the total loans of commercial banks and the transaction volume in the money market.
Monetary instruments are the policy means adopted by the central bank to achieve monetary goals. General policy tools refer to statutory deposit reserve ratio, rediscount policy and open market business, which are called "three magic weapons". Selective monetary policy tools mainly include: 1 consumer credit control; 2. Credit control in the securities market; 3. Real estate credit control; 4 preferential interest rate; 5. Prepaid import deposit; 6 Other policy tools. As a general monetary policy tool, the "three magic weapons" have their own characteristics and need to cooperate with each other. The statutory deposit reserve ratio is a violent tool and generally will not be changed easily; Rediscount policy is mainly a notice effect, indicating the policy intention, but it has a weak regulatory power on credit expansion and contraction; Open market business is more flexible, easier to manipulate and more direct, but only if the central bank has sufficient strength and a developed securities market.
Facing the unfavorable external environment and the greater risk of landslide, the state decided to implement a proactive fiscal policy and a moderately loose monetary policy. I think we can start from the following aspects:
First, reasonably expand the scale of bank credit. Maintain a reasonable growth of money and credit, remove restrictions on the credit scale of commercial banks, reasonably expand the credit scale, ensure sufficient liquidity in the financial system, and provide liquidity support to financial institutions in a timely manner. Increase support for key projects, energy conservation and emission reduction, environmental protection, independent innovation, agriculture, rural areas and farmers, small and medium-sized enterprises, infrastructure and service industries, and cultivate and consolidate the growth point of consumer credit in a targeted manner.
Second, further broaden the financing channels for enterprises. Accelerate the development of corporate bonds, corporate bonds, short-term financing bills, medium-term notes and other non-financial corporate debt financing tools, and broaden corporate financing channels. Accelerate the development of the inter-bank bond market with institutional investors as the main body, and provide a platform for implementing a proactive fiscal policy and a moderately loose monetary policy. Promote the stable and healthy development of the stock market and increase the proportion of direct financing.
Third, continue to cut interest rates and deposit reserve ratio. In order to prevent economic retrogression, the central bank will further relax monetary policy, and lowering interest rates and deposit reserve ratio is the most powerful monetary policy tool for the central bank. The former can reduce the financing cost of enterprises, while the latter can provide more credit funds for banks. The central bank will comprehensively use various policy tools to increase its support for promoting economic growth and effectively meet the reasonable demand of the real economy for financial services.
Fourth, implement differentiated monetary policy to promote economic transformation. Moderately loose monetary policy will not treat all industries and enterprises equally, but adhere to the principle of "keeping pressure and treating them differently" to reflect the country's industrial policy orientation, promote the optimization and upgrading of industrial structure and the transformation of economic growth mode, and make the economic structure change in the direction expected by the policy. Monetary policy will guide the flow of funds by means of differential deposit reserve ratio, differential interest rate, window guidance and credit policy guidance. Through policy guidance or direct intervention, funds will be invested in strategic fields, leading industries and pillar industries under more favorable conditions than market finance. At the same time, the credit supply of industries and enterprises will be strictly restricted through policies such as "two highs and one capital".
To sum up, only by adopting China's monetary policy can we provide a more relaxed financing environment for enterprises, thus promoting their production and business activities.