(A) the status quo and analysis of the development of the central bank

With the successful share reform and listing of China Construction Bank, Bank of Communications and Bank of China, China banking financial institutions

Great changes have taken place in this department. After the share reform, banks not only have to face the central bank,

The guidance and supervision of the China Banking Regulatory Commission and relevant departments, as well as the stronger management of banks.

Double constraints: policy constraints and interest constraints. How to give full play to the existing policy work in hand

Therefore, it is the current task of the central bank to regulate and control the counter-economic cycle and maintain financial stability.

A core issue is the positioning of the central bank.

At present, the central bank's control tools are mostly reflected in the total amount.

There are few structural control tools. Although the recent issuance of punitive directional notes shows that

The central bank's policy tools are increasingly diversified and enriched, without the approval of the State Council.

But the policy cost can not be ignored. In the process of deepening the reform of the financial system,

As the defender of financial stability and lender of last resort, the central bank has injected capital and reinvested.

Loans, bill issuance and other means bear a huge amount of financial systemic non-performing assets. exist

In the process of financial system reform, although under the strict separate supervision of "one line, three meetings"

The situation of non-performing assets has improved obviously, but a large number of non-performing assets

Transferred to the central bank through various financial institutions, resulting in the central bank not only having to bear a lot.

The cost of reform at the same time makes the central bank's policies hedged by different links and channels.

Invisibly weakened the independence, initiative and timeliness of the central bank policy, leading to the central government

Deviation between monetary policy function and financial stability function.

(2) The development status and analysis of the People's Bank of China Law.

The Law of the People's Republic of China on the People's Bank of China stipulates: "The People's Bank of China belongs to China.

Under the leadership of the State Council, the Central Bank of People's Republic of China (PRC) and the People's Bank of China,

Formulate and implement monetary policies, and supervise and manage the financial industry. From this, you can see.

Out, the central bank has a dual nature: on the one hand, it is a state organ that exercises management fees according to law.

Financial management institutions; On the other hand, with capital, you can operate a certain business according to law.

Article 3 of the Law of the People's Bank of China stipulates that the People's Bank of China is given independence.

Autonomy in formulating and implementing monetary policy. At the same time, it is stipulated in other clauses: "China"

The People's Bank of China formulates and implements monetary policy, and the supervision of financial industry should be placed in China.

Under the leadership of the State Council; The People's Bank of China has made specific non-bank finance to the State Council.

The decision of institutional financing has the obligation to implement; The People's Bank of China only enjoys general currency.

The decision-making power on policy matters is crucial to the annual money supply, interest rate and exchange rate.

Policy matters only have the right to formulate and implement, but the final decision-making power belongs to the State Council. "this

These problems have led to the inconsistency between the macroeconomic goals of the central bank and the government, even in

In the case of serious conflicts, it is impossible to maintain the stability of the currency and restrict the government's handling.

Trend of thermal economic decision-making. 1995 The People's Bank Law established the status and authority of the central bank.

And clearly stipulates that the central bank is independent of finance and local governments, and does not

Financial overdraft is allowed, direct subscription and underwriting of national debt are not allowed, and neither is it allowed.

Local governments and government departments at all levels provide loans. The promulgation of this law to a certain extent.

In fact, it strengthens the independence of the central bank.

Second, the status quo of the independent status of China's central bank

The characteristics of China's central bank within the current legal framework are: there is an independent central bank.

Surface, but also lack of complete independence, belongs to the "relative independence".

Performance of independence

China's central bank has certain independence in law and organization, and with the reform

With the promotion of reform and opening up and the development of market economy, independence is constantly strengthening. 1983

The State Council granted the central bank the necessary rights and relative independence to perform its duties.

1995 legally establishes the position, authority and responsibility of the central bank, and clearly stipulates

The central bank is independent of finance and local governments and is not allowed to directly admit financial overdraft.

Buy and underwrite government bonds and provide loans to local governments and government departments at all levels.

1998 the State Council implemented the reform of the management system of the central bank, canceling provincial branches and changing them into

The economic zone has set up nine sub-bureaus, and the above measures have gradually strengthened me legally and organizationally.

Independence of China's central bank. In April 2003, the Tenth National People's Congress passed the program.

Resolution of CBRC. The role of the CBRC is to share the money originally borne by the central bank.

The responsibility of financial supervision makes the central bank no longer need to be distracted from considering the safety of banks and its own supervision.

The responsibility can be specialized in the implementation of monetary policy functions, and according to the macro-economy.

Need to formulate and implement monetary policy, determine interest rates and money supply, so the central government

The independence of banks has been further strengthened.

(B) China's central bank lacks independence and needs to strengthen its independence.

Due to various historical and realistic reasons and conditions, the independence of China's central bank

Independence has not yet reached the level required for the independent exercise of functions of money, and the central bank is in the government.

The independence before us is still very small. Essentially, China's central bank-

The People's Bank of China is first managed by the state administrative organs as social managers.

Tools for financial management and regulation of the national economy; Secondly, it is a special kind.

Financial institutions lead the national financial industry and perform the functions of the central bank as a bank.

Judging from the relationship with the government, it is not as completely independent as the central banks in the United States and Germany.

On the government side, it is not completely dominated by the government like France and South Korea. Its headquarters is in national affairs.

Under the unified leadership of the institute, the formulation and implementation of monetary policy and the functions of the institute are determined by this situation.

The People's Bank of China has an "independent but not independent" legal status, which leads to

China's central bank lacks independence in functions, institutions, personnel and economy.

Specific performance in the following aspects:

1. Insufficient organizational independence. The central bank has a low legal status and belongs to the state organizationally.

The State Council is only "relatively independent under the leadership of the State Council". So in many periods, the central bank

Still have to obey the guidance of the State Council, can't completely with the economic situation and perform its due duties.

Function.

2. Lack of personnel independence. Government departments and financial institutions in the policy institutions of the central bank

Too much personnel infiltration makes it administratively dependent and lacks extensive representation.

The problem of personnel infiltration leads to the strong decision of the central bank in many aspects.

The subjective color of.

3. Lack of functional independence. The decision-making power of monetary policy is concentrated in the State Council, the central bank.

Lack of decision-making autonomy, so only execution. These reasons produced the epicenter.

Inflation caused by the government to maintain monetary stability and stimulate effective demand.

Between problems.

4. Lack of economic independence. The People's Bank of China stipulates that the central bank's finance and funds are independent.

Separate, non-financial, government departments, not interfered by local governments, but

But there is no specific legal responsibility, so it is impossible to cut off the connection between the central bank and the government.

Ministry of capital relations, so its independence often comes from finance and local governments.

The interference and influence on commercial banks urgently need to strengthen the independence of the central bank as soon as possible.

Three, suggestions and measures to enhance the independence of China's central bank

China's macroeconomic stability is poor, but the central bank cannot use commodities independently and flexibly.

Monetary policy, according to the needs of economic development, timely and flexibly adjust interest rates and money supply.

It should be measured. The lack of independence of the Bank of China has also damaged the economy to some extent.

Therefore, the independence of the central bank should be enhanced as soon as possible.

(1) Strengthen policy independence and give the central bank the decision-making power of monetary policy.

Policy independence means that monetary policy objectives can be set freely and independently.

And the use of monetary policy tools, that is, with the independence of goals and tools. China

The monetary policy goal stipulated in the People's Bank of China Law is to maintain the stability of the currency, and

This has promoted economic growth. To achieve this goal, the central bank has taken a series of measures.

Measures, 1996 successfully achieved a "soft landing" of the economy. Then the central bank.

After using the interest rate method, the loan limit control was cancelled and the legal deposit standard was adjusted.

Policy tools such as reserve ratio.

The People's Bank of China is basically independent of its objectives, but it is currently restricted.

The main bottleneck to improve the independence of the Bank of China is that the People's Bank of China has no monetary policy.

Policy decision-making power. According to the provisions of the People's Bank of China Law, the People's Bank of China only has

Part of the decision-making power, general matters are decided by themselves, and major matters need to be reported to the State Council for approval. goods

The Monetary Policy Committee is only an advisory and deliberative body, and its main responsibility is to follow the macro level of the country.

Economic control objectives, discuss the formulation and adjustment of monetary policy and commodities in a certain period of time.

The goal of monetary policy regulation, the use of monetary policy tools and the importance of monetary policy.

Measures, coordination between monetary policy and other macroeconomic policies, etc. It involves monetary policy.

Major issues, and put forward suggestions for the formulation and implementation of monetary policy. But from all over the world,

Look, it is the primary or only goal of the central bank to stabilize the currency and achieve better results.

The legal status of central banks in some countries is generally high and their independence is strong. So what?

Formulating and implementing monetary policies according to one's own intentions, and not being dominated by anyone or any department.

The intervention and influence of the People's Bank of China will remain the real goal of independence in the future.

The direction that should be worked hard. In the near future, China can review the existing monetary policy committee.

Adjust and redefine the functions of the Monetary Policy Committee and endow it with monetary policy.

Decision-making power, thus better stabilizing the currency. Establish a major

Senior scholars and representatives from all walks of life in economics who have the right to make monetary decisions.

Monetary policy committee. The term of office of members of the Monetary Policy Committee should exceed the term of office of the government.

The term of office of the director should be staggered appropriately; Expelling a member of parliament should be a matter for the whole country.

The people's congress decides, not the government; The government's right to vote should be abolished, and only commodities are available.

The right to suggest monetary policy. In addition, when strengthening the independence of monetary policy tools, we can put

It is the responsibility of the People's Bank of China to meet the standards, and it is the responsibility of the statistical department to measure the variables of ministries and commissions.

Separate.

(b) Strengthen economic independence and handle the relationship with the Ministry of Finance.

The core issue of economic independence is how to handle the central bank well.

The financial relationship with finance is also the essence and main aspect of the independence of the central bank.

noodle The relationship between the People's Bank of China and the Ministry of Finance has been clearly defined, no matter in

Administratively or financially, the People's Bank of China is not restricted by the Ministry of Finance and the People's Bank of China.

According to the law, the People's Bank of China shall not overdraw the government's finances, and shall not directly subscribe or package them.

Sale of treasury bonds and other government bonds. In practical work, the people's bank of China should not only follow

Law, strictly perform their duties, and resolutely put an end to unconditional financial overdraft.

When borrowing money, the relevant Ministry of Finance should also increase the loan amount to the People's Bank.

Term, loan term and other relevant provisions, as well as the legal responsibility of violators. Pedestrian necessities

It is necessary to closely cooperate with the Ministry of Finance and maintain the independence of funds according to law.

(c) Improve the financial capacity of the government and strengthen the economic foundation of the independence of the central bank.

The implementation of macro-control in China depends on fiscal policy and monetary policy.

To achieve this, due to the current small fiscal scale, fiscal policy can not fully play its role.

This requires the cooperation of monetary policy. If the government has strong financial resources, the central bank can

According to the actual situation of the economy, independently formulate and implement monetary policies.

(d) Improve the political status of the central bank and enhance its political independence.

The ultimate goal of strengthening the independence of the central bank is organizational independence from the government.

Being subordinate to the National People's Congress protects it from the short-term policies of the government.

The term of office of the leader of the People's Bank of China is staggered from that of the head of government to get rid of the short-term political pressure of the government.

Force influence, to ensure the continuity of monetary policy.

(5) Strengthen business independence.

The central bank should have considerable autonomy in its business. Central bank to the public

Market business, buying and selling government bonds and other activities should be operated independently and should not be subject to

Without the intervention and influence of any department and anyone, it is difficult to achieve the goal of monetary policy.

Mark. The independence of the People's Bank of China in business has gradually increased to ensure its

The effect of implementing monetary policy independently and the fairness of supervising financial industry according to law must be strict.

Define the scope of its business activities.

(six) the establishment of a unified regulatory body.

At present, China implements a financial development model of separate operations, including China Banking Regulatory Commission, China Securities Regulatory Commission and China Securities Regulatory Commission.

The separate supervision of CSRC and CIRC is the management system of this model. But mixed operation

It is the future development trend of the financial industry. In order to meet the needs of banking openness and competition

In the future, the financial industry should focus on establishing a unified regulatory body to solve the cross-industry gold problem.

Solve the problem of unclear product supervision authority and prepare for the transition to mixed operation.

Provide a strong guarantee.

(seven) to strengthen the isolation of the entire banking financial system from the administrative organs.

Driven by the independence of the central monetary authority, the marketization of the entire financial system

Is the key to the problem. Separating the central bank from the administrative authorities is only the first step.

Therefore, it is more important to isolate the entire banking and financial system from the administrative authorities.

The shareholding system reform of state-owned banks and the introduction of foreign capital and private banks will accelerate investment.

The process of keeping the financial sector away from the administrative authorities and close to the market mechanism. Otherwise, simple

The independence of the central bank can only be an empty shelf, which is completely different from the west.

Clarify the financial market system dominated by private financial institutions.

Fourth, summary.

The core issue of China's financial system reform is actually the positioning of the central bank.

Title, and "China People's Bank Law" has a clear positioning for the central bank, "to ensure national commodities".

Correctly formulate and implement monetary policies, and establish and improve the macro-control institutions of the central bank.

Department, maintaining financial stability. Therefore, it is necessary to further improve the system, straighten out the mechanism, strengthen or

Rebuild the independence of the central bank. Decision-makers should intensify their work, starting with system construction and decision-making system.

Many links to ensure the independence of the central bank, and constantly reduce the central bank should not have.

Currency hedging pressure, try to avoid the central bank and local governments and ministries at all levels.

Games; The central bank itself should also consider these factors when formulating policies and combining tools.

More comprehensive, under the premise of correctly weighing the dual constraints of commercial banks, through punishment

The intimidation of sexual means and moral advice, actively dredge the policy transmission mechanism, at the same time

Strengthen cooperation with relevant departments and improve the financial ecological environment through information sharing.

Environment, guide commercial banks and other financial institutions to establish the concept of social responsibility and give full play to it.

The self-discipline function of trade associations, establish and improve the corresponding market exit and protection mechanism.

System, so as to make finance more stable.

Although the independence of the People's Bank of China needs to be strengthened,

It is the central bank itself that is trying to take measures to continuously enhance its independence.

With the passage of time, the independence of the Bank of China will be greatly improved.