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一九八八年以来,全国信贷资金规模全面紧缩,货币流通量从前五年的平均增长32%的水平上迅速回趺,1989年头九个月已实现净回笼50亿元,而前年同期则是净投放390亿元。然而一刀切的全面紧缩政策除砍掉一批还未上马的影子工程、减少了部分超前消费欲望外,高昂的利率水平远不能有效抑止企业投资饥饿症的蔓延,同时,市场出现了相对萎缩,企业间的相互拖欠日益严重,国家银行利率(信贷)杠杆的调节作用正在逐步减弱。
Since 1988, the scale of credit funds in the country has been tightening up in an all-round way. The currency liquidity has rapidly returned to 32% from the average of the previous five years. In the first nine months of 1989, a net withdrawal of 5 billion yuan was realized, compared with the same period of last year Net 39 billion yuan. However, the overall across-the-board austerity policy has not only cut down a number of shadow projects that have not yet started and reduced some of the consumer desire ahead of time, but the high interest rate level can not effectively stop the enterprise from investing in the spread of hunger. At the same time, As a result, the regulatory role of the interest rate (credit) leverage of the national bank is gradually weakened.