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李扬指出,1.预算约束软化的国企,首先考虑可得性而非成本大小。如果这种对市场化利率不起反应的企业占主导地位,利率市场化后只会增加麻烦。2.不能简单认为黑市就一定是市场化的,这里面有政策风险的补偿。对制度因素的贴水也使得市场部门的行为扭曲。3.银行治理结构不完善。4.中国的市场分割比较严重,包括金融市场。5.目前央行较多依靠再贷款而非在宏观上操作来调节头寸,而再贷款如果用来解决如挤兑等问题,其贷款利率肯定不能市场化。6.央行的公开
Li Yang pointed out that 1. State-owned enterprises with softened budget constraints should first consider availability rather than cost. If such enterprises that do not respond to market-oriented interest rates dominate, market-oriented interest rates will only increase their troubles. 2. Can not simply think that the black market must be market-based, there are policy risks to compensate. Afforestation on institutional factors also distorts the behavior of the market sector. 3. Bank governance structure is not perfect. 4. China’s market segmentation is more serious, including financial markets. 5. At present, the central bank relies more on reloans instead of macroeconomic actions to adjust its position. If reloans are used to solve problems such as run-off, the loan interest rate will certainly not be market-based. 6. The central bank’s open