In recent years, China has been constantly stimulatingEconomy, but the effect is not as expected, one of the important reasons is "capital idling". Idling of funds refers to the fact that funds in the market are not coming from virtualFinanceThe market flows into the brick-and-mortar business, but inBanksand the continuous flow between enterprises, resulting in ineffective use of funds and insignificant results. This phenomenon has seriously dragged down ChinaEconomyof resuscitation. The existence of the phenomenon of idling of funds makes thatFinanceStimulus policies have not been effectively promotedThe real economyGrow, and at the same time giveBanksBroughtInterestThe pressure of spending, to the detrimentBanksprofitability.
The idling of funds is mainly manifested in two aspects. The first is that the funds are purely to eatInterestfor the purpose. The funds released by the central bank were beenBanksIdle on the account, just to getInterestincome, this simple arbitrage behavior makes it impossible for money to flowThe real economy。The second is to obtain loan arbitrage at low interest rates. Many companies take advantage of policy support to borrow at low interest rates or evenInterest-free loans, and then use the funds to buy deposits or wealth management products with higher interest rates, from which they can get the difference. Although businesses do get loans, in reality these funds are not stimulatedThe real economy, but inBanksand the enterprise is constantly circulating.
The existence of the phenomenon of idling funds not only reduces the efficiency of the use of funds, but is not conducive to itEconomyRecovery, also makeBanksPayment is requiredInterest, damagedBanksprofitability. In order to solve the problem of capital idling, we need to start from two aspects.
First of all, it is necessary to crack down on the phenomenon of capital idling, especially to compress the space for arbitrage. It can be exploitedBanksThe traceability of big data ensures the flow of loans issuedThe real economy。In addition, policy-level enforcement of this issue should be strengthened to prevent funds from being left idle or used for inefficient arbitrage.
Secondly, it needs to be fromThe real economyDemand-based to stimulate aggregate demand. One of the biggest problems facing China today is:Investment in fixed assetsInsufficient aggregate demand, especially for real estate. Real estate as ChinaEconomyOne of the pillar industries involves multiple levels such as people's livelihood, employment and local fiscal revenue. Therefore, by stabilizing the real estate market and stimulating the demand for the property market, it can drive the recovery of related industries and increase employment andLocal fiscal revenues。In addition, attention should be paid to expanding domestic demand and creating a virtuous circle of consumption and investment. In terms of investment, we can increase support for projects such as affordable housing, urban village renovation and public infrastructure construction, so as to create demand, drive employment and increase residents' incomes through investment, thereby promoting consumption.
The idling of funds is ChinaEconomyAn important problem in the recovery process is rooted in insufficient domestic aggregate demand. To solve the problem of capital idling, we need to start from two aspects: cracking down on arbitrage and stimulating aggregate demand. In order to solve the problem of capital idling, it is necessary to strengthen the supervision of implementation issues at the policy level and reduce the space for capital arbitrage. At the same time, a virtuous circle of consumption and investment should be formed through measures such as stimulating real estate market demand and expanding domestic demand, so as to improve the efficiency of the use of funds and promoteEconomyrecovery and development. Need**, central bank,BanksWork with enterprises to take comprehensive measures to achieve the rational allocation and effective use of funds to promote ChinaEconomysustainable development.