Looked from China's actual situation that, about the Central Bank independent question, as early as starts in 1980s intermediate stage People's Bank of China to exercise the Central Bank function officially.1990s first half issue, drafts, in the consideration process in "Chinese people Banking law", the Chinese academic circles once has had two big discussions.In the summary all previous high inflation experience lesson foundation, passes through 1980s intermediate stages and the 90's intermediate stage two reforms, at present People's Bank of China had in the independent execution monetary policy aspect compared with the planned economy time progressed greatly, also has obtained the tangible effect, this will display prominently in the 90's intermediate stages later to the inflation effective government in. At the same time, we also must see, as a result of all sorts of reasons, at present China's Central Bank in independent execution monetary policy aspect, although local authority's direct intervention was ceased basically, but intervenes indirectly still exists (for example through saves borders on bankrupt local financial organ to strive for from People's Bank loans again); And, the central authorities department still will also have (for example the department concerned regarding Central Bank's in disguised form intervention in to process bank not good property and debt transfers shares of stock in process each kind of intervention all finally to cause increase which the Central Bank will again loan).Not only but in the monetary policy decision-making aspect, the Central Bank (says accurately must be Central Bank's monetary policy committee) the independence which lacks should have, also lacks in the operation is standard and is transparent.So long as the Central Bank lacks the enough independence, so long as all levels of government each form intervention still exists, the pursue currency currency value stable and the macroscopic economic environment stable goal with difficulty achieved, its result inevitably either is withstands the high inflation the pressure, either faces the deflation the threat.Will in particular join WTO and the national economy fast development along with China, the foreign government sooner or later can exert each pressure to the Chinese government, the request Renminbi artificial revaluation, but will be supposed to one of effective means will be the enhancement Central Bank's independence and the monetary policy decision-making scientific nature and the standardization.
1980s intermediate stages, as a result of the Japanese economy fast development, the developed country pass “the square agreement” the collaboration to exert pressure to Japan, force a Japanese Government artificial impetus Japanese Yen revaluation.Because at that time Bank of Japan lacked the independence which should have, Japanese Government not any maneuver leeway.Therefore, was in Japanese Government (Okura Sho) under positive governing Bank of Japan to implement the Japanese Yen revaluation policy.After Japanese Yen large scale revaluation, Bank of Japan can not but adopt measures and so on relaxation money market to meet to “Yuan Gao is not booming” (causes export because of a Japanese Yen revaluation to be blocked initiation economic depression), finally breeds “the bubble economy” the evil consequence, leaves a legacy of evil until now.Perhaps this also was precisely Japan positively advances the Central Bank to reform, to strengthen an its independent in recent years latent reason.
The taking this into consideration, the urgent matter should further strengthen the Central Bank the independence.At the same time, change Central Bank president appoints and dismisses the procedure, at present the Central Bank for is responsible for the State Council responsible subordination relations change for National People's Congress or National People's Congress Finance and economics Committee; On the other hand, should “the consultation discuss official business the organization” the monetary policy committee from at present the promotion is “the policy-making organ”, the monetary policy decision-making procedure standardization, the scientific style, and strengthens suitably its transparency. For can maintain the China monetary policy and the money market stability in this transformation, may select the evolution method to advance, namely adjusts the monetary policy committee gradually the member constitutes the proportion, the initial period represents by the government primarily, treats representative who conditions are ripe later gradually will reduce the government aspect again proportion, will increase the market aspect correspondingly representative proportion.Does this, not only is advantageous to the realization currency value stable monetary policy goal, for economical development creation good macroscopic economic environment, moreover may resist the external pressure for the Chinese government to create the bigger maneuver space.
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