Theoretically, interest rate is regarded as the average rate of return of yield to maturity or social investment. But in China, until a long time after the reform and opening up, interest rates were regarded as the operating costs of all state-owned enterprises, and the central bank's rights in interest rate policy were even inferior to those of the financial sector. Even in today's market economy, bank funds are only for state-owned enterprises, and there is no basis for calculating the "average social rate of return". Furthermore, according to the current operating conditions of state-owned enterprises, the interest rate policy is determined according to the average profit rate of these enterprises (excluding water), and it is entirely possible for the deposit and loan level interest rate to drop to a negative value (research shows that the loss of state-owned enterprises in 1998 exceeded the flood loss in that year). According to the market rules of developed countries, the basis for determining interest rates is debt.
The gap between the supply and demand of the bond market and the national conditions is even greater. China's national debt interest rate is determined according to the bank interest rate, which is higher than the bank deposit interest rate in the same period. There is no real market bidding process, but in developed financial markets, this process is an important reference for the formation of market interest rates.
The experience of the past ten years shows that it is only the current inflation level or, more directly, the current price level that affects the interest rate level and policy in China. The hyperinflation around 1994 has prompted * * to raise the interest rate of bank deposits and loans again and again, and the interest rate of national debt has also increased. During this period, the loan demand of enterprises has not decreased because of the increase of interest rates. The decline in corporate loans from 65438 to 0996 is not due to the interest rate policy, but to the severe measures taken by * * on the loan scale. Because the bond market is underdeveloped, the interest rate policy has little influence on cash management. In the first half of 1960s, financial departments at all levels were afraid of inflation, which made increasing cash withdrawal an administrative instruction. The interest rate dropped from 65438 to 0996, accompanied by the gradual decline of the price level. The operating conditions of enterprises have not changed substantially, but the problems in the period of hyperinflation are superficial. The interest rate cut not only aggravated the previous stock market volatility, but also transferred the debts of state-owned enterprises loaned by banks to residents in disguise.
The interest rate adjustment in the process of deflation is still regarded as a way to cater to the price level, because the interest rate reduction does not involve the investment of enterprises and the consumption of residents. 1998 after the flood, the central bank and other institutions won several gold medals and asked major commercial banks to increase loans. 1996 The management of loan quota was cancelled, but it rose again at that time, only from the previous restrictions to encouragement. After the discussion of deflation and liquidity trap, the central bank began to brew interest tax in addition to continuing to cut interest rates, hoping that the consumer market can play a partial replacement role in the case of sluggish investment demand of enterprises. But one year's experience shows that the impact of interest rates on residents is equally disappointing.
In the past five years, the interest rate of RMB has been adjusted with the interest rate policy of the Federal Reserve. The theoretical explanation of this approach is that if the spread between the two countries is too large, there will be arbitrage, and whether capital inflows or outflows are not good for China. Experience shows that even if there is a spread between RMB and USD, it is far-fetched to explain capital outflow with theoretical arbitrage. Policies and measures that are positively related to capital outflow can only give consideration to punishing corruption and cracking down on smuggling. In this case, capital outflow can only be explained by capital flight. Moreover, although international financial theory holds that there is international capital flow due to arbitrage, due to the frequent turmoil in the international market and the development of financial technology, this operation is becoming more and more difficult and risky, and even private investors in developed countries mostly choose their own financial markets. In China, due to strict capital control, other funds, especially private funds, can't have this condition except foreign exchange reserves, and naturally there will be no such choice. From this point of view, linking the RMB interest rate with the US dollar interest rate is not very convincing.
A key factor in attributing the adjustment of interest rate policy to inflation level is that the monetary policy makers' prediction of the profitability of state-owned enterprises is meaningless and unpredictable, and the effect of interest rate policy adjustment for this purpose cannot be the intention of * * *. Under the current system, the operating performance of most state-owned enterprises will not be fundamentally improved, so that the elasticity of interest rate demand of bank funds will remain at a very low level for a long time to come, especially when * * * still regards the stock market as the main channel for state-owned enterprises to pay capital. For banks, it is also impossible to improve the interest rate supply elasticity of loan funds. The loss of saving without lending may affect the performance, but the business pressure caused by the deterioration of asset quality caused by the increase of loans is far greater than the former. Moreover, with the support of national credit, uninterrupted cash flow ensures the role of banks in stabilizing society. Of course, the bank's business is operating funds, coupled with people's impulse, it is very natural that there are bank funds behind the big stock market makers at present. It can be expected that if the institutional environment does not change in favor of productive enterprises in the short term, the stock market that can ensure uninterrupted cash flow will become a game place including banks and large enterprises. The increase of capital will correspondingly reduce the rate of return in the primary market, but without increasing the risk, this rate of return may completely exceed that of deposit interest rate, which is naturally better than giving money to loss-making enterprises for nothing. What's more, banks themselves can get more benefits in the secondary market.
The current interest rate level in China is only the weight required by state-owned enterprises, but the weight of this weight is getting lighter and lighter. If there is any other significance, it is to set a cost standard for the cost of private funds, although the effect may not be great. The separation of state-owned financial institutions and the stock market from the private economy has caused the latter to bear relatively high financial pressure under the unfavorable overall economic environment, thus further inhibiting the normal development of the economy. At the same time, this system has further aggravated the difficulty of the management department in formulating interest rate policy, and the choice is getting smaller and smaller.
In fact, the price authorities have long been concerned about the fluctuation of garlic prices, and have recently deployed garlic producing areas in Shandong, Henan and Jiangsu provinces to carry out garlic price inspections.
At present, the measures taken by the competent price department are mainly to crack down on the intermediate links, warn the storers and wholesalers with a certain scale, and conduct a thorough investigation on the refrigeration and wholesale of garlic. If price violations such as colluding in bidding and driving up prices are found, they will be investigated and dealt with quickly.
Garlic is also a daily food, too high garlic price will distort the supply, and the price authorities will intervene, which is related to the national economy and people's livelihood.
However, the practice of strictly investigating intermediaries has limited effect, just like the real estate market cracking down on illegal intermediaries, which can regulate the market, but the house price will not decrease. Even if the middlemen don't speculate, if garlic is still scarce, it can't stop the price from rising. This is the law of price operation.
Affected by the weather, the output and supply of vegetables are very uncertain. Every year, the price of a single vegetable variety suddenly rises, the price of vegetables and fruits falls, and no one collects it in the field. In addition, it is difficult to store, and it is also easy to cause fluctuations in vegetable prices.
The output of 20 16 garlic is lower than last year, which gives the middleman room for speculation. If middlemen collude to raise prices, it is an artificial monopoly of the market and should be punished. But the price increase caused by shortage is a market behavior. * * * intervention, it is best to store, if vegetables are not stored well, the available means is to increase supply to stabilize.
At that time, China intervened in the increase of vegetable prices and adopted the vegetable basket project to increase the supply of vegetables. There is no shortage except for individual varieties and individual time periods.
There are also reasonable factors for the increase in vegetable prices in recent years. Vegetables and grain are two completely different varieties. Grain can be produced mechanically on a large scale. Vegetables must be intensively cultivated with huge investment, which will rise with the increase of labor price. Vegetable cultivation is not a profiteering industry, and it is common for vegetable farmers to lose money.
Because the price of grain is stable, the price of eggs with grain as raw material has been stable and the price of vegetables is getting cheaper and cheaper. Now residents in first-tier cities can accept the price of vegetables around 5 yuan, which is more expensive than the price of eggs.
At individual stages, it is normal for a product to rise or fall and send out price signals, so don't worry too much.
How can the state improve college students' awareness of environmental protection, offer environmental protection courses in universities and organize students to participate in environmental protection activities?
How to look at the country's debt situation is complicated.
Generally speaking, if * * * lending measures are appropriate, it is more favorable.
Social development is inseparable from money.
The means of raising funds are nothing more than the following.
1, printing money
Step 2 tax
3. Franchising (resources and strategy)
Step 4 borrow money
It is definitely not good to use these forms too much.
In contrast, the side effects of the first two are self-evident. The third kind of over-exploitation is easy to lead to decline.
As long as it is not speculation (like Iceland), the fourth way is preferable.
Which country * * * is the most hypocritical Japan, while denying the Nanjing Massacre and the war of aggression against China, while saying that it is a peace-loving guardian. While talking about building a * * * glory circle in Greater East Asia, he burned and looted in Chinese mainland. It is illegal in our country to say that China is a friendly country. While saying it was to promote world economic development and world peace, he went to Europe to declare China and mobilize fascist revival. While saying that he is the most democratic country, he is ignoring people's opposition to Abe's theory. While claiming to be a victim of World War II, he deliberately launched World War III. While promoting the Japanese issue to China, hoping for a peaceful solution, it closed the door to negotiations with China-* * * belongs to China. . . . . . . You call that country hypocritical?
The formation of the United States is that the president is elected by the whole people, and the vice president and the following functional personnel are nominated by the president and approved by Congress!
How to attract talents in western countries * * * In western countries, real talents are reluctant to enter the * * * organs as civil servants because it is difficult to reach the social average level in income and sense of accomplishment.
Because western countries, especially developed countries in Europe and America, are mostly service-oriented organizations, ZF attracts talents into the civil service with public welfare or service posts. For example, attracting scholars into the advisory team of public management affairs. In developed countries:
science
Management science
(Human Resources Science)
Business administration science
In the past 100 years, we have collected all the best standards and models, examples and cases of human development as correct reference, evaluation and balanced consideration.
How much does the state subsidize sheep? Sheep subsidy is a local policy. In some areas, it is always only once. Some areas have it every year, but it needs to be identified. In other countries, there is no such policy. It is best to consult the local animal husbandry bureau for details. There is a platform called Shepherd Forum, also called Shepherd Network. There is a special part called answering questions. Most of the problems are about the prevention, diagnosis and breeding of sheep diseases. If you have a good understanding of sheep disease, buy a book about sheep disease yourself and read more. There is also a section about sheep trading information. Better to rely on yourself than to go to others for help.