不对称加息（Asymmetric rate hike）

不对称加息（Asymmetric rate hike） 不对称加息(Asymmetric rate hike) Lasted for months, in the face of sustained high inflation pressure, the evening of December 21st, the central bank finally put aside the debate between China and the United States interest rate hike. National Information Center Chief Economist Zhu Baoliang Chinese is speculation that economic circles publicly suggested "the first central bank experts should implement asymmetric rate" (see the newspaper headlines in December 10th 1733 "strict control" two pronged monetary tightening credit). In the face of the central bank interest rate hike asymmetric Zhu Baoliang again suggested: "efforts, monetary policy is not enough, the current monthly prices rose is increasing, we must further promote the asymmetry of interest rate, to reverse the negative real interest rate situation." An official from the NPC Financial and Economic Committee said that in 2008 the tight monetary policy will be further implemented, in addition, a series of fiscal policy and fiscal policy will emerge, improve the China economic imbalances from the origin. Asymmetric interpretation of asymmetric interest rate increase" The asymmetric interest rate is very complex, which is called as "the interest rate hike mizongyi". Among them, the one-year deposit interest rate increased by 0.27 percentage points, one-year lending rate increased by 0.18 percentage points; five years or more benchmark lending rate remained unchanged. Less than one year deposit rate increases greatly, among them, three month deposit rate by 0.45 percentage points, six month deposit rate by 0.36 percentage points; at the same time, the current deposit interest rate for the first time in five years slightly down 0.09 percentage points. In the face of interest rate structure, complexity of the evening of December 20th, most analysts since 2004 rate hike since the first night analysis data, the monetary authorities speculate decision-making psychology, calculating the impact of interest rate for the economy and the market. "The interest rate hike is so complicated, and it has been delayed for so long, which shows the differences between the departments concerned about the current inflation situation and the international economic environment.". I do not understand much about the rate hike with other colleagues." An analyst told reporters. JP Morgan Asia Pacific chief economist Gong Fangxiong told reporters that the central bank raised the one-year deposit rate by 27 basis points, in line with their expectations; but the one-year lending rate by 18 basis points, slightly lower than they had expected. The move clearly shows that, in the face of rising global economic uncertainty, the management is reluctant to over tighten. The central bank's interest rate hike worries are very much. Analysis of China Cass financial monetary theory and monetary policy research director Peng Xingyun, is a one-year fixed deposit interest rate is asymmetric, hoping to stabilize inflation expectations, reversing the negative real interest rate is above two; five year loan interest rate does not change, do not want to increase the real estate enterprises and property buyers loan burden is three; demand deposits of rare cut, which is spread on protecting bank; four is also a substantial increase in the short-term interest rates, indicating that the central bank takes into account the volatility of stock market to economic uncertainty, hope will demand deposits on a regular basis. Some economists worry that the timing of demand deposits and an important premise for inflation expectations fall back on the stability of asset prices. Due to a large number of deposits between the capital market and the bank, if asset prices continued to expand, a large number of deposits will abandon short-term deposits into asset markets, pushing up asset prices, and the current interest rate hike will deviate from the original intention. National Information Center Director Fan Jianping said that warning: "the fact is that inflation is a tax government sign, inflation is the government through monetary form of the wealth of the people cut a wool, has occurred in many countries in history. Macro-control should always focus on the prevention of inflation." The industry is continuing to call for interest rates to ease inflation expectations. "Because the adjusted interest rate is negative, there is still no significant change in the overall inflation risk. We believe that the one-year deposit rate will be increased by at least 0.81 percentage points in 2008."." Shenyin Wanguo senior macroeconomic analyst Li Huiyong said. Wahson, the economist, said the interest rate adjustment for the central bank's fixed deposit was not enough. The asymmetric interest rate direction is right, but because the current deposit interest rates, deposit interest rate adjustment is obviously not enough, depositors still negative interest rates, should change the situation as soon as possible, before the end of the year should increase the deposit interest rate adjustment. Fiscal policy toward the front desk The root of China's economic imbalance lies in the issue of the relationship between national income distribution and the high savings rate, which leads to a low consumption rate and a series of problems such as investment fever. While continuing to promote tight monetary policy, fiscal policy should make greater efforts to improve the national income distribution relationship." Peng Xingyun says. In December 19th, reporters in the "healthy new village" 2007 cooperation development forum, from a government background scholars learned that next year the financial cooperation in new rural cooperative medical investment will increase by 100%. This huge increase is only a microcosm of next year's prudent fiscal policy. The Ministry of Finance Research Institute deputy director Liu Shangxi told reporters that the intensity and focus of the 2008 fiscal policy than in previous years will change, will sound financial policy to promote the coordinated development of urban and rural areas, to increase the agriculture, education, science and technology, health and social security and other aspects of expenditure. And these good news is that this year's fiscal revenue reached 5 trillion and 100 billion yuan, more than last year by nearly 1 trillion and 200 billion yuan, the national revenue growth in the background of the strong came into being. Fiscal revenue of 5 trillion and 100 billion yuan - this figure than in March this year, two sessions in 2007 by the national revenue budget of 700 billion yuan, and at a rare rate of rapid growth of 31%. But strong financial growth has come at a price. A GDP is the apparent increase to the government tilt, government revenue growth higher than the actual income growth nearly doubled, almost the national income distribution relationship improved; two is due to a large number of sources of tax revenue from value-added tax, high taxes will inevitably stimulate the local economy caused by high investment, Chinese overheated investment and the economy is hot. In the ninth session of the Forum on China economists held before, the chairman of the Finance Committee of the National People's Congress Fu Zhihuan said, should increase the fiscal policy from three aspects for the transformation of the mode of economic growth effect. First, improve the relevant tax policy resources, to achieve energy-saving emission reduction policies favorable; second, optimize the structure of fiscal expenditure, more resources to improve people's livelihood; third, deepen the reform of the taxation system, inhibit the excessive growth of investment. In 2007, China's annual economic growth rate of GDP will reach 11.5%, while in November CPI hit a new high of more than 10 years - 6.9%. When the local government changes, the Chinese government is pushing forward a new tax reform, so as to promote the transformation of the mode of economic development from the source. In the national financial work conference held on the day before, finance minister Xie Xuren clear that this year will be the full implementation of the new enterprise income tax law and its supporting measures, to continue in the old industrial bases in Northeast and central regions of the 26 old industrial base city, the implementation of the VAT reform, study and formulate in the country to promote the reform of resource plan; the tax system, improve the consumption tax system. Deputy director of the CASS Institute of Finance and trade China Gao Peiyong said the new round of tax reform will have substantial operations in 2008, unification will be officially launched, and the transformation of value-added tax may be to promote the country, the two tax reform will lead the new round of tax reform. Interest rate increase method is a method of collecting interest when banks repay loans in installments. In the stage of equal pay loan, the bank will according to the nominal rate of interest to the loan principal, calculate the loan principal and interest, require enterprises during the period of the loan and the amount of amortization of principal and interest. As the loan installment balance repayment, the borrower actually uses only half of the principal of the loan, but pays full interest. In this way, the real rate of interest charged by enterprises is about 1 times higher than the nominal interest rate. Interest rate increase method. Interest collection method used by banks to repay loans in installments. In the stage of equal pay loan, the bank will according to the nominal rate of interest to the loan principal, calculate the loan principal and interest, require enterprises during the period of the loan and the amount of amortization of principal and interest. In the interest rate increase, the actual interest rate the enterprise bears is about 1 times higher than the nominal interest rate. For example, bank loans to 1 million 200 thousand yuan, the loan interest rate is 10% (the annual interest rate of 120 thousand yuan), the bank requires each month equal principal 100 thousand yuan, 10 thousand yuan of interest, the actual loan amount available is the highest 1 million 200 thousand yuan, the lowest is 0, average is equal to the available borrowings of about 120/2=60 million.