跛脚的中国金融部门

发自北京——即便是在年景最好的时候,中国的中小企业也难以从银行获得贷款。如今随着政府为遏制经济过热和通胀压力而实施信贷紧缩,中小企业的日子也就更加难过了。金融,这个中国改革最为滞后的部门,如今正压迫着整个国家经济的动力核心。

平时中小企业可以借助民间金融市场进行周转;但最近在以灵活私营经济著称的中国浙江省温州市所爆发的事件,却暴露了民间金融市场缺乏稳定且可靠性低的缺陷。当地几大借款人携巨额借款潜逃,普通企业的欠债违约现象也引发高度关注。形势如此恶劣,以致国家总理温家宝都得亲赴当地处理。

中国的官方外汇储备几乎以每个工作日10亿美元的速度不断增加,其中绝大部分都用来购买回报率极低的美国国债或其他国际资产。与此同时,中国各大银行有40%的储蓄无法转化成贷款。有人大概会认为这是资产回报低的缘故。但这个看法也是错误的,因为有研究显示中国的资产回报率自1990年代以来一直都高于10%。

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