利率传导机制疏通：六大核心路径解析

Core Viewpoint - The core issue in current financial reform is balancing the reduction of financing costs for the real economy with the sustainability of financial institutions, as highlighted by the People's Bank of China's report indicating that the phenomenon of corporate loan rates being lower than government bond rates is unsustainable [2] Group 1: Transmission Blockages - The transmission of monetary policy is hindered by several structural issues, including the distortion caused by inverted interest rates, where corporate loan rates are lower than government bond yields, undermining the risk pricing logic [3][4] - The narrowing of bank interest margins restricts banks' willingness and ability to transmit policy changes to the real economy, with the net interest margin for commercial banks at a historical low of 1.42% in Q3 2025, down 12 basis points from 1.54% in the same period of 2024 [5] - The stagnation of the Loan Prime Rate (LPR) adjustment, which has remained unchanged for six months, reflects constraints on further monetary easing and affects the efficiency of policy transmission [6] Group 2: Structural Issues - The asymmetry in the adjustment of deposit and loan rates creates a dilemma for banks, as rapid declines in loan rates are not matched by corresponding decreases in deposit costs, further squeezing interest margins [7] - There is a regional and structural disparity in interest rate transmission, where developed eastern regions and large state-owned enterprises can access financing at lower costs compared to small and private enterprises in central and western regions [8] Group 3: Optimization Paths - To address these transmission blockages, six key optimization paths are proposed, including enhancing the interest rate corridor to improve the effectiveness of policy rate transmission and deepening the marketization of deposit rates [9][10] - Building a modern financial institution system that encourages differentiated competition and focuses on core business areas is essential for improving the competitive environment in the financial sector [11][12] - The use of structural monetary policy tools should be strengthened to provide targeted support for key areas such as technology innovation and small enterprises, ensuring that policy benefits reach the intended recipients [13][14] - Improving the risk pricing mechanism is crucial to address issues of interest rate inversion and pricing disorder, which includes enhancing the credit system and reforming internal bank assessment mechanisms [14] - Establishing a coordinated financial regulatory mechanism is necessary to maintain a conducive environment for interest rate transmission and to prevent regulatory arbitrage [15]