Through the eye of the ZhangWuChang see the private financial mess

Chinese entrepreneurs published yesterday ZhangWuChang article said the net: China does not exist supportive. Some time ago to central bank officials admit that, at present the state-owned bank deposit is actually supportive, and this situation from February last year began. Say so, has the authority of the CPI growth in the data enough to evidence. But Mr. ZhangWuChang rock, said inflation is higher than interest rate is not supportive refers to the expected inflation rate supportive higher than the market rate. Mr. Zhang said, fisher-price issued in 1911 "the buying power of a currency" provided the penetrating analysis. Human had already in the 21 st century, this 10 years,sunglasses shop the world financial whether the technical level or the policy level, can say already reach the limit, the financial crisis began in 2008, and in a way that the contemporary financial development fast, scale, the influence of the giant, more than one hundred years before the case can match. Even in one hundred years ago, and who would believe, the so-called supportive refers to "the expected rate of inflation" higher than the market rate, rather than the inflation rate is higher than market interest rates to reality. Actually I have a formula fisher is discovered that. Just think there are two hypothesis can make people choose: one is the inflation rate is zero, bank interest rate is 10%; 2 it is annual rate of 10%, the bank interest rate is 15%. Obviously the former option more beneficial for people. The so-called fisher formula, popularly say is, you actually get LiQian equal to the bank is to give you the nominal interest rates minus inflation interest savings shrink. If pushed CPI inflation high exceeded the bank interest rate, so obviously, the nominal interest rate is negative. Professor ZhangWuChang why deny the existence of supportive, and not to pursue. Let people firmly negative property shrink, needless to say. But more important, supportive keep interest rates of the enormous double track existing space-bank funds to be too easy, and just accept lower interest can unwind big money, this can be artificially in bank loan interest rates and lending rates folk formed between great drop to the related parties ShangXiaJiShou left the vast space. January ago guangdong media reports, folk lending interest rates have been generally rose to 6 to 8 points you borrow-and that is per month, converted to as high as 72%-96% annual interest, individual folk lending companies on annual interest even to 120%. And the bank in the benchmark one-year loan interest rate is 6.65%, guangzhou folk lending rate has reached the highest interest rate of the bank loans 18 times. Yesterday's 21 century economic report also revealed, in July, wenzhou folk lending comprehensive annual interest rate level of 24.4%, you borrow-and that is per month for 4% to 6%, the lowest in income can reach 48%, deduct money idle, bad debt and cost, and the rate of return is still far higher than most entity enterprise profits. Why such a high interest rates also have market? Because after the financial crisis, China's large small and medium-sized enterprise capital demand soared, but the money but just want to state-owned Banks to lend to state-owned enterprises, to small and medium-sized enterprise common folk arisen, the latter have to to the folk financial institutions for help. Folk financial market demand exceeds supply, and pushing up the step by step folk lending rates. So, the folk lending market so big of financing volume, where again come of? Wenzhou university professor MaJinLong said, he has an do high-tech agricultural friend, from the bank by 3 credit, but at the moment is not need so much money. The boss calculate a bill: from the bank lending at a, 50 million for the enterprise development, 50 million interbank lending out, with the annual interest rate is 50%, have 25 million interest. Part of the money used for folk lending, and that's it. But, bank officials is no fool, frequently tens of millions of dollars in loans and interest income are never take the "customer", the transmission and interests here FenZhang relations, is no secret. How to do? First to solve problems firmly negative, secondly,MLB Jerseys resolutely to prevent from state-owned Banks lending at low interest rates in the capital into the "black gold channel". And to do these two points, fundamental solution is open of the financial market, let go of interest rate control. In 2005, the state council issued the "non-state-owned economy 36" would have definitely put forward, "allow the non-public capital into financial services"; Not long ago, prime minister wen jiabao presided the economic situation and reiterated that the symposium: "to further advance the interest rate marketization, exchange rate mechanism of reform." From the view of the current situation of private financial, the financial system not touch war greatly, really not line. Through the eye of the ZhangWuChang see the private financial mess

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