Li Yong: This round of inflation management may be more difficult

Financial and financial departments should focus on real estate financial risk and local financing platform risk the vice minister of finance, Li Yong, wrote in China's Finance magazine recently that "inflation suppression" has become the top priority of the current economic and financial work.　　At present, our country's transition price will experience a long process, all countries loose monetary policy will not exit, in the coming period, our country may face the continued large inflationary pressure. Li Yong pointed out that the "pushing hands" of the price rise, both domestic and foreign factors, both the cost-driven reasons, but also the reasons for the tension between supply and demand. From the perspective of foreign factors, the implementation of the "quantitative easing" policy in developed countries, the global liquidity spread, to bring greater import inflation pressure. From the perspective of domestic factors, in recent years, in the foreign exchange and bank credit scale expansion of the double push, China's liquidity stock has always been abundant, with the domestic economic warming, inflation quickly re-enter people's horizons. From the perspective of supply and demand factors, China is in the structural transformation period, energy-saving emission reduction, resource price reform and improve wage standards and other transition policies, resulting in the cost of price increases pressure.　　In addition, the impact of extreme climate on food prices is also one of the reasons. "From the current round of price increases, although the consumer price index is smaller than the previous rounds of inflation, but the difficulty of governance may be more difficult, the situation may be more serious."　　"he said.　　Li Yong said that the correct handling of the "steady growth", "structural adjustment" and "suppression of inflation" between the dialectical unity of relations, will be 2011 years or even in the next few years the most important economic and financial work. He stressed that under the pressure of inflation, we must grasp the rhythm and intensity of "structural adjustment". At present, some areas under the pressure of high inflation, the temporary suspension of resource price reform and raise the minimum wage, but the reform of resource and labor price is the key to promote the transformation of the mode of economic development.　　Therefore, it is very important to correctly deal with the relationship between "suppressing inflation" and "regulating structure", and grasping the rhythm and strength of "adjusting structure". Speaking of the current financial risks facing China, Li Yong said that at present, to prevent and defuse the potential financial risks, especially the risk of financial risks to the transfer of pressure is still very large.　　The financial and financial departments are currently focusing on the two risks of real estate financial risk and local financing platform. He said that the issue of local government debt needs further attention. From the financial point of view, the disorderly competition among commercial banks, irregular lending procedures and local government's "direct and indirect" administrative intervention on local financial institutions may be the main cause of the current situation.　　The financial and financial departments at all levels should take active and active measures to prevent and defuse the potential financial risks from the aspects of strengthening the risk monitoring of financing platform loan and strengthening the risk control of commercial banks. Li Yong believes that we should further promote and deepen the reform of the state-owned financial institutions, improve the independence of the financial institution, effectively avoid the administrative intervention of the financial institutions by all levels of government, build a firewall to avoid financial risk transfer to the financial risk, and maintain the stable operation of the financial system. (ZhengXiao Bo)