Prevent hot money need to plug and dredge combined

Multi-policy tools should be optimized to prevent hot money from impacting asset prices and exacerbating inflationary expectations; Further easing the current account's use of exchange controls to ease the pressure on the influx of capital the Chinese people are now facing the heat of rising prices. According to the National Bureau of Statistics, October CPI as high as 4.4%, a two-year record.　　The pressures of life are on pins and needles, compared with the Novo wages that should be rising, but not so much. Prices are rising frequently for several reasons. This year more natural disasters, some vegetables, fruits and other agricultural production has affected the market supply, land, raw materials, labor and other costs are rising, pushing up some products prices.　　In addition, there is the importation of inflation, one of the important factors are repeatedly mentioned-hot money speculation. China's moderately loose monetary policy and the implementation of active fiscal policy nearly two years later, the phenomenon of excessive domestic liquidity has been more obvious. By the long-term upside down of China-US interest rates, the impact of the appreciation of the renminbi, especially the recent introduction of a new round of quantitative easing in the United States released a lot of liquidity, the domestic market is increasingly attractive to overseas funds. Excessive liquidity of the internal and external attack, so that macro-control challenges increasingly serious.　　For example, the recent foreign investment in China's property market to accelerate the news aroused concern, according to the Ministry of Commerce statistics, the former October real estate industry in real use of foreign capital growth of 48%, the increase is much higher than the overall absorption of foreign investment growth. Limited by the definition of hot money, as well as the concealment of hot money into the channel, it is difficult to make accurate statistics on its scale, but the harm of hot money influx is needless to say.　　The point is, how do we respond? Some experts suggested that supervision should be strengthened to cover the channels of hot money inflows. The relevant departments should strengthen the monitoring of international capital entry, investment scale and direction, and on this basis, through strict supervision of trade settlement and other methods to prevent "hot money" inflow.　　At the same time, the Government should establish the early warning mechanism of hot money inflow, announce international capital trend in time, increase information transparency, and reduce market volatility. Such views are not unreasonable. However, the "blocking" approach to hot money is not enough, and the regulation of capital projects is difficult. The world ranking of China's goods trade has risen to the second place, exports leaped into the world first, the size of imports and exports accounted for 1/10 of the world, with the international market is very closely linked.　　In this case, hot money will be through various channels into China, including trade credit, short-term credit, foreign direct investment (FDI) and so on, which are extremely difficult to be identified and investigated. To cope with the influx of hot money, we need to plug and close, external interception, internal guidance. At present, we should optimize the reserve ratio, credit control and other policy tools to prevent hot money inflow and domestic credit to form a joint effort to ease the impact on asset prices and inflationary expectations. In addition, there should be further relaxation of the current account of the use of exchange control, to encourage more capital "out", thereby hedging the pressure of the influx of hot money. Now a lot of private enterprises want to "go out" investment, suffering from the use of sinks restrictions, delay can not be made. At the same time, we should further improve the RMB exchange rate formation mechanism and adhere toMarket supply and demand for the basis of two-way floating, enhance the flexibility of RMB exchange rate. It is noteworthy that, although the vast majority of foreign enterprises insist on their own as a "part of Chinese enterprises", based on the local pursuit of long-term development, but also do not rule out a small number of foreign investment in short-term behavior, "make a fortune to go."　　Therefore, on the basis of maintaining the policy direction of utilizing foreign capital, we must strengthen the guidance and supervision of foreign capital, and strive to achieve a win ... (Responsible editor: Sunan)