关键词: 金融供给 , 流动性风险 , 两难选择

Abstract: Since 2018, there have emerged three correlated dilemmas in the economy and finance in China: the contradiction between deleveraging and maintaining growth, the contradiction between distracting the capital from its intended purpose and turning the capital back to its intended purpose; the contradiction between financial regulation and forestalling financial risks. These dilemmas can hardly be resolved by loose monetary policies and injecting more liquidity into the economy and finance, which may even cause contrary effects. The solutions are as follows: expanding the commercial paper market, the bonds market and the stock market, and permitting residents and entity enterprises enter into the financial market as the capital suppliers and capital demanders; promoting the development of the asset management market, expanding the objects of financial services from legal entities to residents and families, and promoting the transformation of temporary idle capital of entity enterprises from deposits (especially fixedtime deposits) to cash management (or capital management); developing the behavior regulation mechanism and the regulatory sandbox mechanism basd on the negative list.

Key words:  financial supply , liquidity risk , dilemma