关键词: 金融“脱实向虚”, 审慎监管, “锁短放长”

Abstract: Based on the definition of finance shifting from real economy to virtual economy, this paper puts forward its judgment standard and degree range. An empirical study of 78 economies from 1990 to 2018 shows that from 2012 to 2014, China was in a mild state of finance shifting from the real economy to the virtual economy, from 2015 to 2018 in a moderate state, then back to the mild state in 2019, but the financial leverage is expected to rise again in the following five years. This indicates that China's microeconomy continues being faced with heavy pressure of systemic risk caused by high financial leverage and the future microcontrol policy orientation remains to focusing on maintaining the growth while reducing the leverage level. In view of this situation, this paper puts forward some suggestions as follows. First, a prudential supervision mechanism of finance shifting from real economy to virtual economy should be established, in which financial leverage should be used as a prudential regulatory policy tool and balanced financial leverage should be used as a standard, so as to guide finance to return to the standard function of serving the real economy in a forwardlooking way. Second, the current benchmark deposit interest rate should be reformed and the monetary policy of locking up shortterm liquidity and releasing longterm liquidity should be implemented, to eliminate the policy factors that may cause finance shifting from real economy to virtual economy.

Key words: finance shifting from real economy to virtual economy, prudential supervision, locking up shortterm liquidity and releasing longterm liquidity