Don’t mistake China’s scrapping of loan quotas as a market-oriented reform. On the contrary, Beijing seems set to replace a blunt macro tool with an array of sharper, micro ones. Rather than operating within the constraints of an annual, industry-wide quota, each bank will have its lending limits prescribed by regular reviews of its individual reserve requirement ratio.
不要錯把中國取消貸款額度的舉動視為一次市場化改革。相反，中國政府似乎將以一系列更為“鋒利”的微觀工具，來取代此前那種較為“粗鈍”的宏觀工具。現在，各家銀行的貸款操作將不是受限于全行業的年度額度，而是遵循監管機構對其儲備金要求定期評估后所制定的限額。
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