cua Trung Qud'c. Cuoc khung hoang tai chinh loan c i u da lan sang nen kinh te thiic, khien cho nhUng nen kinh te phat trien nhU My, EU va Nhat Ban - ban hang thUdng mai chii yeu ci[r]
(1)^ • , : • • l ' > |- ',4
i m HCrCfNQ Cdfl KHdNG HOANG Tfl! CHiNH NY
VA TRONG (XlOCVfl OOI SACH PGS.TS TON LAP HANH
Sd Nghien ciiu Kinh te The gidi, Vien Khoa hoc Xd hoi ThUdng Hdi
• • , • ' • • r ^ : = ; -•.••-> ; , l T f l
Tom tdt: Khiing hodng tin dung cho vay mua nhd d tai My Id cupc khung hodng tdi chinh kieu mdi xuat hien tien trinh todn edu hod kinh te, sii hon loan thi trUdng tdi chinh qudc te nd gdy dd ldn hdn cupc khiing khodng tdi chinh tien te chau A ndm 1997 Nd khdng nhdng khien cho he thong tdi chinh quoc te bi thiet hai nghiem trpng, md sii dnh hiidng cua nd dd lan rpng sang linh viic kinh te thiie, ddng thdi gdy suy thodi kinh te the gidi Bdi viei ndy phdn tich chi tiet nhiing dnh hiidng cua cupc khung hodng tdi chinh ndy den nen kinh te Trung Quoc vd cdc bien phdp ddi phd vdi khung hodng ciia Chinh phii Trung Qudc, dong thdi nhdn manh ldm the ndo de tdng bUdc thuc ddy edi cdch the che tdi chinh tien te Trung Qudc nhdm ngdn chdn mpt cdch cd hieu qud khung hodng tdi chinh, ddm bdo cho nen kinh te Trung Qudc phdt trien nhanh, on dinh Ngodi ra, td cupc khiing hodng tdi chinh ldn ndy, bdi viei cdn diia nhdng gai y cho Trung Quoc tren cdc phiidng dien nghiep vu cho vay mua nhd a ngdn hdng, sdng tao tdi chinh vd kiem tra, gidm sdt tdi chinh
I LCfl NOI DAU ' • nhUng tii cdn bao tai chinh nd den Cuoc khiing hoang tai chinh khdng "^y- ^ ^ ^ ^ ^ P'^^ ^ r u n g Qud'c ludn ludn nhdng lam cho he thd'ng iM chinh nUdc ^^^"^ ^ ^ ^ ^^^° d°i ^ ^ ^ " g ^' <^^^ ^"9^ My gap phai "kiep nan" chUa liing cd ^ ^ ^ " S hoang, tu: n h a n djnh tinh hinh lrong lich sii ma da trd t h a n h mgt cdn '^^ ^^P ^hdi dUa nhiing dieu chinh bao tai chinh mang tinh loan cau, khien ^^inh sach vi md, tich ciic ap dung hang kinh te the gidi budc vao suy thoai 1°^^ bien phap quan t rgng nham dam nghiem trgng bao cho kinh te tang trUdng nhanh, dn
Mac du sU tang trUdng k m h te thed ^^^^- '^'"0"^ ^^"^ ^^"h kinh te loan cau md hinh hudng ngoai cua Trung Qudc ^ ^ ^ ^'^"^' ^°^ trUdng kinh te va dang gap phai nhiing thach thiic to ldn, "^dai nUdc cang phde tap, kinh te
(2)Trung Qud'c nam 2008 v i n tri dUdc Sli tang trUdng tUdng ddi nhanh, tiep tuc trd ddng lUc chinh ldi keo kinh te the gidi tang trUdng, gdp phan quan trgng vao viec tri sU dn djnh cua kinh te the gidi
Hien nay, Chinh phii Trung Qud'c tich ciic tang cudng hdp tac mat thiet vdi chinh phii cac nUdc, chii trgng phoi hdp qudc te ve chinh sach, ciing ddi phd vdi khiing hoang tai chinh toan cau; ben canh dd, thdng qua viec danh gia cuoc khiing hoang tai chinh My, di sau cai each he thd'ng tai chinh, day nhanh chuyen ddi phUdng thiic phat trien kinh te, dam bao thiic hien muc lieu chien lUdc "duy tri tdng triidng, md rong nhu
cdu niidc, dieu chinh ket cdu"
II ANH HU()N(; CUA KHUNG HOAN(; TAI CHINH MY DEN N £ N KINH TE TRUNC; QUOC
Anh hudng triic tiep ciia cude khiing hoang tai chinh My ldi nganh tai chinh Trung Qud'c khdng nhieu, nhUng anh hudng gian tiep ciia nd den nen kinh te thiic lai tUdng ddi ldn Bieu hien cu the d
cac phUdng dien sau: ,
Mgt Id ddi vdi he thd'ng tai chinh
Trung Qudc Tuy Iron g ma'y nam miic md ciia ddi ngoai ciia Trung Qudc da tiing budc dUdc md rgng, nhUng miic dau tU triic tiep ciia cac nha d i u tu Trung Qudc v^o cac cd quan tai chinh va san pha'm tai chfnh d nUdc ngoai cdn hi;in che, vi the nhiing tdn tha't d i u tU tr^c tifi'p vSn ph^m vi c6 the kho'ng chfi' dxi(}c Sli phii san ciia cd quan tai NGHIEN CUfU TRUNG QUOC s6 6(94) - 2009
chinh My, sU sut gia ciia chiing khoan khdng gay nhieu tdn that ddi vdi cac nha dau tu Trung Qudc
Hai Id anh hudng den ban than nen
kinh te ao ciia Trung Qud'c, bong bdng tU san da bj lhdi phdng len bong bdng chii yeu dUdc tao nen bdi thj trUdng cd phieu va ba't ddng san Cue Du trU Lien bang My phat hanh mgt lUdng ldn dd-la My, dd cd mgt lUdng ldn tien mat chay vao thj trUdng cd phieu va bat dgng san Trung Qudc, da d i y nhanh ldc hinh "bong bdng" Mat khac lhj trudng cd phieu di xudng lam anh hudng tdi nganh bat ddng san Nganh bat ddng san cd vai trd quan lrong sii phai trien cua kinh te Trung Qudc, la nganh hat nhan ldi keo sU phat Irien cua cac nganh nghe nhU vat lieu xay dUng, gang thep, xi mang, trang tri ndi that Vi vay, nganh bat ddng san am dam cd anh hudng ldn den nen kinh le Ihiic ciia Trung Qudc
Ba Id, anh hudng den xua't nhap khau
cua Trung Qud'c Cuoc khung hoang tai chinh loan c i u da lan sang nen kinh te thiic, khien cho nhUng nen kinh te phat trien nhU My, EU va Nhat Ban - ban hang thUdng mai chii yeu ciia Trung Qud'c suy giam ro ret, gay anh hudng tUdng dd'i ldn den xua't k h i u cua Trung Qud'c Theo thd'ng kc ciia Bg ThUdng mai My, chi lieu ciia ngUdi lieu dung My quy nam 2008 giam 4,3% Sii suy giam lhj IrUdng lieu dung My da can trd nghiem trgng den vice md rgng xua't k h i u ciia Trung Qud'c sang thj IrUdng My Ngoii ra, ddng Euro m i l gii
(3)TON LAP HANH
ciing gay anh hUdng nha't djnh den xuat k h i u ciia Trung Qud'c Cac ddn dat hang d nUdc ngoai cua Trung Qudc giam manh, dgng Iiic d i u tU cua cac doanh nghiep suy yeu, tang trudng kinh te nUdc giam xud'ng ciing la nhan to' chii yeu khien cho nhu c i u nhap khau ciia Trung Qud'c giam xud'ng theo
Bdn la , anh hudng ciia cuoc khiing
hoang tai chinh den cac nganh nghe linh viic che tao va cac nganh nghe khac Theo thd'ng ke sd bd ciia Uy ban Cai each phat trien nha nUdc Trung Qud'c, tinh rieng niia d i u nam 2008 da cd 67.000 doanh nghiep viia va nhd d Trung Quoc pha san Cac doanh nghiep pha san khdng nhUng gay that nghiep xa hgi, ma cdn anh hUdng den tieu diing xa hgi
III BIEN PHAP CHINH SACH CUA TRUNG QUOC N H A M DOI PHO Vdl KHUNG H O A N G T A I CHINH MY
NhUng ddi sach iing phd vdi cuoc khiing hoang tai chinh ciia Trung Qudc khac vdi ciia nUdc My Van de ciia nUdc My xuat phat tii he thd'ng tai chfnh, neu cd the dn djnh dUdc thj trUdng tai chinh, thi mdi cd the giam dUdc nhdng anh hudng cude khiing hoang tai chinh den nen kinh te' thiic Vi vay, niidc My cdn
phdi "cdu thi triidng" de ciiu lay nen kinh te, cbn Trung Qudc mudn "ciiu thi triidng" thi triidc het phdi ciiu nin kinh te Do dd, Chinh phu Trung Qudc xac
djnh phUdng hUdng chinh sach "duy tri
tdng triidng, md rong nhu cdu niidc, diiu chinh ket cdu", ap dung cac bien
phap ling phd tich ciic tren cac phUdng dien chinh sach tien te, chfnh sach tai chinh, chfnh sach thue, chfnh sach nganh nghe va chfnh sach hdi doai, thdng qua viec p h a t huy vai trd cua cac chinh sach de n a n g cao tfnh dii bao, tinh chii dgng, tfnh triic dien, tinh he thd'ng, tfnh linh hoat va tinh hieu qua ciia cac chfnh sach dieu tiet vi md, n h i m dam bao kinh te Trung Qud'c phat trien nhanh, on dinh va lanh manh
Thit nhdt, ve chfnh sach tien te,
Trung Qud'c dang tien h a n h lai suit, chfnh sach cd tac dung khuyen khfch cac doanh nghiep Idn va viia tang cUdng d i u tU Chfnh sach tien te cd vai trd kich thich tUdng ddi rd net den nen kinh te thiic, nhUng hieu qua cham
Thii hai, dieu chinh ket ca'u nganh
nghe va Uu hoa nang cap san p h i m , phat tri en nganh ch e tao tien ti en va nganh djch vu hien dai, thiic day chuyen ddi md hinh tang trUdng kinh te tii chii trgng xua't k h i u sang thiic d i y nhu ciu nUdc, giam bdt mute phu thudc vao kinh te dd'i ngoai Ngay 9-11-2008, Chinh phii Trung Qud'c dUa ke hoach gdi kich c i u trj gia 4.000 ty NDT (khoang 586 ti USD) Gdi kich c i u gdm 10 hang muc hen quan den dan sinh, bao gdm cdng trinh an cU mang tinh bao dam cho nhdm ngUdi cd thu nhap tha'p , xay diing cd sd t i n g d ndng thdn, mang ludi giao thdng van tai, xay diing mdi trUdng sinh thai, sang che ky thuat va tai xay diing sau tai nan Diem sang ldn nhat ciia ke hoach kich c i u kinh te l i n la thdng qua chi tieu
(4)xa hgi de kich c i u t i e u d u n g , ma n h a d, a n s i n h xa hgi, y te, giao due la nhUng v i n de d d n s i n h ldn n h a t ciia T r u n g Qudc hien n a y
T/iu" ba de g i a m n h e a n h hUdng ciia cuoc k h u n g h o a n g tai c h i n h den t h u n h a p ciia ngudi d a n va sU s i n h tdn cua cac d o a n h n g h i e p vUa va n h d cd md h i n h h u d n g ngoai C h i n h phii T r u n g Qudc da n h i e u l i n t i e n h a n h dieu c h i n h li s u i t h o a n t h u e x u a l k h a u cua cac san p h i m h a n g hoa ky t h u a t cao, cac ':Vin p h i m cd gia trj p h u gia cao va cac dan p h a m Sli d u n g n h i e u lao dgng; dieu chinh miic khdi diem t h u l h u e t h u n h a p ca n h a n tii 1600 N D T len 2000 NDT, va cd t h e se tiep t u c dieu c h i n h n a n g len miic 3000 NDT Bdn c a n h dd, Chfnh p h d T r u n g Qudc rdn lien h a n h cai each c h u y e n ddi md h i n h thu t h u e gia trj gia t a n g d cac n g a n h n g h e va k h u viic lrong ca nUdc, k h u y e n khich cai t a o ky t h u a t doanh nghiep, giam n h e g a n h n a n g cho doanh nghiep T h d n g q u a cac chinh sach giam l h u e ciia C h i n h phii T r u n g Qud'c da giup cho ldi n h u a n ciia d o a n h n g h i e p va Ihu n h a p ciia cU d a n t a n g , til dd ldi keo lheo "cd xe ba b a n h " x u a t k h i u - d a u t u - tieu diing, giiip cho n e n k i n h te tri Sli dn djnh va p h a t Irien k h o a hgc
Thi^ tii t r o n g c h i n h sach n g a n h nghe
ngoai quy hoach c h a n hUng 10 n g a n h nghd n h u t h d n g lin dicMi lii che lao vii kim loai m a u cdng n g h i e p n h e , del may, hoa c h a t , d d n g t h u y e n , d td, g a n g t h e p , n h d n g t h a y ddi chfnh sach cd a n h h u d n g ldn n h a t la d n g a n h n g h e bat
ddng s a n Tii t r u n g Udng tdi chinh quyen dja phUdng deu dd b a n h a n h cac chinh sach mdi ve n h a d nhU ndi long yeu cau vay vdn t h e c h a p n h a d, giam lai s u a t vay vdn t h e c h a p n h a d va t h u e s u a i vay vdn tich luy m u a n h a d ca n h a n ' t a n g quy md vay vdn m u a n h a d v.v Ben c a n h dd T r u n g Qudc t u n g budc t a n g cud'ng mUc chi tai chinh de md rdng lUdng c u n g Ung n h a d k i n h le n a n g cao sUc m u a n h a d cua nhUng hd gia d i n h cd t h u n h a p tha'p NhUng chinh sach tich cue n a y giiip dUa gia n h a trd ve mUc hdp ly lU dd kich thich mUc lieu d u n g n h a d c u n g cd' niem tin cua ngUdi tieu dung, md rdng n h u cau nu'dc va dam bao mUc sdng cua ngUdi d a n
Thii nam md rgng mUc dao dong li
giii hdi doai ddng \'I)T Ddng XDT giam gia nhe k h d n g nhUng lam guim a n h h u d n g cua cuoc k h u n g h o a n g tai chinh den x u a l k h a u cua cac doanh nghiep lrong nUdr ma cdn cd t h e ngan chan ddng N D T l a n g gia mot chieu giam nhe h a n h vi dau cd dd'i vdi ddng XDT tU lam dju di ap lUc cua mgt lUdng ldn lien m a t ddi vdi lhj trUdng lien le lrong nUdc I \ THUC DAY CAI ( A( 11 THE CHE TAI CHINH LA PHUONCJ 111 N ( ; CHIEN LUOC CUA TRUN(; Q I O C
L a m t h e nao de l h u c day mot each thiet thUc dn thoa cai each md cUa the che tai c h i n h t r o n g bdi c a n h k h u n g h o a n g tai chfnh loan cau la ihach thUc lo ldn ma T r u n g (Judc d a n g gap phrii
(5)TON LAP HANH
Thti nhdt, he thdng tai chfnh hien
ciia Trung Qudc khd cd the hd trd tien vd'n mgt each cd hieu qua cho sii phat trien cua cac doanh nghiep viia va nhd theo md hinh sdng tao va ky t h u a t cao Dieu can trd viec Trung Qud'c day nhanh thiic hien chuyen ddi phUdng thdc phat trien kinh te dd cd viec sang tao kinh te va Uu hoa ket cau nganh nghe Vi vay, Trung Qudc c i n phai hinh mgt he thd'ng tai chfnh hien dai dn djnh, hieu qua tao va hoan thien de til dd nang cao siic canh t r a n h long the ciia nganh tai chinh Trung Qud'c, n h i m ddp iing dieu kien d i u tu tien vd'n can thiet cho sii phat trien ben vUng ciia nen kinh te qud'c dan
Thd hai, dgng lUc cua cai each the che
lai chinh chinh la d sang tad tai chinh May nam trd lai day, sang tao tai chinh cua Trung Qud'c cd budc dot pha ldn, nhUng so vdi sii sang tao tai chinh cua cac nen kinh te phat trien thi cdn nhieu han che va thieu sdt Vf du nhU: cd che hinh lai suat, ti gia hdi dodi cdn chju anh hudng lUdng dd'i nhieu ciia cac nhan to' phi thj IrUdng; cdn thieu he lhdng phap lual thiet yeu thich iing vdi viec sang lao tai chinh va viec xay diing che kiem tra gidm sal thj trUdng Vi vay, Chinh phii Trung Qud'c c i n phai phat huy diy dii vai trd tich ciic chi dao sang tao tai chinh Ndi cu the dd la, ndi long cd che quan ly tai chfnh, thiic d i y lien trinh thj lrudng hoa lai s u i t , ti gia hdi doai; ban hanh nhUng chfnh sach cd lien quan de hd trd va phat trien thj
trUdng chiing khoan; thiet lap va hoan thien xay diing che sang tao tai chfnh Tuy nhien, Chinh phu Trung' Qud'c khdng nen can thiep triic tiep vao thj trUdng ma nen Uu hoa va sang tao nen mdi trUdng chfnh sdch cd ldi cho sii phat trien thj trUdng
Thit ba, toan c i u hoa kinh te mang
den cd hdi va thach thiic cho sU phat trien md ciia dd'i ngoai ciia Trung Qud'c Toan c i u hoa kinh te la dao hai lUdi Vi vay budc di md ciia ddi ngoai tai chinh, tien te cua TrUng Qud'c khdng nen qua nhanh, ma phai dam bao sii thfch iing giuta cai each kinh te nUdc vdi md ciia dd'i ngoai tai chfnh tien te, thfch iing giUa trinh phat trien cua thj trUdng vdi trinh kiem tra giam sat thj trUdng Ddng thdi, ciing vdi sU nang cao trinh md ciia dd'i ngoai, Chinh phii Trung Qudc ciing • c i n chii trgng den viec chuyen ddi vai trd ciia ban than, thdng qua viec xay diing va hoan thien cd che thj trUdng tai chinh tien te va cd sd t i n g che tai chinh tien te phii hdp vdi md ciia dd'i ngoai, de thiic hien nang cap chien lUdc til "md ctia mang tinh chinh
sdch" sang "md ctia mang tinh che do",
tii dd thiic d i y sii phat trien nhanh chdng ciia nganh tai chfnh tien te
Thii tii, toan cau hoa tai chfnh tien te
la hat nhan ciia toan c i u hoa kinh te Hien nay, viec md ciia dd'i ngoai thj trUdng lien vdn ciia Trung Qud'c cin phai dUdc thiic hien mdt each cd trinh tii qua trinh tang cUdng cai each theo hudng thj trUdng hoa thj trudng tai
(6)chinh tien te nUdc va cai each che do, tiic la thdng qua nhu c i u cai each nen tai chinh phii hdp vdi viec md ciia ngudn vdn, diia vao viec md ciia tien vd'n de thuc d i y cai each the che tai chfnh tien te va phat trien tai chinh tien te
Tha ndm, chien lUdc sang tad tai
chinh Trung Qud'c bdi canh toan c i u hoa tai chfnh dang gap phai nhiing thach thiic to ldn Mdt mat yeu c i u giam bdt sU can thiep va h a n che hanh chfnh, ung hd va khuyen khfch sang tao ;5an pham tai chfnh, thiic day cai each the che tai chfnh; mat khac, phai tang cUdng kiem tra giam sat nhUng riii ro cac khau sdng tao san pham tai chinh, ddng thdi chu trgng nghien cdu va iing dung md hinh quan ly riii ro phii hdp vdi dac diem dac thu cua cac cd ca'u lai chfnh, khdng ngiing cai tien va nang cao bien phap quan ly riii ro ciia nen tai chfnh hien dai
Thii; sdu, md ciia dd'i ngoai nganh tai
chinh tien te Trung Qud'c dang bUdc vao thdi ky mdi nang cap chien lUdc Cac cd quan tai chinh nUdc ngoai dang tranh thii thdi cd nganh tai chinh Trung Qud'c md ciia toan dien de nhanh chdng budc vao thj trUdng tai chinh Trung Qud'c Dieu dd mgt mat tang cUdng cd che canh tranh cua nganh tai chfnh, tang them chu the mdi cho he thd'ng tai chinh, thiic day Uu hoa ket cau nganh tai chinh, thu hiit them ngudn vd'n nUdc ngoai cho kinh te nUdc, giiip giai quyet mau t h u i n thieu vd'n cho cac khu viic kinh te dang phat trien ciia Trung Qudc NhUng
chi cd tang cUdng giam sat va quan Iy cd quan tai chinh nUdc ngoai m di c d the giam bdt mdt each cd hieu qua nhUng anh hudng phu vd rui ro ma cac cd quan tai chinh nUdc ngoai mang den cho lhj trUdng tai chfnh Trung Qud'c Vi canh tranh linh viic tai chinh qud'c te la canh tranh phap che hoa va quy pham hoa, nen Trung Qud'c chi cd the thdng qua viec day nhanh phat trien quy pham hoa va phap che hoa tai chinh, tUng bUdc xay diing kien todn che phap luat lien quan, thi mdi cd the thfch iing dUdc vdi yeu c i u md ciia ddi ngoai nganh tdi chfnh tron'g thdi ky mdi Mat khac, de thich iing vdi thach thUc va canh tranh, cd cdu tai chinh Trung Qud'c cung dang day nhanh tdc "di ngodi" Chi cd ket hdp cai cdch va md ciia, lay viec di sau cai each tai chinh de thuc day md ciia dd'i ngdai, ngdnh tai chinh Trung Qud'c mdi cd the thich iing dUdc vdi yeu ciu todn ciu hoa tai chinh
V MOT VAI GOI t CHO TRUNG QUOC Ttr CUOC KHlilNG HOANG TAI CHINH MY
Mgt Id, ve phUdng dien nghiep vu cho
vay mua nhd ngan hang Cuoc khung hoang tai chinh My da tan cdng manh me vao nganh ngan hang, nhUng rui ro ddng sau viec cho vay the chap mua nha d dang Id van de ngan hang thUdng mai Trung Qud'c c i n phai dac biet quan tam Mac du Trung Qud'c khdng tdn tai cho vay the chap thii ca'p, nhung ngan hang thUdng mai ndi ldng cho vay tieu dung bat ddng san, thi viec kiem tra tin
(7)TON LAP HANH
dung dd'i vdi ngUdi vay se khdng chat che, mdt so ngUdi khdng du kha ndng tin dung va ndng liic chd'ng dd nii ro van cd dUdc Sli giup dd ciia ngan hang, tad nen nhUng rui re cho vay Dung bat dgng san de the chap vay vdn ngan hang hien chiem 60% tdng gia trj cho vay cua ngan hdng thUdng mai, d i u tU bat dgng san lai chiem hdn 25% tdng d i u tU Thj trUdng bat ddng san sup dd se anh hudng triic tiep den he thdng ngan hdng va nen kinh te thiic ciia Trung Qud'c Vi vay, c i n phai lam tdt cac bien phap dii phdng, tranh phat sinh khiing hoang tin dung cho vay thii cap theo md hinh Trung Qud'c
Hai Id, ve phUdng dien ddi mdi sdng
tao tai chinh Mdt lrong nhflng nguyen nhan gay cude khiing hoang tdi chinh My la lhdng tin khdng chfnh xac LUdng ldn thdng tin c han thutc ve tin dung cho vay vd'n mua nha d thfl cap cd lien quan ndm lrong tay cac cdng ty cho vay va cdng ty mdi gidi, sau chiing khoan hda tdi san, riii ro dUdc dUa lhj IrUdng, nhUng thdng tin lai bj bUng bit khdng dUdc chuyen den nhd d i u tu Nha d i u IU hoan loan diia vdo cdng ty binh gia de djnh gia Hg hoan todn khdng hieu biet nhflng riii ro ciia nhflng san pham minh mua Nhflng san phdm cd riii ro cao va ldi nhuan cao nhU vay dem den sii tdng trUdng ldi nhuan cao thdi gian ngan, nhUng ddng thdi cung gay sU suy yeu cua cd cau tai chinh Danh gia nghiep vu chflng khoan hoa tai san tin dung cua Trung
Qud'c hien nay, ve cd ban khdng nhiing Trung Qud'c khdng cd nhflng khoan vay xau ma cdn cd mgt che giam sat va quan ly kha nghiem ngat
Ba Id, ve phUdng dien kiem tra giam
sat tai chinh My la nUdc cd thj trUdng tai chfnh phat trien n h a t the gidi, nhUng eflng khdng t r a n h khdi cuoc khung hoang tai chfnh hien dai Cd the ndi nguyen nhan mau chd't nha't la d he thd'ng kiem tra giam sat tai chfnh thieu hieu qua, tU budng Idng thj trUdng C i n phai thay ddi quan niem quan ly rui ro tai chfnh truyen thd'ng Ngodi ra, Sli phat trien n h a n h chdng ciia todn ciu hoa kinh te, mdi lien he gifla thj trUdng lai chinh cac nUdc cung cang chat che Vi vay, cude khiing hoang tai chfnh xuat phat tfl My n h a n h chdng lan rgng ra loan the gidi Phdng chd'ng va ngan chan khiing hoang tai chinh hien dai, khdng the chi diia vao sflc manh cua mgt nUdc, md phai tang cUdng hdp tac quan ly giam sat tai chfnh toan c i u , xay diing cd che dd'i thoai nhieu ben, phdi hdp chinh sach tien te gifla cac nUdc, thdng qua ap dung cac bien phap flng phd thd'ng nhat mdi cd the thflc hien dUdc
CHU THICH:
' Mua nha la mot dang tieu dCing dai han, hien d Trung Qudc da xoa bo phiic ldi phan nha, tien te hoa chinh sach phan nha, ngudi dan mudn mua nha phai dUa vao tien tich luy lau dai ciia ban than De giup dd ngUdi dan, Trung Qudc b i t dau thi hanh che quy tich liiy mua nha d