关键词: 信贷政策, 脱实向虚, 信贷资源配置

Abstract: Financial institutions and real economy will be included in the macro-control framework of credit policy, and the governance mechanism of credit policy for China's economy will be systematically discussed. It is found that the credit policy plays an important role in the governance of China's economy. After 2012, the intensively issued credit policies have obviously restrained the commercial banks from "disenchantment from the real to the virtual", and significantly improved their motivation to serve the real economy. Further, based on the perspective of macro Prudential Management, it is observed that urban commercial banks, banks with high growth and risk-taking level are more active in the face of "de facto to virtual" credit policy through grouping test. Based on the requirements of policy orientation and risk balance, commercial banks have realized the inhibition of enterprises' behavior of "getting rid of the real to the virtual" through their credit resource allocation management, which is more obvious in non-state-owned enterprises, regions with high growth and low financial development. Therefore, in the process of economic development in which resources are mainly allocated by the market, in the face of special circumstances such as the anomie of economic structure, it is helpful for the economy to return to the path of healthy development to adopt the structural control means of credit policy.

Key words: gredit policy, overfinancialization, allocation of credit resources