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一、积极财政政策可持续性问题的涵义 我国近年来实施的积极财政政策实质上是扩张性的财政政策,其运用是以财政支出规模的扩大为前提的,结果是直接导致了财政赤字的增长和国债发行量的增加。一般而言,弥补财政赤字的方式主要有3种:一是运用历年结余;二是发行国债;三是向中央银行透支或借款。尽管我国财政在改革开放后一直都以实现预算平衡为目标,但实际上,在这20年间,只有1978年(10.17亿元)、1981年(37.38亿元)和1985年(0.57亿元)3年出现了规模不大的财政盈余。由于国家法律规定财政不允许向中央银行借款,这样在无历年结余可以动用的情况下,政府就只能通过向社会借款(即发行国债)的方式来弥补赤字。所以,目前积极财政政策的可持续性问题实际上是针对当前财政政策的实施所可能带来的政府债务风险提出来的,它实质上是一个财政风险的控制问题。
I. Implications of the Problem of Positive Financial Policy Sustainability The positive fiscal policy implemented in recent years in our country is essentially an expansionary fiscal policy. Its application is premised on the expansion of the fiscal expenditure. The result is a direct result of the growth of fiscal deficits And the increase in the issuance of government bonds. In general, there are three main ways to make up for the fiscal deficit: one is to use the balance of the calendar year; the other is to issue bonds; and the third is to overdraw or borrow from the Central Bank. Although China’s fiscal policy has always been to achieve a balanced budget after the reform and opening up, in fact, in these 20 years, only 1978 (1.017 billion yuan), 1981 (3.738 billion yuan) and 1985 (57 million yuan) There was a small fiscal surplus in years. Since national laws prohibit the government from borrowing money from the central bank, the government can only make up for the deficit by borrowing from the community (that is, issuing government bonds) without the balance of the calendar year available for use. Therefore, at present the issue of the sustainability of active fiscal policy is actually raised against the possible government debt risk brought by the implementation of the current fiscal policy. In essence, it is a matter of controlling financial risks.