一、财政困境与改革成本过去14年里,中国的财政制度一直处于变动之中。令人不安的是,这种变动似乎并没有带来一个与市场经济运行相适应的新的财政框架,而且导致了日益恶化的财政赤字。渐进式的改革过程中出现这种状况可能有其必然性。改革前的中国经济体制若从资金流动的角度来刻画其特征,可概括成“财政主导”型。那时的财政收支囊括了政府和企业的主要收支,甚至包含了 First, the financial difficulties and the cost of reform The past 14 years, China’s financial system has been in change. Disturbingly, this change does not seem to have brought about a new fiscal framework that is compatible with the operation of the market economy and has led to a deteriorating fiscal deficit. This situation may be inevitable in a gradual process of reform. Before the reform of the Chinese economic system from the perspective of capital flows to characterize its character can be summarized as a “financial-led” type. The fiscal revenue and expenditure at that time encompass the major revenues and expenditures of the government and enterprises, even including it