项怀诚 积极财政政策没有产生挤出效应 财政部部长项怀诚指出,近四年的实践表明,我国实施积极财政行政政策并没有对民间投资产生挤出效应。原因有三:一、增发国债对利率的影响。由于中国尚未实行名义利率的市场化,积极财政政策不会影响名义利率的升降。二、增发国债对借贷资金量的影响。积极财政政策的投资领域主要是高速公路、供水等基础设施,属于社会公共支出领域,并没有投向竞争领域,没有形 Xiang Huaicheng, pro-active fiscal policy has not produced any crowding-out effect Minister of Finance Xiang Huai-cheng pointed out that the past four years’ practice shows that the implementation of active fiscal policy in our country has not had a crowding-out effect on private investment. There are three reasons: First, the additional issuance of bonds on the impact of interest rates. As China has not yet implemented the marketization of nominal interest rates, the proactive fiscal policy will not affect the nominal interest rate movements. Second, the issuance of additional national debt on the amount of lending money. Active investment in the field of fiscal policy is mainly the highway, water and other infrastructure, belong to the field of social public expenditure, did not invest in the field of competition, no shape