改革开放以来,我们抛弃了以前用以向世人夸耀的“既无内债,又无外债”的幼稚主张,着手运用政府债券这一政策工具,筹集资金,发展经济。1979年开始向国外举债,1981年开始发行国库券,到1998年底,累计发行国债11542.21亿元。特别是本次经济周期处于下行阶段以来,国债发行规模逐年大增,从1994年～1998年,累计发行国债10028亿元,约占全部发行国债的87%。其中,1997年和1998年两年共发国债5640.8亿元,占近18年总发行额的48.9%。1999年的发行规模超过了4000亿元,2000年的发行规模还会进一步扩大。国债发行规模及其增长速度已经引 Since the reform and opening up, we have abandoned the naïve proposition of “neither domestic debt nor foreign debt” that we used to boast to the world. We started to use government bonds as a policy tool to raise funds and develop our economy. Beginning in 1979 to foreign debt, in 1981 began to issue treasury bonds, by the end of 1998, total issuance of government bonds 1154221000000 yuan. Especially since the current economic cycle is in the downward phase, the issue scale of treasury bonds has risen year by year. From 1994 to 1998, treasury bonds issued amounted to 1.02828 trillion yuan, accounting for 87% of all treasury bonds issued. Among them, a total of 564.08 billion yuan of government bonds were issued in 1997 and 1998, accounting for 48.9% of the total issuance in the recent 18 years. The issue size in 1999 surpassed 400 billion yuan, and the issue scale in 2000 will be further expanded. The size of the national debt issuance and its growth have been cited