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从1981年恢复国债发行已历时十六年,以国债为代表的财政信用在我国财政与货币政策中发挥着越来越重要的作用。截止到1995年末,国债余额已达3300亿元。预计1996年当年的国债(含中央财政负担的外债)发行规模将增至1952亿元。如果根据1994—1996年的国债发行速度简单推算,并结合后几年的债务还本付息水平、赤字规模和必要的财政建设开支等因素,“九五”期间的国债发行总规模至少在12000亿元左右。与国债结构和市场发育等长期问题
Since the resumption of the issuance of government bonds in 1981, it has been 16 years. The financial credit represented by national debts has played an increasingly important role in China’s fiscal and monetary policies. As of the end of 1995, the balance of government bonds reached 330 billion yuan. It is estimated that the issue volume of treasury bonds (including the foreign debt borne by the central finance) in 1996 will increase to 195.2 billion yuan. According to the simple calculation of the national debt issuance speed in 1994-1996 and the factors such as the level of debt service and repayment in the next few years, the scale of the deficit and the necessary expenditures for financial construction, the total issuance of government bonds during the “1995” period shall be at least In 1.2 trillion yuan. And long-term issues such as the structure of national debt and market development