近年来,中国的国有企业严重亏损,债务/资产比高达80%以上,相应地,银行的不良资产比重越来越大,国有银行也进入了亏损的阶段。正因如此,国内外的许多经济学家和投资者对中国改革与增长前景的怀疑不断加重：中国的银行坏债问题比东南亚各国更加严重,东南亚各国陷入了金融危机和经济危机．中国会不会不久也会陷入危机?中国经济的“金融风险”似乎成了世界所关注的焦点问题。而在另一方面,许多人也认为,银行坏债问题已经存在好多年了,中国经济仍在增长,近期内似乎也没有陷入金融危机的危险。与此同时,从1998年起,中国政府采取了扩张性的财政政策,通过扩大财政赤字、增加发行政府债券来扩大基础设施投资。这种增加政府债务的作法,也引起了人们对中国经济金融风险的疑虑。 In recent years, the state-owned enterprises in China suffered a serious loss with a debt-to-asset ratio of over 80%. Correspondingly, the proportion of non-performing assets in banks has been growing and the state-owned banks have also entered a stage of losses. It is precisely for this reason that many economists and investors both at home and abroad have become increasingly doubtful about the prospect of China’s reform and growth. The problem of bad debts of banks in China is even more serious than that of the countries in Southeast Asia, and the countries in Southeast Asia have been caught up in financial crisis and economic crisis. Will China fall into a crisis soon? The “financial risk” of China’s economy seems to have become the focus of the world’s attention. On the other hand, many people also think that the problem of bad debts of banks has existed for many years. China’s economy is still growing and it seems that it is not in danger of falling into the financial crisis in the near future. In the meantime, since 1998, the Chinese government has adopted an expansionary fiscal policy to expand infrastructure investment by expanding the fiscal deficit and increasing the issuance of government bonds. This practice of increasing government debt also raised doubts about the economic and financial risks in China.