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—1998年,累计发行国债10028亿元,约占全部发行国债的87%。其中,1997和1998两年共发国债5640.8亿元,占近18年发行总额的48.9%。1998年,国债发行规模与当年 GDP 的比例为14.5%,与财政收入和支出的比例分别 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, a total of 1,154.221 billion yuan of treasury bonds had been issued. Especially since the current economic cycle is in the down stage, 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 18-year issuance. In 1998, the ratio of the issue scale of government bonds to the current year’s GDP was 14.5%, and the ratio of fiscal revenue and expenditure respectively