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Based on a new panel data, we find a very significant and robust empirical relation:there is distinct crowding out effect of government debt to private investment. After controlling a few variables emphasized by investment literature, the higher government debt-GDP ratio is, the lower private investment rate is.This kind of negative effect of government debt may come from the fluctuation of government debt-GDP ratio. There are enough attritions in the real world that lapse the Ricardian equivalence proposition.