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改革开放前后,国家财政投资在我国全社会固定资产投资中居主体地位,但自80年代中期以来,企业自筹投资和银行贷款投资已远远超过了财政投资与融资,通过资本市场融资正在迅速扩张。比如,在1981年国家投资占28.1％,但以后基本上呈下滑趋势,到了1996年国家投资仅为2.7％。这种变化趋势虽然反映了市场化取向改革的必然要求,有它的内在合理性,但是其后果也有其严峻的一面。为了解决对基础产业和基础设施的投入不
Before and after the reform and opening up, the national financial investment was the mainstay of China’s total fixed asset investment. However, since the mid-1980s, self-raised investment and bank loan investment by enterprises have far exceeded financial investment and financing. Financing through capital markets is rapidly expanding . For example, in 1981, the national investment accounted for 28.1%, but afterwards it basically showed a downward trend. By 1996, the national investment was only 2.7%. Although this change trend reflects the inevitable requirement of market-oriented reform and its inherent rationality, its consequences have its own serious aspect. In order to solve the investment in basic industries and infrastructure not