１９９８年以来，我国实行了（扩张性）“积极财政政策”，导致１９９８年我国财政赤字占ＧＤＰ的比率高达２２％（中国的现行统计口径）。这种较高的赤字比率引起了政府和百姓的普遍关注特别是在经济学界，有人提出赤字比率提高、国债发行规模增大可能会产生排挤效应，... Since 1998, China has implemented the (expansionary) “proactive fiscal policy,” resulting in a 1998 fiscal deficit as high as 2  2% of GDP (China’s current statistical standard). This relatively high rate of deficit aroused the widespread concern of the government and the people, especially in economics. Some people raised the deficit rate and the issue of treasury bonds increased may have crowding-out effect.