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积极财政政策从1998年开始实施,到现在已有5年了。近一段时间,积极财政政策应淡出的意见不时见诸媒体,其理由主要有:1、以增发国债为主要内容的积极财政政策对民间投资有挤出效应,不利于民间投资的增加;2、国债投资的主体是政府,其投资效率低于其他资金来源的投资;3、持续扩大的国债总规模使财政风险不断加大,有可能导致财政危机;4、国债投资容易导致政府官员的腐败。
The proactive fiscal policy has been in place since 1998 and it has been five years now. Recently, the opinions that positive fiscal policy should be discarded have been seen in the media from time to time. The reasons are: 1. The proactive fiscal policy with the issuance of treasury bonds as the main content has a crowding out effect on private investment, which is not conducive to the increase of private investment. The main body of the national debt investment is the government, its investment efficiency is lower than other sources of investment; 3, the continued expansion of the total size of the national debt so that financial risks continue to increase, may lead to financial crisis; 4, government bonds easily lead to corruption of government officials.