积极财政政策肯定要淡出 ,积极货币政策难当大任　　 2 0 0 2年中国经济保持出人意料高增长的同时 ,两大问题的困扰日益加剧 :通货紧缩与财政收入增长明显趋缓。前者表明国债投资对民资、外资的挤出效应这只潜伏已久的“病猫”开始发威 ;后者则意味着积极财政政策已是强弩之末 Positive fiscal policy must be phased out, and active monetary policy is not easy to make a big mistake. While China’s economy maintained its unexpected high growth in 2002, the two major problems have become more and more aggravated: deflation and the obvious slowdown in revenue growth. The former shows that the crowding-out effect of treasury bond investment on private capital and foreign capital has started to take a toll. The latter means that the proactive fiscal policy is already a spent force