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积极财政政策又称为扩张性财政政策,主要指的是政府是以增加赤字、增加国债、减税和增加政府投资等方式拉动社会有效需求。1997年以后亚洲金融危机,对中国出口影响很大,中国消费、投资显得比较萧条。为了刺激出口,增加国债投资刺激消费,国家在这种背景下实施积极财政政策,对解决投资、消费、需求不振 起了相当大的作用。对于积极财政政策的淡出,学者们普遍认为,虽然这一政策前两年对拉动我国经济增长起到了重要作用,但是现在作用正在减弱。与市场经济发达国家相比,我们的积极财政政策的“乘数效应”和“挤出效应”都不大。随着国债投资的进行,各地前期工作做得比较深入和具有明显经济效益的基础设施项目逐渐减少,国债投资效益逐渐下降。不少地方已经出现找不到可申报国债投资项目而不计效益乱申报的情况。积极财政政策的淡出显示了国家在投资政策上的转变,但这还不足以直接引起民间投资空间的大规模拓展。政府投资与民间投资并不是一进一退的关系,如果没有法律、政策上的前进,以及行业管制的进一步的放开,民间投资的真正启动就仍然会面临障碍。
Active fiscal policy, also known as expansionary fiscal policy, mainly refers to the government stimulating effective social demand by increasing deficits, increasing government bonds, tax cuts and increasing government investment. After 1997, the Asian financial crisis has had a great impact on China’s exports. China’s consumption and investment seem rather sluggish. In order to stimulate exports and increase the investment in national debt to stimulate consumption, the state has implemented a proactive fiscal policy in this context and has played a considerable role in settling investment, consumption and sluggish demand. For the fading out of the proactive fiscal policy, scholars generally believe that although this policy played an important role in driving China’s economic growth two years ago, its role is now weakened. Compared with the market economy developed countries, our positive fiscal policy “multiplier effect” and “crowding out effect” are not big. With the progress of the government bond investment, the infrastructure projects with more in-depth preliminary work and obvious economic benefits have gradually decreased, and the returns on the national debt have been gradually declining. In quite a few places, it has been found that there can be no declarations on the investment projects of national treasury bonds, regardless of the effective reporting of profits and losses. The fading out of the proactive fiscal policy shows the country’s shift in investment policies, but this is not enough to directly cause the large-scale expansion of private investment. The relationship between government investment and private investment is not a one-way-back. Without legal and policy progress and the further liberalization of industry control, the real start-up of private investment will still face obstacles.