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衡量当前中国国债规模的大与小 ,应当分别使用存量和流量两类不同的指标体系。由零起步的中国国债之所以在短短的 2 3年间演化到今天这样的规模 ,是体制改革、税收“缺位”、非规范性政府收入的冲击、借新债还旧债、财政支出膨胀和实行扩张性财政政策等若干因素复合作用的结果。在当前的中国国情背景下防范可能出现的国债风险 ,只能在多方面因素的相互制约中 ,把降低相对偏高的债务依存度作为主要的着眼点
To measure the current size of China’s national debt, small and large, should be used separately stock and flow of two different types of indicators. The reason why the zero-starting Chinese government bonds evolved in just two or three years to such a scale today is the impact of the reform of the system, the absence of tax revenues and the non-normative government revenue, the expansion of public debt by borrowing new ones and the expansion of fiscal expenditures And the implementation of an expansionary fiscal policy and other factors combined results. Under the current background of China’s national conditions to guard against possible debt risks, only in a multi-factor mutual restraint, to reduce the relatively high degree of debt dependence as the main focus