现在流行的财政危机说和非财政危机说都有一定的盲点和片面性。首先问题的关键是:不能只就财政收支谈财政危机或财政的可持续性,而缺乏“财政效率”的分析。因为财政投入如果有效率,则经济和财政改善均可预期,反之,财政投入是缺乏效率的,则经济和财政必将陷于困境。第二是不能只从总量方面考虑财政危机,而缺乏结构方面的探讨,总 The current financial crisis is said to be blind and one-sided to the non-financial crisis. First of all, the crux of the problem is that we can not analyze the fiscal revenue or expenditure alone in terms of the fiscal crisis or the sustainability of the fiscal system but lack the “fiscal efficiency.” Because the financial input is efficient, both economic and fiscal improvements can be expected. On the contrary, if the financial input is inefficient, the economy and finance will be in a dilemma. The second is that we can not only consider the financial crisis in terms of the total amount but lack the structural discussion