近期,一些研究报告和市场评论在评价中国的经济金融风险时,关注的重点均指向中国社会整体债务水平。债务产出比是常用的衡量一国总体债务风险的指标。这一指标国际间是否具有完全可比性?有哪些结构性因素导致中国的债务产出比快速上升?如何更加客观地评价中国的债务水平以及如何从短期、中期和长期控制债务风险?这些问题值得深入研究。一、债务产出比的国际可比性分析债务作为信用工具,提升了全社会跨时空配置 Recently, some research reports and market commentary in the evaluation of China’s economic and financial risks, the focus of attention are pointing to the overall level of Chinese society’s debt. Debt-output ratio is commonly used to measure a country’s overall debt risk index. Is there any complete comparability internationally with this indicator? What structural factors have led to a rapid rise in the debt-to-GDP ratio in China? How can we evaluate China’s debt level more objectively and how to control its debt risk in the short, medium and long term? In-depth study. First, the debt-to-output ratio of international comparability Analysis of debt as a credit tool to enhance the social across time and space configuration