2010年我国财政赤字首次突破万亿达到历史最高位10500亿元。财政赤字数额陡增固然有政治、经济和社会等多方面发展变化的原因,但国债、中央预算稳定调节基金、地方政府债券的出现以及由此带来的财政赤字计算口径的调整是我国财政赤字制度变迁的关键节点。本文从制度变迁的角度,对我国财政赤字计算口径演变的路径进行了分析,对我国现行的财政赤字相关政策规定提出了修改建议。 In 2010, for the first time, China’s fiscal deficit exceeded 1 trillion yuan to reach a record high of 1.05 trillion yuan. However, the sharp increase in the fiscal deficit does cause political, economic and social changes in many aspects. However, the adjustment of the government bond, the budget for the stabilization of central government, the issuance of local government bonds and the calculation of the fiscal deficit is the adjustment of China’s fiscal deficit The key node of institutional change. In this paper, from the perspective of institutional change, this paper analyzes the path of the evolution of China’s budget deficit calculation and proposes some suggestions on the current policy of fiscal deficits.