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财政部长让人们放心,引发政府债务危机的疑虑是不必要的。 我国中央政府债务余额占GDP的比重、财政赤字占GDP的比重,均低于国际警戒线。 从我国现有国债的期限结构来看,本息偿还规模分布较为均衡,长短期搭配基本合理,不会形成个别年份集中兑付的压力。最重要的是,中国经济将在较长一段时间内保持稳定增长的态势,这是中央财政偿还债务的最基本保证。 我国政府发行国债筹集的建设资金,主要用于公共服务性的基础设施方面,并注意把握财政政策与其他相关政策措施的配套实施,应当说是可以较好地避免挤出效应。 我国潜在的财政赤字和债务规模已经较大,社会保障和粮食亏损等欠账也较多,在扩大财政赤字和国债规模时要特别谨慎。 因此,一旦我国经济环境好转,就应及时减少以至停止财政的刺激措施。
It is not necessary for the finance minister to reassure people that doubts about the government debt crisis arise. China’s central government debt balance as a share of GDP, the fiscal deficit as a share of GDP, are lower than the international warning line. From the perspective of the term structure of the existing government bonds in our country, the scale of the principal and interest repayments is fairly balanced and the short-term and long-term collocation is basically reasonable and there is no pressure to make centralized redemption in individual years. Most importantly, the Chinese economy will maintain a steady growth for a long period of time, which is the most basic guarantee for the central government to repay its debts. The funds raised by the government for issuing treasury bonds are mainly used for public service infrastructure. We should pay attention to supporting the implementation of fiscal policies and other relevant policies and measures, and should be said that the crowding-out effect can be better avoided. The potential fiscal deficit and debt scale in our country are already large, and there are many outstanding debts such as social security and food losses. We should exercise special caution in expanding the scale of fiscal deficits and government bonds. Therefore, once the economic environment in our country improves, we should promptly reduce or even stop the fiscal stimulus.