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我国的公债政策是在市场化改革和经济增长格局变动的特殊背景下实施的 ,既有反周期的特点又有体制转型的特点。我国市场化改革不到位带来的微观主体活力不足 ,是传统公债理论失效的主要原因。公债的长期使用带来了一系列的问题。公债应调整取向 ,划清政府和市场、债务支出和经常性支出的合理边界 ,为结构调整和社会稳定发展支付成本 ,从本质上增强市场活力。公债应适时淡出 ,与税制改革、货币政策调整、投融资体制改革互动 ,有效化解财政风险。
China’s public debt policy is implemented under the special background of the market-oriented reform and the changing economic growth pattern. It has the characteristics of both countercyclical and institutional transformation. The lack of vitality of the micro main body caused by the lack of market-oriented reform in our country is the main reason for the failure of the traditional theory of public debts. The long-term use of public debt poses a series of problems. Treasury bonds should be adjusted to draw a clear boundary between the government and the market, debt expenditures and recurrent expenditures so as to pay the cost for structural adjustment and social stability and development, thereby enhancing the vitality of the market in essence. Public bonds should be faded out in time to interact with tax system reform, monetary policy adjustments and investment and financing system reforms to effectively resolve financial risks.