自2009年希腊等国爆发主权债务危机以后,政府债务风险被越来越多的人所关注。依据AK模型的推演得知,外债促进一国经济增长的必要条件应满足:Q/RL>as,通过协整与误差修正模型对外债与我国经济增长的关系的检验结果表明:外债对我国经济增长仍然存在正向作用,但是作用很小。政府未来的政策应该要更倾向于引导外债转向投资领域,这样才能更有效地发挥外债对我国经济增长的积极作用。 Since the crisis of sovereign debt broke out in Greece and other countries in 2009, the government debt risk has drawn more and more attention. According to the deduction of AK model, the necessary conditions for the foreign debt to promote the economic growth of a country should be satisfied: Q / RL> as. The test results of the relationship between external debt and economic growth in our country through cointegration and error correction model show that: The growth still has a positive effect, but it has little effect. The government’s future policy should be more inclined to guide the foreign debt to the investment field so that the positive effect of the foreign debt on China’s economic growth can be brought into full play more effectively.