增税与发债:理论比较与现实选择

Raising Taxes or Issuing Public Debts:Theoretical Comparison and Practical Choice

增税与发债都是为财政支出融资的方式。本文从理论上分析了二者对经济影响的差别。在中国近年积极财政政策的实施过程中,税收收入出现较快增长,但实际税收负担的增长低于统计显示的水平。在分析这一情况时,要看到税收收入增长的深层原因。而发行国债,则能将居民储蓄转化为公共投资,改善基础设施现状,因而是较为理想的融资工具。

Both raising taxes and issuing public debts are the ways to finance public expenditure. This paper analyzes different impacts they have on economy theoretically. In the process of implementation of the positive financial policy in recent years in China, tax revenues grow very fast, but the growth of real tax revenues lowers the level shown in statistics. While analyzing this situation, the deep reason of growth of the tax revenue should be seen. Issuing public debts can turn the personal deposits into public investments and improve the current situation of the infrastructure, so it is a comparatively ideal financing tool.