日本财政投融资的转型及启示

The Transformation of Japan’s Fiscal Investment and Loan and Its Enlightenment

历史上日本的财政投融资经历了两次转型,两次转型的动因、内容及效果各不相同。其早期财政投融资成功的经验及后来失败的教训,对于如何提高我国财政投资效率、防范财政投资风险以及寻求以财政投资为主的财政政策的转型提供了有益的启示。

Historically Japan’s fiscal investment has experienced two rounds of transformation, with their cause, content and effect differing from each other. Japan’s experience of its early success of fiscal investment and the lesson of its later failure may offer useful enlightenment to China concerning how to improve the efficiency of China’s fiscal investment, guard against the risk of fiscal investment and seek the way to transformation of financial policies which are based on fiscal investment.