体制性约束、双重失衡与政策权衡--全球金融危机挑战与中国的财政政策选择

Institutional Constraints,Double Imbalance and Policy Option—Global Financial Crisis and China's Fiscal Policy

在中国经济发展总量得到实质性提高的今天,重新实施积极财政政策,其着眼点不仅在于应对这次全球金融危机对中国带来的冲击,更重要的是利用这次契机化解中国经济发展长期存在的体制性约束,转变中国经济增长方式,实现经济的稳定和可持续增长。财政政策也因此面临着如何权衡缓解经济危机冲击和实现经济长期稳定发展的问题。从中国财政政策实践来看,单纯的反周期调节可以拉动经济走出低迷,却无力恢复经济的自主增长动力,应对当前中国经济出现的长期内部失衡更需要财政政策着眼于整个改革过程和整个经济结构。本文基于金融危机背景下中国面临双重失衡的判断,提出了中国经济发展内外失衡的概念,并探讨了两种失衡条件下财政政策的运行原理,同时以转轨背景下中国所面临的体制性约束为限制条件,考察了财政政策困境的现实根源,并给出了财政政策权衡的政策涵义。

China economy has made a great development up to now,we re-implement the proactive fiscal policy not only response to the global financial crisis,but also to take advantage of the opportunity to resolve the institutional constraints,keep the stability and pull the sustainable growth of the economy.So the goal of fiscal policy must weigh easing the economic crisis against long-term stability and the development of economy.The traditional simple counter-cyclical fiscal policy practice will pull the economy out of recession,but it has a weak efficiency on the automatically restore of the economy.So the effect of fiscal policies will ultimately hang on the deep reform of entire process and the economical structure adjustment.This paper firstly reveals the root of 'double imbalance'and institutional constraints,then analyzes the paradox between such constraints and reveal the space of positive fiscal policy.