财政赤字、通货膨胀与债务危机——陈云对赤字财政的有关思想及其现实启示

The Fiscal Deficit,the Inflation and the Debt Crisis:Chen Yun's Philosophyon the Financial Policy and its Implications in Modern Times

"坚决不打赤字财政",是陈云一贯而鲜明的主张,因为在他看来,财政赤字与通货膨胀密不可分。建国初期,我国人民饱受通货膨胀之苦,而"币值下跌、物价上涨的主要原因,是政府的财政赤字庞大"。因此,陈云力主财政安排留有余地,尽量避免出现赤字,尤其忌讳将赤字用于投资。在这一思想的主导下,计划经济时期我国财政预算保持平衡,物价基本稳定。新时期以来,我国经济体制和市场环境发生重大变化,财政赤字渐成常态,相应地物价亦呈不断上涨趋势。尽管近年来连年出现的财政赤字主要依靠发行公共债务来弥补,但这终究不是长久之计,当下的欧债危机警醒了我们,陈云提出的"建设规模的大小必须和国家财力物力相适应"是一条不变的真理。

As we know Chen Yun insists on ＂Budget Balance and no deficit financing＂~and he thinks that the fiscal deficit drives the inflation. Due to substantial fiscal deficit , Chinese people suffered severe mass inflation and rapid currency devaluation in the early 1950s. At that time, Chen Yun oversaw economic policy and tried his best to keep the balance of budget to drive down deficit. It was knowed as the policy of ＂resistance , stablization and con- struction＂. In his effort, the budget of central government was sustainable and the price level was stable during Chi- nese planning economy period. Since the reform and opening policy, there have been dramatic changes in the fields of economic system and the market environment. The fiscal deficit has grown gradually, driving the general price level upward. Nowadays, the central government issued the public bonds to offset the deficit, but the deficit finan- cing is a makeshift. Under the circumstance of the European sovereign debt crisis, we learn that ＂the government＇ s spending should assort with its financial strength ＂, issued by Chen Yun, is perfectly reasonable and insightful.