摒弃赤字幻觉的财政政策选择

Abandoning the Deficit Illusion of Fiscal Policy Options

金融危机以来,世界经济一片低迷,我国经济也难以独善其身。经济结构性矛盾突出,内需不足、外需疲软,经济增长内生性动力欠缺,严重制约着我国经济发展。自上世纪90年代后期,积极财政政策在我国大行其道,其对经济增长的正面效应毋庸置疑,但政府债务持续累积、财政赤字规模不断加大,国民经济所面临的"硬着陆"风险亦不容小觑。依靠巨额财政赤字拉动经济增长的财政政策长期内不可持续,必须重新审视积极财政政策,摒弃财政赤字幻觉,夯实财政经济基础,回归稳健财政,确立财政政策的民生价值取向,发挥财政政策对经济的持续促进作用,实现国民经济"软着陆"。

Since the financial crisis, the whole world economy is in downturn. Accompanying with a high degree of economic globalization, China＇s economy cannot be an exception. Economic structural contradic- tions, insufficient domestic and external demands, deficiency of endogenous motive economic growth are the main factors which restrict China^s economic development. Since the late 1990s, positive fiscal policy is more and more popular in China. There＇s no doubt that it has positive effect on economic growth. In the meanwhile, government debts continue to accumulate and the scale of fiscal deficit is expanding and we cannot overlook the national economic ＂hard-landing＂ risk. The fiscal policy that relies on the huge fiscal deficits to stimulate economic development cannot last long. We must re-examine the positive fiscal policy, get rid of the fiscal deficit illusion, consolidate the financial economy basis, regress to robust finance, es- tablish the value orientation of livelihood fiscal policy, use the fiscal policy to promote sustained economic growth and make the national economy ＂soft-landing＂ come true.