中国国债融资功能错位及其危害

Function Deviation of Financing of Government Debt in China and Its Perniciousness

中国国债融资是随着经济体制的改革而出现的,其主要目的是为了经济建设融资的需要,因而具有传统体制下国家融资的特点。中国国债融资规模的增加对中国的融资体制市场化改革和经济发展产生了许多不利的影响。从国际经验看,发行国债不仅仅是为了弥补财政赤字的需要,更重要的是为了建立和完善国债市场的需要。为此,需要对中国国债融资的功能进行重新定位,本文认为,中国国债发行应弱化其财政性功能,强化其金融性功能。

Financing of government debt in China emerged with the economic reform,whose purpose is to satisfy the needs of financing for economic construction,thus achieving the characteristics of state financing in the traditional system.The expansion of the scale of the financing of government debt has brought about much disadvantageous effects on the marketoriented reform of the financing system of China and economic development.From the international experiece,the issuing of government debt can not only satisfy the needs of offsetting deficit budget,but also the needs of the establishment and perfection of government debt market. Therefore,it is quite necessary to rectify the financing function of government debt.The paper holds that the issuing of government debt in China should weaken its financial function,but reinforce its monetary functions.