为什么财政赤字率应该突破3%?

Why Should the Fiscal Deficit Rate Exceed 3%?

中国当前的宏观经济存在诸多不平衡,财政政策更应突破传统理念,以宏观经济总体平衡为导向的功能财政正当其时。从供给侧改革来看,减税不一定需要增加赤字,可以通过压缩政府支出来实现,但从总需求管理和有序去杠杆来看,减税应该靠增加赤字来实现。赤字增加可能带来一些疑问,例如对政府债务的可持续性、增加赤字影响主权信用评级、通胀上升压力,以及对私人部门造成挤压等方面,有些人表示担心,但通过论证,这些担心都似是而非,没有必要。

There are many imbalances in China’s current macro-economy. Fiscal policy should break through the traditional concept, and functional finance oriented by macro-economic overall balance is just in time. From the point of view of supply-side reform, tax reduction does not necessarily need to increase the deficit, but can be achieved by reducing government expenditure, but from the point of view of total demand management and orderly deleveraging,tax reduction should be achieved by increasing the deficit. Increased deficits may raise some doubts, such as the sustainability of government debt, the impact of increased deficits on sovereign credit ratings, rising inflationary pressures, and squeezing the private sector. However, these fears are paradoxical and unnecessary through argumentation.