In measuring the present scale of China’s public debt, two different types of indexes, stock index and flow index, should be employed separately. The scale of public debt in China, developing from zero in 1979 to wha...In measuring the present scale of China’s public debt, two different types of indexes, stock index and flow index, should be employed separately. The scale of public debt in China, developing from zero in 1979 to what it is today in a short period of a little over 20 years, results from the compound effects of factors such as institutional reform, tax "default", non-standardized government revenue, borrowing new debts to repay old ones, and an expansionary fiscal policy. Under the background of China’s current situation, to prevent the latent risk of public debt, we must focus on diminishing the comparatively high debt dependence degree with mutual effects of multiple factors.展开更多
文摘In measuring the present scale of China’s public debt, two different types of indexes, stock index and flow index, should be employed separately. The scale of public debt in China, developing from zero in 1979 to what it is today in a short period of a little over 20 years, results from the compound effects of factors such as institutional reform, tax "default", non-standardized government revenue, borrowing new debts to repay old ones, and an expansionary fiscal policy. Under the background of China’s current situation, to prevent the latent risk of public debt, we must focus on diminishing the comparatively high debt dependence degree with mutual effects of multiple factors.
