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1、市场化进程中的中国国债政策(China'snationaldebtpolicyintheprocessofMarketization)China'snationaldebtpolicyintheprocessofMarketizationChina'snationaldebtpolicyintheprocessofmarketization2008-12-2015:11:15Sincetheresumptionoftreasurybondsin1981,Chinahasnearly20yearsofhistory.Asoftheendof1997,Chinaissued90
2、5billion781millionyuanoftreasurybonds,thetotalamountofprincipalandinterestpayments512billion894millionyuan.Thedebtrecoveryissue,notonlyeffectivelymakesupthedeficiencyofChina'sfiscalrevenue,andpromotethestabledevelopmentofournationaleconomy,butalsomeettheneedsofthewholesocietyavarietyofdiff
3、erentinvestors,andtopromotethedevelopmentofChina'sbondmarketandmonetarymarketandcapitalmarket,alsoplayaveryimportantrole.In1998,facingthecomplicatedandseveredomesticandinternationaleconomicenvironment,Chinaadoptedaproactivefiscalpolicyandanappropriatemonetarypolicytoensurethesteadygrowthof
4、theeconomy.Amongthem,asabridgelinkingfiscalpolicyandmonetarypolicy,thenationaldebtpolicymarkedbytheissuanceof270billionyuanspecialtreasurybondsandtheissuanceof100billionyuanand10yeartreasurybondsisparticularlyattractive.Then,whatkindofnationaldebtpolicyisbeingimplementedinourcountry,andwha
5、tkindofnationaldebtpolicyshouldweadoptunderthemacrobackgroundofmarket-orientedreform?Thispaperfromthenationaldebtscale,issuebondmarketselection,constructionandlocalgovernmentbondsandotheraspects,thebasicsituationofthenationaldebtofourcountryinrecentyears,themainproblemsandpolicydirectionin
6、thefuture,makeabriefdescription.First,weshouldappropriatelycontrolthegrowthrateofthecurrentnationaldebtscaleChinabegantorelyonfiscaldeficitbondsfrom1994,sosince1994,China'snationaldebtscaleisgrowingfast(seeTable1),ofwhichtheannualissuesizeaveragegrowthofabout28.5%,withanaverageannualincrea
7、seofabout34.3%ofthetotalbalanceattheendoftheyear.Thesmallerthebaseofournationaldebt,althoughtheaverageannualgrowthpercentageisrelativelyhigh,butinabsoluteterms,theannualissuanceoftheannualgrowthinthe300-600billionyuan,anincreaseofnottoobig.However,bytheendofth
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