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On Our Current Financial Risk

Posted on:2003-05-10Degree:DoctorType:Dissertation
Country:ChinaCandidate:J LinFull Text:PDF
GTID:1116360092470973Subject:Public Finance
Abstract/Summary:PDF Full Text Request
Public finance is an important means and an economic base for the government to realize its functions. During the economic operation in the transition period of reform of Chinese economic system,public finance shall contribute to and play an important role in deepening of the reform,promotion of development and maintenance of stability. Due to the fact that the conflicts between the new and old systems are getting fiercer in the transition period,social and public risks are constantly accumulated and quite a few social contradictions and risks are transferred to public finance,which exerts great impacts on the safety of public finance itself and the national security and attracts attentions from various departments of the government. Particularly in 1998 when the growth of Chinese economy was weak,Chinese government exercised expansive fiscal policies,which have played an important role in promotion of economic growth. However,public finance has paid a price due to the active fiscal policies,which has a long-term negative impact on the sustainable development of public finance. In addition,there is a possibility of loss and difficulty caused by the defects in the present Chinese financial system and fiscal means as well as uncertainty of economic factors. At present,China is facing a fiscal austerity and various financial risks are popping up gradually one after another. We must pay due attentions to such issues. Therefore,it is an important and urgent task in the present fiscal work to have an overall recognition of the present financial risks in China and work out measures to fight against and control the financial risks. This article offers analysis and research in this respect.This article is divided into seven chapters.Chapter â… ,Introduction,dwells on the background and implications of this article and summarizes the structure of the article as well as typical and exploratory ideas and conclusions.Chapter â…¡ expounds theoretically the risk and financial risks and outlines the features and classification of financial risks so as to lay a theoretical foundation for the further study. This chapter analyzes the debates among the theoretical world as to whether financial crisis exists in China. This article holds that no large scale financialcrisis will break out in China but there exist financial risks that can not be neglected and there is a possibility of financial risks developing into a financial crisis. This chapter also summarizes the general theory of risk management,laying a theoretical foundation for further analysis and proposal of countermeasures.Chapter â…¢ focuses on analysis of the risks existing in the present Chinese public finance. The analysis of risks is conducted through the four major aspects of the operation of public finance-fiscal revenue,fiscal expenditure,financial deficit and public debts and is extended to the local and hidden financial risks. This chapter summarizes the major forms of Chinese financial risks and points out that risks not only exist in the finance of the central government but in the finance of local governments,not only in the aggregative economy but in the economic structure. Nevertheless,the financial risks have grown with the implementation of active fiscal policies in the past few years. Meanwhile,in the analysis of the hidden debt problem of retirement pension,this chapter tries to solve this long-time huge hidden financial debt by proposing channels and means to repay the hidden debt of retirement pension.Chapter â…£ analyzes the causes of Chinese financial risks in the present day in terms of the economic system,financial system,fiscal policies and the implementation of active fiscal policies. This article holds that factors contributing to the present Chinese financial risks are of different types,including the transitory system risks due to incomplete readjustment in the reform of market economic system and the risks caused by the financial difficulties,deviation of effects of fiscal policies,misplacement of fiscal functions,and...
Keywords/Search Tags:financial risks, prevention and control, countermeasure
PDF Full Text Request
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