Analysis On Public Investment Of Japan After World War Ⅱ

After World War II, the widespread rise of the Keynesian doctrine, supply a theoretical foundation for rapid development of public investment and public utilities, the expansive fiscal policy public mainly according to public investment, effectively solve the post-war economic crisis in the capitalist countries, and the role of public investment in economic activities has been increased.As a defeated country in World War II, Japan's industrial and agricultural production has been severely damaged, economic stagnation, almost collapse. However, Japan has adopted a series of policies in a short period of 10 years and returned the economic to pre-war level. After nearly 20 decades it has maintained an average growth of over 8%. Despite the impact of the oil crisis, the growth rate has slowed down, but before closing burst of the bubble economy, it far exceeded those other developed capitalist countries. Reasons for this, except the influence of factors in the international environment endures, Japan's major role in promoting the development of public investment can not be ignored. In the late 1980s, with the appreciation of the yen, real estate, stock market investment prevailing, the bursting of the bubble economy ultimately led Japan's economy to slump. From the beginning of 1990s, Japanese government has expanded public investment for many times, but hasn't any significant role in promoting economic growth. Japan's original system by increasing public investment and more is doubted.Observing public investment in Japan's history, we can see a reduction in the effectiveness of public investment policy, there is a profound reason. Although Japan has been accompanied by reform of public investment in the development of the Japanese economy, but there are still a lot of issues for public investment. First, delay for the adjustment of investment structure. If agriculture and related investment are obviously insufficient, and industries and services have always been the center of investment; Public investment imbalance in the region, the industrial belt along the Pacific Ocean and Tokyo, Osaka and other economic circle have always been the focus of investment, and the slow development of other regions Public investment has clearly failed to live productive investment that the facts have been proven for the role on the economic, Public investment and productive life of the role of public investment are similar, or even more than a production-oriented investment; heavy dependence on state funds for public investment, which is seriously hampering the fiscal reforms. Secondly, Japanese economy heavily depends on public investment, especially the local economy, recent data from Shimane Prefecture, with clear signs of economic recession. Finally, public investment has increasingly obvious defects in the system, corruption, inefficient investment and waste.After entering a new century, voice of Japanese as well as non-government organizations for public investment system reform is growing louder and louder. Japanese government also is clearly aware of the necessity for reform.First, the public investment for structural adjustment, including the increase of investment in agriculture, and also promote the development of agriculture, forestry, and fisheries; to increase public investment in underdeveloped regions, to narrow the regional economic imbalances. Ease the contradiction between economic development; Medical, health, social security, etc. The life-economic effect of public investment and optimize the investment of public investment. Secondly, the capital structure of public investment and promotion of financial reforms, and gradually reduce the size of public investment, change to the original public investment on economic growth. Finally, the promotion of public investment system reform, strengthen supervision and improve the efficiency of public investment.China started public investment late, and has many issues including unreasonable public investment scale and structure, a serious shortage of public investment in agriculture and rural areas, and low efficiency of public investment. Fully learning from the Japanese experience in the development of public investment, will help us to set up reasonable system, and promote sustainable economic development.