A Study On The Scale Of Chinese National Debts In Transitional Period: Functional Perspective

Since reform and opening-up in china, with constant deepening of economic system reform, the impetus of national debts is increasingly notable to economic construction of our country. The issuing scale of the national debt is becoming more and more larger. Especially for banking system reform in 1994 and counteracting the impact of Asian financial crisis to china's economy in 1998, the government has continuously adopted the expanding fiscal policy and increased the issuing scale of the national debts, consequently, the proportion of the unpaid debts balance accumulated more and more great, And then there were disputes on the appreciated scale of the national debt in our country. Some scholars think that the scale of national debt of our country is close to the international cordon, on the other hand others think not, at the same time, there are some scholars who think the scale of the national debt is appropriate at present. Because the national debt has important influence on economy and society of a country, it have great merit to further study the scale problem of the national debt, the study of appreciated national debt scale has an important referential value for our country to make sound macro economic policy that suit the situation of our country.The article starts the study the scale of the national debt from the discussion of the relationship of the scale and the function of the national debt, and indicates that the function of the national debt is changeable with economic and social development At present, our country is in its transition period, the article insist that, in addition to remedying the financial deficit, collecting the construction fund and regulating the economical operation. Our national debt should also have the function of resource redistribution, regulating incomes and stabilizing economy. it is necessary to expand the scale of the national debt to fully serve function of the national debt,. This article discuss the present scale of our national debt, based on the special situation of our country in transitional period, illuminate the process that the scale of our national debt come into being, analyze the springhead of the scale of our national debt, mainly by means of demonstration, combining the analysis of quality and quantity, the article discuss the present situation of our national debt, and analyze the scale of our national debt from the point of view of the measurement index for the scale of national debt,comparing with foreign counterpart and financial assets structure, the article get the conclusion that the scale of national debt of our country could be expanded. At last, the article explains the necessity of expansion of our national debt, compared with the U.S.A. and Japan, analyzes the shortcoming in the issue and scale of our national debt, and proposes basic approach to expand the scale of our national debt.