China's Government Bonds On The Macroeconomic Regulation And Control Function Study

China's treasury note is of significant importance, both theoretically and practically, to the research of its regulation and control over macroeconomic. From the perspective of fiscal and currency, this paper threaded by the function of treasury note, expounds the theoretical base of this function as well as its practical meaning, effect and influence, following which there is also a brief analysis of the possible factors that may influence the implementation of this policy instrument.The first chapter focuses on the evolvement of the regulating and controlling function of treasury note, which is an inevitable outcome pushed forward by its functional development. The function of treasury note goes through different stages featured by its primary function, constructive function, financial function and its function to regulate and control. The primary function refers to the function to compensate financial deficit, which also serves as the fundamental reason of its come-into-being. In using the primary function of treasury note, governments of different countries, were gradually close to the idea that financing by means of treasury note can be invested in public products with a strong opening to the outside, which leads to the constructive function of treasury note. With the development of its primary function and constructive, the scale of treasury note is continuously enlarged. Marked by the maturity of treasury note market, the financial function of treasury note inevitably emerges. The development and completion of the three function of treasury note, hereof, ties itself increasingly close to national economy, on the basis of which, he regulating and controlling function of treasury note satisfactorily meet the demand. As regards of china, its treasury note also goes through different stages. Additionally, he regulating and controlling function of treasury note is also an objectivecharacteristic of treasury note as a combination of iscal and monetarypoliCy The second chaPter concemrstes onthe analysis ofchlna's nationaldebt,ptticularlyinterms ofitsregulatmgandco批mllingfunction．Sincegovenunentreguh比s and coddols its economy In a macro w叹 basic onein whi�'� presellts ltselfas iscal and monetarypollcXDeasury note,as acombination ofboth these two,n�'�rallyperforms afunctlon ofr卿lating and controlling overthe economX nalysis ofthis Metion ofWasW note stMs rom its iscal function and monetw effectlvmers．Reg�'�lug china's currmteconomlc sitUation,It's very clearthattherQulating and controlling function of腕as吧 note Is celltered by itsiscalMction in which stimulating domestic demand and pushing theecono啊 foW盯d lsthe most呷ortant function．herefore,the irstsection ofthls chMter mainly explains he iscal枷ctlon oftfeasw noteand its regulation andcontrol overdomestlc economy Basedonthe basictheory ofmultiplier e肚ct,the analysis ofthls betion elaboMes china'seconomic b�'kground,the system of manipulating he function as well asitspractlcal effectand aforesee ofltsprospect．兀putitslmPIX themultiplier effect oftfeasurynot6 means thatthe Increase ofdomestlcreve皿e on�'�sthe Increase oftreasurynotethat leadstothe former1附e脱�'＊is0 to SaX ISgulng�'�u0＊OM 9ti删INe th6＊economy This paPer analysis this multiplier effectlveners and its basicunctiomng from the following four sides:voatatyy pmchase－purchasingp叫mem,volunt叨purchase－irAn sfer p盯ment,obligatory purchase－purchasing p印ment,obligatory purch囵e－ransfer p盯ment．As forchina's curren situation In which effective demand Is Inadeqllate,issuingmore tTeasUryUrynoteto stimulate economydevel叩mentls ofvltal practicalimportance,especially as there Is a positive condltlonof issuing treasurynote．On aprecondltlonthatthe Investing direction oftreasurynote Is ．二． properlychosen,ourgovemmentshall be rewardedby lmplementingthis function oftreasury note．Fu汕e...