积极财政政策已实施了4年,在对整个国民经济发展作出巨大贡献的同时,也产生了一些潜在的问题。一是中央政府已经积累了相当规模的债务,至2001年底,我国债务余额为15608亿元,占 GDP 的比重为16.3%,虽低于通常所说的国际警戒线,但各级政府的隐性债务余额却远远超过了这一比例,并随时可能转化为中央债务,潜在的财政风险不可忽视。二是随着国债投资的继续,各地前期工作做得比较深入和具有明显经济效益的基础设施项目逐渐减少,如不及时调整投资结构,可能造成国债投资效益逐渐下降。三是这几年新上的重大项目通常是由中央国债资金与地方资金、 The active fiscal policy has been implemented for four years. While it has made a great contribution to the development of the entire national economy, it has also created some potential problems. First, the central government has accumulated a considerable amount of debt. By the end of 2001, China’s debt balance stood at 1.5608 trillion yuan, accounting for 16.3% of GDP. Although it is lower than what is commonly called the international warning line, the implicit nature of all levels of government Debt balance is far beyond this ratio, and may at any time into the central debt, the potential financial risk can not be ignored. Second, with the continued investment in government bonds, infrastructure projects with more in-depth preliminary work and obvious economic benefits throughout the country have been gradually reduced. Failure to adjust the investment structure in a timely manner may result in a gradual decline in the returns on government bonds. Third, major new projects in recent years are usually funded by central government bonds and local funds,