With the coming up and development of capitalist production relationship , the modern national debt system came up and developed in the end of fcudai society . most classical economists showed negative attitude to nationall debt and deficit . this viewpoint is not only related to their focus of economics ' but also related to the liberal philosophy thought they believed ? the core view of the classical economics is the say ’ s law of supply createsits own demand and market mechanism can automatically adjust to full employment equilibrium 国债对经济增长的影响主要表现在国债对资本形成的两个重要因素? ?储蓄和投资的影响上。在财政范畴内,国债对税收的平滑作用保证储蓄的稳定增长,而国债资金为政府投资筹集资金来源,则直接扩大投资的供给;在金融范畴内, ’国债市场是“剩余储蓄”转化为投资的主要渠道。
During the period of increasing resident ' s overall income , there are various negative factors , such as over - sized disparity in income , pessimistic forecast of future income and expense and shrinking scope of residents " increased income . additionally these factors exerted tremendous influence in residents " consumption demand , savings and investment demand 发现在居民收入总体水平不断提高的过程中，存在着居民收入差距过大、对未来收入和支出的悲观预期以及居民收入增幅不断减缓等种种不利因素，而这些因素又对居民的消费需求、储蓄和投资需求产生着深远的影响。
The several measures should be taken , including regulating the profitable activities done by local governments , increasing the banks ' rate of interest , controlling the inflation , and regulating the distributing activities of corporations ' on the stock market in order to protect the citizens ' savings and invested money from nibbling 关键的措施是规范地方政府的牟利行为，并通过提高银行的存款利率、抑制通货膨胀以及规范上市公司的分配行为，使居民的储蓄和投资资金不被蚕食。
The key point in solving the dilemma of credit inflation on the basis of the plan economy system is the financial sector wasn " t permitted surpluse monetary capital for entrepreneur innovation investment so that this problem seems solved at lest in definition . however , the direct compulsory saving surplusing the monetary capital for entrepreneur innovation investment in the plan economy made the dilemma of credit inflation become worse more and more so that china was forced to begin economy reforms - oriented the market economy system in 1978 我国运用计划经济体制，缓解信用扩张难题的最大特点莫过于通过建立高度集中的计划经济体制和形成直接强制储蓄机制实现储蓄和投资职能的合二为一，并在此基础上基本剥夺金融体系(实质为大一统的银行体系)参与货币资本供给，进行信用扩张的权利，从而消除了信用扩张难题产生的体制基础，从表面上解决了信用扩张难题。
Part two : it summarizes the great change and the severe dislocation of the saving and investing parts after china ' s reforming and opening to the outside world in terms of analyzing the change of the situation of savings and investment so that it can expound realizing the successful transference needs a certain media mechanisms , that is , transforming channel 第二部分：通过分析我国储蓄和投资的格局变化情况，总结出改革开放后我国储蓄、投资主体发生的深刻变化，以及储蓄主体和投资主体的严重错位，由此说明要实现储蓄? ?投资的顺利转化则需要一定的媒介机制或是转化渠道。
