By pursuing the principle of stimulating domestic demand and adopting the proactive fiscal policy and the sound monetary policy in good time , we overcame the adverse effects the asian financial crisis and world economic fluctuations had on china , and maintained a relatively rapid economic growth 实施扩大内需的方针，适时采取积极的财政政策和稳健的货币政策，克服亚洲金融危机和世界经济波动对我国的不利影响，保持了经济较快增长。
With the expansion of the national debts scale in our country , the reasonable limit of the national debts " quantity problem become one of the crucial points in bond study . how to evaluate the influence of bonds issuing for the finance and monetary policy 此外我国从1998年开始实施积极的财政政策，加上西部大开发策略和振兴东北策略，这些都将需要大量的国债支持，在这种情况下讨论我国国债债务负担的合理数量界限，并在此基础上给出相应的建议就具有重要现实意义。
Thirdly , on the base of inquiring into necessity and possibility of implementing fiscal policy in china , our government should put an active fiseal policy into practice continuall y . because of large finance risks and problems in the process of carrying out an active fiscal pol icy , we must choose the expanding fiscal pol icy that integrates oneself with system reformation to cut down finance risks 自1998年以来，我国连续5年实施积极的财政政策，已经取得了明显的政策效果，但实施过程中也出现了诸多问题，结合当前国内外经济发展形势，我国目前仍有必要继续实施积极财政政策，且积极财政政策的实施要与体制改革相结合。
Chapter analyzes the causes of chinese financial risks in the present day in terms of the economic system , financial system , fiscal policies and the implementation of active fiscal policies . this article holds that factors contributing to the present chinese financial risks are of different types , including the transitory system risks due to incomplete readjustment in the reform of market economic system and the risks caused by the financial difficulties , deviation of effects of fiscal policies , misplacement of fiscal functions , and defects in t 认为导致当前我国财政风险的因素是多方面的，既有经济体制市场化改革尚未调整到位带来的转轨性体制风险；也有财政困难和财政体制转换过程中，财政政策效应偏差、财政职能错位以及财政管理制度的缺陷等方面的原因带来的风险；特别实施积极的财政政策，财政赤字进一步扩大、国债增速过猛，给财政运行带来风险，造成财政风险的进一步加剧。
In recent years , our government adopts a train of macroscopic readjustment and control policies , and implements active fiscal policy and stable monetary policy . these policies have given rise to satisfactory result with great achievements to be the focus of world attention . in circumstances of global economic growth slowed down , chinese economy has grown rapidly with the style of its own colors , which is acclaimed by the world 近几年来，我国政府采取了一系列的宏观调控政策，实施了积极的财政政策和稳健的货币政策，这些政策措施目前已收到良好的成效，取得了令世人瞩目的成绩，在全球经济增长放缓的情况下，中国经济一枝独秀，被世人称为逆风起飞。
It is extremely critical to discuss what results from enforcing an active fiscal policy , how large finance risks comes from implementing an actives fiscal policy , whether to carry out an active fiscal policy continually , and how to bring an active fiscal policy into effect continually . this paper tries to analyses theory , practice about carrying out an expanding fiscal policy and policychoice in china 积极财政政策实施至今，其所取得的政策效果如何，所带来的财政风险有多大，我国目前是否要继续实施积极的财政政策，以及如何继续实施积极财政政策等等一系列问题，成为我国目前战略性的问题，本文拟对扩张性财政政策的理论、实践与我国的政策取向进行探讨。
This paper explains the basic knowledge and basic theories of national debt , gives the calculating formula of construe and stochastic construe separately . combing with the monadic regression model , the paper analyses the development of issuing scale of national debt of our government annually , studies the evolvement of scale of national debt and its relevant policies , and analysis the experience indexes measuring scale of national debt which is prevail in the world quantificationally . comparing with western developed countries further , based on that , there is a conclusion in this paper , the government issuing scales of national debt is appropriate at present , but it is impossible to increase the issuing scale 本文阐述了国债的基本知识和基本理论，用数学分析和随机分析的方法分别给出了债券的收益率和债券定价的计算公式，结合国债规模的一元回归模型，仔细分析了我国政府年度举债规模的发展变化，研究我国国债规模及相关政策的演变，并就国际流行的衡量国债规模的经验指标进行了定量分析，由此进一步与西方发达国家进行比较，得出我国现阶段国债的发行规模是适度的，但进一步增大发行的空间不大，为避免财政风险，发行规模应逐渐减小，积极的财政政策应在适当的时机逐渐淡出。
