’96中国证券市场:国债唱“主角”

• 作 者: 高培勇
• 出 处: 中国国情国力
• 发表日期: 1996年05期
• 关键词: 中国证券市场 发行额 支出额 政府支出 超金边债券 银行储蓄存款 政府债券 税收流失 储蓄率 无偿性

当前我国的财政困难,集中表现为政府支出对举债收入的日益严重的依赖。1995年国家财政和中央财政的国债依存度(国债发行额/财政支出额)数字,分别高达23.5%和52.9%。人们已经或多或少、隐隐约约地意识到了国债对证券市场的决定作用。今年证券市场的情况,自然也不例外:国债仍将唱“主角”。

At present, the financial difficulties in our country are mainly manifested in the increasingly heavy dependence of government expenditure on the income from debt. In 1995, the national debt and the central government’s dependence on government bonds (national debt issuance / fiscal expenditure) were as high as 23.5% and 52.9% respectively. People have been more or less vaguely aware of the decisive role of treasury bonds on the securities market. The stock market this year, of course, is no exception: Bonds will still sing “protagonist ”.