Research On Issuing Scale Of China's Government Bonds

After reforming and opening, China's economics has develoved in a high speed, at the mean time, the issuing scale of government bonds has become lager and larger since the government bonds market was recovered in 1981. Especially after 1998, China has implemented the active fiscal policy, which promote the development of macroeconomics. With the increase of government bonds issuing scale and government bonds accumulation, the importance of analyzing government bonds scale is becoming obvious. Government bonds scale is a core problem of China's government bonds research and will influence the stability of China's financial market's operation. At present, China calls for further development of financial markets, which adds new significance of analyzing government bonds scale. About government bonds, in this dissertation, it refers to the domestic debt of China; the proper scale means a rational range, but not a number; the scale refers to the total amount of issued government bonds of the year. Based on the demonstrational analysis of the issuing scale and accumulating scale of the China's government bonds and comparing with western developed countries, the dissertation put forward to issue policy of appropriate scale of government bonds.There are five chapters in this dissertation. Chapter one introduces the research purpose and meaning; the innovation of this dissertation; development of the government bonds theories both in China and western countries. Chapter two takes a review on issuing history of China's government bonds and points out problems of the market. Chapter three analyses the appropriate scale of government bonds from six perspectives. Chapter four analyses the structures of government bonds in microeconomics. At last, chapter five puts forward government bonds policy of appropriate scale cooperating with fiscal policy and financial policy.