Research On Maturity Structure Of Government Debt In China

In the modern economy,the national debt has gone beyond the early simple as the means to make up for budget deficit financing.It is also an important financial problem to a great extent.Under the modern market economy condition,national debt is the important means of government's macro-control,and it is the best combination of the fiscal policy and monetary policy which is joined.Since the Chinese government resuming issuing national debt in 1981 has been more than 20 years of history.The scale and variety of the national debt continue to grow.In recent years, with rapid economic growth,China is facing an increasingly complex macroeconomic situation and we need for a variety of combination of macro-control policy urgently. So the national debt should play a leading role in the coordination of the economy. The structure of Chinese national debt limits the financial functions of debt,and the transmission mechanism of the monetary policy.Therefore,this thesis focuses on the causes of our national debt structure and on the impact of the imbalance maturity structure.This thesis study the maturity structure of the national debt from macro-policy, and make a more comprehensive analysis in the causes of the maturity structure,as well as Chinese economic policy impact.A large amount of data shows that Chinese maturity structure is small at both ends.It is as a result of long-standing policy of our country is based on fiscal policy-oriented and monetary policy as a supplement.With the economic situation changes,this imbalance maturity structure causes the size risk of bonds and debt risks.Due to the lack of variety,especially the lack of short-term treasury bonds,makes the bond market can not play an important role in the transmission mechanism of monetary policy,and the coordination of fiscal policy and monetary policy.Therefore,in order to optimize the structure of the national debt,first of all,the Government should establish a coordination mechanism,followed by optimizing the structure of the investors,with a focus on the development of short-term bond market.