The Choice Of Fiscal Policy In Post-Crisis Era

The U.S. sub-prime mortgage crisis, which was began in March2007, became one of the most serious financial crisis since the1929’s depression. The crisis will drive the U.S. economy and global economic in to the abyss of the recession. In order to deal with the financial crisis, most countries introduced several policy measures. Due to the efforts, the effect of the measures gradually appears, although the worst of the financial crisis stage may have in the past, but the global economic situation remains complex, and the overall economic recovery still fragile.In order to deal with the international financial crisis and maintain a fast and development of the economy, our country, from the fourth quarter of2008, began to implement the proactive fiscal policy and moderate loose monetary policy. From2009to2011, the new round active fiscal policy mainly includes five aspects. First, increase the income of urban and rural residents level and expand the consumers" demand; Second, arrange reasonable government investment, adjust and optimize the investment structure; Third, implement the structural tax cuts and guide the enterprise investment and consumer’s consumption; Fourth, optimize the structure of fiscal expenditure, guarantee and improve the livelihood of the people; Fifth, support the readjustment of the economic structure and regional harmonious development, promote the change of economic development mode. Although positive fiscal policy implementation which have made some achievements, but also has some problems, such as the consumption effect is not apparent, investment and consumption ratio imbalance, the problem of repeat construction, and at the same time, the local debt risk increased.At the same time, the financial crisis makes the problems in the process of the China’s economic development more outstanding. For many years, our country has been living on investment and exports to stimulate economic growth, lacking of endogenous spending power. In the internal and external economic imbalance of unbalanced development pattern, the feature is "high investment, high savings, low consumption", namely demand structure imbalance. If the economic operation risk which caused by the unbalance domestic demand structure cannot be effectively solved, the macro economy will be more vulnerable. In post-crisis era, China’s active fiscal policy mainly has four aspects. Firstly, to adjust the income distribution and stimulate consumption demand; Secondly, to adjust the economic structure and change the mode of economic development; Thirdly, to optimize the coordination of financial policy and monetary policy; Finally, to prevent the financial risk actively.