文档介绍：Abstract II Abstract Since 1998, our economy came into a state of deflation. From that year on, China carried out active financial policy, one of the important measures was to issue public debt in large scale to stimulate social demands. As a background, the discussion if the public debt’s scale was proper was developed and very heated, which focused on if the debt’s scale exceeded the burden of our public finance, and under such scale, how much the financial risk was. It seemed that people neglected a major issue: the extension of the public debt depends on the lowering cost of the debt. Because if the cost lowers, which will provide a certain space for the scale of the public debt. The risk of the debt and even the public finance can lower as well. In order to continue to keep fixed economic growth level, our government has put forward performing active financial policy based on fiscal deficit and issuing public debt in the fiscal budget. Under such circumstance, bettering the issuing cost of the public debt es urgent and vital. The research about it es an important task. So this paper collects many materials to find out the reason why present cost of the public debt es higher contrast with other countries, then presents the measures of bettering the cost of the public debt accordingly. Key Words: Public Debt; Issuing Cost Public Finance Risk; Bettering Measures 引言 1 引言 ~600 亿元的幅度递增1996至1998年的国债还本付息额依次为12661820与2246亿元而且利息支出占还本付息支出的比重已达1/4~1/3国债的利息支出不仅占 GDP的比重在逐年提高而且占财政赤字的比重也在逐年提高中国国债如以目前这样的趋势发展下去很容易引起政府债台高筑陷入债务泥潭引起通货膨胀和挤出效应对经济产生大的负面影响为了避免过重的债务负担成为财政拖累国债的发行成本就必须尽可能低廉因为在较高的负债水平下发行成本极其微小的降低就能带来可观的经济效益有助于控制债务规模的过快增长所以尽可能降低国债发行成本已成为国债管理的主要目标之一随着国债及国债市场的发展我国