Implementing active finance policy is iron to what international home economic situation changes and adopt the adjustment of flat economy cycle measure, namely through expanding government spending is mixed adjust the method such as taxation policy, exciting society demand (it is investment demand above all) , make a society unused resource gets making full use of, stimulative countryman economy lasts, fast, healthy progress. But, change as the development of national economy, the key ought to do the adjusting control of active finance policy to be adjusted appropriately, and condition of creation of ground of make the best use of the circumstances fades stage by stage. Otherwise, cause economic overheat likely, and even inflation. One, the finance policy that the limitation 　 of active finance policy implements outspread sex is with existing socially a certain quantity of unused resource is premise. That is to say, strength of market of unused resource support gets this part impossibly be used effectively, must rely on national force, use the form of national debt, ability is able to use effectively. But the gross of economic resource is finite after all, accompanying economy ceaseless dilate, the bottleneck of resource restrains be meeting arrival sooner or later. The dimensions sending debt that if the finance deficit of accumulative total is mixed,accumulates already very big, and policy of outspread sex finance suffers inertial influence not to contract to come down again, finance raises money from money market excessive capital, bring about economic overheat likely, cause inflation. Accordingly, the finite sex of economic resource, decided active finance policy is impossible to be executed for a long time go down, in other words, in the long run, we still must implement moderately tight finance policy. Besides, from theoretic say, issue one of main component of governmental economy behavior as market economy condition, the fixed position with active finance original policy is the gross unbalance of short-term sex in running a course to national economy undertakes turning over cycle adjustment, the object of adjusting control basically is the relation between total supply and total demand. But from 1998 since, our country has implemented vigorous finance policy 5 years continuously, still cannot fade inside short time, this time span has been exceeded apparently " short-term " limits. Successive policy of outspread sex finance, the end that uses actually basically is put on exciting investment demand, such OK also saying, namely the finance policy place of outspread sex raises money the national debt capital that come, its policy directs is actively enlarges fixed assets investment, will help the measurable and rapid growth that moves national economy. Because our country invests growth to basically rely on a government to add hair national debt and the loan place that invest by national debt and drive to pull,move, social investment growth is relatively slow. The investment of this kind of property, basically be to rely on what governmental policy sex invests behavior to drive, the immanent drive element of market mechanism is less. It shows governmental dominant on one hand model investment growth pattern still has no fundamental change, the dependence that also mirrors economy to grow to invest to governmental policy sex on the other hand is too big, the society invests apparent inadequacy. Because the government invests to be met on certain level,to folk investment arises " squeeze an effect " , this offsets the part finance policy place arises " multiplier effect " . Meanwhile, finance investment basically is to face capital construction to invest, ability changes investment to decrease apparently, and the loan part of capital of bank form a complete set, also be with in long term loan is given priority to, cause the apparent inadequacy of circulating fund consequently, namely long-term financing " squeeze piece " short-term fund. As a result of domestic great majority at the same time the enterprise is faced with " relatively superfluous " market environment, and their innovation ability is inferior, be in " low price, high cost " below double tie, the gain of majority industry is very small. This is a when start civilian investment hard currently main reason. No matter from be on guard finance venture, still increase investment for efficiency, we cannot walk along governmental dominant again model investment approach, ought to be in however stable market while, the organic union of stimulative currency market and capital market, develop capital market energetically, the financing of project of real existing vitality in making the company can compete in the market invests. So, enlarge the basic approach that invests demand continuously, it is drive and with adding a government investment enlarges credit investment, will in order to increase fundamental estate investment drive and enlarge other side to invest, form whole society finally " investment multiplier effect " . The rapid growth that accompanies fixed assets investment has been become expand inside needed main factor, make successive and old national income allocates pattern in, the growth rate that fixed assets invests exceeds the growth rate of GDP apparently, make the proportion that investment holds GDP has reached the level of nearly 40% . Say relatively with this, consumption occupies GDP proportion to present the trend that drops stage by stage. The rate of per capita growth of dweller of successive and old our country is apparent the growth rate under GDP, one this also is the existence in national income allocation must pose the problem that take seriously. Look from investment and the action characteristic that consume pair of economy growth, what investment demand increases to economy is short-term pulling a movement to use is apparent. But look from social reproduction angle, only consumptive demand just is economic growth true pull motivation abidingly to measure. Consumption is started is the consumptive sex demand that is pillar with the family, investment is started is the productivity demand that is pillar with enlarging an enterprise to invest. Although there can be fair share to form dweller income in total investment, but the major attribute that this can not change investment to start, invest namely starting basically is with a view to enlarges productivity demand. Consume the terminus of reproduction of demand since society, it is the start of social reproduction, investing demand in the final analysis come out by consumptive demand derive, below the circumstance that in consumption demand did not pick up apparently, those who invest demand pick up substantially, can be administrative force only drive. If do not have the support that consumes demand, cannot start administration change for the market, it is won't abiding that growth of this kind of investment and economy pick up. Came in January 2002 in April, social consumable total volume of retail sales is compared respectively 2001 fall after a rise of amplitude of the corresponding period 4.4, 0.1, 1.2 with 1.5 percent. From the market development trend looks, domestic consumption amplitude appears to glide disturbly really evidence, the height that must cause people pays close attention to. In April 2002, investment of countrywide fixed assets grows 28.7% , add fast increase 10.1 percent compared to the same period. And social consumable total volume of retail sales grows 8.2% only, the growth of investment and supply resource is more than the growth that home consumes apparently. In April 2002 end, forehead of deposit of urban and rural dweller is as high as nearly 8 trillion yuan, grow 15% compared to the same period, its are added fast the growth that is head and shoulders above income of urban and rural dweller, report goes out to urban and rural dweller invests and consume the tendency to reduce. April 2002, level of countrywide consumable price falls compared to the same period 1.3% , be from November 2001 since the portion successive 5 months give now to fall compared to the same period. Total level of commodity retail prices continued to drop in April 2002, drop compared to the same period 2.1% , it is from June 2001 the portion begins successive 11 months appear to drop compared to the same period. The manufacturing data price fall of current link 4.4% , be from May 2001 since the portion successive 12 months give now to fall. Industrial product producer price drops 3.8% , raw material, fuel and dynamic purchase price fall 4.5% , depreciate extent continues to expand. All these mirror macroscopical economy of nearly two years of our country to move in, deflationary climate did not get alleviating not only, and still deepen further. Carry out active finance policy 5 years to come, macroscopical economy runs the outstanding problem that faces, the market driving force that is growth of demand of consumption of urban and rural dweller is apparently insufficient, make the immanent impetus that invests growth to lack market mechanism. How does ability make investment demand exuberant rise? The key depends on those who consume demand growing continuously. If do not have the support that consumes demand, cannot start administration change for the market, growth of this kind of investment and economy pick up is won't abiding. Look for a long time from which, build investment on significant demand of consumption only, pull jointly move economic growth, ability expands effectively inside need. Of consumption pull house dominant place is taken in moving all through the ages to grow in our country GDP, consume every to increase a percent, can pull move GDP to increase 0.6 percent. 2, the adjustment of active finance policy and fade out of 　 to implement vigorous finance policy since 1998, basically be adjust taxation policy through increasing government spending to reach, effectively exciting economy grows, stimulative society stabilizes development. In some sense, this is the finance policy of a kind of measurable dilate. It is adopt in the light of the change of international home economic situation iron the adjustment of flat economy cycle measure. Vigorous finance policy is carried out how long, cannot decide with specific time limit, the moving position that can expand situation and national economy according to international country economy only will decide. The policy of outspread sex finance that because active finance policy is,with demand management gives priority to one kind, it is with existing in national economy unused resource is premise, with enlarging governmental finance deficit is mixed increase debt to be cost, get not only the society is unused natural resources is limited of the gender restrict, still be borne by finance of ability restrict. Execute impossibly all the time consequently go down. Join our country real case, of active finance policy fade, must have the requirement of following a few respects: (one) deflationary climate gets turning round, prices realizes certain extent growing, maintain certain stability. Since 2002, our country dweller consumes the price and in pairs of industrial product producer price to go low. To June, price of countrywide dweller consumption is successive already 7 months appear to drop compared to the same period, commodity retail prices is successive 13 months drop compared to the same period, manufacturing data price is successive 13 months drop compared to the same period, this kind of phenomenon deserves people height attention. (2) the inherent power that domestic economy expands increases, civilian investment and dweller consumption stability grow, become draw the dominant power that uses economic growth, to governmental finance investment is depended on abate. Statistical data shows, investment of our country folk keeps faster all the time before 1996 add fast, 1991-1996 is added on average year after year fast in 20% above, add fast apparent rein in begins from 1997, in those days only 8.4% , increasing ratio the close half of 16% slow down 1996, a few years of after this basically also be in 10% of the left and right sides low wander. Our country economy grows a rate is rapidder main reason since 1998, invest incremental ratio namely faster, and investment growth basically is to rely on to issue national debt, increase the investment of infrastructure. But, did 5 years continuously, a lot of people put forward, policy of this kind of active finance should fade, finance minister Xiang Huaicheng also is in expressed on the press conference of the State Council of the portion in April 2002, active finance policy of China should fade. But after fading if do not have other investment to support,go up, economy grows speed to be able to fall down for certain. Who will support go up? The most crucial it is to rely on civilian battalion economy. Although current economy grows our country rate is rapidder, but economic benefits is poor, ownership structure is unreasonable. The long-term development that the benefit that relies on state-owned economy merely will come to support economy is impossible. (3) be already the national debt project of start working is basic and finishing, begin to produce beneficial result, lest appear a large number of " half child project " . According to statistic, since 1998, the national debt project that our country plans with national debt capital always invests dimensions to achieve 2.6 trillion yuan, to the accumulative total end 2001 amount of the investment that finish is 1.93 trillion yuan. Carry out one large quantities of is opposite structural adjustment and technology upgrade the project that has major effect, enhanced the competitive ability of domestic company. But still have have not be over partly quite labour. Be the integrated judgement of have the aid of at developing a tendency to domestic and international economy, conference of central economy job puts forward by 2001, implemented vigorous finance policy even 2002. Since vigorous finance policy is executed for a long time impossibly, fade impossibly at a draught again, must study policy of macroscopical adjusting control seriously how with when the issue that all takes. Actually, since 1998, expand as our country inside one of needed important step active finance policy, experienced a process that be adjusted stage by stage and perfects. The metabolic show that its produce is in: Increase finance to be in debt from popularly and with this photograph connection increases government spending, change active finance policy and photograph of firm monetary policy to union, use monetary policy namely method and reduce finance to send union of debt cost photograph, reduce 8 times continuously for example put loan interest rate; Increase expenditure to change direction from pure exciting people with raise couple of dweller income photograph, the attention is formed and hold an inmate good to what did not come anticipate. For example, form the normal mechanism that dweller income grows hard, the wage that raises service personnel apparently and raise social lowest life to ensure line level. This can use governmental power to increase the income of difficult masses directly not only, and the bottom line that raised dweller income level accordingly, can raise wage level in order to make unit of of all kinds choose and employ persons, especially the salary standard of sweated group; From blame distinction ground stimulative spending changes direction with adjust photograph of income allocation structure is united in wedlock, leave for example impose accrual tax. Such doing, the adjustment of the person that be helpful for increasing offset to expend the good-paying of tendency on the low side strength, alleviate the contradiction with social unjust allocation, play the end that changes consumptive requirement in order to achieve secondhand; Increase finance investment to change direction from popularly use finance capital to drive civilian investment, from aggrandizement infrastructure construction investment changes direction to be mixed with structural adjustment strengthen marriage of product competition ability. Namely active finance policy wants dilate of exert oneself gross already, want to pay attention to a structure to optimize again. The key that national debt invests, want to continue to be transferred to center-west region, improve the infrastructure condition such as the traffic of center-west region, communication, optimize region economy structure; National debt investment is transferred to the country mainly, wait for a method through supporting a wide place in the road to build, improve obligation of sanitation of rural irrigation works, traffic, communication, medical treatment, country the backward state of the infrastructure such as education and social commonweal career, contractible and urban and rural difference, optimize structure of urban and rural economy, make rural dweller can get benefit from inside the execution of policy of outspread sex finance directly; Build move to zoology environment, enhance zoology construction and environmental protection strength, improve economy to develop an environment; To move of industry of new and high technology, support enterprise technical reformation, increase the competitive capacity of national economy; Expanding and breed inside in needing, reasonable adjustment income allocation structure, accomplish increase already expand inside want the result, narrow income allocates difference again; Prompting a resident while consumption upgrades, shift the resource that put an amount adequately, drive increment dilate in order to put quantity flow, grow consumer credit and the tax cost that reduce housing to trade for example. Since 1998, to get used to the change of environment of economy, banking, the main task of credit policy by prevent and administer inflation, change direction to prevent and be administered deflationary, go up objectively the requirement uses consumer credit policy adjustment consumes demand. 1998 up to now, central bank has published policy of 18 main consumer credit in succession, in be on guard below the condition of credit risk, allow open of all commercial bank business of of all kinds consumer credit, for consumer credit development creates good policy condition. Consumer credit enters rapid growth path accordingly, not only gross rises quickly, and breed increasingly grow in quantity. (www.my-paper.info my paper)