Transformation of government functions based on factors that affected the Chinese treasury bonds issuance: The empirical analysis on the data from 1981–2009

摘要

This paper focuses on the transformation of government roles caused by the different factors of government treasury bonds issuance. According to macro-economic indexes from 1981 to 2009, the research results showed that factors influencing government treasury bonds issuance varied in different periods of economic development. The issuance of government treasury bonds did play a positive role in regaining our economy, but with the rapid development of market economy, the government's role is changing, and the ratio of fixed assets in its investment is decreasing. Therefore, it was safely concluded that government should return the allocation of resources back to the market in normal situations.