长期以来,我国国债管理是采取“赤字管理”模式,即财政部每年发行的国债规模相当于财政预算赤字额度与当年到期国债需要还本付息的额度总和。这种根据年初预算收入与支出的差额决定弥补赤字的国债数量,并没有根据经济运行的实际情况来对国债应该发行的数量进行调整的“单向管理模式”没有考虑预算超入问题。 For a long time, the management of treasury bonds in our country has taken the model of “deficit management”, that is, the scale of treasury bonds issued by the Ministry of Finance each year equals to the sum of the budget deficit amount and the debt service that needs to be repaid in the current year. This difference between the budget revenue and expenditure at the beginning of the year decided to make up for the deficit amount of government bonds and did not adjust the quantity of treasury bonds that should be issued according to the actual operation of the economy. The “one-way management mode” did not consider the issue of budget overspending.