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href=\"#\u6ce82\">\u3010\u6ce82\u3011<\/a>\uff0c\u7f8e\u56fd\u8054\u90a6\u653f\u5e9c\u503a\u52a1\u603b\u989d\u7ea630\u4e07\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d7\u4e07\u4ebf\u7f8e\u5143\u662f\u8054\u90a6\u653f\u5e9c\u4e4b\u95f4\u7684\u76f8\u4e92\u501f\u8d37\uff0c23\u4e07\u4ebf\u7f8e\u5143\u662f\u516c\u4f17\u4eba\u58eb\u6301\u6709\uff08debt held by the public\uff09\uff0c\u540e\u8005\u7684\u4e09\u5206\u4e4b\u4e8c\u5c5e\u56fd\u5185\u6295\u8d44\u8005\uff0c\u4e09\u5206\u4e4b\u4e00\u5c5e\u5916\u56fd\u6295\u8d44\u8005\u3002\u7f8e\u56fd\u56fd\u5185\u6301\u6709\u56fd\u503a\u6700\u591a\u7684\uff0c\u662f\u901a\u8fc7\u7f8e\u503a\u5e02\u573a\u8c03\u63a7\u8d27\u5e01\u653f\u7b56\u7684\u8054\u50a8\u5c40\uff0c\u7ea6\u67096\u4e07\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u662f4\u6b21\u91cf\u5316\u5bbd\u677e\u7684\u7ed3\u679c\u3002\u8054\u50a8\u5c40\u6309\u8ba1\u5212\u7f29\u8868\u7684\u8bdd\uff0c\u6301\u6709\u7684\u7f8e\u503a\u5c06\u4f1a\u51cf\u5c11\u3002\u5176\u4ed6\u56fd\u5185\u6301\u6709\u56fd\u503a\u7684\u4e3b\u8981\u662f\u91d1\u878d\u673a\u6784\uff0c\u5bf9\u56fd\u503a\u7684\u9700\u6c42\u89c6\u4e4e\u4e1a\u52a1\u7684\u53d1\u5c55\u548c\u8d44\u4ea7\u7ec4\u5408\uff0c\u5927\u6982\u4e0d\u4f1a\u589e\u52a0\u5f88\u5feb\u3002<\/p>\n<p>\u81f3\u4e8e\u5916\u56fd\u7684\u7f8e\u503a\u6295\u8d44\u8005\uff0c\u4e3b\u8981\u662f\u65e5\u672c\u548c\u4e2d\u56fd\uff0c\u4f46\u4e24\u56fd\u6700\u8fd1\u90fd\u5927\u91cf\u51cf\u6301\u7f8e\u503a\u3002\u4e2d\u56fd\u6301\u6709\u7f8e\u56fd\u56fd\u503a\u9ad8\u5cf0\u65f6\u662f2013\u5e74\u5e74\u5e95\u7684\u7565\u9ad8\u4e8e1.3\u4e07\u4ebf\u7f8e\u5143\uff0c\u4f46\u81f3\u53bb\u5e7411\u6708\u5e95\u53ea\u5269\u4f598700\u4ebf\u7f8e\u5143<a href=\"#\u6ce83\">\u3010\u6ce83\u3011<\/a>\u30022022\u5e7411\u6708\uff0c\u5916\u56fd\u6301\u6709\u7f8e\u56fd\u503a\u52a1\u603b\u503c\u6bd4\u4e00\u5e74\u524d\u51cf\u5c11\u4e864585\u4ebf\u7f8e\u5143\u4e4b\u591a\u3002\u8fd9\u6216\u8bb8\u56e0\u7f8e\u5143\u5927\u5e45\u5347\u503c\uff0c\u6709\u4e9b\u592e\u884c\u5356\u7f8e\u5143\u6765\u7a33\u5b9a\u6c47\u7387\u3002\u53c8\u6216\u8bb8\u56e0\u5730\u7f18\u653f\u6cbb\u7684\u8fc5\u901f\u6f14\u53d8\uff0c\u6709\u4e9b\u56fd\u5bb6\u5206\u6563\u6295\u8d44\uff0c\u51cf\u5c11\u6301\u6709\u7f8e\u5143\u8d44\u4ea7\u3002\u603b\u7684\u6765\u8bf4\uff0c\u53ef\u4ee5\u9884\u671f\u7f8e\u503a\u9700\u6c42\u7684\u589e\u957f\u4f1a\u4f4e\u4e8e\u4f9b\u5e94\u7684\u589e\u957f\uff0c\u7f8e\u5143\u7684\u5b9e\u8d28\u5229\u7387\u6709\u56de\u5347\u7684\u8d8b\u52bf\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><a id=\"\u6ce81\" name=\"\u6ce81\"><\/a>\u6ce81\uff1a<a href=\"https:\/\/www.cbo.gov\/system\/files\/2022-05\/57950-Outlook.pdf\">https:\/\/www.cbo.gov\/system\/files\/2022-05\/57950-Outlook.pdf<\/a><br \/>\n<span><\/span><\/p>\n<p><a id=\"\u6ce82\" name=\"\u6ce82\"><\/a>\u6ce82\uff1a<a href=\"https:\/\/www.pgpf.org\/blog\/2022\/09\/the-federal-government-has-borrowed-trillions-but-who-owns-all-that-debt\">https:\/\/www.pgpf.org\/blog\/2022\/09\/the-federal-government-has-borrowed-trillions-but-who-owns-all-that-debt<\/a><br \/>\n<span><\/span><\/p>\n<p><a id=\"\u6ce83\" name=\"\u6ce83\"><\/a>\u6ce83\uff1a<a href=\"https:\/\/ticdata.treasury.gov\/Publish\/mfh.txt\">https:\/\/ticdata.treasury.gov\/Publish\/mfh.txt<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u9646\u708e\u8f89\u535a\u58eb<\/strong><br \/>\n<strong><span>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u8363\u8a89\u526f\u6559\u6388<\/span><\/strong><\/p>\n<p>\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e09\u5e74\u4e8c\u6708\u4e00\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u300c\u9f99\u864e\u5c71\u4e0b\u300d\u4e13\u680f\uff09<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-181136","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-hkej-column-sc","in-the-media-topic-categories-faculty-sc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" 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\u7f8e\u56fd\u8d22\u653f\u90e8\u5728\u9762\u5bf9\u4e0a\u8ff02011\u5e74\u503a\u52a1\u4e0a\u9650\u65f6\uff0c\u66fe\u5236\u5b9a\u4e00\u4e2a\u5e94\u6025\u65b9\u6848\u3002\u6839\u636e\u8fd9\u4e2a\u65b9\u6848\uff0c\u7f8e\u56fd\u653f\u5e9c\u4f1a\u907f\u514d\u503a\u52a1\u8fdd\u7ea6\u3002\u503a\u52a1\u671f\u6ee1\u65f6\u4f1a\u62cd\u5356\u540c\u7b49\u9762\u503c\u7684\u503a\u52a1\u4ee5\u7ef4\u6301\u503a\u52a1\u603b\u989d\u4e0d\u53d8\uff0c\u5e76\u6309\u65f6\u652f\u4ed8\u5229\u606f\uff0c\u4e0d\u8db3\u7684\u6b3e\u9879\u7531\u5ef6\u540e\u5176\u4ed6\u5f00\u652f\u6765\u586b\u8865\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5f53\u65f6\u7f8e\u56fd\u653f\u5e9c\u6709\u8ba1\u5212\u5728\u7ecf\u8d39\u62ee\u636e\u65f6\u4f18\u5148\u507f\u8fd8\u503a\u52a1\u3002 \u7f8e\u56fd\u56fd\u4f1a\u9884\u7b97\u529e\u516c\u5ba4\uff08Congressional Budget Office\uff0c\u7b80\u79f0CBO\uff09\u4f30\u8ba1\u3010\u6ce81\u3011\uff0c\u82e5\u4e0d\u6539\u53d8\u503a\u52a1\u4e0a\u9650\uff0c\u540c\u65f6\u53c8\u6309\u65f6\u4ed8\u51fa\u503a\u52a1\u5229\u606f\u7684\u8bdd\uff0c\u5176\u4ed6\u653f\u5e9c\u5f00\u652f\u9700\u8981\u524a\u51cf20%\u3002\u4f46\u5728\u5b9e\u9645\u64cd\u4f5c\u65f6\uff0c\u7531\u4e8e\u7a0e\u52a1\u6536\u5165\u5728\u4e0d\u540c\u6708\u4efd\u6709\u4e00\u5b9a\u7684\u6ce2\u52a8\uff0c\u8981\u786e\u4fdd\u6309\u65f6\u8fd8\u503a\uff0c\u5176\u4ed6\u5f00\u652f\u9700\u524a\u51cf\u591a\u4e8e20%\u3002\u4f46\u65e0\u8bba\u8fd9\u4e2a\u6bd4\u4f8b\u7684\u9ad8\u4f4e\uff0c\u90fd\u4f1a\u53d7\u5230\u6cd5\u5f8b\u7684\u6311\u6218\u3002\u7f8e\u56fd\u6cd5\u5f8b\u5e76\u6ca1\u6709\u660e\u786e\u8bf4\u660e\uff0c\u5728\u8d22\u653f\u90e8\u7ecf\u8d39\u4e0d\u8db3\u65f6\uff0c\u8c01\u6709\u4f18\u5148\u83b7\u5f97\u4ed8\u6b3e\u7684\u6743\u5229\uff0c\u4e5f\u6ca1\u6709\u8bf4\u660e\u8c01\u6709\u6743\u53bb\u4f5c\u6709\u5173\u51b3\u5b9a\u3002\u4e25\u683c\u6765\u8bf4\uff0c\u653f\u5e9c\u5458\u5de5\u7684\u5de5\u8d44\u3001\u957f\u8005\u7684\u9000\u4f11\u91d1\u6216\u627f\u5305\u5546\u5e94\u5f97\u7684\u6b3e\u9879\u7b49\uff0c\u4e5f\u662f\u653f\u5e9c\u7684\u6b20\u503a\u3002\u82e5\u653f\u5e9c\u56e0\u5148\u8fd8\u56fd\u503a\u800c\u5ef6\u540e\u5bf9\u6709\u5173\u4eba\u58eb\u7684\u4ed8\u6b3e\uff0c\u4e5f\u7b49\u4e8e\u95f4\u63a5\u63d0\u9ad8\u4e86\u56fd\u503a\u4e0a\u9650\u3002 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\u6ce81\uff1ahttps:\/\/www.cbo.gov\/system\/files\/2022-05\/57950-Outlook.pdf \u6ce82\uff1ahttps:\/\/www.pgpf.org\/blog\/2022\/09\/the-federal-government-has-borrowed-trillions-but-who-owns-all-that-debt \u6ce83\uff1ahttps:\/\/ticdata.treasury.gov\/Publish\/mfh.txt \u9646\u708e\u8f89\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u8363\u8a89\u526f\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e09\u5e74\u4e8c\u6708\u4e00\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u300c\u9f99\u864e\u5c71\u4e0b\u300d\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/%e7%be%8e%e5%9b%bd%e9%87%8d%e9%99%b7%e5%80%ba%e5%8a%a1%e4%b8%8a%e9%99%90%e6%b3%a5%e6%b2%bc\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2023-02-02T01:54:17+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2023-02-02T01:54:16+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" 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\u7f8e\u56fd\u8d22\u653f\u90e8\u5728\u9762\u5bf9\u4e0a\u8ff02011\u5e74\u503a\u52a1\u4e0a\u9650\u65f6\uff0c\u66fe\u5236\u5b9a\u4e00\u4e2a\u5e94\u6025\u65b9\u6848\u3002\u6839\u636e\u8fd9\u4e2a\u65b9\u6848\uff0c\u7f8e\u56fd\u653f\u5e9c\u4f1a\u907f\u514d\u503a\u52a1\u8fdd\u7ea6\u3002\u503a\u52a1\u671f\u6ee1\u65f6\u4f1a\u62cd\u5356\u540c\u7b49\u9762\u503c\u7684\u503a\u52a1\u4ee5\u7ef4\u6301\u503a\u52a1\u603b\u989d\u4e0d\u53d8\uff0c\u5e76\u6309\u65f6\u652f\u4ed8\u5229\u606f\uff0c\u4e0d\u8db3\u7684\u6b3e\u9879\u7531\u5ef6\u540e\u5176\u4ed6\u5f00\u652f\u6765\u586b\u8865\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5f53\u65f6\u7f8e\u56fd\u653f\u5e9c\u6709\u8ba1\u5212\u5728\u7ecf\u8d39\u62ee\u636e\u65f6\u4f18\u5148\u507f\u8fd8\u503a\u52a1\u3002 \u7f8e\u56fd\u56fd\u4f1a\u9884\u7b97\u529e\u516c\u5ba4\uff08Congressional Budget Office\uff0c\u7b80\u79f0CBO\uff09\u4f30\u8ba1\u3010\u6ce81\u3011\uff0c\u82e5\u4e0d\u6539\u53d8\u503a\u52a1\u4e0a\u9650\uff0c\u540c\u65f6\u53c8\u6309\u65f6\u4ed8\u51fa\u503a\u52a1\u5229\u606f\u7684\u8bdd\uff0c\u5176\u4ed6\u653f\u5e9c\u5f00\u652f\u9700\u8981\u524a\u51cf20%\u3002\u4f46\u5728\u5b9e\u9645\u64cd\u4f5c\u65f6\uff0c\u7531\u4e8e\u7a0e\u52a1\u6536\u5165\u5728\u4e0d\u540c\u6708\u4efd\u6709\u4e00\u5b9a\u7684\u6ce2\u52a8\uff0c\u8981\u786e\u4fdd\u6309\u65f6\u8fd8\u503a\uff0c\u5176\u4ed6\u5f00\u652f\u9700\u524a\u51cf\u591a\u4e8e20%\u3002\u4f46\u65e0\u8bba\u8fd9\u4e2a\u6bd4\u4f8b\u7684\u9ad8\u4f4e\uff0c\u90fd\u4f1a\u53d7\u5230\u6cd5\u5f8b\u7684\u6311\u6218\u3002\u7f8e\u56fd\u6cd5\u5f8b\u5e76\u6ca1\u6709\u660e\u786e\u8bf4\u660e\uff0c\u5728\u8d22\u653f\u90e8\u7ecf\u8d39\u4e0d\u8db3\u65f6\uff0c\u8c01\u6709\u4f18\u5148\u83b7\u5f97\u4ed8\u6b3e\u7684\u6743\u5229\uff0c\u4e5f\u6ca1\u6709\u8bf4\u660e\u8c01\u6709\u6743\u53bb\u4f5c\u6709\u5173\u51b3\u5b9a\u3002\u4e25\u683c\u6765\u8bf4\uff0c\u653f\u5e9c\u5458\u5de5\u7684\u5de5\u8d44\u3001\u957f\u8005\u7684\u9000\u4f11\u91d1\u6216\u627f\u5305\u5546\u5e94\u5f97\u7684\u6b3e\u9879\u7b49\uff0c\u4e5f\u662f\u653f\u5e9c\u7684\u6b20\u503a\u3002\u82e5\u653f\u5e9c\u56e0\u5148\u8fd8\u56fd\u503a\u800c\u5ef6\u540e\u5bf9\u6709\u5173\u4eba\u58eb\u7684\u4ed8\u6b3e\uff0c\u4e5f\u7b49\u4e8e\u95f4\u63a5\u63d0\u9ad8\u4e86\u56fd\u503a\u4e0a\u9650\u3002 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\u6ce81\uff1ahttps:\/\/www.cbo.gov\/system\/files\/2022-05\/57950-Outlook.pdf \u6ce82\uff1ahttps:\/\/www.pgpf.org\/blog\/2022\/09\/the-federal-government-has-borrowed-trillions-but-who-owns-all-that-debt \u6ce83\uff1ahttps:\/\/ticdata.treasury.gov\/Publish\/mfh.txt \u9646\u708e\u8f89\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u8363\u8a89\u526f\u6559\u6388 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