2013，The Third Plenary Session of the 18th CPC Central Committee proposed to accelerate the establishment of a unified national economic accounting system，Preparation of national and local balance sheets。The Third Plenary Session of the 20th Central Committee of the Communist Party of China further requested，Exploring and implementing national macro balance sheet management。This aspect reflects the continuation and deepening of reform，On the other hand, it highlights the important role of the national balance sheet in macroeconomic governance and the modernization of national governance。Different from incremental (flow) indicators such as gross domestic product (GDP)，Assets on the National Balance Sheet、Liabilities、Net worth, etc. are all existing data，Able to be more comprehensive、Systematically reflect long-term structural changes。Exploring and implementing national macro balance sheet management，It is to give full play to the unique advantages of existing data，Further understanding of “family background”，Accurately grasp the performance of the national economy，Adhere to the combination of incremental management and stock management，Effectively promote innovation in national macroeconomic governance。

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The national balance sheet is an important part of the national economic accounting system。The initial preparation of national balance sheets began in the United States in the 1960s，Later, it became popular in major developed economies。Based on the "System of National Accounts 2008" released by the United Nations and other five major international organizations，United States、Germany、UK、France、Canada、Developed economies such bet365 Play online games as Australia have compiled longer time series national balance sheets。

What needs to be pointed out is，Under the general framework of national economic accounting，The balance sheet was once only a statistical method。Since the Latin American debt crisis in the 1980s、Since the Asian financial crisis in the late 1990s，Especially after the outbreak of the international financial crisis in 2008，Discussions on the preparation and research methods of national balance sheets are becoming increasingly active，Theoretical analysis methods and policy discussions such as "balance sheet method" and "balance sheet recession" have become popular。This further highlights that the significance of preparing a national balance sheet is by no means limited to traditional statistics and accounting，But it has strong macroeconomic analysis and management functions。

Current，All G20 countries have launched the preparation of national balance sheets。Developed economies have relatively complete statistical systems，Both publish the balance sheet and funds flow statement under the system of national accounts，And most of them are announced quarterly；Developing economies are relatively lagging behind，Only a few countries’ statistical authorities publish partial annual data。Our country attaches great importance to the construction of the national economic accounting system，The annual fund flow statement has been calculated since the early 1990s；Remitting exploration into building a balance sheet accounting system，Have tried to compile the national balance sheet in 1998 and 1999。2013，The Third Plenary Session of the 18th CPC Central Committee proposed “accelerating the establishment of a unified national economic accounting system，The strategic task of “preparing national and local balance sheets”，The purpose is to find out the "family background"，Then make a more comprehensive judgment and analysis on the operating status of the national economy。2017，The General bet365 live casino games Office of the State Council issued the "National and Local Balance Sheet Preparation Work Plan"。From 2018，The National Bureau of Statistics continuously prepares annual national balance sheets，But it has not been released to the public yet。In addition，Since 2011，The National Balance Sheet Research Center of the Chinese Academy of Social Sciences began to compile the national balance sheet and publish it regularly，China’s national balance sheet from 1978 to 2022 has been compiled，Become an analyst and judge of China’s national capabilities、The authoritative basis for wealth composition and debt risk。

　　Accurately understand the core functions of the national balance sheet

The national balance sheet is a country’s big ledger，Comprehensive reflection of a country’s assets、Accounting sheet for the total amount and structure of liabilities，Also analyzes economics、Identify and prevent risks、Important method for financial stability。

First，The national balance sheet is conducive to systematically understanding the country as a whole and its residents、Enterprise、The "family wealth" of various departments of the national economy such as the government，Reveal the correspondence between major economic activities。National balance sheet as a stock indicator，The data covers a wider range，More information。The first is information showing the distribution of national wealth and its sectors，Provide decision-making basis for scientifically adjusting and optimizing the national asset-liability structure and the economic structure of various departments。The second is to analyze economic increment and stock analysis、organically combine the analysis of aggregate supply and aggregate demand，Contributes to more accurate formulation of macroeconomic policies，Improving the timeliness of macroeconomic policies。The third is to accurately portray the whole country、Assets and liabilities of local and various departments，bet365 live casino games Assess debt solvency，Comprehensive reflection of structural contradictions and accumulation of macro risks，Adjusting leverage for science、Identify potential risk reserve policy tools。In addition，Stock is the basis of increment，Inspection of stocks，Can better assess the sustainability of future economic development。

Secondly，The national balance sheet provides a more reliable statistical basis for measuring comprehensive national strength。Great changes in the world unseen in a century are accelerating、In the context of increasingly fierce international competition，Comparison of comprehensive national strength is inevitable。Long time，Comprehensive national strength comparisons always use the economic aggregate, that is, GDP, as the main basis。But the stock of wealth reflects more than just past growth and accumulation，It also laid the material foundation for future development。Therefore，Wealth compared to GDP，It is undoubtedly more representative in measuring a country’s comprehensive strength。More and more studies also place the focus of international competition on wealth comparison。

　Finally，National balance sheets provide a more comprehensive analytical perspective for assessing a country’s debt risks。Traditional analysis mostly discusses debt risks based on debt，Ignoring the asset、The stock of economic resources such as wealth that can be used to deal with risks。In fact，If there is a larger stock of wealth，Debt risk is often just liquidity risk，Instead of insolvency risk。This is particularly important when discussing China’s local debt risks。After the outbreak of the international financial crisis in 2008，The national balance sheet approach has attracted renewed attention from the International Monetary Fund and other policy research institutions，Also because it has advantages in assessing the debt risks of various countries。

　Adhere to the combination of stock management and incremental management

Long-term national macroeconomic governance，It is mainly about incremental management (incremental resource allocation) around incremental indicators such as GDP，Such as stimulating consumption、Inspiring investment、Increase employment、Increase residents’ income, etc.。These measures are certainly important，But if the stock structure is not adjusted，Incremental management is also difficult to advance。For example，Resident consumption、Enterprise investment and enthusiasm of local governments，Severely inhibited by the health of its own balance sheet。The Third Plenary Session of the 20th CPC Central Committee proposed to explore the implementation of national macro balance sheet management，Aims to shift from focusing on incremental resource allocation to emphasizing optimization of various types of stock structure adjustments，Includes balance sheet repairs for various departments、Adjustment of macro wealth distribution between government and residents、Optimization of central and local debt structure，Wait。

First，The shift from high-speed growth to high-quality development brings new changes in the stock-increment relationship。Generally speaking，The family is poor (the scale of wealth is not large enough)、When the economy is growing rapidly，Incremental growth is the main way of stock accumulation and expansion，Incremental management is particularly important；But the family background is getting stronger、When economic growth slows down，The importance of stock analysis is highlighted。At this time，We must not only make a fuss about the increment，Guarantee a certain growth rate，We need to make a fuss about the stock，Because the optimization and adjustment of the stock is to revitalize the family assets、The main means to enhance family wealth。current，Our country is at a stage where we need to pay attention to stock management。It can be said，From incremental Bet365 app download management to a combination of incremental management and stock management，It is a strategic choice for China’s economy to shift from a stage of rapid growth to a stage of high-quality development。

Second，When implementing macro-control, we must consider the different impacts of relevant policies on stock and increment。In the past, macro policies paid more attention to the impact of incremental indicators such as GDP。But actually，These policy variables will also affect stocks (such as capital accumulation、Public debt, etc.) have long-term effects。Policy changes may sometimes have little impact on incremental growth，But it has a greater impact on the stock。For example，In the short term，Interest rate adjustments will not do much to stimulate demand (especially when facing a liquidity trap)，But it helps reduce the interest burden，Ensuring debt sustainability，Then，We need to seriously consider policies in this area。Zairu，The issue of deficit ratio and government debt stock。A slightly higher deficit rate may not be a big deal，Because the proportion of my country’s central government’s debt stock to GDP is not high。This is also a comprehensive consideration based on the stock-increment dialectical relationship。

　Third，The interaction between stock and increment broadens the ideas of macroeconomic governance。To solve the incremental problem, we may need to find solutions from the perspective of stock。Currently，What is more discussed is the low willingness of residents to consume，The reason is that residents’ income growth is slow。This is all incremental thinking。Look further，It is not enough to rely solely on the rapid growth of residents’ income to increase consumption。Because in the context of slowing economic growth，There are also difficulties in expanding employment and increasing residents’ income growth。In fact，When incremental (revenue) growth is difficult to bet365 Play online games solve the problem，You can consider stock reform。For example，Implement macroeconomic rebalancing，"Transfer" more government stock wealth to the residential sector in a certain way，To support residents’ consumption，This includes the government’s role in medical care、Education、Provide more support in social security and affordable housing，Relieving the people’s worries，Full activation of consumption potential。

　(The author is the director of the Institute of Finance, Chinese Academy of Social Sciences、Researcher)