【摘要】Government debt financing in china emerged with economic reform,whose purpose is to satisfy the needs of financing for economic construction. It has the characteristics of state financing in the traditional system. The expansion of the scale of the government debt financing is harmful to the market oriented reform in financeing system and economic development. From the international experience,the issuing of government debt can not only satisfy the needs of offsetting deficit budget,but also the needs of the establishment and perfection of government debt markets. So we must rectify the functions of government debt financing.We argue that the issuing of government debt in china should weaken its financial function and reinforce its financial market function.