Abstract: The aggregate demand effects of national debts are different fromeach other because of the different motives of issuing national debts . In general , national debts for reducingtaxes from1981 to 1993 had a stronger stimulus to total demands thanthat for increasing expenses from1994 to 1999 . In China , the national debts for reducingtaxes should be takeninto considerationinthe debt policy application at present .