Abstract: With regard to the effect of government debt on household consumption, there is a sharp contrast between the "Keynesian1" view and the "Ricardian" view. Thi s paper uses econometric methods to study the efficiency of positive financial p olicy in China by testing the feasibility of both "Keynesian" and "Ricardian " views on government debt. The findings show that at China-s current stage of economic restructuring, positive financial policy can promote the growth of hous ehold consumption, the Ricardian Equivalence theorem is not tenable, but it stil l has some guiding significance on the control of financial policy and the scale of government debt.