The　purpose　of　the　paper　is　policy　simulation　to　China　by　dynamic　fiscal　model.　The　paper　analyzes　the　influence　on　fiscal　stability　about　interest　rate.　The　paper　draws　the　following　conclusions:(1)　The　rate　of　national　debt　balance　to　GDP　will　be　less　than　60%　if　economic　growth　rate　more　than　7%　when　the　rate　of　national　debt　balance　to　GDP　is　about　12%　and　fiscal　deficit　rate　is　less　than　4%　at　2000;(2)　Currency　deflation　will　increase　the　rate　of　national　debt　balance　to　GDP.(3)High　interest　rate　will　result　in　fiscal　crises.