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capital, and competition for various factors of production, leading to a reduction in spending of private sectors, and the expansion effect of fiscal expenditure is partially or entirely offset. There are three main explanatory mechanisms for the possible crowding-out effects of government investment: first explanation is that the large amount of money demand generated by government investment leads to the tight supply of capital in the society, interest rate rises, that is, investment cost rises, thus restraining social capital investment (Barbieri, 2016). Second explanation is that in the case of constant money supply, a government is through the large-scale issuance of government bonds or increasing taxes to make up for the fiscal deficit, thereby expanding the scale of government investment, the result is that the government needs to compete for capital with social capital, this large-scale capital demand will inevitably lead to the reduction of social idle funds, commercial banks shrink the scale of lending, downturn in the capital market due to lack of funds, so that available funds for private sectors reduce, resulting in the crowding-out effect on social capital investment (Barbieri, 2016). The final explanation is that because factor of production resources in an economy is limited, large-scale government investment may lead to shortage f supply in raw materials, transportation, human capital and other aspects, if the supply of these factors fails to be met, it may cause increased prices of factors of production, reduced business profits or even loss, and ultimately leading to the withdrawal of social capital from the field of investment, resulting in the crowding-out effect on social capital (Barbieri, 2016).
Infrastructure drives economic development, China’s successful experience is being used by the New Zealand government in depth. New Zealand Finance Minister announced in October 2016 the latest version of the government investment intention plan: to provide an additional 15 billion NZD to increase New Zealand's infrastructure investment in 2012-2025 from the previous 115 billion New Zealand dollars to 125 billion NZD (Bhattarai, 2016). New Zealand's government has invested heavily in the infrastructure sector, which also has a crowding-out effect on social capital. For example, New Zealand's exports of high-tech products accounted for 9% of the country's total exports in 2015, contributing NZ $ 16.2 billion to the country's GDP (Bhattarai, 2016). It is understood that high-tech industry is an important component in New Zealand's national economy. However, due to the lack of government and social capital investment, the funds for high-tech industry research and development is insufficient, facing t the possible decline in future competitiveness. At the same time due to the lack of sufficient funds, resulting in the deficiencies in cultivation of personnel in colleges and universities, New Zealand is facing the dilemma of shortage of talents for the high-tech industry. The New Zealand government tried to introduce foreign capital to the high-tech industry, but the effect was not good.

3.0 Conclusion 结论
From 2010 to 2016, despite there was relatively high inflation rate in New Zealand, the New Zealand government succeeded in keeping New Zealand's inflation rate at 1%