10.7万亿。这个数字既接近我国2011年财政收入总量,也是2010年末审计署公布的地方债务的余额。政府使用债务工具无可厚非,而目前如此之大的债务总量,确实让人捏了一把汗。更加糟糕的是,2012年、2013年成为地方债务集中到期时间,将有44%的债务到期,总额约达4.6万亿元。而我国地方政府赖以生存的“土地财政”目前也举步维艰,这就再次为政府债务的可控性和可持续性打上了一个大大的问号。 10.7 trillion. This figure is close to our total fiscal revenue in 2011, but also the balance of local debts announced by the Audit Commission in late 2010. There is nothing wrong with using debt instruments by the government, and the total amount of debt so far is really a bit of a sweat. What’s even worse is that in 2012 and 2013, when the local debt is concentrated, there will be 44% of the debt due, with a total amount of about 4.6 trillion yuan. However, the current “land finance” that our local governments depend on is also in a dilemma. This once again poses a big question mark for the controllability and sustainability of government debts.