我国地方政府大规模投融资是伴随我国城市化进程和土地资本化过程出现的特殊财政现象,我们称之为土地财政,即以土地预期收益为交易标的或定价要素的公共收支。地方政府在《预算法》约束下发展了脱离公共预算的融资平台支持其城市化进 The large-scale investment and financing of local government in our country is a special financial phenomenon that accompanies the process of urbanization and land capitalization in our country. We call it land finance, that is, the public revenue and expenditure with the expected land revenue as the subject or the pricing factor. Under the “Budget Law”, local governments have developed financing platforms that are out of the public budget to support their urbanization