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《预算法》的修改,将以企业债名义存在的准市政债推到阳光之下,纳入预算、从法律上承认和接纳,便是迈出了化解地方债务危机的第一步。但仅仅是第一步。虽然新的法律条例对地方发债进行了种种限制,但任何发债行为都会有风险,最根本的问题是:如果到期还不了怎么办?如果不摆脱中央救助或让金融机构债务重组的行政手段,市场化改革就难以为继,地方政府的债务问题便不会得到根本的解决。本文认为,打破金融行业行政垄断,让金融企业真正做到风险自担、自负盈亏,是化解地方债务危机的突破口。
The revision of the “Budget Law” has taken the first step toward resolving the local debt crisis by pushing the quasi-municipal bonds in the name of corporate bonds under the sunshine, into the budget, and legally acknowledging and accepting them. But only the first step. Although new laws and regulations have placed restrictions on local debt issuance, any issue of debt poses a risk. The most fundamental question is: What if it does not expire? If we do not get away from the central government aid or the restructuring of financial institutions Means and market-oriented reforms will be unsustainable and the debt problems of local governments will not be fundamentally solved. This article argues that breaking the administrative monopoly of the financial industry and letting the financial enterprises truly take risks and assuming sole responsibility for their profits and losses are the breakthroughs in resolving the local debt crisis.