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有关地方政府能否发债的争论从来就没有中断过,我国资本市场发展失衡以及地方政府资金的短缺现状与地方政府缺乏有效的自我约束机制的事实是各方论证各自观点的有力的论据。而这些也的确成为目前推行地方债的两股推动与牵制的力量。究竟,目前中国发展地方债券的时机是否成熟,发展地方债还需要扫清哪些障碍,为此本刊特邀中国博士后特华科研工作站刘华博士为读者解读其中的“玄机”。
The debate over whether local governments can issue bonds has never stopped. The unbalanced development of capital markets in our country, the shortage of local government funds and the lack of an effective self-restraint mechanism by local governments are powerful arguments for all parties to justify their respective views. And these are indeed the two impetuses and the containments for the current implementation of local debts. After all, at this moment, whether the timing of the development of local bonds in China is ripe and the obstacles to developing local bonds need to be cleared up, we hereby invite Dr. Liu Hua, a postdoctoral research workstation at China, to interpret the “mystery” for readers.