应将中央管制为主导的地方债务管理模式逐步转为资本市场主导的模式,同时必须让预算问责成为债务问责的关键平台政府举债总会有风险,真正的问题在于风险的程度、范围和应对。与私人债务不同,政府债务没有真正的债务人,因为没有任何政府官员需要对偿债承担个人责任。这是政府债务容易膨胀失控的内在根源,也表明制度约束必不可少。因此,当务之急是尽快出台相关立法和制度措施,控制政府债务制 The central government-led local debt management model should be gradually shifted to a capital-market-led model and budgetary accountability must become the key platform for debt accountability. Government borrowings are always at risk. The real problem lies in the extent and scope of risks response. Unlike private debt, government debt does not have a real debtor, as no government official needs personal responsibility for debt servicing. This is the root cause of the government’s easy debt expansion and loss of control. It also shows that institutional constraints are indispensable. Therefore, it is imperative to introduce relevant legislative and institutional measures as soon as possible to control the government debt system