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10月2日,国务院出台《关于加强地方政府性债务管理的意见》,即国发43号文。该文件旨在规范管理地方政府债务行为、用途,强化地方政府债务约束机制。43号文件不仅关乎地方政府举债、偿债问题,还将影响到上万家地方政府融资平台的发展和命运问题。未来融资平台将面临三种选择:完全市场化、市场化同时作为社会资本出资方以PPP形式参与政府项目运作、无法市场化债务政府承接清算退出。这将对未来交通基础设施投融资产生根本性影响,同时意味着具体实施收费公路政策的地方融资平台将逐步退出。
On October 2, the State Council promulgated the Opinions on Strengthening the Management of Local Government Debt, which is Guo Fa No.43. The purpose of this document is to standardize the management of local government debt behavior and use and to strengthen the local government debt constraint mechanism. Document 43 not only concerns the debts and debt service of local governments, but also affects the development and destiny of tens of thousands of local government financing platforms. Future financing platform will face three kinds of choices: full marketization and marketization. At the same time, as a contributor of social capital, it participates in the operation of government projects in the form of PPP, and the government of marketization of debt can not undertake the liquidation and withdrawal. This will have a fundamental impact on the future transportation infrastructure investment and financing, meanwhile, it means that the local financing platform that concretely implements toll road policy will gradually withdraw.