2013年,我国城镇化率约为53.73%,远低于发达国家90%的平均水平,新型城镇化是我国未来一段时期主要的经济增长点,推进新型城镇建设要求大规模的公共基础设施投资,然而,在我国现行财税体制条件下,地方政府财力十分有限,公共基础设施建设的资金缺口较大。国际经验表明,允许地方政府发行市政债券融资,虽然存在不确定性市场风险,但是,有助于缓解地方政府公共基础设 In 2013, the urbanization rate in China was about 53.73%, well below the average level of 90% in developed countries. The new urbanization is a major economic growth point for China in the coming period. Promoting new urban construction requires large-scale public infrastructure investment, However, under the current fiscal and taxation system in our country, the financial power of local governments is very limited, and there is a large funding gap for public infrastructure construction. International experience shows that allowing local governments to issue municipal bond financing, although there is an uncertain market risk, will help alleviate the public infrastructure of local governments