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在那些财政高度分权的国家,不仅有准许地方发行债券的法律,还有一套完善的监管制度,更有一个处理地方政府破产、清算的司法基础。而这些在目前的中国,是不具备的。
In those highly fiscally decentralized countries, there are not only laws that allow local bonds to be issued, but also a sound regulatory system. There is also a judicial foundation for handling bankruptcies and liquidations of local governments. And these are not available in the present China.