近期美国国债遭降级,欧洲主权债务危机愈演愈烈,全球股市剧烈震荡。无独有偶,前月中国城投债市遭投资者抛售,地方政府债券融资困难,市场风险溢价陡升,亦拖累股市下挫。我国的地方政府债务问题到底多大?地方债务问题将会如何解决?地方债务负担又将会给我国宏观经济带来怎样的影响呢?本文试图对这些问题作一梳理。 Recently the U.S. Treasury bonds were downgraded, the European sovereign debt crisis intensified and the global stock market was in turbulent turmoil. Coincidentally, China’s urban bond market was sold off by investors in the previous month, financing of local government bonds was difficult and the market risk premium rose sharply, dragging the stock market down. What is the problem of local government debts in our country? How will the local debts problem be solved? What impact will the local debt burden have on our country’s macroeconomy? This article attempts to sort out these problems.