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我国地方政府发债具有经济上的合理性和必要性,但关键的问题在于如何管理地方债务。地方政府债务的复杂性在于:地方政府债务中,既有显性债务,也有隐性债务。显性债务一般包括外国政府与国际金融组织的贷款、国债转贷资金、农业综合开发借款、拖欠工资、拖欠企业离退休人员基本养老金等,除了明确的负债外,常表现为未支付的应付支出;隐性债务包括地方政府担保的外债、地方金融机构的呆坏账、社保资金缺口等,地方国有企业、学校等事业单位的负债从广义上来讲也是地方政府负债。
The issuance of bonds by local governments in our country is economically reasonable and necessary, but the key issue is how to manage local debts. The complexity of local government debt lies in the fact that local government debt includes both explicit debt and implicit debt. Dominant debts generally include loans from foreign governments and international financial organizations, borrowings from government bonds, loans for comprehensive agricultural development, default on wages, and basic pensions for the retirees of enterprises, except for explicit liabilities, which often appear as unpaid Expenses; implicit debt includes foreign debt guaranteed by local governments, bad debts of local financial institutions, and social security funding gaps. Liabilities of local state-owned enterprises, schools and other public institutions are also broad liabilities of local governments.