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中央政府过多介入之后,地方债的风险就容易隐藏起来,给投资者的信号似乎是等同于国债,风险权重为零,从而影响市场投资者的风险判断
After the intervention by the central government, the risk of local debt is easy to hide. The signal to investors seems to be equivalent to that of national debt with a zero risk weight, thus affecting the market investors’ risk judgment