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我国《预算法》明确规定地方政府不得发行地方债券,只能通过中央政府代理发行,《贷款通则》和《担保法》禁止地方政府向银行贷款融资和对外担保,因此地方政府实际上无法获取债务融资。同时地方财政收入有限,地方市政基础设施等公共需求旺盛,为了增加外部融资,规避现行法律的限制,地方政府往往通过成立地方政府融资平台对外举债。
China’s “Budget Law” clearly stipulates that local governments may not issue local bonds, which can only be issued through the central government agency. The General Rules on Loans and the Guarantee Law prohibit local governments from providing loans to banks and guaranteeing foreign loans. Therefore, local governments are virtually unable to obtain debt Financing. At the same time, local financial revenue is limited, and public utilities such as local municipal infrastructure are exuberant. In order to increase external financing and circumvent the current laws and regulations, local governments often borrow money by establishing a local government financing platform.