地方政府融资问题是投资者的一个心中隐忧中国房地产市场正在经历长达数年的下行周期,因此加码基建投资对于支撑内需十分重要。但是,作为基建投资的主要执行者,地方政府面临着土地出让收入减少的挑战;而且在新的地方政府债务管理框架下,地方政府通过平台公司融资的能力将严重受限。很多投资者担心地方政府融资困境不仅会导致政府支出和经济增长明显减速,也可能会激化地方债务融 Local government financing is a worry for investors China’s real estate market is going through several years of down cycle, so overweight infrastructure investment is very important to support domestic demand. However, as the chief performer of infrastructure investment, local governments are faced with the challenge of reducing the revenue from land transfer. Moreover, under the new local government debt management framework, the ability of local governments to raise funds through platform companies will be severely limited. Many investors are worried that the dilemma of local government financing will not only lead to significant slowdown in government spending and economic growth, but also may intensify the local debt financing