市政债券是地方政府或者是地方政府指定的代理机构发行的债券,所筹集的资金用于城市或者地方的基础设施建设, 由于中国财政体制的限制和出于发展资本市场的考虑,中国现在并不允许地方政府发行债券。中国发展地方市政债券非常有必要,能够统一资金的使用权利和偿付责任,通过还本付息,对地方政府投资建立有效的约束机制,不使地方政府过度的依赖中央提供的公共基础设施的建设, 能够体现“谁受益、谁支付”的公 Municipal bonds are bonds issued by local or local government-designated agencies. The funds raised are used for infrastructure construction in cities or localities. Due to the constraints of China’s financial system and due to the development of capital markets, China now does not Allow local governments to issue bonds. It is very necessary for China to develop local municipal bonds so that it can unify the right to use and repay the funds and establish an effective restraint mechanism for local government investment through debt service, without over-reliance on the construction of public infrastructure provided by the central government , To reflect the “who benefit, who pay” the public