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理解地方政府的经济行为逻辑,对精准地认识中国经济的持续发展具有重要意义。2011年10月中国在四省市进行自行发债试点,为理解地方政府的经济行为提供了一个契机。此次地方自行发债试点就短期而言,主要是拓宽地方政府的资金来源渠道,从而形成对土地财政和隐性负债等原有财政平衡方式的一个局部“替代”。但就长期而言,此次试点更具有制度探索的深层意蕴,即借助于地方举债的透明化促使地方政府权利和责任对称,从而在有效提供公共产品的背景下为中国加快经济发展方式转变提供有力支撑。然而,要充分凸显地方自行发债的融资机制和制度探索的双重功能,仍需付出持续的努力,当前的地方自行发债试点也具有非常显著的渐进特征,未来必须通过系统化的体制机制完善来为地方债的常规化和长效化提供制度保障。
Understanding the logic of the economic behavior of local governments is of great significance to the accurate understanding of the sustainable development of China’s economy. In October 2011, China piloted self-issue of bonds in four provinces and municipalities, which provided an opportunity to understand the economic behavior of local governments. In the short run, the trial of issuing bonds by local governments mainly broadens the sources of funding for local governments, thus forming a partial substitute for the original fiscal balance such as land finance and implicit debt. However, in the long run, the pilot has a deeper meaning of exploring the system by promoting the symmetry of local government’s rights and responsibilities through the transparency of local borrowing so as to provide China with a view to accelerating the transformation of economic development mode under the background of effectively providing public goods Strong support. However, it is still necessary to make persistent efforts to fully highlight the dual functions of financing mechanisms and institutional exploration for locally-owned bonds. The current local pilot programs for debt issuance also have very significant and gradual characteristics. In the future, they must be perfected through systematic institutional mechanisms To provide institutional guarantee for the routine and long-term local debt.