制度扭曲和结构失衡是引发地方政府债务困境的主要根源。从表面看,地方财政不透明、政企不分和银行风险意识薄弱引起了地方债务风险;从更深层次看,地方债务困境反映了宏观结构失衡背景下,需求管理政策快速转换对制度扭曲的放大作用。随着宏观经济环境的变化,应从制度层面着手开放产业并约束地方政府行为,以消除债务隐患:通过产业开放促进结构调整和产业升级,提高劳动收入份额,扩大消费需求;鼓励和引导民间资本进入基础产业和基础设施领域,消除地方政府资本性支出的逆向激励,促使地方政府转变职能,优化财政支出结构,保障和改善民生;进一步开放金融业,以竞争机制强化银行的风险约束;提高地方政府预算编制、执行的透明度,强化预算管理和问责约束,降低制度外支出和或有负债的不确定性。 System distortions and structural imbalances are the main sources of debt distress in local governments. From a superficial perspective, local fiscal opacity, weak government and enterprise and weak bank risk arouse local debt risk. From a deeper perspective, the local debt dilemma reflects the magnifying effect of rapid change of demand management policies on system distortions in the context of macro-structural imbalances . With the change of the macroeconomic environment, we should open the industry from the institutional level and restrain local government behaviors in order to eliminate the hidden dangers of debt. We should promote structural adjustment and industrial upgrading through industrial opening up, raise the labor income share and expand the consumption demand. Encourage and guide private capital to enter In the fields of basic industries and infrastructure, we should eliminate the adverse incentives for capital expenditures of local governments, encourage local governments to change their functions, optimize the structure of fiscal expenditures, and ensure and improve people’s livelihood. We will further open up the financial industry and strengthen the banks’ risk constraints through competition mechanisms. Transparency in budget formulation and implementation, strengthening budgetary management and accountability constraints, and reducing the uncertainty of out-of-system expenditures and contingent liabilities.