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背景:今年,上海、浙江、广东、深圳、江苏、山东、北京、江西、宁夏、青岛等10个地方政府试点债券自发自还,此举被视为我国推进地方政府举债市场化的重要探索。截至8月5日,已经有广东、山东、江苏和江西4省顺利完成了地方债发行。但是,随着一系列怪现象的出现,例如,目前发行的地方债利率均低于同期国债,发债主体信用评级无差别,一律最高级等,使得这个一度被视为破解中国地方债难题的“必由之路”的改革尝试,遭到质疑。
Background: This year, pilot bonds from 10 local governments in Shanghai, Zhejiang, Guangdong, Shenzhen, Jiangsu, Shandong, Beijing, Jiangxi, Ningxia and Qingdao spontaneously returned from their own use. This is considered as an important exploration for our country to promote the marketization of borrowing by local governments. As of August 5, there have been Guangdong, Shandong, Jiangsu and Jiangxi provinces have successfully completed the issuance of local bonds. However, with a series of strange phenomena such as the current issuance of local debt rates are lower than the same period of national debt, debt issuer’s credit rating no difference, all the highest level, making this was once considered to crack the problem of China’s local debt “The only way ” reform attempt, was questioned.