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地方政府债务影响到地方政府信用、地方经济安全与地方经济发展的可持续性,在中国目前特有的财政分权体系下,地方政府债务风险可能逆向传导至金融机构与中央政府,并引发系统性的金融危机。在再认识中国地方政府债务的作用与根源的基础上,本文从方式、偿债资金来源、总体可控性等方面,系统地剖析了中国地方政府债务的现状,并从疏导、可持续性、源头防范、削减支出、吸引民间资本和转变地方政府职能等方面,对地方政府债务风险管理提出相关建议。
Local government debt affects the sustainability of local government credit, local economic security and local economic development. Under China’s current fiscal decentralization system, local government debt risks may be adversely transmitted to financial institutions and the central government and trigger systemic The financial crisis. On the basis of understanding the role and causes of local government debt in China, this paper systematically analyzes the status quo of the local government debt in China from aspects such as the mode, sources of debt financing and overall controllability. From the aspects of diversification, sustainability, Source prevention, spending cuts, attracting private capital and changing the functions of local governments, etc., and put forward relevant suggestions on the management of local government debt risks.