摘要
地方政府专项债、城投债以及隐性债都是地方政府主导的城市开发和基础设施建设的融资工具.当前,中国地方债务风险总体可控,但地方债务引发的资源配置扭曲、金融风险积累等问题需要高度重视."一揽子化债"之后,2023年中央金融工作会议提出,"建立防范化解地方债务风险长效机制,建立同高质量发展相适应的政府债务管理机制",即着眼长远的体制机制改革.沿着"即期紧急救助—中期优化监管—长期制度建设"的脉络,近期中央采取的措施极大缓解了地方债务困局.下一步需要及时推进改革,从微观机制入手解决根本问题.针对地方政府专项债管理和其他举债融资机制进行改革,核心在于坚守现代市场经济的基本规则:促使"用钱者"对"出钱者"负责.
Abstract
Special-purpose local government bonds,urban construction investment bonds,and various hidden debts are financing tools for urban development and infrastructure construction led by local governments.The overall risk of local debt is controllable,but special attention should be paid to the distortion of resource allocation and accumulation of financial risks caused by local debt.After the proposal of the"package debt"policy was put forward in July 2023,the Central Financial Work Conference in late October 2023 proposed establishment of a long-term mechanism for preventing and resolving local debt risks,and setting up a government debt management mechanism that is compatible with high-quality development,which aims at a long-term institutional and mechanism reform.In line with the principle of immediate short-term emergency assistance,optimization of supervision in the medium term,and long-term institutional build-up,the central government has taken measures to greatly alleviate the local debt pressure.At present,it is necessary to promote reforms in a timely manner and solve fundamental problems from a micro-mechanism perspective;and the suggestions on reform should be made regarding the management of local government special-purpose bonds and other forms of debt financing,and the core consideration is to adhere to the basic rules of modern market economy,i.e.,the debtors should be made accountable to the creditors.
NETL
NSTL
维普
万方数据