The new system of local government investment and financing was established by National Development Document No.43 of the State Council in 2014 and the New Budget Law,and after several years of practice,it has indeed played a certain role in promoting local government investment and financing and promoting local economic development.Howev-er,there are still some defects in the top-level design of this system,some idealized visions ignore the objective laws and stage requirements of China's economic development,and the cost of supervision and management is high,while the actual effect is not good,leading to the sharp expansion of the hid-den debt risk of local governments.Local government investment and financing modes need to be systemati-cally designed to deal with the relationship between incentives and constraints,the relationship between top-level and bottom-level design,and the rela-tionship between the new and the old.Continue to play the main role of financing platforms,integrate and standardize local financing platform companies.Explore the sustainable road of generating wealth from public resources and realize the transformation of land finance to equity finance.Innovate debt and equity financing tools and explore local government equity investment methods.Realize comprehensive development and sustainable operation of projects,and promote the transformation from'development mode'to'operation mode'.Strengthen debt su-pervision at the source and enhance local govern-ments'crisis awareness.
Local governmentInvestment and financing modeFinancing platformAdjust-ment and optimization
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NSTL
维普
万方数据
