A Case Study of Zunyi Road Bridge Debt Extension for 20 Years
Local governments need a lot of capital for the progress of local infrastructure and urbanization,and are limited by the Budget Law and cannot directly finance,so local financing platforms and"urban investment bonds"were born.In the past development of urbanization,local financing vehicles have been the main source of funds for local governments to obtain funds to build local infrastructure.However,with the transformation of China's economic structure and the changes in the economic situation,the problems brought about by urban investment bonds are gradually emerging.At the beginning of 2022,the announcement of the 20-year extension of the 15.6 billion urban investment bond bank loan of Zunyi Road and Bridge Construction Group was released,and the default of urban investment bonds and the stock of local debt attracted great attention for a while.This paper analyzes the case of debt extension of Zunyi Road Bridge,introduces the basic concept of urban investment bonds,the stock and default of local debt in Guizhou Province,analyzes the factors leading to debt extension from multiple perspectives,and gives suggestions for the future development direction of local financing platforms,so as to provide reference solutions for the resolution of local debts.
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