The Triple Logic of Local Government Specialized Debt Risk Formation and the Way Out of Governance in China——Based on the Perspective of Fiscal Attributes
China's local government special debt(hereinafter referred to as special debt)has become the focus of the budget execution audit.From the national and provincial audits in recent years,China's special debt both packag-ing,misrepresentation,misrepresentation of the proceeds of irregularities in the issuance of the issue,but also idle,misappropriation,inefficient use of these and the country's policy orientation and the original intention of debt issuance is contrary to the expected effects of the policy,and even the phenomenon of revenue does not meet expenditure,debt to debt phenomenon,affecting the fairness of the intergenerational.In this paper,on the basis of analyzing the main risk points of the special debt,we analyze the theoretical logic,institutional logic and practical logic of the formation of the risk of the special debt from the perspective of the financial attributes of the special debt.The study found that:theoretically,the direction of the role of special bonds as a fiscal policy tool is not well defined;in terms of institution-al arrangements,special bonds are given too many fiscal functions;and in practice,there is a"fiscal illusion"on the part of local governments.These factors in the supervision and constraint mechanism is not perfect,so that the special debt not only"yawning",and"go out of shape",and constantly generalized into"universal debt".In this regard,this paper puts forward three suggestions:first,theoretically tracing the origin and defining the functional scope of the spe-cial debt;second,systematically innovating to stabilize the roots of the special debt;and third,reviewing the situa-tion in practice and using blockchain technology to escort the special debt.
local government special bondsdebt riskrisk governancefiscal functions
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