Risk Review and Path Adjustment of Local Government Special Bond"Project System"
Along with the many evolutions of local government debt,China has initially established the structure of local government special bond management system.The design of the special bond system follows the fiscal logic of self-balancing project revenue and financing,however,as special bonds are constantly used as an important fiscal pol-icy innovation tool in China,they deviate from the logic of the"project system"in practice,which is reflected in the management of the issuance limit,pricing of the issuance and credit ratings,and the investment of funds and the source of repayment of debt.Problems in the operation of the"project system"for special bonds have led to risks in the scale and structure of special bonds as well as in the regulation of their issuance and use.It should be from the improve-ment of the local government to raise debts,clear special bond function positioning and limited to the scope of its in-vestment projects,to eliminate the local government implicit guarantee on the special bond"project system"operation problems to deal with and governance.
万方数据
