我国地方隐性债务风险化解方案及实践研究
Study on Solutions and Practices for Mitigating Implicit Local Government Debt Risks in China
周金飞1
作者信息
摘要
地方隐性债务风险引发市场和政府高度关注,一系列中央重要会议都对地方债务风险化解作出部署安排,化解隐性债务风险工作迫在眉睫.本文分析了地方隐性债务风险概况及成因,梳理了过去五轮债务置换历程,对财政部提及的安排财政资金偿还、借新还旧或展期、合规转化为企业经营性债务等六种债务化解方式进行了剖析,并结合地方政府借助银行资源、地方国企、REITs等方式化解债务的实践,从短期、中期、长期三个维度,以及金融资源、融资平台转型、清理拖欠企业账款、财税体制改革等十个方面,思考隐性债务化解方案.
Abstract
The risks associated with implicit local government debt have garnered significant attention from both the market and the government.A series of key central meetings have outlined strategies for addressing these risks,underscoring the severity and urgency of the task.This paper analyzes the general situation and causes of implicit local government debt risks,reviews the five previous rounds of debt swaps,and examines six debt mitigation methods mentioned by the Ministry of Finance,including using fiscal funds for repayment,rolling over existing debts,extending maturities,and converting them into compliant business debts.The study also discusses practical measures taken by local governments,such as leveraging bank resources,local state-owned enterprises,and REITs to resolve debt.From short-term,mid-term,and long-term perspectives,the paper explores solutions across ten aspects,including financial resources,transformation of financing platforms,clearing arrears owed to enterprises,and fiscal and tax system reforms.
关键词
地方隐性债务/风险化解/融资平台/债务置换/偿债基金/财税体制/化债方案Key words
Implicit local government debt/Risk mitigation/Financing platform/Debt swap/Debt repayment fund/Fiscal and tax system/Debt resolution plan引用本文复制引用
出版年
2024
NETL
NSTL
万方数据