Improving the System for Managing Government Debt:Problems and Approaches
Moderate government financial borrowing has the functions of promoting economic growth and smoothing business periodic fluctuations.However,if the management system is incomplete and the debt exceeds the financial capacity,it will constrain the sustainable development of the economy.Therefore,improving the government debt management system is critical in further deepening reform comprehensively to advance Chinese modernization.After nearly a decade of local government debt management,China has made remarkable achievements in preventing the hidden debt risks of local government,but the risks remain unremoved.The underlying reasons are that the fundamental and institutional problems in finance,such as the incomplete matching of local government's financial power with its power of office,the unchanged development strategies of local economy,the unsound management system of explicit debt,and the lack of long-term mechanisms for resolving implicit debt,have not been truly resolved.Given the core issues,deepening the comprehensive reform of the government debt management system needs to establish a long-term mechanism for preventing and resolving hidden debt risks and strengthens fiscal sustainability to further achieve high-quality economic development.The measures include implementing full-caliber monitoring and supervision of local government debt,accelerating the transformation reform of local financing platforms,and improving the management system of special local government bonds.
government debt managementhidden debt risklocal government debtfinancing platformspe-cial bonds
NETL
NSTL
万方数据
