Hidden Debt Swap of Local Government and National Economic Security Development
'Opening the front door and blocking the back door'is a basic principle of local government debt governance in China,and achieving debt dominance through debt swap is one of the specific manifestations of this principle.Although the debt swap has alleviated the fiscal pressure and burden on local governments,it has not fundamentally eliminated fiscal risks.The hidden fiscal and financial risks,as well as policy uncertainties,can also affect national security and development.In this regard,this article summarizes the plans for replacing local government debt in China from 2015 to 2023,and studies the potential fiscal and financial risks of hidden debt swap of local government,as well as its impact on national economic security.Finally,starting from the governance of local debt issues,this article discusses reforming suggestions to prevent debt swap risks and improve national security.
local government debtdebt swapnational economic security developmentdebt governance
NETL
NSTL
万方数据
维普
