The Formation Mechanism,Hierarchical Structure and Solution Approach of Local Government Debt Risks in China
The risks of local government debt in China have become key issues that must be actively tackled in the new round of financial and tax system reform.The imbalance and contradiction in fiscal revenue and expenditure among many local governments at the county and district levels has become a structural problem.This is particularly evident in the large scale of implicit debt of these local governments,the lack of industrial support and guidance for development funding sources by local governments,and the lack of income support for sustainable operation projects in the issuance of local government special bonds.In response to these issues,solutions and reform breakthroughs for China's local government debt problem have been proposed at the national and county level governments.
local government debtformation mechanismhierarchical structuresolution approachnew round of financial and tax system reform
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