Effectively resolving local government debt risks is crucial for China's economy to avoid systemic risks.Over the past two decades,China has gradually built a unique growth model that helped the country achieve extraordinary export growth and significant economic development.In response to the 2008 international financial crisis,the central government initiated multiple rounds of large-scale fiscal and credit stimulus.Local governments took the advantage and financed extensively,which led to the rapid expansion of local government debt.Our assessment in this research indicates that there are significant structural and regional risks of local government debt.In the future,it is necessary to promote nationwide local government debt restructuring and implement fiscal restructuring in regions with severe debt.It is also essential to promote market-oriented structural reforms,gradually breaking the three types of administrative monopolies in the economy.These structural reforms would not only curb the further accumulation of local government debt but also unleash economic vitality that brings about further economic growth to finally resolve the issue of huge existing local debt.
关键词
中国增长模式/地方政府债务/债务化解
Key words
China's growth model/local government debt/resolving debt
维普
万方数据