Special local government bonds rely on the"project system"to coordinate local financial security and government investment efficiency.However,the practice of the special bond system may deviate from the"project-based"fiscal logic,which leads local special projects to fall into a dilemma of non-compliance.Not only is it difficult to leverage the advantages of"project-based"debt to promote development,but there isalso a risk of systemic local debt risks.Therefore,the core of risk management for special local bonds lies in project risk prevention and control.Overall,the risk of special bond projects is caused by the inherent tension between project financing goals and public welfare investment requirements.Only by relying on the standardization of the"project system"construction of special bonds and effectively promoting the rule of law in government investment administration,can we achieve systematic governance of project risks.Specifically,firstly,clarifying the legitimate basis for local governments to use special bonds from the perspective of substantive justice,so as to fully clarify the inherent limitations of"development oriented governments"in fulfilling their development functions and identify the necessary boundaries for local governments to invest in special projects;Secondly,seeing people's livelihood as the value basis for special bond project investment to establish the fundamental position of project public welfare goals,and strengthen the guarantee position of project benefits goals;Finally,by strengthening the budget constraints of special bond project funds through procedural justice,it can accelerate the establishment of a balanced fiscal concept for special bond fundraising and investment,and consolidate the democratic fiscal guarantee for the balance of special project revenue and expenditure.
关键词
地方债/地方政府专项债券/项目制/项目风险/政府投资行政
Key words
local bonds/special local government bond/project based/project risks/government investment administration
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