基础设施投融资的国际比较及对中国县域城镇化的启示

The Enlightenment on China's County Urbanization Drawn from the International Comparison of Infrastructure Investment and Financing

建立高效、可持续的县域城镇化投融资体系,从而为县域城镇化和新农村建设提供长期、稳定的资金来源,是城乡统筹战略的关键环节。美国地方政府在基础设施建设融资中,充分利用其发达的资本市场,主要通过发行市政债券来获得大量资金,经过200余年的发展,形成了一整套完善的市政债券市场发行和风险管理机制。加拿大通过对基础设施融资实施有效的政府管理,既大大降低了融资成本,又保证了基础设施项目的经济实用、合理布局以及高效。本文在总结和借鉴国内外经验教训的基础上,提出了构建中国县域城镇化投融资体系的政策建议。

It is a key link in urban and rural development strategy to set up a highly efficient and sustainable investment and financing system for county urbanization,by which long-term and steady funds can be offered to county urbanization and new rural construction.American local governments fully utilized the developed capital market in infrastructure financing,and obtained a large amount of fund mainly by issuing municipal bonds.After more than 200 years of development,U.S.has formed a whole set of municipal bond issuing and risk management mechanism.Through implementing effective government management in infrastructure financing,Canada not only reduced the cost of financing,but also ensured that the infrastructure project was economical and practical,and the layout was rational and highly efficient.By drawing international experience and summing up domestic experience and lessons,this paper proposes policy recommendations on how to construct Chinese investment and financing system of county urbanization.