地方政府举债模式转型研究

Research on the Transformation of Local Government's Debt Model

中共十八届三中全会以来,中央政府逐步收紧了对地方政府举债融资的监管力度,在庞大债务潜在风险的压力下,地方政府举债融资模式转型已成为当务之急。新《预算法》的修正和地方债券的发放,为地方政府举债融资模式转型提供了利好政策,但长期以来地方政府对传统举债融资体系的路径依赖,导致其与融资平台公司关系剥离进程和模式转型进程仍显缓慢,隐性债务问题频发。推进地方政府举债融资模式转型,可从规范地方政府融资举债行为、提高地方政府债务偿还能力、加速融资平台公司市场化转型等方面重点发力,以有效化解地方政府债务对国家经济平稳运行所造成的潜在威胁。

Since the Third Plenary Session of the 18th Central Committee,the central government has gradually tightened the supervision of local government debt and financing.Under the pressure of huge debt potential risks,the transformation of local government debt and financing mode has become a top priority.The revision of the new“Budget Law”and the issuance of local bonds have provided favorable policies for the transformation of local government debt and financing models.However,the long-term dependence of local governments on the traditional debt and financing system has led to a slow separation and transformation process from financing platform companies and hidden debt problems are frequent.Promoting the transformation of local government debt and financing models can focus on regulating local government financing behaviors,improving local government debt repayment capabilities,and accelerating the market-oriented transformation of financing platform companies,so as to effectively resolve the potential threats of local government debt to the smooth operation of the national economy.