地方政府隐性债务置换与国家经济安全发展

Hidden Debt Swap of Local Government and National Economic Security Development

“开前门、堵后门”是中国地方政府债务治理的基本原则,通过债务置换实现债务显性化是该原则的具体表现之一。虽然地方政府债务置换缓解了地方政府的财政压力,减轻了财政负担,但并没有从根本上消除财政风险,其中的财政、金融风险及其政策不确定性也会影响国家经济安全的发展。对此,在梳理中国2015—2023年历次地方政府债务置换方案的基础上,文章研究地方政府隐性债务置换潜在的财政、金融风险及其对国家经济安全的影响。另外,从治理地方债务问题出发,提出防范债务置换风险、提高国家经济安全的改革建议。

‘Opening the front door and blocking the back door’is a basic principle of local government debt governance in China,and achieving debt dominance through debt swap is one of the specific manifestations of this principle.Although the debt swap has alleviated the fiscal pressure and burden on local governments,it has not fundamentally eliminated fiscal risks.The hidden fiscal and financial risks,as well as policy uncertainties,can also affect national security and development.In this regard,this article summarizes the plans for replacing local government debt in China from 2015 to 2023,and studies the potential fiscal and financial risks of hidden debt swap of local government,as well as its impact on national economic security.Finally,starting from the governance of local debt issues,this article discusses reforming suggestions to prevent debt swap risks and improve national security.