地方政府专项债券的问题解析与制度完善

Problem Analysis and System Improvement of Local Government Special Bonds

自2015年新预算法执行以来,地方政府专项债券发行力度不断加大,已成为落实积极财政政策、稳定经济增长的重要工具。但目前,地方政府专项债券在发行、额度分配、偿还和市场机制等方面都存在一些问题,其深层原因在于专项债制度有待进一步完善。我国应进一步提高地方政府专项债券制度层级;完善发行机制,包括优化地方政府专项债券限额管理制度,推进地方政府债券市场化定价,完善专项债批量续发机制,建立健全统一、权威、专业的地方政府债券信息平台,规范中介组织权利义务责任;完善债券分配制度,优化专项债使用范围;完善地方政府专项债券偿还机制,降低偿债风险;完善专项债市场机制,优化专项债券投资的税收制度,拓宽地方债销售渠道以提高流动性,适当分类降低地方债风险权重等。

Since the implementation of the new budget law in 2015,the issuance of local government special bonds has continued to increase,which has become an important tool for implementing proactive fiscal policies and stabilizing economic growth.Due to the imperfect special bond system,there are some problems in the issuance,quota allocation,repayment and market mechanism of local government special bonds.The study believes that the level and system of the local government special bond system should be further improved.China should further improve the level of the local government special bond system and improve the system,including improving the issuance mechanism,optimizing the local government special bond quota management system,promoting the market-based pricing of local government bonds,improving the special bond batch renewal mechanism,and establishing a sound unified,authoritative and professional local government bond information platform,and standardizing the rights and obligations of intermediary organizations.At the same time,it is necessary to improve the bond distribution system and optimize the scope of special bonds;improve the special bond repayment mechanism of local governments to reduce debt repayment risks.And improve the special bond market mechanism,optimize the tax system for special bond investment,broaden the sales channels of local bonds to improve liquidity,appropriately classify and reduce the risk weight of local bonds,and activate special bond market transactions.