论城市化过程中过度投资的防范

Prevent against Excessive Investment in the Course of Urbaniz ation

目前 ,大多数城市基础设施建设主要靠“城市经营”中经营土地的收益及将收益预期和政府信用相结合获得银行的贷款来进行的。因此 ,应采取相应的措施来防范城市化建设中的过度投资 ,包括通过投资体制改革规范政府的投资行为 ;建立多层次资本市场 ,为城市建设筹措资金 ;加强地方政府信用建设 ,防范过度融资 ;严格界定中央和地方在财税领域的分工和职责 ,防范地方政府的债务风险 ;等等。

At present, infrastructure construction in most cities depen ds mainly on the revenue of land run in “city operation” and bank loan obtained from the combination of revenue expectation and governmental credit. Therefore, countermeasures should be taken to prevent against excessive investment during t he course of urbanization, including, normalizing governmental behavior by inves tment regime reformation; establishing multiple capital market in order to raise money for municipal construction; enhancing local governmental credit construct ion to prevent against excessive investment; strictly defining labor division of and duty between central and local governments in fiscal and taxation fields to prevent against liable risk of local governments.