关于我国发行地方公债的若干思考

Issues Concerning the Issuing of Local Government Bonds in China

在目前我国尚不允许地方政府发行公债的背景下,许多地方政府职能部门已经以"多元化融资"等名义举借了大量债务,可见,是否允许地方政府发行公债已成为目前无法回避的问题。根据公共财政理论,地方政府拥有发行公债的理论依据,我国也已初步具备了发行地方公债的现实基础,在现阶段发行地方公债并不必然引发地方政府债务的过度膨胀,适时地赋予地方政府合法的举债权,应是建立和完善我国公共财政框架的必然选择。

Although local government is not allowed to raise loan by themselves, there are a lot of debts raised by local government agencies in the name of decentralization of financing. So whether local government has the right to issue their bonds is a question that should be addressed immediately. In our country, we think, there exist the theoretic basis and practical conditions of issuing local government bonds. Allowing local government to issue bonds is inevitable to expand local government's debt and is the necessary step towards perfecting our country's fiscal system.