中国地方政府债务治理的路径安排:清理存量、创新体制、强化监管

Administrative Approaches of the Local Government Debt in China:Cleaning the Stock,Innovating the System,and Strengthening the Supervision

近年来,中国地方融资平台公司债务问题凸显,风险不断积聚,遵循"控增量,化存量"的指导思想对其加以清理应是中国地方政府债务治理的当务之急。从更长远考虑,在承认地方政府债务具有一定"合理成分"的前提下,通过理顺各级政府间财政关系实现财力与事权的匹配以及积极探索地方政府债券发行制度是中国地方政府债务治理的体制保障;同时,构建地方政府债务管理体系、强化监管是地方政府债券发行后的常规性治理手段。

In recent years, debt problem of the local financing platform companies has been highlighted, and risk has been accumulating. It is urgent to manage the local government debt following the principle of ＂controlling incremental debt, decreasing the debt stock＂. From the more long - term consideration, we should acknowledge the local government debt has some ＂reasonable composition＂. Upon that, we should improve the fiscal relationships among the governments so that the financial resources of governments are in line with their respective responsibilities, we should also explore the local government bond inssurance system. Meanwhile, building local government debt management system and strengthening the supervision are the routine management means for local government bond.