我国地方投融资平台债务运行现状及其治理之道

The Debt Operation and Managemant of China's Local Investment and Financing Platforms

伴随着我国地方投融资平台的快速发展,地方政府投融资的债务规模也开始急剧扩张,地方政府债务日益膨胀。各方面对由此引发的债务风险乃至可能出现的严重的系统性风险颇为关注。当前,我国地方投融资平台债务正处于拐点的状态,即介于风险与危机之间的位置,因而必须通过建立控制和预警地方投融资平台债务存量、政府和银行联合规避风险、拓宽地方融资市场渠道以及增加地方财政收入的综合治理路径来有效治理地方投融资平台的债务风险。

Abstract： Along with the rapid development of Chinese local governmental investment and financing platforms, the local governmental investment and financing debts expand rapidly, and the local governmental debts also expand. The debt risks and all the consequent problems and systemic risks are given quite serious concerns. The debt risk status of local investment and financing platform is at the turning point which is between risk and crisis. We must establish comprehensive paths which controls and warnings debt stock of the local investment and financing platform, avoids risks of the Government and the Bank jointly, expands market access and increases local financial revenue, so as to resolve the debt risk of local investment and financing platform effectively.