地方债:中国式的“次贷危机”——从穆迪调低中国地方政府信用谈起

Local Debts:China's Sub-mortgage Crisis:On Moody's Lowering Rating of China's Local Government's Credit

国际著名两大评级机构同时调低中国信用,地方债务所累积的风险和可能给未来经济带来的巨大伤害引起各界关注。在实行金融严格分业管理的中国,地方政府债务产生究竟有着怎样深刻的背景?文章剖析了地方债务依托的地方政府融资平台公司,依赖于政府的土地财政,与地方性商业银行、信托公司、影子银行的合作,环环相扣、险象环生,累积和加剧了金融风险,如不采取措施将有可能演变为中国式的"次贷危机"。据此,文章提出了正确理解新型城镇化目标作为下一轮经济的支撑点、改变评价政府绩效的观念以及在财务预算改革、金融监管等方面全方位综合治理地方债务的解决方案。

The two famous Credit ranking institutes lowered China＇s credit ranking simultaneously. The risks accrued from local debts and its possible consequences on future economy have aroused great concern. Under the circumstance of China＇s strict business segregation in financial sector, what has led to local governments＇ debts. The paper studies local governments＇ financing companies, on which local debts rely, and which rely on government＇s land finance, collaborate with local commercial banks, credit companies and shadow corn- parties to accumulate and deepen financial risks. Without proper measures taken, China＇s sub- mortgage crisis will emerge. And therefore, the paper proposes to properly understand the goals of new urbanization, change the ideas of rating goverument＇s performance and comprehensively handle local debts in terms of fi- nancial budget reform and financial supervision.