城镇化建设资金规模及土地财政改革——新型城镇化背景下土地财政代偿机制研究评述

The Scale of Funds of Urbanization and the Reform of Land Finance: Commentary of the Compensatory Mechanisms of Land Finance in the Context of New-type Urbanization

研究目的:分析中国推进新型城镇化建设所需资金规模,探讨新型城镇化背景下土地财政的改进、完善方向。研究方法:在专家座谈的基础上,结合相关研究成果,分析探讨新型城镇化对资金的需求及筹集渠道,分析指出土地财政目前存在的问题及改进和完善的方向。研究结果:(1)综合已有研究,按照保守估计,到2020年时,中国新型城镇化建设所需要投入的资金规模将超过16万亿元人民币;(2)基于目前财政分税制的现实,许多地方政府已经形成了依靠土地财政的路径依赖,在推进本地新型城镇化建设上,仍然主要依赖于土地财政;(3)尽管土地财政曾有着实际的积极意义,但是由于存在可持续性水平较低、不利于社会经济发展模式转型升级、存在金融风险等问题,急需要改进和完善。研究结论:(1)推进中国新型城镇化建设,中央政府需要在资金筹集和供应方式上统筹改革,通过推进财税制度和土地制度等相关制度改革,建立符合中国国情的科学、可持续、可控风险的财政体制,以改进、完善并最终取代土地财政。(2)改进、完善新型城镇化背景下的土地财政体制,需要理论、制度和技术创新。目前可以改进和完善的方面主要包括:推进税收性土地财政,发展、规范投资基金融资平台,推广市政债等债券融资,鼓励民间资本参与等方法。

The purposes of this paper are to analyze of the scale of funds in the process of promoting new-type urbanization in China, and discuss the direction of improving land finance in the context of new-type urbanization. On the basis of expert discussion, combined with relevant research results, the paper discusses the scale of funds and the sources of funds. The results indicate that 1） China’s new-type urbanization will need to invest more than 16 trillion RMB by 2020 according to conservative estimates;2） Based on the current tax financial system, many local governments have been dependent on the land finance, so in the process of new-type urbanization construction, they will still largely depend on land finance;3） Although the land finance has practical positive significance, the land finance still needs to be improved and perfected because of the existing problem, i.e., lower level of sustainability, the financial risk and other issues. It is concluded that 1） In order to promote new-type urbanization, the central government needs reform the funding and supplying modes, the taxation system, the land system and other related systems, and establishes scientific, sustainable and controllable risk financial system, eventually replaces the land finance;2） Improving land finance system in the context of new-type urbanization require innovation in theory, institutional and technological. Current amelioration measures include that advancing land tax finance, standardizing the investment fund financing platform, promoting municipal bonds and other debt financing, and encouraging the role of private capitals.