关于我国地方债制度设计的构想

The Conception of Our Nation's Municipal Bonds System Design

现阶段我国应该推出地方债 ,其内在依据是地方政府行使其职能的需要 ,体制依据是中央政府和地方政府的“分税制” ,环境依据则是现行我国金融市场已经有了一定程度的发展。从地方债的发展策略上来说 ,发行规模应由地方政府制定 ,中央政府协调 ,权力机构审批 ;发行方式应选择适当多样化 ;发行利率应与市场接轨 ;发行期限要更多地考虑地方政府用资需要。

In the present stage, our nation is supposed to issue municipal bonds, which is, internally based on the need of exercising functions and powers of local government, systematically on the separation of central and local government, environmentally on the development to some extent in our nation's financial market From the view of development strategy of issuing municipal bonds, the issuing scale should be regulated by local government, coordinated by central government and examined and approved by authority institutions The issuing pattern is to be diversified, the issuing rate, converged with the market one and the issuing maturity, taken into the consideration of capital need of local government