我国地方政府债券改革动态及对金融市场的挑战

Reform Trends of Local Government Bonds in China and Its Challenges to Financial Market

本文在说明我国地方政府债务和地方政府债券发展沿革及改革动态的基础上,分析了我国地方政府债券将会空前发展,发债主体、品种、总量都会迅速增加,这将给金融市场带来一些挑战,包括债券市场扩容、债券市场资金需求增加、改变金融市场利率结构、加大区域间资金流动、进一步挤出央票等问题,之后提出了相关政策建议,如扩大地方债投资人队伍、建立适当并逐步退出的地方债发行保护机制、有序发展债券市场等。

Based on the history and reform trends of local government debts, this paper analyzes China local gov- ernment debts will develop fast in recent years, including its volume and variety, and will bring some challenges to fi- nancial market, such as increasing the demand of fund in bond market, changing the structure of interests, expanding the flow of regional funds, etc. Then, this paper gives some suggestions and thoughts about issuing local government bonds, such as expanding the scope of investors in bond market, setting a protection mechanism and withdraw gradual- ly, developing the bond market and so on.