新型城镇化融资方式的转变——从土地财政到PPP模式

The Reform of Financing Methods in the Context of New-type Urbanization: From Land Finance to PPP

当前我国处于快速推进城镇化建设时期,需要巨大的资金支持,自分税制以来,地方政府财政缺口逐年扩大。在相当长的时间内,地方政府主要依靠土地财政为城镇化建设进行融资,产生一系列诸如债务风险等问题。在这种情况下,地方政府亟待寻求一种可持续、规范化的融资方式来替代传统的融资方式。后土地财政时代,政府与社会资本合作模式(PPP模式)将成为地方政府拓宽融资渠道的新手段。

China is currently in the period of rapid urbanization construction, and requires huge financial support. Since the tax reform, local government＇s fiscal gap is expanding year by year. In a long time, local government relies on land finance for urbanization construction, generating a series of problems such as debt risk. In this case,local government should seek sustainable standardized financing methods to replace traditional financing ones. In the post-land finance era, government and social capital cooperation mode（PPP） wil become new means to broaden financing channels for local government.