我国地方政府债务风险表现及其对策

The Risk Performance of China's Local Government Debt and Solutions for Risk Reduction

快速增长的地方政府债务正成为我国经济领域的重要风险点,威胁我国经济和社会稳定。本文研究了我国地方政府债务的规模与结构。研究发现,我国地方政府债务风险主要表现在规模大、融资项目收益低、流动性错配、面临宏观政策不确定性和偿还严重依赖土地价格等五个方面,并认为政府间下移财权和上移支出责任、考核地方政府行政首长时用GDP净增长替代GDP增长作为核心考核指标、建立公众可以监督的债务预警机制以及建立债务追责机制有利于化解地方政府债务风险。

The rapidly growing local government debt is becoming the timing bomb in the economy, threatening the stability of the economy and society. This paper studies the scale and structure of China＇ s local government debt. It＇s found that China＇s local government debt is huge, projects funded have low return rates, liquidity is mismatched, and it is fragile to the uncertainty of macro-economy policies and dependent on the price of land. Solutions include moving down the revenue right and moving up the expenditure responsibility among governments, adopting net GDP instead of GDP as the core index to appraise the chief of local government, establishing early warning system and building debt accountable system. These solutions can help to reduce the risk of China＇ s local government debt.