财政责任视角下的地方债务治理：域外经验与中国路径

Debt Management under the Perspective of Fiscal Responsibility:Experience from Outside and the Choice of China

在世界各国地方经济发展中,地方债发行已成常态。适度的地方债能助力地方经济社会发展、基础设施建设及公共产品供给,但无节制的举债将影响地方政府公信力,甚至带来局部或系统性的财政危机。为了有效地约束地方政府举债,各国通过事前审核、事中监测及事后处置等机制建立了完善的举债责任制度体系。反观我国,地方债务治理面临举债审核约束机制不足、监督管理机制失灵以及事后处置机制乏力等问题,亟需借鉴国外制度经验加以完善。

The development of local economy is closely linked with local government debt. Under normal conditions, Modest local debt will be help to promote local economic and social development, but excess of excessive debt will affect the cre- dibility of local government, and even lead to local or systemic financial crisis. As to better manage local government debt issues, a lot of countries have established the prior approval mechanism, continuous supervision mechanism and afterwards disposal mechanism to set up a relatively perfect system of fiscal responsibility. By contrast, the relevant local government debt constraint systems in china still have its defects, we need to carry forward the local government debt management under the rule of law.