我国地方政府债务风险管控

How to Control the Debt Risks of Local Governments

为降低地方政府债务的风险,财政部需要对现有财政管理制度进行改革,加大地方政府财力。同时对地方政府发债行为进行规范,使得地方政府的债务向着规范化与法制化方向发展。国内地方政府的债务风险主要存在结构风险、偿债风险、规模风险和管理风险。这主要是由于地方政府资源配置不合理、偿债责任软约束、地方政府债务管理的制度不完善、投融资的平台公司信贷风险等多方面原因造成的。因此建议采取对地方政府的收支体系进行调整、对地方政府的债务信息完全公开披露体制进行构建、将地方政府的融资渠道拓宽、对地方财政的预算硬约束制度进行构建等措施,有效降低地方政府对于银行的依赖性,使得地方政府可以进行民间融资且高效利用,进而促进地方经济的发展。

To decrease the debt crisis of local governments, the Ministry of Finance need to reform the existing fiscal discipline to increase local disposable revenue. Meanwhile, debt issuing of local governments should be strictly regulated and guided onto a development road which is standardized and legitimate. This paper suggests the central government regulate the local financial income and expense system, establish a mechanism to make the local debts public, broaden the financing channels for the local governments and build a compulsive system to restrain the local budget. These measures will effectively help the local governments cast off the dependence on hanks and make highly efficient use of private financing, thus promoting the local economic development.