经济新常态的新外延对地方政府偿债能力的影响及对策研究

The New Extension of the New Normal Economy, Influence and Countermeasures of Local Government Solvency

文章从中国经济的"新常态"的内涵与新外延出发,剖析其对中国地方政府债务问题形成的深远影响,并对中国地方政府投融资的环境的演变展开深入分析,提炼出地方政府在新常态背景下偿债能力的新变化,最终有的放矢地得出避免过度的房地产金融化,扶持地方基础设施领域国企上市,建立区域性发展基金,明确地方政府自发自还地方债的五大风险约束环节,创建地方政府债务风险预警指标体系(LGDEWI),审慎试点PPP+m REITS政府融资模式等对策措施。

Mainly from the connotation and the new extension of the New Normal of Chinese economy, this article attempts to analyze the profound influence on China＇s local government debt problem, the evolution of China＇s local government investment and financing environment and extract new changes of local government＇s paying ability under the background of the New Normal.It also clarifies the five risk constraint links of local government debt, such as to avoid excessive real estate financialization,support state-owned enterprises listed in local infrastructure, establish regional development funds, create local government debt risk early warning index system（LGDEWI）and prudent pilot government financing model（PPP ＋ m REITS）, etc.