供给侧改革背景下地方政府财力变化及其面临的财政风险分析

Analysis on the Change of Local Government's Financial Resources and Its Fiscal Risks under the Background of Supply-Side Reform

供给侧改革背景下,由于我国经济增速放缓以及"去产能、去库存、去杠杆、降成本、补短板"政策的实施,地方政府面临着新的财政风险。文章首先分析了供给侧改革实施给地方政府财政带来的新变化,包括:财政收入增速放缓、财政支出刚性增长、融资成本上升;其次考察了这些新变化可能产生的地方债务风险、PPP项目融资风险和地方财政部门行政风险;最后针对这些财政风险提出了相应的政策建议。

Under the background of supply-side reform,since the implementation of China's economic slowdown and policy of de-capacity,destocking,de-leveraging,lowering costs,and offsetting weaknesses,the local governments are facing new financial risks.This paper first analyzes the new changes brought by the reform of the supply side to the local government finance,including slow growth of fiscal revenue,rigid growth of fiscal expenditure,and rising financing costs.Secondly,the risks,including the local government debt risks,PPP project financing risks and local financial sectors'administrative risk,which may be triggered by these changes,are analyzed.Finally,the corresponding policies of how to release these fiscal risks are put forward.