新中国70年地方政府债务治理:回顾与展望

Local Government Debt Governance in China in the Past 70 Years: Review and Prospect

本文试图对新中国70年的地方政府债务治理进行全景式回顾,进而基于转型期债务演进特征的理论审视,展望新时代债务治理的战略前景。本文认为,新中国70年的地方政府债务治理经历了计划调节、探索扩张、宽幅起落、试点扩容、全面转型五个层次分野的演进阶段,是在“激励”与“控制”目标的审慎权衡中,应对地方政府融资策略博弈,推进债务治理规范化、透明化、制度化的过程。中国特色社会主义进入新时代后,经济社会发展理念形成历史性转变,债务治理模式亟须从传统“以GDP为纲”的“数量型治理”,转向惠及长远的“绩效型治理”,着力增进债务融资的质量和效率。在新发展理念的指导下,新时代债务治理可从制度、结构、模式、技术等层面继续释放改革红利,有序推进战略调整,为保障财政常态运行安全、维系地方政府债务融资可持续奠定基础。

This paper attempts to make a panoramic review of local government debt governance in the past 70 years of China.Based on theoretical survey of debt characteristics in the transition period,it gives the strategic prospect of debt governance in the new era.The paper holds that local government debt governance in the past 70 years has gone through five stages of Planned Regulation,Exploration&Expansion,Wide Fluctuation,Pilot Expansion and Comprehensive Transition,which is a prudent trade-off process between“incentive”and“control”objectives to deal with the strategic financing game of local governments and to promote the standardization,transparency and institutionalization of debt governance.In the new era of socialism with Chinese characteristics,the idea of social and economic development has undergone historic changes.China s debt governance mode needs to change from the conventional quantitative governance based on GDP to performance governance oriented towards long-term benefits,and improve the quality and efficiency of debt financing.Under the guidance of new development concepts,debt governance in the new era can continue to release reform dividends from aspects of institution,structure,mode and technology,promote strategic adjustment orderly,and lay a foundation for normal and safe fiscal operation and the sustainability of local government debt financing.