我国地方政府债务的空间关联及风险防范

The Spatial Correlation and Risk Prevention of Local Government Debt in China

地方政府通过发债可弥补财政赤字,保障收支平衡,帮助经营性融资项目和资本性融资项目在短期内获取大量资金,促进地方经济发展。但随着地方政府债务规模不断扩大,债务风险也会不断累积。由于邻近省份的经济增长具有空间溢出效应,在一定程度上导致地方政府性债务存在明显的空间相关性和集聚效应。我国应推行差别化的地方债务政策,严格地方债务限额管理,依托资金调拨弱化省域间债务风险传染,加强关联省份债务信息披露,以进一步加强地方政府债务管理。

By issuing bonds,local governments can make up for the fiscal deficit,ensure the balance of revenue and expenditure,obtain a large amount of funds for operational financing projects and capital financing projects in the short term,and promote the development of local economy.However,the scale of local government debt continues to expand,and debt accumulation will lead to debt risk.Due to the spatial spillover effect of economic growth in neighboring provinces,local government debt has obvious spatial correlation and agglomeration effect in space to a certain extent.China should implement differentiated local debt policies,strictly manage local debt limits,rely on fund allocation to weaken inter provincial debt risk infection,and strengthen the debt information disclosure of related provinces,so as to further strengthen the debt management of local governments.