化解地方政府隐性债务和防控金融风险的思路及对策

Thoughts and Countermeasures of Dissolving Local Government Implicit Debt and Preventing Financial Risks

化解地方政府隐性债务,须在稳定金融体系和控制道德风险之间取得平衡,在坚持中央不兜底、严明财经纪律的同时,兼顾利益相关方现实关切和约束,鼓励地方政府、债务主体与金融机构三方协商协力,以市场化、法治化方式探索化解隐性债务风险的方式方法,多方参与、多策并举,推动隐性债务“主动偿还一批、分类置换一批、转移转化一批、违约出清一批”。要有效阻断债务风险向财政、金融、经济、社会等领域的外溢:一方面,要加强风险监测和预警、最后救援和紧急处置机制、风险隔离制度、信息沟通机制等多方面的制度建设;另一方面,要加强防范主要风险点,尤其是中小银行的信用风险和流动性风险、城投债券违约风险等。

To resolve implicit debts of local governments, it is necessary to achieve a balance between stabilizing the financial system and controlling moral hazard. It is necessary to insist on the bottom line of central government not bailout and the fiscal and financial discipline, and to take into account the practical concerns and constraints of different stakeholders, encouraging local governments, debtors and financial institutions to strengthen cooperation, explore ways to resolve implicit debt risk in a market-oriented and law-based manner, and use multiple strategies to dissolve the delt by voluntarily repay, classified replacement, transfer and converse, and default. It is also necessary to effectively block the spillover of debt risks to the fields of fiscal, finance, economy and society. On one hand, improving institutional arrangement is very important, such as risk monitoring and warning, emergency disposal mechanisms, risk isolation systems, information communication mechanisms and so on. On the other hand, guarding against some major risks is also important, especially the credit risk and liquidity risk of small and medium-sized banks, and the default risk of municipal bond.