辩证认识、多元破解隐性债务--以浙江城投债化解为例

Dialectical Understanding and Multiple Solutions to Government Implicit Liabilities:A Study on Resolving Debts of City Investment Companies in Zhejiang Province

隐性债务的体量庞大、结构复杂,其中城投债务尤为复杂,其已经成为影响我国国民经济健康发展的灰犀牛。浙江既有经济较强的优势,也有隐性债务率高、省内不平衡的缺陷。看待债务问题要有辩证性,看待城投债务要有历史性,看待浙江的城投债务要有全局性。一方面,要用好“输血”手段,通过债务置换、债转股、REITs等手段化解债务;另一方面,要用好“造血”手段,整合优质业务、做大城投资产、开拓主营业务,真正实现城投的造血功能。要高度重视隐债危机防范,通过做好标债的市值管理和非标债的二级创新,实现债务风险管控的长效机制。

With a large volume and a complex structure,local government implicit liabilities,especially that of city investment companies,have become a threat to the healthy development of national economy.Despite its strong growth,some defects exist in the economy of Zhejiang province,such as a high Debt-To-GDP ratio and imbalance between different regions in its territory.The issues ought to be looked at in a dialectical manner,understood in its historical context and addressed in its entirety.To dissolve the debts,blood transfusion,that is,debt replacement,REITs,debt-to-equity swaps and other measures should be well put in place on the one hand,and the profitability of city investment companies should be realized via hemopoiesis means like integrating high-quality businesses,increasing assets and expanding their main scope of businesses on the other.We contend that great importance should be attached to preventing crisis that might resulted from implicit liabilities,and long-term risk management and control should be be realized by market value management of standard debts and innovation in non-standard debts.