2024年我国政府债务管理政策选择的思考

Considerations on China’s Government Debt Management Policy Choices in 2024

2023年我国政府债务管理政策较好地支持了宏观经济增长目标的实现。国债和地方政府专项债券预算发行额增加,2023年底我国增发了1万亿元的国债,还决定提前下达2024年部分地方政府新增债务限额;10月中央决定实施地方政府债务一揽子化解方案,开始发行相应的再融资券;2023年下半年地方政府投融资平台城投债发行规模有所减少。从2024年我国经济社会发展所面临的复杂严峻的国内外形势看,政府债务政策在总额管理、结构优化、债券发行、绩效管理、风险控制、体制改革等方面,需要进行有效的政策选择,以实现国家宏观政策目标。

In 2023,China’s government debt policy provided effective support for macroeconomic growth target.The budgeted issuance of national bonds and local government special bonds increased,with an additional issuance of 1 trillion yuan in national bonds at the end of the year.And it was decided to advance the new debt limit of some local governments for 2024.In October,the central government of China decided to implement a package solution for local government debt relief,initiating the issuance of corresponding refinancing bonds.The scale of urban investment bonds via local government financing vehicles decreased in the second half of 2023.In view of the complex and challenging domestic and international situation facing China’s economic and social development in 2024,effective policy options are needed in government debt management,including total amount control,structural optimization,bond issuance,performance management,risk control,and institutional reform,to achieve the macroeconomic policy goals of the country.