论地方政府举债——由财政政策两难困境引发的思考

On Bond-Raising by Local Governments:A Reflection on the Dilemma Caused by Fiscal Policy

我国自1998年已连续5年出现大幅预算赤字,国债余额水平增长迅速,然而积极财政政策的使用并未使国民经济恢复较快的增长速度,反而导致财政政策进入困境。本文着重论述了引入地方政府举债进行基础建设的必要性:既可以满足政府支出规模扩大、支持一定经济增长率的要求,又可在一定程度上提高财政资金使用的有效性。为保证地方政府举债的顺利进行,还必须进行下列制度改革:完善政府官员监督体制,适当规制地方债券的发行,建立偿债保障机制,规范企业税收制度,改革中央和地方财政收支关系、明确各自的政府职能。

Since 1998,for five years on end there has been drastic government budget deficits, rapid growth of the balance of government bonds, however, the employment of positive fiscal policy hasn't enabled the national economy to recover its comparatively fast growth speed, instead, brought the fiscal policy to into a dilemma. This paper emphasizes on the necessity of issuing local government bonds to sustain the infrastructure investment:which can not only meet the demand of the rising government expenditure and the demand of supporting certain economic growth rate,but also,to some extent, enhance the effectiveness of employing fiscal money.In order to ensure the smooth issuing of the local government bonds, some institutional reform should be done: to perfect the supervising system of government officials; appropriately restrict the issuing of local bonds;build up the guarantee mechanism of repaying debts;normalize the tax system concerning enterprises;reform the revenue and expenditure relations between central government and local government, and define respective responsibilities.