市政债券和城镇化融资

Municipal Bonds Could Solve the Financing Difficulties of Urbanization

目前我国城镇化建设依靠土地财政融资的弊端日益显露,地方政府融资平台公司存在诸多问题,城投债的风险亦面临考验。未来地方政府融资平台公司贷款、城投债或将不再是推动新型城镇化的主要融资渠道。适时推出市政债券,创新金融产品和融资手段,有利于丰富城镇化建设的债务融资工具,开辟新的城镇化建设长期资金来源渠道。

The shortcomings of relying on land sales to fnance urbanization have gradually come to light. Local government fnancing platforms have encountered numerous problems, and bonds issued by local investment companies for urban construction have increasingly been associated with higher risk levels. Urbanization may not be able to rely on these fnancing channels in the future. The timely introduction of municipal bonds and other innovative fnancial products will help expand the pool of available debt fnancing instruments and open up new sources of long-term funding for urbanization.