地方政府债券信用评级制度构想

Concept of Local Government Bond Credit Rating Mechanism

近期,国务院印发了《关于加强地方政府性债务管理的意见》,明确提出要建立地方政府信用评级制度。本文结合2014年自发自还地方政府债券试点工作过程中的经验与问题,通过在供需视角下对地方政府债券评级制度的分析,对如何健全完善地方政府债券评级制度进行了积极探讨和合理构想。

The State Council recently issued its Opinions on Strengthening the Management of Local Government Debt, which proposed facilitating the establishment of a credit rating mechanism for local governments. The author analyzes local government bond rating mechanisms from the aspect of supply and demand, reviewing the experience and problems of the 2014 Pilot Program on Direct Issuance of Bonds and Repayment of Debt by Local Governments. The author also proposes a rational concept of improving local government bond rating mechanisms.