经济发展阶段与融资方式选择

Stages of Economic Development and the Selection of Financing Method

融资方式需要和经济发展阶段相适应,不同的经济发展阶段有不同的金融制度安排和相应的融资方式。本文梳理了中国城镇化建设的融资方式演变,对现阶段城镇化建设的两种主要融资方式进行了分析,指出中国正处于转轨时期和建设阶段,存在大量的开发性业务;在城镇化建设融资领域,要适应当前经济发展的阶段性特征,既要加快完善PPP、地方政府债券新引擎,也要通过改造来发挥好传统引擎融资平台和开发性金融的作用。

Financing methods should match the stage of economic development.Different stages see different financial arrangements and correspondingly different financing methods.This paper examines the evolution of financing methods in the urbanization process of China and analyzes two major financing methods employed in the urbanization of the current stage.It then points out that currently at the stage of transformation and construction,China embraces a large amount of development-oriented business,and financing for urbanization development shall meet the features of the current stage,speeding up the improvement of the PPP model as a new engine for the bonds of local governments on the one hand and launching reforms to reinvigorate traditional engines such as financing platforms and development-oriented finance on the other.