中国城市财政可持续发展:挑战与出路

Municipal Fiscal Sustainability in China:Challenges and Options

在分税制财政制度下,中国城市长期依赖土地出让金收入和地方政府平台公司债务融资支持城市建设。这种城市发展模式带来一系列经济和社会问题,急需在下一阶段城市化进程中综合解决。在当前土地制度改革背景下,土地财政将难以为继,中国城市财政可持续发展也将面临重大挑战。在借鉴国际经验的基础上,本文提出房地产税征收、PPP模式运用、土地再整理、土地增值回收以及地方政府债务融资等多种政策工具,为中国城市财政可持续发展提供可能的路径。

Under the tax sharing system,China s municipal governments bear major expenditure responsibilities with limited sources of tax revenues and without any tax autonomy.They raise a significant amount of revenues through land concessions and commercial borrowing by local finance platforms to fund capital investment for urban development.This modal has brought about a series of economic and social problems.Under current land policy reform,land-based finance would be difficult to continue.Referring to relevant international experiences,this article proposes several policy instruments to expand the sources of China’s municipal finance.These include property taxation,public-private partnership in infrastructure,land re-adjustment,land value capture,and local government bond market backed by own-source revenues.