中央政府监管下的地方公债融资制度构想

A Concept of Local Bonds Financing System under the Supervision by Central Government

作者认为 ,地方公共品需求的扩大和财政收支压力提出了地方政府债务融资的问题 ,而监督地方政府的民主机制建设落后 ,我国现阶段赋予地方政府独立举债权尚不现实 ,目前只能采取渐进式过渡性的办法———建立中央政府监管下的地方公债制度 ,以中央监管代替民主监督来解决地方政府在公共产品供应上资金不足的问题。据此 ,本文提出了中央政府监管下的地方公债制度构架及相关配套的改革建议。

Thanks to the expansion of the demand for local public goods, and the pressure of revenue and expenditure, arises the matter of local government debt financing. And it is not ripe time for a local government to be entrusted independent right to float a loan because of the backwardness of the building of democratic supervision mechanism. At present, adopted can be only an incremental approach, i.e. setting up local bonds system under the supervision by central government, which takes the place of democratic supervision so as to solve the problem of insufficient funds in supplying public goods by local government. Accordingly, this paper works out the framework of local bonds system under the central government supervision and relevant supporting reform suggestions.