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对于我国中央决策者而言,地方政府能否对外举借债务,一直都是个难题。一方面,无论是从筹措资金发展本地经济的角度,还是从配合中央积极财政政策的层面,地方政府都确有对外举债的需要。另一方面,地方债蕴涵着非常复杂的政府间财政关系,在目前的财政体制下,赋予地方政府完全独立的举债权力,不具有现实可能性。如何在保证地方举债行为合法性的前提下,找到一条符合中国国情的地方债改革进路,便是本文希望解决的问题。本文以2009年开始的中央政府代借代还地方债为例,分析了其中的信用、风险和责任,从政府间财政关系的角度阐释了其中的难点所在,并尝试着预测了地方债的发展前景。
For China’s central policy makers, whether local governments can borrow money from abroad has always been a problem. On the one hand, local governments do have the need for external borrowing from the perspective of financing the development of the local economy or from the aspect of active fiscal policy of the Central Government. On the other hand, local debt implies very complicated intergovernmental fiscal relations. Under the current fiscal system, it is not realistic to give the local governments completely independent power of debt. How to find a road to the reform of local debts in line with China’s national conditions on the premise of ensuring the legitimacy of local debt-paying behavior is the problem that this article hopes to solve. This article takes the central government on behalf of the local government debts started in 2009 as an example to analyze the credit, risk and responsibility among them, explains the difficulties in the perspective of intergovernmental fiscal relations and tries to predict the development prospect of local debts .