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《国务院关于加强地方政府性债务管理的意见》(以下简称43号文)及财政部《地方政府存量债务纳入预算管理清理甄别办法》两个标志性文件的出台,意味着地方政府融资转型的大幕已经拉开。此次地方政府债务管理改革的主题可以概括为:防范风险和强化约束。防范风险的着力点在于债务风险的衡量以及控制债务余额的规模和增长速度。强化约束则强调建立一套规范的政府举债融资体制,硬化预算约束,剥离融资平台公司政府融资职能,让地方政府融资更加高效透明的运行。在这两个主题下,地方政府债务的未来走向不言自明。
The promulgation of the State Council’s Opinions on Strengthening the Management of Local Government Debt (Document 43) and the promulgation of the two landmark documents of the Ministry of Finance on the Measures for the Cleanup and Discrimination of Deposits and Liabilities of Local Governments: Implications for the Transformation of Local Government Financing The curtain has been opened. The theme of the local government debt management reform can be summarized as: to prevent risks and strengthen the constraints. The focus of risk prevention lies in the measurement of debt risk and in the control of the size and rate of growth of the debt balance. Reinforcing restraints emphasizes the establishment of a standardized system of government debt financing, hardening the budget constraint, divesting the government financing function of financing platform companies and allowing local government financing to operate more efficiently and transparently. Under these two themes, the future direction of local government debt is self-evident.