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从全口径资产负债表的角度,地方财政风险尚在可控范围,但地市以下的财政状况堪忧。地方债务的产生主要不是因为地方承担了过多的公共物品责任,而是因为地方全面地参与了经济发展;同时为了发挥地方在推动经济增长,尤其是为应对危机冲击需要,中央在很大程度上把放开和整顿地方债务作为宏观调控的重要手段之一。在城镇化背景下,地方政府客观上有融资的必要性和合理性,其融资方式则受到现存财政-金融体制和中央-地方博弈的限制。只有在这些条件和约束下,对未来地方融资方案的探讨才具有可操作性。
From the perspective of the full-scale balance sheet, local fiscal risks are still under control, but the financial conditions below the municipalities are worrisome. The local debt is mainly generated not because local places bear too much responsibility for public goods, but because the localities are fully involved in economic development. In addition, in order to give play to the local needs in promoting economic growth, especially in response to crisis, the central government has to a large extent Putting aside and reorganizing local debt as one of the important means of macroeconomic regulation and control. Under the background of urbanization, local governments objectively have the necessity and rationality of financing, and their financing methods are limited by the existing financial-financial system and the central-local game. Only under these conditions and constraints, to explore the future of local financing programs only feasible.