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2015年《新预算法》的实施,开启了地方政府债券化融资的步伐。目前,我国地方政府面临从“债务融资”到“债券融资”的过渡期,如何消化吸收大量的存量债务,以及如何规范化管理债券融资,做好存量债务置换,避免形成投资冲动下的更大负债,是地方政府亟需解决的问题。建议从改革财税体制,完善“市场”化债券融资机制,积极引导市场力量参与公共投资等方面着手,规范化管理地方政府债务,有效化解债务风险。
The implementation of the new “Budget Law” in 2015 has opened up the pace of local government bond financing. At present, local governments in our country are facing the transitional period from “debt financing ” to “bond financing ”, how to digest and absorb a large amount of stock debt, and how to standardize the management of bond financing, do a good job of debt replacement and avoid the investment impulse The bigger debt is a problem that the local government needs to solve urgently. Proposed from the reform of fiscal and taxation system, improve “market ” bond financing mechanism, and actively guide the market forces to participate in public investment and so on, standardize the management of local government debt, effectively resolve the debt risk.