“十四五”时期完善我国政府债务制度研究  

Research on Perfecting Government Debt System in China During the 14th Five-Year Plan Period

作　　者：曹玉瑾[1] Cao Yujin

机构地区：[1]中国宏观经济研究院

出　　处：《经济研究参考》2022年第6期10-20,共11页Review of Economic Research

基　　金：国家社会科学基金重大项目“全面建设社会主义现代化新阶段我国发展环境、发展趋势和战略思路研究”(No.21ZDA002)。

摘　　要：“十四五”时期是我国实现第二个百年奋斗目标的关键时期,将面临诸多新挑战和新问题,亟须财政在供给公共品和治理外部性、调控经济波动、调节收入分配等方面发挥重要功能。政府债务是公共财政三类工具之一,对于调控经济波动、稳定经济增长至关重要。当前,我国政府债务制度仍然存在一些问题,主要表现在未能充分发挥管理公共风险的作用、单一债务融资工具难以满足实际需求、财政政策地方化造成债务分布不均衡、国债调控体系不完备、造成隐性债务再度新增的制度漏洞仍然存在等方面。“十四五”时期,要将债务管理纳入宏观治理框架,建立起发挥中央地方两个积极性、保障国家重大战略目标、有效平衡债务风险和公共风险的政府债务制度,加快推进国债制度改革,积极化解存量隐性债务,健全地方隐性债务的监管制度和规则体系,同时创新债务融资工具,多渠道支持政府债务融资,把财政资源与市场资源协同起来发挥作用。14th Five-Year Plan period is critical to achieving the second Centenary Goal in China.It will involve many new challenges and problems.It is urgently needed that fiscal policy can play a more important role in providing public goods, governing externalities, controlling economic fluctuations, and improving income distribution.Government debt as one of the three major types of policy tools in public finance, is crucial for controlling economic fluctuations and stabilizing economic growth.Currently, there are still some problems in the government debt system, including the failure to play full role of managing public risks, the inability of a single-debt-financing tool to meet financing demand, the uneven debt distribution caused by the localization of fiscal policy, the incomplete national debt governance system, and the loopholes which may make the implicit debts increasing again.During the 14th Five-Year Plan period, debt management should be incorporated into the macro governance framework.We need to establish a government debt system, which can leverage the incentives of the central and local governments, safeguard the major national strategic goals, and effectively balance debt risks and public risks.We also need to accelerate the reform of national debt system.Existing implicit debts should be resolved, and the regulatory system and rule system should be improved.At the same time, it is necessary to innovate debt financing tools, support the government debt financing through multiple channels, and synergize financial resources with market resources.

关 键 词：政府债务 隐性债务 财政政策 

分 类 号：F812.5[经济管理—财政学]