防范和化解我国地方政府性债务风险  

Prevent and resolve the risk of local government debt in China

作　　者：夏友仁 李达 蔡芷菁 冯伟波 Xia Youren;Li Da;Cai Zhijing;Feng Weibo

机构地区：[1]中国国际经济交流中心区域和产业经济研究部

出　　处：《全球化》2024年第4期103-113,136,共12页Globalization

摘　　要：改革开放以来,我国地方政府通过债务融资方式支持基础设施建设等投资,在促进经济增长和推进城镇化方面发挥着巨大作用。但地方政府性债务规模持续增加也使风险不断累积。近年来,中美贸易摩擦、新冠疫情、乌克兰危机接踵而来,我国经济增速放缓,金融体系脆弱性加剧,地方政府性债务风险成为经济中的“灰犀牛”。本文通过分析地方政府性债务的理论、历史、现状、风险传导链条和形成原因,指出我国地方政府性债务问题本质上是一种体制现象,提出防范和化解地方政府性债务风险应在化解地方政府流动性风险的基础上,改革以财政体制为核心的体制机制,推进地方政府事权与财权相匹配,充分尊重市场机制,加强地方政府财政约束的原则和措施。Since the reform and opening up,local governments in China have played a huge role in promoting economic growth and promoting urbanization by supporting infrastructure construction and other investments through debt financing.However,the continuous increase in the scale of local government debt has also caused risks to accumulate.In recent years,Sino-US trade frictions,the COVID-19,and the Ukraine crisis have followed,China’s economic growth has slowed down,the fragility of the financial system has intensified,and local government debt risks have become the“Gray Rhino”in the economy.By analyzing the theory,history,current situation,risk transmission chain and formation reasons of local government debt,this paper points out that the problem of local government debt in China is essentially a systemic phenomenon,and proposes that the prevention and resolution of local government debt risk should be based on the resolution of local government liquidity risk,reform the institutional mechanism with the financial system as the core,promote the matching of local government power and financial power,fully respect the market mechanism,and strengthen the principles and measures of local government financial constraints.

关 键 词：金融风险 地方政府性债务 隐性债务 财政体制改革 

分 类 号：F812.5[经济管理—财政学]