中国地方政府债务问题探讨

中国地方政府债务问题形成的主要原因,一是政府过多地、直接地参与经济活动,二是城市化加速导致地方政府举债。对于中国地方政府债务问题,总体判断仍为风险可控。一是地方政府加上中央政府的债务占GDP的比例在40%以内,远低于60%的债务率标准。二是中央政府有非常强的控制能力,在各级政府间平衡债权债务,使得中国加总的净债务率较低。三是中国整体的资产负债表仍然健康,尤其是中央政府保持相当健康的资产负债表。对地方政府债务问题,体制性的解决办法是治本之道。要从根本上解决中国地方政府不规范借债问题,须建立规范化的地方政府举债融资机制。

Discussion on the Debt Problem of China's Local Government

The main reasons for China＇s local government debt problem are： government excessively and directly involved in economic activities; accelerated urbanization leads to the borrowing of local government. On the whole, the debt problem of China＇s local government is still controllable. One is that the amount of debt of local government and central government accounts for less than 40% of GDP, far below the 60% rate standard. Second, the central government has very strong control ability： balancing credit and debt between all levels of government so as to keep total net debt ratio low. Third, China＇ s overall balance sheets remain healthy; especially the central government maintains a fairly healthy balance sheet. To the debt problem of local government, the ultimate solution should be systematic. We should establish standardized debt financing mechanism for local government to fundamentally solve the nonstandard debt problem of China ＇s local government borrowing non-standard.