推出市政债券为新型城镇化建设融资

新型城镇化建设的融资需求已引起各方主体的高度重视,探索推出市政债券是其中一个重要举措。为此,当前应加快立法,加强法制建设,健全法律法规体系,完善相关法律制度;规范地方政府举债行为,强化对地方政府举债的市场约束,构建多元化的城镇化建设融资体系,建立可持续的城镇化建设融资机制;严格执行财经纪律,构建地方政府的财政信用,强化地方财政预算约束,提高地方财政预算执行的透明度;完善信用风险管理制度,加强信用风险管理,有效防范和控制市政债券的信用风险;制定市政债券投资的税收优惠政策,增强对投资者的吸引力,发展壮大投资者队伍。     

利用财政杠杆优化城建资源配置

城市基础设施需求的快速增长与投资不足的矛盾,使城市建设投资需求形成巨大缺口,政府力量显得越发单薄。目前,在《预算法》不允许地方政府预算赤字,也不允许发行地方政府债券的情况下,地方政府的主要做法就是成立城投公司作为融资平台筹集城建资金。对政府而言,这种债务就由显性债务变成隐性债务：对银行而言,各大银行都愿意与城投公司合作,     

新常态下我国发行市政债券研究--兼论饶会林教授城市建设投融资思想

当前我国在进入经济新常态的同时,新型城镇化所需要的大量市政建设资金成为亟须解决的问题。笔者基于对已故饶会林教授城市建设投融资思想的回顾,认为目前在我国发行市政债券既具有必要性也具有可行性。为推动我国市政债券市场的发展,笔者提出要借鉴国际经验进行诸多制度建设和完善。要明确市政债券的法律地位,建立市政债券保险制度,完善市政债券信用评级制度、信息披露制度和财务报告制度。     

地方政府投融资平台机制创新

创新我国地方政府投融资平台机制,增加其内在发展能力,应着重以下几方面：创新信贷融资模式,增强对重大项目的支持力度;创新股票融资机制,提升直接融资规模和比重;创新债券融资机制,扩大债券融资规模;运用新型融资工具;创新引入社会资本;创新票据融资机制,降低企业融资成本;加快国资证券化资本化,拓展国资融资渠道;创新项目融资机制,拓展基础设施资金来源。     

地方政府融资平台视角下我国市政债券风险管理的思考

发行地方政府债券是地方政府筹措资金比较规范的途径,应逐步放开地方政府发债限制,引入市场化融资机制,允许符合条件的省级政府发行一定规模的地方债券。首先由财政部制定地方发行债券总规模控制指标,再由全国性信用评级机构评级后发行。允许地方政府发行债券,可以将贷款风险转化为显性的可控制的政府债务风险。通过债券发行等形式筹资建设的项目,往往具有相对较高的透明度以及相对较严格的自我约束;通过市场的监督机制,可以更有效地避免地方政府负债的非理性扩张。     

城镇化过程中投融资问题研究——基于公共服务的视角

由于现有的公共服务存在着种种不足,我国城镇化发展速度受到一定的制约。通过投融资体制机制的创新来促进公共服务的有效供给,一方面能够显著加快我国新型城镇化的进程,另一方面也能有效提高城镇化的质量。构建与新型城镇化相适应的投融资机制,应满足可持续性和多样性的原则,从多渠道为公共服务的供给筹集资金;增强地方财政在城镇化进程中的自我发展能力,建立稳定的筹资机制;建立政府、企业和个人共同投资的多元化投融资机制,通过市场机制为城镇化建设融资拓宽渠道;引导和支持民间资本进入基础产业、基础设施建设、市政公用事业、社会事业、金融服务等领域,创造良好的投资环境,推进公共服务和公共产品提供方式的社会化和市场化。     

城市市政、公用基础设施投融资中的资本市场利用

一、基本思路根据宏观经济的内外部环境、国内外资本市场的不同运作方式与约束条件,以及市政、公用基础设施的特点,我们认为利用资本市场进行市政、公用基础设施投融资的基本思路应该是:进一步解放思想、拓展视野,紧紧依托境内外资本市场,精心选择适宜性项目,充分利用现有投融资工具,不断探索创新投融资方式,有效盘活市政、公用基础设施资产,以最低的成本和最小的风险筹措更多的城建资金,以在新的历史时期形成城市建设资金的良性循环,并加快实现城市建设的现代化目标。在这个基本思路中,解放思想、拓     

我国保障房资金缺口问题及其解决途径

面对保障性安居工程巨额的资金需求,各地政府纷纷尝试多种保障房建设融资模式,其融资途径涵盖银行贷款、地方债、私募债、公积金甚至是企业债,保障房发展的资金困境似乎正在化解。但这又产生了新的问题：一是发债资金使用流向的监管,二是保障房债券的偿还。保障房项目利润率低,建设周期长,单纯依靠财政投入难以为保障房建设提供长期稳定的资金来源。应该发挥政府动员社会资源的能力,构建以地方政府为主体、多方参与、风险共担与风险规避的保障房投融资平台,吸引民间资本、住房公积金增值收益、银行信贷、信托、保险、社保等具有不同风险偏好的资本参与保障房建设,使建设资金来源多元化,从源头上解决融资难的问题。     

中国城布水务未来融资模式探析

基于对现有融资模式与可供选择的融资新模式的分析,认为应在现有融资模式的基础上,积极探索市政债券和资产证券化等融资新模式,实现我国城市水务融资模式多元化的格局。     

探索PPP新模式,突破郊区新型城镇化瓶颈——上海市青浦区重固镇PPP城镇化项目调研报告

当前上海郊区新型城镇化推进中面临着建设资金和建设用地受限,现有传统产业能级和人口素质偏低,城镇基础设施建设和农民利益欠账较多等瓶颈制约.青浦区重固镇整体推进PPP城镇化建设的新尝试,是上海郊区新型城镇化PPP模式“第一单”.以PPP模式系统化推进新型城镇化,可有效激发多方共同参与新型城镇化建设.应加强PPP研究,加强技术和政策指导,帮助基层解决操作中的难点问题,并尽早形成可复制、可推广的经验,为类似新市镇的开发建设提供借鉴.     

深化改革,推进新型城镇化建设

推进城镇化健康发展须处理好:非农产业与人口集聚的关系;非农产业发展、人口集聚与城市基础设施建设的关系;人口集聚与公共服务提供的关系;城市化与生态环境的关系;城镇建设中规模、结构和质量的关系。实现城镇化的健康发展,关键是要在正确认识城镇化本质、内涵和基本要求的基础上深化改革,构筑有利于新型城镇化发展的体制机制,最主要的是推进4个方面的改革:规划制定、土地制度、户籍制度、城乡统一市场建设。     

Stakeholders’ partnership approach to infrastructure provision and management in developing world cities: lessons from the Sustainable Ibadan project

In recent decades unprecedented urbanization has constituted a huge challenge to urban infrastructure development and management in most developing countries. Meanwhile, the appropriateness of conventional urban planning approaches to the improvement of urban environmental conditions in the face of deteriorating urban environment have often been questioned. It became inevitable to search for new approaches particularly in the context of low-income urban communities. International organizations such as the United Nations Development Programme (UNDP) and the United Nations Centre for Human Settlements (UNCHS) have subsequently initiated strategies to evolve a participatory approach to the development and management of the urban environment. One of such strategies is the Sustainable City Programme (SCP) which aims to provide municipal authorities and city stakeholders in the public, private and community sectors with an enhanced capacity for environmental planning and management. The programme is being implemented in several cities in parts of the developing world, including Ibadan – the Sustainable Ibadan Project (SIP) – in Nigeria. This paper examines the partnership approach to urban environmental infrastructure improvement, development and management as represented by the SIP. The relevance of the participatory partnership approach of the SIP for cities in parts of developing regions is examined. The paper implicitly stresses that bottom-up participatory stakeholder partnership is a strategy capable of enlisting the financial, material resources and expertise of various sectors of the urban community towards the improvement of urban environmental infrastructure. The paper presents preliminary findings of a study. Although traditional appraisal techniques were not employed, nonetheless, the paper presents a discussion of the processes and dynamics of the SIP on the basis of which some useful lessons may be drawn.     

国家资产负债表研究成果及其应用

我国实施财税和预算改革须探讨其与政府资产负债表的关系。我国的财政预算必须实现＂窄口径＂向＂全口径＂的转变,并能够同时反映流量和存量数据、揭示中长期风险和隐性风险。我国中央政府和地方政府资产负债表的存量数据,揭示了社保、医疗、环境治理、地方债和铁路债带来的中长期财政压力。对较为紧迫的地方债务和或有债务问题,我国需建立以地方债为主的地方融资体系,通过编制地方政府资产负债表来披露地方债务规模和担保数量。上海可以率先尝试发行地方债和编制地方政府资产负债表。     

Financing of Urban Services in India: A Case for Appropriate Pricing and Cost Recovery

The paper makes an attempt to examine financing of urban services within the broader macro-economic liberalisation and decentralisation context in India. It estimates the resource gap between the present flow of funds and financial requirements for urban civic services on the basis of the existing un-met demand and projected population growth trends. While making a case for appropriate pricing and cost recovery for generating more resources for financing urban services, the paper focuses on the changing attitude towards full-cost recovery, existing practices of pricing and cost recovery of urban services, provides empirical evidence of poor cost recovery from four Indian cities and identifies key institutional, conceptual and managerial issues that need to be addressed. Finally, the paper presents the emerging directions for policy reforms and action for meeting the growing needs for urban infrastructure and services, which includes some measures for fiscal reforms to increase the flow of finances for urban infrastructure and services, strengthening the resource base of local agencies and capacity building of local agencies.     

产业结构、公共支出与省际城镇化差异

利用分省的2005-2011年面板数据,对产业结构、公共财政支出与城镇化关系进行实证研究,发现产业结构、公共财政支出以及城镇建设水平都对城镇化进程具有显著影响,其中产业结构是首位的影响因素,产业结构的优化升级是推进新型城镇化的重要支撑,而公共财政支出和城镇建设水平的提高对城镇的人口承载力同样具有正效应。     

Resisting motorization in Guangzhou

Private motorization has accompanied unprecedented urbanization in China, as a matter of public policy. Planning at the provincial and city levels has supported the rapid build-up of the private car fleet in major cities through the development of regional and urban highway networks, higher capacity local streets and much higher standards for car parking in new developments. By contrast, urban planning until 1994 concentrated on the building of community and the support for a non-motorized lifestyle. Guangzhou experienced particularly rapid city-building during this period because it was at the centre of the market reforms launched in 1978. The communities that were built form a broad ring around the historic core of the city, constituting one of the most significant obstacles to government ambitions to maintain the recent growth rates in car ownership. Guangyuan and Jiangnanxi are examples of such middle-class, home-owning communities where daily life remains almost exclusively non-motorized. Self-organized groups in the community are increasingly vocal and active in their demands to enhance local environmental quality and restrict local motorization. Local municipal authorities, although increasingly active and autonomous, try to strike a balance between government objectives and local demands. The application of motorization illustrates the growing gap between high-level policy and grassroots urban planning in Guangzhou.