地方政府发行公债尚不具备可行性

国债和公债的职能有重大区别,地方政府发行公债还必须具有体制和机制条件,这一条件的核心是规范化的中央政府和地方政府之间的财政分配关系以及宏观经济结构基础条件。从中央和地方的财力财权关系、宏观经济结构和公债发行效应等方面分析,可以说明地方政府发行公债目前尚不具有现实可行性。

The Issue of Public Bonds by Local Governments is infeasible

There is a great difference in functions between national bonds and public bonds.Local governments should have good conditions of system and mechanics if they want to issue public bonds.And the key to the conditions is to regulate the distributive relation of finance between central and local governments,and to create the basic conditions of macroeconomy.From the current relation,macroeconomy structure and the effects of public bonds,the issue of public bonds by local governments is infeasible.