我们看到近几年来,地方政府债务问题受到市场上越来越多的关注,这亦反映了投资和收益的严重的结构性问题,也就是说,在投资以政府为主,而收益以民间为主的投入产出结构下,政府投资行为吸纳了较多的消费空间,从而带来在2009年政府债务高速扩张之后,由于消费无法有效衔接投资带来的资金缺口,造成的风险性预期。管制存量债务端由于数据的不透明,在具体数据出 We have seen that in recent years, the issue of local government debt has drawn more and more attention from the market. This also reflects the serious structural problems of investment and earnings. In other words, when the investment is dominated by the government, Under the input-output structure of the government, the government investment behavior absorbs more consumption space, resulting in a risky expectation after the rapid expansion of government debt in 2009 because of the lack of funding due to the ineffective convergence of investment. Regulation of the stock of debt due to data opaque, in the specific data out