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新一届政府提出的新城镇化路线,中国现有的金融体系必然要为其匹配一套有效地融资渠道和融资工具。回顾过往中国地方政府的融资实践,由于受到法律法规限制,平台贷款、债券融资和信托融资等变通工具实际上成了市政债券的替代品。由于完整意义上的市政债券长期缺位,变通的融资工具不仅造成地方政府举债困难,而且造成大量风险积聚在商业银行体系之中。本文重点分析了中国地方融资问题的核心,并梳理借鉴部分国家市政债券的运用经验,以期为后续的地方融资实践给出一些启示。
The new urbanization route proposed by the new government will inevitably have to match an existing set of effective financing channels and financing tools in China’s existing financial system. Recalling past Chinese local government financing practices, due to legal and regulatory constraints, platform loans, bond financing and trust financing and other alternative instruments actually become a municipal bond alternatives. Due to the long absence of municipal bonds in the full sense, flexible financing tools not only make the local government difficult to borrow, but also cause a great deal of risk to accumulate in the commercial banking system. This paper focuses on the core of China’s local financing issues and combs the experience of using some municipal bonds for reference to provide some inspiration for the subsequent practice of local financing.