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公债的实质是个金融问题;而地方公债的实质是宏观经济环境下的地方金融问题。以WH开发区为例,2002年到2011年,WH开发区顺应国家宏观金融形势,自主作为,因势求变,以国有投融资平台为主体,为地方财政基础设施建设资金缺口组织资金。从当年底余额6.7亿元,到2011年底余额已达到45亿元,有效缓解了地方财力不足弊端,加大了园区基础设施建设步伐,为开发区的长远发展腾挪出了空间。2009年前,
The essence of public debt is a financial problem; while the essence of local government bonds is local financial problems in the macroeconomic environment. Taking WH Development Zone as an example, from 2002 to 2011, WH Development Zone complied with the macro-financial situation of the country and made its own decisions. Based on the state-owned investment and financing platform, WH Development Zone organized funds for the funding gap of local fiscal infrastructure. From the balance of 670 million yuan at the end of the year, the balance by the end of 2011 has reached 4.5 billion yuan, effectively alleviating the disadvantages of insufficient local financial resources, increasing the pace of infrastructure construction in the park and creating room for the long-term development of the zone. Before 2009,