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自2008年下半年,为了应对全球经济衰退对我国经济的不利影响,中央推出了4万亿经济刺激计划,为筹集资金,中央决定采用代发地方债的形式,发行2000亿地方债券。但是在地方债券在发行过程中却遭遇了一级市场认购度下降和二级市场交易量过低的流动性困境。地方债遭遇流动性困境由多方面原因共同造成。如果今后地方政府债券发行常态化,为了避免地方债再次遭遇流动性困境,应该建立其比较规范的地方债风险评级体系,并规范地方政府发债行为,防范地方财政风险。
Since the second half of 2008, in response to the adverse impact of the global economic downturn on China’s economy, the central government launched a 4 trillion yuan stimulus package. To raise funds, the central government decided to issue 200 billion local bonds in the form of local debts. However, during the issuance of local bonds, they encountered a liquidity dilemma of declining subscriptions in the primary market and trading volume in the secondary market being too low. Local debt suffered liquidity plight caused by many reasons. If the issuance of local government bonds is normalized in the future, in order to prevent the local debt from once again encountering liquidity dilemma, it should set up its relatively standardized local debt risk rating system and regulate the issuance of local government bonds to prevent local fiscal risks.