摘要
化解地方债务风险是保障中国高质量发展的一项重要且紧迫任务。本文从中央与地方财政关系、政府与市场关系两个维度论述了中国地方债务风险的制度逻辑,并分析了该制度逻辑下地方债务的若干现实表现,这些表现可能会导致出现周期性化债的不利局面。本文进而提出中国地方债务兼具“类国债”性质和“类市政债”性质,是一种混合公债,从一个全新视角阐述了中国地方债务风险的理论逻辑。混合公债性质使得中国的地方债务既具有充分发挥中央和地方两个积极性、协同推进国家重大战略与地方发展的积极功效,也会导致信用混同、用途混合和风险混杂,不利于化解债务风险。基于混合公债视角,中国化解地方债务风险应兼顾短期的“治标”和中长期的“治本”。“治标”主要是债务置换,“治本”落脚于逐步剥离地方债务的“类国债”性质,后者有助于避免周期性化债。
Resolving local debt risk is an important and urgent task to ensure China's high-quality development.This paper discusses the institutional logic of local debt risk in China from the dimensions of the central-local fiscal relationship and the government-market relationship,and analyses a number of real-life manifestations of local debt under this institutional logic which may lead to an unfavorable situation of cyclical debt resolution.This paper further proposes that China's local debt is both"treasury-like"and"municipal bond-like"in nature,which is a kind of hybrid public debt,and expounds the theoretical logic of China's local debt risk from a new perspective.The hybrid nature of public debt makes China's local debts not only have the positive effect of giving full play to both the central and local authorities and synergizing the promotion of major national strategies and local development,but also lead to mixed credits,mixed uses and mixed risks,which are not conducive to resolving debt risks.Based on the hybrid public debt perspective,China's resolution of local debt risk should consider both the short-term cure and the medium-to long-term cure.The former is mainly debt replacement,whereas the latter is based on the gradual divestment of the"treasury-like"nature of local debt,which can help to avoid the cyclical debt resolution.
出处
《财政科学》
CSSCI
2023年第9期12-26,共15页
Fiscal Science
基金
国家社科基金重大项目(项目编号:18ZDA097)的资助。
关键词
地方债务风险
类国债
类市政债
混合公债
周期性化债
Local Debt Risk
Treasury-like
Municipal Bond-like
Hybrid Public Debt
Cyclical Debt Resolution
