论我国地方政府债券发行方式的制度安排

在启动地方政府债券的初期,采用国债发行渠道和类似于国债发行的手段是完全可以理解的,但接下来如何发展地方政府债券的发行模式,使此次中央代发地方债不仅仅是为地方提供资金配套的一个临时性措施,更多的是一个地方政府财权、事权匹配改革积极的举措,是需要关注的首要问题。在地方投融资平台清理后,放行省级债将是发行方式逻辑上的顺延。

On the System Arrangement of the Issue of Local Governmental Bonds

In the early stage, it is quite understandable to issue the local governmental bonds through the same or similar channels as the state bonds. But then how shall we develop the issue model of local governmental bonds？ As for issuing the local governmental bonds by the central government, it is our first priority to make it a positive measure so that we can make the local governments＇ powers match the reform rather than to keep it a temporary measure of providing matching funds for local governments. Therefore, it is logical to let go the issue model of provincial debts after the local investing and money-circulating platform has been cleaned up.