当前地方政府存量债务置换的优化方案及相关建议*

本文分析了我国地方政府存量债务置换的背景及利弊，认为当前推行的地方政府债务置换对于缓解地方政府债务问题、防范化解金融体系风险具有重要意义。但同时，置换方案在发行定价机制、综合改革效应等方面存在一定优化空间。针对现行存量债务置换存在的不足，本文建议借鉴1998年以来我国两次发行特别国债推动国民经济债务重组的经验，通过发行特别债券和开展外汇储备资产证券化实行第三次国民经济债务重组。

APPROACH TO OPTIMIZATION OF CURRENT LOCAL GOVERNMENT EXISTING OBLIGATIONS REPLACEMENT AND RELEVANT SUGGESTIONS

This paper analyses the background and pros & cons of local government existing obligations replacement in China, and believes that current replacement is significant in terms of alleviating local government debt, resisting and resolving financial risksHowever, the replacement still can be optimized in areas including offering pricing mechanism, overall reform effects, etcIn order to deal with the shortfalls of current replacement, this paper suggests learning from two replacements of national economic debt by issuing special national bonds in China since 1998, to realize the third replacement of national economic debt by issuing special bonds and securitization of foreign exchangeMeanwhile, this paper suggests promoting relevant systematic and institutional reforms as soon as possible, speeding up the governance of root causes for local government obligationThis paper believes that, at present, inflation in China remains mild, with overall sufficient foreign exchange, and RMB exchange rate enters into a two way fluctuation channel, which have provided opportunities for the third replacement of national economic debt with the core of securitization of foreign exchange.