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国际著名两大评级机构同时调低中国信用,地方债务所累积的风险和可能给未来经济带来的巨大伤害引起各界关注。在实行金融严格分业管理的中国,地方政府债务产生究竟有着怎样深刻的背景?文章剖析了地方债务依托的地方政府融资平台公司,依赖于政府的土地财政,与地方性商业银行、信托公司、影子银行的合作,环环相扣、险象环生,累积和加剧了金融风险,如不采取措施将有可能演变为中国式的“次贷危机”。据此,文章提出了正确理解新型城镇化目标作为下一轮经济的支撑点、改变评价政府绩效的观念以及在财务预算改革、金融监管等方面全方位综合治理地方债务的解决方案。
Two well-known international rating agencies at the same time reduce China’s credit, local debt accumulated risks and possible future economic downturn caused great concern. In China, where there is strict financial segregation management, what is the profound background of local government debt? This article analyzes the local government financing platform companies based on local debt, relies on the government land finance and works with local commercial banks, trust companies, The cooperation of shadow banking, closely linked and fraught with risks, accumulates and exacerbates financial risks. If no measures are taken, it may evolve into a Chinese-style “subprime mortgage crisis.” Accordingly, the article puts forward the solution of correctly understanding the new urbanization target as the support point of the next round of economy, changing the concept of evaluating government performance, and comprehensively controlling local debts in the aspects of financial budget reform and financial supervision.