今年上半年地方政府债券发行规模达到3.66万亿元,占到2015年全年发行量的95%以上,是仅次于国债、政策性银行债的第三大债券品种。2016年债券置换不仅是针对2016年到期债务,还有2017年、2018年提前偿还的高成本债务。适度加大国债和地方政府债券的发行规模,有助于增强货币政策稳增长的有效性,降低系统性风险,从某种意义上说,加速地方政府债务置换是用行政化的手段推进了市场化改革的重要举措,厘清了政府和企业债务的边界,银 In the first half of this year, the issuance amount of local government bonds reached 3.66 trillion yuan, accounting for more than 95% of the 2015 annual circulation, ranking the third largest bond after the government bonds and policy bank bonds. 2016 bond swap is not only for the debt due in 2016, but also in 2017, 2018 early repayment of high-cost debt. Moderately increasing the issuance scale of treasury bonds and local government bonds helps to enhance the effectiveness of steady growth of monetary policy and reduce systemic risk. In a sense, accelerating the replacement of local government debt is an administrative means to promote the market An important measure of reform has clarified the border between government and corporate debt