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从2008年为应对国际金融危机中国实施积极的财政政策和适度宽松的货币政策以来,信贷投放的增长异常迅猛,仅2009年上半年的信贷投放就高达7.37万亿元,快速增长的货币信贷导致资产泡沫和通货膨胀预期的出现。在高速信贷投放的主体中,各地方政府纷纷融资进行大规模基础设施建设,导致地方投融资平台的数量和融资规模呈现飞速发展的趋势。由于地方财政或政府信用对融资平台债务实行变相担保等各种体制性原因,实质性上已经构成地方政府的隐性负债及或有负债,导致地方政府的债务风险加剧。因此,本文在说明地方政府融资平台债务现状的基础上对债务风险加剧的成因及危害进行分析,最后提出防范债务风险的相关对策。
Since 2008, in response to the international financial crisis, China has implemented a proactive fiscal policy and a moderately easy monetary policy. The credit growth has been exceptionally rapid. The credit growth in the first half of 2009 was as high as 7.37 trillion yuan. The rapid growth of monetary credit led to Asset bubbles and the emergence of inflation expectations. In the main body of high-speed credit, all local governments have financed large-scale infrastructure construction, resulting in the rapid development of the number of local investment and financing platforms and the scale of financing. Due to various institutional reasons such as the disguised guarantee of local finance or government credit on the financing platform debt, the local government’s implicit liabilities and contingent liabilities have become substantial, leading to the increase of local government’s debt risk. Therefore, this article analyzes the causes and harms of debt risk aggravating on the basis of the status quo of local government financing platform debts, and finally puts forward countermeasures to prevent debt risk.