债务置换是我国政府为解决存量债务问题,配合构建规范的债务管理制度而设计的一种政策工具,债务置换在深化财政体制改革中扮演着重要的角色。以广西壮族自治区为例,截至2016年第二季度,全区已发行置换债券1272亿元,其中2015年发行744亿元,2016年发行528亿元。广西债务置换的做法自债务置换政策实施以来,广西根据中央工作部署,积极尝试发行债券置换存量债务,地方政府债务结构得到极大 Debt replacement is a policy instrument designed by our government to solve the stock debt problem and coordinate with the construction of a standardized debt management system. Debt replacement plays an important role in deepening the reform of the financial system. Taking Guangxi Zhuang Autonomous Region as an example, as of the second quarter of 2016, the region has issued 127.2 billion yuan of replacement bonds, of which 74.4 billion yuan was issued in 2015 and 52.8 billion yuan was issued in 2016. Since the debt replacement policy was implemented in Guangxi, Guangxi has actively tried to issue bonds to replace its stock of debts according to the deployment of the central government and the debt structure of local governments has been greatly enlarged