⊙新平

⊙ xinping

　　自2010年《关于加强地方政府融资平台公司管理有关问题的通知》出台以来，在国务院的统一领导下，通过监管部门、银行业金融机构、地方政府以及相关部门的共同努力，平台贷款清理工作已经取得显著成效，监管类平台贷款余额大幅下降。但是，社会各界对后续工作也存在担忧。

Since 2010[The local government financing platform on strengthening the management of the relevant questions of the notice]Since introduced,In under the unified leadership of the state council,Through the supervision department/Banking financial institutions/The local government and relevant departments work together,Platform loan cleaning work has achieved remarkable results,Supervision class platform loan balance plunged.but,The social from all walks of life to the follow-up work there are also concerns.

　　第一，在中国经济增长速度出现放缓背景下，许多省份在“稳增长”政策微调中，纷纷推出地方性的经济刺激计划。在地方财力捉襟见肘、土地财政难以为继的情形下，为了给雄心勃勃的大规模投资计划融资，恐怕只能走上“华山一条路”——重打“融资平台”主意。

The first,In China's economic growth rate slowed down in the background,Many provinces in"Steady growth"Policy fine-tuning of,Introduced in the local economic stimulus plan.In local financial rebuilding/Land financial difficult circumstances,In order to give ambitious large-scale investment project financing,I'm afraid I can only on"Huashan a road"- thump"Financing platform"idea.

　　第二，当前大量平台贷款集中到期，如果不采取行之有效的措施，一旦信贷风险集中爆发，后果难料。另外，监管部门几乎每年都要针对平台清理工作出台类似《指导意见》的通知，其中不乏有效措施，但由于条目多、调整快，容易让人“眉毛胡子一把抓”、分不清轻重缓急。总而言之，平台贷款清理工作必须抓住要害。

The second,The current large platform loan expires concentration,If you don't take effective measures,Once the credit risk concentration outbreak,Unintended consequences.In addition,Regulators are almost every year for platform cleaning work issued similar[Guiding opinions]notice,There is no lack of among them effective measures,But as a result of more entries/Adjustment fast,Easy to"Go about several tasks at a time"/Confound with priorities.overall,Platform loan cleaning work must seize the key.

　　首先，要强调“领导重视”、“趋势控制”。我国平台贷款是经济社会发展过程中的特殊产物。应该说，平台贷款拓宽了地方政府的融资渠道，缓解了资金需求紧张的矛盾，极大地推动了地方基础设施建设以及公共产品和服务的提供，为保持经济社会平稳较快发展做出了积极贡献。但平台贷款也是“双刃剑”，即使目前规模不足以大到“致命”，听任其无休止膨胀，加上还有社保资金等方方面面的缺口，很难说不会给国家造成财政、金融领域的危机或问题，必须深刻记取欧洲主权债务危机带给世界的沉痛教训，科学把握好扩张政策的尺度。

First of all,To emphasize"Leadership attaches great importance to the"/"Trend control".Our country platform loan is economic and social development in the process of the special product.Should say,Platform loan broaden the financing channels of the local government,Alleviate the tense capital demand contradiction,Greatly promote the local infrastructure and public products and service provision,To maintain stable and rapid economic and social development has made a positive contribution.But platform loan is also"Double-edged sword",Even though the present scale not big to"deadly",Let their endless expansion,Add still have social security funds all aspects such as the gap,It's hard to say not to cause financial state/In the field of finance crisis or problem,Must learn from deep European sovereign debt crisis brings the world painful lessons,Scientific grasp expansion of the scale of the policies.

　　而更为重要的是，虽然平台贷款的大量使用能够熨平经济周期，却使一些深层次的结构性矛盾被覆盖隐藏，无法通过市场机制发挥作用实现优胜劣汰，不利于我国尽快突破中等收入陷阱的威胁，为经济长期稳健增长打好基础。

But more important,Although platform use of loans to ironing economic cycle,But some deep structural contradictions are covered hide,Not through the market mechanism to play a role to realize survival of the fittest,As soon as possible in China to break through the threat of middle-income trap,For economic long-term steady growth lay a good foundation.

　　有鉴于此，一方面，要对彻底化解平台贷款风险持续给予重视。

In view of this,On the one hand,To completely resolve platform loan risks continue to pay attention to.

　　从中央层面来讲，建议在金融旬会机制下，组建国务院层面的清理工作领导小组，制定统一工作目标和考核机制，特别是制定年度平台贷款余额削减规划，确保清理工作不因经济周期下行而反弹，解决好不同部门之间认识不统一、进度不一致、政策不协调等问题。同时，建议在今年代发地方政府债券的基础上，考虑在个别平台贷款余额下降较大、地方财政实力相对较强的省份开展地方债券发行试点，或者进一步加大明年地方政府债券代发规模，既防止地方政府把公司类贷款重新划回平台类贷款的道德风险（左手换右手），又使监管部门清理平台贷款的攻坚战得到财政部门的有力驰援。

Will tell from the central level,Suggestions in the financial ten-day will mechanism,The state council set up level of cleaning work leading group,Formulate unified job objective and examination mechanism,Especially set up the annual platform loan balance cut planning,Ensure that work is not clear because of the economic cycle descending and rebound,Solve between different departments know not unified/Progress does not accord/Policy not coordination problem.At the same time,Suggestions in this year undertakes the basis of local government bonds,Consider in individual platform loan balance large decline/Local financial strength relatively strong province to carry out local bond issue pilot,Next year or further intensify the local government bond issuers scale,The company not only prevent the local government such loans to row back platform class of the moral risk of the loan(Left hand in hand),And regulators cleaning platform loans to the financial department of the tough sell get powerful step into the breach.

　　从地方层面来讲，主要负责同志一定要对经济增长速度适当下降保持一定的“容忍度”，把注意力的焦点放在提高经济增长质量和立足长远发展上，确保调动方方面面力量，认真做好平台贷款风险化解。特别是当前各地政府换届刚刚完成或者即将进入高峰期，新任领导一旦接过权利的接力棒，一定要本着对国家发展和全局整体负责任的态度，继续保持工作的连续性和稳定性，万万不可“后任不买前任账”。

Will tell from local level,Mainly responsible for comrades must to economic growth rate down properly maintain certain"tolerance",Put the focus of attention on improving the quality of economic growth and based on long-term development,To ensure that all aspects to strength,Earnestly resolve platform loan risk.Especially the current local governments of just finished or are about to enter the peak,The new leadership once took the rights of the baton,Must be in line with to the national development and global whole responsible attitude,Continue to keep the working continuity and stability,Absolutely not"Don't buy after the former account".

　　另一方面，平台贷款风险化解不可能一蹴而就，必须保持足够耐心。目前来看，尽管一些平台贷款已经实现到期按时还贷，但毕竟少之又少；同时，当前国家出于“稳增长”的战略考虑，需要大力支持保障房和国家重点在建项目，减少增多，意味着短期内平台贷款总量甚至还会上升。因此，强调“总量控制”、不允许丝毫绝对数额上升是不现实的，关键要做好“趋势控制”，即通过各方的不懈努力，最终将平台贷款规模控制在地方财力能够覆盖的范围之内，实现财政金融、经济社会可持续发展。

On the other hand,Platform loan risk resolve not to accomplish in one move,Must keep patient enough.So far,Although some platform loan has been achieved due owing on the loan on time,But after all, few and far between;At the same time,The current state of"Steady growth"'s strategic thinking,Need to vigorously support room and national key construction projects,Reduce increase,Means that the short term platform loan amount and even will also rise.therefore,emphasize"Total amount control"/Don't allow any absolute amount rise is not realistic,Key to do"Trend control",That is, through the unremitting efforts of all parties,Will eventually platform the size of the loan control in local financial resources to the scope of cover,Achieve fiscal and monetary/Economic and social sustainable development.

　　其次，要强调“据实定贷”、“收回再贷”。国际金融危机爆发以后，我国当时启动的4万亿经济刺激计划中的不少项目，目前要么建成尚未完工，要么建成后自身现金流覆盖不理想，加上地方政府每年财力有限，如果不顾实际、刻意强求到期还本付息，原来不过是流动性上的小问题，却可能因为工作上的不切实际，导致信贷风险集中爆发。

secondly,To emphasize"Truthful fixed credit"/"Back to credit".The international financial crisis after the outbreak,Our country at that time start of the 4 trillion economic stimulus plan of many projects,It is either built is not completed yet,After the completion of their cash flow or cover not ideal,Combined with the local government financial co., LTD., every year,If regardless of the actual/Strung maturity repayment of capital and interest,The original is but the liquidity of the small problems,But perhaps because work impractical,Lead to credit risk concentration outbreak.

　　以开发贷款为例，期限一般低于三年（含），如果能够按照“据实定贷”、“收回再贷”原则，将原有贷款期限一次性调整成5—10年的中长期贷款（极个别贷款期限调整后可小于5年或大于10年），自身现金流全覆盖问题就容易解决和实现。目前，《关于加强2012 年地方政府融资平台贷款风险监管的指导意见》第六、七条款规定，只有达到现金流全覆盖以后，才允许“收回再贷”或者“据实定贷”，显然排除了通过贷款期限调整以后才实现现金流全覆盖的情形，不利于全面有效防止“信贷风险集中爆发”，建议予以适当调整。

To develop loans as an example,Period normally less than three years(contain),If can, in accordance with the"Truthful fixed credit"/"Back to credit"principle,The original loan term disposable adjustment into 5-10 years of long-term and medium-term loans(The extremely individual loan time limit adjusted can be less than 5 years or more than ten years),A complete coverage of their cash flow problem is easier to solve and realize.At present,[On strengthening the local government financing platform in 2012 loan risk supervision instruction opinion]The sixth/Seven provisions,Only to cash flow after complete coverage,Is allowed"Back to credit"or"Truthful fixed credit",Apparently ruled out through the loan time limit after adjustment to realize complete coverage of cash flow situation,To prevent unfavorable to overall effective"Credit risk concentration outbreak",Suggestions be adjusted appropriately.

　　然后，要强调“重在增信”、“重组增贷”。不少人可能见过这样的事例：一些土地开发项目竣工以后，原来的脏乱差的环境得到了彻底治理，形成“蓝天碧水”、“鸟语花香”、“杨柳依依”的景观，即使土地拍卖市场不景气，土地价格依然涨到治理之前的3—4倍甚至更多；同时，即便银行对抵押土地价格再打折扣，价值总量仍然可以超过贷款本息。

then,To emphasize"Focuses on credit"/"Restructuring ZengDai".Many people have seen such a case:Some land development after project completion,The original thirty-three environment management was completely,formation"The blue sky"/"Charactizing a fine spring day"/"YangLiuYiYi"landscape,Even if the land auction market downturn,Land prices are still up to management of before 3, 4 times or more;At the same time,Even if the bank to mortgage land prices and discounts,Total value can still more than the loan principal and interest.

　　但遗憾的是，地方政府并未将任何土地资产划转城投公司名下，城投公司相反只是过去银行贷款的债务主体，依然没有现金流。因此，必须把“重在增信”和“重组增贷”作为平台清理的重要环节抓好。

But it is a pity that,The local government will not any land assets transfer city investment company name,City investment company instead just past the bank loan debt subject,Still no cash flow.therefore,Must take"Focuses on credit"and"Restructuring ZengDai"As an important link of the platform to clean up.

　　所谓“重在增信”，就是要通过债务重组、增加资本和抵质押、置换无效担保、签订补差协议、变现政府资产或国企股权、将政府承诺还款的部分纳入当期财政预算等方式，提高平台公司自身信用，增强还款能力；所谓“重组增贷”，就是对于自身收益不能还本付息，但通过资产重组、引入战略投资者后现金流能够覆盖贷款本息的平台，商业银行要继续给予信贷支持。

The so-called"Focuses on credit",Is to through the debt restructuring/Increase capital and mortgaged, pledged/Replacement invalid guarantee/BuCha agreement signed/Realizable government assets or the state-owned enterprises better stock/Will the government promised the part of the reimbursement into the current fiscal budget, etc,Improve the platform company oneself credit,Enhance reimbursement ability;The so-called"Restructuring ZengDai",Even for their own income can't repayment of capital and interest,But through the assets reorganization/After introducing strategic investors cash flow to cover the principal and interest of loans platform,Commercial Banks will continue to grant credit support.

　　对“增信”“重组”，关键在于地方政府的重视程度和工作优先顺序。如果个别地方罔顾平台公司资不抵债的事实，不想任何办法、不找任何对策，听凭平台公司大量悬空银行债务，甚至将由平台项目形成的优质资产注入所谓“更重要领域或项目”来借款、发债，商业银行就有必要在监管部门或银行业协会组织下，联合不为赖账地方提供任何信贷支持，保护自身权益。

to"credit""restructuring",The key lies in the local government attention degree and the working order of precedence.If the individual local ignoring platform company insolvency facts,Don't want any way/Don't find any countermeasures,Enabling platform company a large number of impending bank debt,Even the platform project formation of high quality assets into the so-called"The more important fields or project"To loan/FaZhai,Commercial Banks will be necessary in supervision department or banking association under the organization,United not to depend on local provide any credit support,Protect their own rights and.

　　需要补充说明的是，上面的政策建议只是针对一般性平台贷款，实际还有两种极端情形：一种是项目已经建成，平台公司自身现金流能够全覆盖，且商业银行可以及时收贷，这就再好不过了。另外一种是平台项目属于公益类，自身现金流无覆盖，也很难吸引民间或社会资本，实际相当于用银行资金为财政投资的公共设施做搭桥贷款，这就需要将其尽快纳入地方财政预算内管理了。

Additional explanation is,The above policy Suggestions only for general platform loans,Actually there are two extreme cases:A project has been completed,Platform company oneself cash flow can full coverage,And commercial Banks can ShouDai in time,It couldn't be better.Another kind is platform project belongs to public class,Their cash flow no cover,Also it is difficult to attract folk or social capital,The actual equivalent to use bank funds for the financial investment of the public facilities do bridge loan,This needs to be in place as soon as possible financial budget management.

　　（作者系资深经济分析人士）

(The author is senior economic analysts)