本报讯（记者马文婷 实习记者张韦）央行昨天公布行长周小川日前在中国金融40人论坛上的讲话，周小川指出，中国今后若能建立地方政府债务体系，地方债应主要出售给当地居民，以构成对地方政府债务的约束。

Report from our correspondent(Reporter MaWenTing internship reporter ZhangWei)Central bank governor zhou xiaochuan yesterday published recently in China's financial 40 people on BBS's speech,Zhou xiaochuan pointed out that,In the future China if you can establish the local government debt system,Local debt should mainly be sold to local residents,To build on the local government debt constraint.

　　周小川表示，从国际经验看，外部债务存在很多道德风险问题。中国也存在相类似的问题，比如地方政府融资平台。如果发债主体为省（区、市）政府，而市场为全国性市场，也会出现举债缺乏制约、道德风险、定价机制失效等问题。因此，如果中国今后能建立一个地方政府债务体系，地方债应主要出售给当地居民，当地居民会基于自身的养老金、福利等问题来考虑是否购买，这样就构成了对地方政府债务的制约。

Zhou xiaochuan said,From the international experience to look at,External debt has many moral hazard problem.China also has similar problems,Such as local government financing platform.If FaZhai subject for province(area/city)The government,And the market as the national market,Also can appear debt lack of restriction/Moral risk/Pricing mechanism problems such as failure.therefore,If China's future will be able to build a system of local government debt,Local debt should mainly be sold to local residents,Local residents will be based on their own pension/Welfare problems to consider whether to buy,So it will constitute the local government debt restriction.

　　解读降低信息不对称引起的风险 Reading to reduce the information asymmetry caused by the risk

　　国际金融问题专家赵庆明对周小川的设想表示认同。他指出，这样可以加强当地居民对政府的制约和监督，降低可能由于信息不对称而导致的冒险和风险。

International financial experts to the idea of ZhaoQingMing zhou xiaochuan said identity.He pointed out that,So we can strengthen the local residents to government restriction and supervision,Reduce may be due to information asymmetry and cause of risk and risk.

　　但是，清华大学中国与世界经济研究中心研究员袁钢明认为，真正的风险约束并不是靠范围缩小，而是指发债单位本身对这件事情的自我约束和制度约束，所以最根本的问题在于发债机制或发债制度一定要安全、健全。

but,Tsinghua university of China and the world economic research center researchers YuanGang Ming think,The real risk constraint and not by narrow,It is a FaZhai unit itself to this matter of self-discipline and institutional constraints,So the most fundamental problem is the FaZhai mechanism or FaZhai system must be safe/sound.