2009年10月以后，有关地方政府融资平台债务的论题充斥于学界和媒体。围绕地方政府融资平台债务的研讨，将焦点集中于商业银行等金融机构的贷款风险，但地方政府融资平台债务的问题，实际上是一个财政体制问题。要真正解决各地方政府拓展城镇化建设的资金不足，需要从改革财政体制入手，处理好相关关系。

After October 2009,The relevant local government debt financing platform with the topic it when I read it and media.Around the local government debt financing platform for discussion,Focus attention on the commercial Banks and other financial institutions loans risk,But the local government financing platform debt problem,Is actually a financial system.To really solve the local government develop urbanization construction fund shortage,We need to start from the reform of financial system,Handle relevant relationship.

　　在中国，财政体制是集权体制，地方财政承担的各种债务最终由中央财政负责清偿。从这层意义上说，所谓“地方政府融资平台”的债务问题，实际上是财政体制内中央与地方的关系问题。跨入21世纪以后，这一问题之所以表现突出，一个主要成因是，在实现了温饱型小康以后，广大居民已大致处于吃穿不愁的状态，消费结构已从对“吃、穿、用”的需求转向了对“住、行、学”的需求，由此原先以满足“吃、穿、用”为重心的工业经济结构（中央部门可用大型工业项目布局安排来引导地方政府行为的宏观调控格局）已不能满足新条件的各地方经济社会发展需要。在解决“住、行、学”供给过程中，各地方政府已改变了原先在争工业项目中存在的竞争关系，毕竟中央部门并不直接管理各地方的城镇化建设，要缓解由“住、行、学”供给短缺引致的种种经济社会矛盾，还要靠各地方政府自己想办法。在可获得的资本性资金极为有限的条件下，借债建设就是一个必然的选择。另一方面，在经济体制机制改革深化的过程中，由中央部门下发给地方政府管理的事务不断增加，引致地方政府需要使用资金来解决的问题越来越多，但与此同时，中央部门下放给地方政府的财力并没有随之同步配套增加，这引致了地方政府在解决或完成各项事务中的资金捉襟见肘，借款过日子也就成为一个没有办法的办法。

In China,Financial system is centralized system,Local finance assume all kinds of debt finally by the central financial authorities responsible for liquidity.In this layer sense,The so-called"The local government financing platform"Debt problems,Is actually within the financial system of the central and local relationship problems.Since the 21st century,This problem is distinguishing,One of the main causes is,In realizing the subsistence well-off later,The inhabitants have been roughly in food and clothing have state,Consumption structure has from the"eat/wear/with"Demand turns on"live/line/learn"demand,Thus the original to meet"eat/wear/with"For the center of gravity of industrial economic structure(The central departments can be used large industrial projects layout arrangement to guide the behavior of the local government macro-control pattern)Can't meet the new conditions of the local economic and social development needs.In solving"live/line/learn"Supply process,The local government has changed the original in industrial projects for existing in the relationship between competition,After all the central department does not direct management of the local urbanization construction,To alleviate by"live/line/learn"Supply shortages caused by a variety of economic social contradictions,You have to rely on the local government to find our own way.In the available capital fund limited conditions,Debt construction is a inevitable choice.On the other hand,In the economic system in the process of deepening reform of mechanism,Under the central departments to local government management affairs increasing,Cause local governments need to use money to solve the problem more and more,But at the same time,The central authorities transferred to local government financial and no then synchronous supporting increase,This lead to the local government in solving or complete all affairs of rebuilding the funds,Borrowing life will become a no choice.

　　国家审计署报告指出：“1997年以来，我国地方政府性债务规模随着经济社会发展逐年增长。”地方政府性债务的增长率长期处于高位运行，与对应年份的全社会固定资产投资增长率相比，除2008年和2010年略低外，大部分年份均明显高于全社会固定资产投资增长率。同时，地方政府性债务的增长率始终呈现为正数，这意味着地方政府性债务的绝对额规模不断扩展。一个简单的问题是，由地方政府融资平台债务所建设的各种项目，在今后城镇化进一步推进过程中，投资数额是呈增加趋势还是呈减少趋势？如果是呈增加趋势，那么，这些项目建设的投资将由谁来承担，又将运用何种性质的资金？显然，地方政府性债务还将随着这些项目建设规模的扩大而增加。由此，提出了一个两难问题：要减少地方政府性债务，就难免减少对公益性和准公益性项目的投资，由此，将引致本来就已严重短缺的教育、医疗、道路、水电等一系列的供给更加短缺，给经济社会发展和民生问题解决以更大的困难；或者加大对这些方面的投资，由此将引致地方政府性债务进一步增加。面对两难困境，何去何从？理论上也许还可继续探讨，但重要的是，实践已处于“时不我待”之中，必须抓紧时间予以明确的选择。

National audit office report says:"Since 1997,Our local government debt scale with the economic and social development increased year by year."Local government debt in the long run, the growth rate of high operation,And the corresponding year the whole society compared to the growth rate of investment in fixed assets,Except 2008 and 2010, slightly low external,Most of the year were significantly higher than that of the social fixed assets investment growth rate.At the same time,Local government debt rate always appears as positive,This means that the local government debt scale expanding sheer specified number.A simple question is,By the local government debt financing platform for the construction of all kinds of projects,In the future urbanization further process,The amount of investment is a trend of increase or decreased?If is a trend of increase,so,These projects investment who is to bear,And will use to define the nature of capital?obviously,Local government debt will also as these projects of the enlargement of scale and increase.this,This paper puts forward a dilemma:To reduce local government debt,We are likely to reduce the welfare and quasi commonweal project investment,this,Will cause was already serious shortage of education/medical/road/A series of water and electricity supply more shortage,To economic society development and the livelihood of the people problem solving with greater difficulties;Or increase the investment on these aspects,This will lead to local government debt to further increase.In the face of the dilemma,What course to follow?In theory may still can continue to discuss,But the important thing is to,Practice has set up a file in"Time will not wait for me."of,Must take the time to clear choice.

　　一些人主张通过发行城投债来缓解压力，但城投债的发行主体是各家具有独立法人资格的投资公司（或类似机构），这些债券是要到期还本付息的，因此公益性项目几乎难以纳入他们的投资视野，就是准公益性项目也有相当大的部分难以被选择。一些人主张发行地方政府的市政债来缓解资金来源的困难。中国财政体制与发达国家的实质性差别，就算是地方政府可发行市政债，其规模是否能够在短期内达到数万亿元计，以满足地方政府融资平台投资项目的需要也还是一个问题。更重要的是，就负债而言，这与从商业银行等金融机构借款，恐怕没有多少区别。

Some people claim that through the issuance of city for debt to relieve stress,But city for debt issuance of subject is the houses which has an independent legal personality of the investment company(Or similar institutions),These bonds are due to the repayment of capital and interest,So public welfare project hardly into their investment horizons,Is quasi commonweal project also has a considerable part is difficult to choose.Some people claim that issue local government municipal debt to ease the difficulty of funding sources.China's financial system and that of developed countries substantial difference,Even local government may issue public debt,Its scale whether can in the short term to tens of one hundred million yuan meter,In order to meet the local government financing platform is the need for the investment projects is still a question.More important is,Is in debt,This and from the commercial Banks, and other financial institutions borrowing,I'm afraid I don't have much difference.

　　也有人认为，发行市政债可避免给商业银行等金融机构带来不良资产。然而，只要这些债务资金投入的项目是优良的，发行市政债券不会产生严重的风险，从商业银行等金融机构借款也不会形成不良资产；如果这些债务资金投入的项目是不良的，不论是发行市政债券还是从商业银行等金融机构借款，结果都将产生风险。所不同的是，在从商业银行等金融机构借款的场合，这些风险在一定程度上可由这些金融机构内部处置；在发行市政债券的场合，如果债券持有人扩展到城乡居民，这些风险就可能酿成社会问题。毫无疑问，不论是发行城投债还是发行地方财政债券，都有一定的缓解建设资金不足的功能，但局限于此，不是解决问题的主要出路。

Others think,Issuing municipal debt can avoid to commercial Banks, and other financial institutions to bring bad assets.however,As long as these debt capital investment project is excellent,Issuing municipal bonds won't produce serious risk,From the commercial Banks and other financial institutions loan also won't form bad assets;If the debt capital investment project is bad,Whether issue municipal bond or from the commercial Banks and other financial institutions borrowing,The results will produce risk.Different is,From the commercial bank loans from financial institutions such as the occasion,These risks to a certain extent by the financial institutions internal disposal;On the occasion of municipal bond issue,If the holder of a bond is extended to the urban and rural residents,These risks may spawn social problems.There is no doubt that,Whether issue for city debt or local financial bonds issued,There are certain ease construction fund shortage of function,But confined to the,Not the solution to the problem, the main way.

　　要真正解决各地方政府拓展城镇化建设资金不足问题，需要从改革财政体制入手，处理好三方面关系：第一，地方政府事权与财力的关系。中央部门在将事权下放的过程中需要充分考虑到地方政府的财力协调配合，应将对应的财力转移给地方政府，使地方政府拥有足以解决这些事务所需要的成本支出。第二，对地方政府所能承担的债务，在区分财政预算内与预算外的基础上，予以制度性界定。明确哪些资产收入（如土地出让金收入）可承担多大比重的债务，哪些资产不可承担债务。明确债务的透明程序、方法和违规责任等。第三，理清地方政府债务关系。既不应将地方国企的债务划入财政债务范畴，也不应将学校（包括高校）、医院、土地储备中心等有收入的事业单位的债务简单地划入财政债务范畴。在事业单位的改革深化中，应尽力贯彻自收自支、自负盈亏和自求平衡的原则，将符合这些原则的事业单位债务划出财政债务，以明晰财政债务关系。

To really solve the local government develop urbanization construction fund shortage problem,We need to start from the reform of financial system,Deal with relationship between three aspects:The first,The local government conform with financial relationship.The central departments in the process of transfer to a lower level personnel will need to take into consideration the local government financial coordination,The corresponding financial resources should be transferred to local government,Make the local government has enough to solve these firms need to cost expenditure.The second,To local government can bear debt,In distinguishing the financial budget and off-budget basis,Be institutional definition.Clear what assets income(Such as the land grant fee income)How can bear the weight of debt,What assets shall not bear debt.Clear debt transparent procedures/Methods and illegal responsibility, etc.The third,Clear local government debt in a relationship.Neither shall the debts of the local state-owned enterprises into financial debt category,Nor should the school(Including the)/hospital/Land reserve center have income institution debt simply delimit financial debt category.In the institutions of the reform in the deepening,Should be trying to carry out the raise/Responsible for their own profits and losses and beg a balance principle,Will meet these principles institution debt off financial debt,To clear financial debt relationship.