新财经2012年10月刊 The new financial 2012 10 monthly

　　今年7月，全国人大公布的《预算法修正案草案》禁止地方政府发债的规定引发舆论一片哗然，原因是一些常委委员、部门和专家提出，近些年地方政府债务急剧上升达10多万亿元，带来的问题和潜在的风险必须引起高度重视。

July,Published by the National People's Congress[The draft budget act amendment]The provisions of the local government banned FaZhai caused a public outcry,Because some member of standing committee members/Departments and experts,In recent years local government debt in a sharp increase of more than 10 one trillion yuan,Bring problems and potential risks must attach importance to.

　　由于中国地方政府财政自主权太大，因此，如果出现巨额赤字或债务危机，中央政府将被迫买单，这个担心不无道理。但是这仅仅关闭了地方政府发债前门，没有看到洞开的地方政府疯狂举债的“后门”。

Because of China's local government financial autonomy is too big,therefore,If huge deficit or debt crisis,The central government will be forced to pay,The worry is not without reason.But this just shut down the local government FaZhai front door,Don't see wide open of local government debt of madness"Back door".

　　多年来，除了法律规定地方政府不能发债之外，中央各部门也是三令五申，但是地方政府总可以找到借债的方式，各式各样的地方融资平台就是最好的例证，地方融资平台成功地规避了法律和政策的限制，而商业银行对地方政府的贷款更是达到疯狂的程度。

For many years,In addition to legal provisions local government can't FaZhai outside,The departments of the central government is also repeated orders,But local governments can always find the way to borrow,All kinds of local financing platform is the best example,Local financing platform successfully evade the law and policy limit,And commercial Banks to local government loan is to the extent of the crazy.

　　但是，就算不让地方政府举债，它也总会想办法找到钱，比如通过信政合作的方式，通过银政合作的方式等。前两年，曾经出现过地方政府举债时，地方人大给银行开“安慰函”的现象，地方政府承诺用财政收入还款，这一度被称为金融创新。

but,Even if not let local government debt,It also will always think of a way to find the money,Such as through the letter political cooperation way,Through the silver political cooperation way, etc.Before two years,There appeared when the local government debt,Place National People's Congress to the bank"Comfort letter"phenomenon,The local government vowed to use fiscal revenue reimbursement,This once known as financial innovation.

　　更可怕的是，这样一种隐蔽的、处于合法和非法中间状态的举债方式、举债行为，一旦出了风险，债权人就把责任归入了政府，政府则把责任推向平台公司，而法律又不保护此种举债行为，最终受害的是银行，而银行的钱来自储户，最终损失的将是广大储户。

Is more terrible,Such a concealed/In a legal and illegal intermediate state debt way/Debt behavior,Once out of the risk,Creditors took responsibility in the government,The government put the responsibility to the platform company,And the law and don't protect the debt behavior,Final victimized is a bank,And bank money from savers,The final loss will be the depositor.

　　当然，地方政府债券的出现，使得地方政府的资产负债表接受公众和投资者的监督，可以慢慢形成对地方政府经营行为的硬约束。如果这个约束最终能和地方政府官员的政绩挂钩，则对中国金融市场的建设和中国行政体制的改革而言，善莫大(博客,微博)焉。

Of course,The emergence of the local government bonds,The local government's balance sheet to accept the supervision of the public and investors,Can slowly the formation of local government management behavior hard constraint.If the constraint can eventually and local government officials achievements hook,In the Chinese financial market construction and the reform of the Chinese administrative system concerned,Good great(blog,Micro bo)how.

　　本期封面专题全方位、多角度探讨近几年引起人们关注的债务风险状况、形成机理，以引发人们思考可行的解决方案，以期达到稳定金融市场之功效。

This period cover project all-round/In recent years, discusses different concern about debt risk status/Formation mechanism,To initiate people think feasible solutions,In order to achieve the effect of financial market stability.