⊙记者 李丹丹 ○编辑 颜剑

⊙ reporter li dandan ○ YanJian editor

　　城镇化，是今年市场广泛关注的投资热点；融资，则是城镇化推进过程中不可绕过的重要一环。1月份，以国开行为首的各大银行在年初工作会议上纷纷表达了对城镇化建设的信贷支持决心。但业内认为，城镇化建设的特性决定了信贷并非城镇化融资的最优模式。

urbanization,Is this year the market attention investment hot spot;financing,The urbanization is the process not bypass is important one annulus.In January,The country operation led each big bank in the beginning of the year work meeting have expressed the urbanization construction to credit support.But industry think,The characteristics of the urbanization construction determines the credit financing is not the optimal model of urbanization.

　　市政债违约风险较低 Municipal debt default risk is low

　　央行6日发布的《2012年第四季度中国货币政策执行报告》建议，通过鼓励民间投资、健全税收体系、完善多元化融资机制等，为城镇化投资提供规范、稳定、可持续的资金支持。

The central bank issued by 6[The fourth quarter of 2012 China's monetary policy implementation report]Suggestions,Through the encourage private investment/Sound tax system/Perfect diversified financing mechanism, etc,Urbanization provide standard for investment/stable/Sustainable financial support.

　　综合大多数国家情况，城镇化建设资金来源主要有三方面：一是传统意义上的政府税收；二是基于使用者付费原则的项目收益；三是通过发行市政债或类似债务工具从金融市场融资。但无论是政府税收、使用者付费还是发债，其来源都与城镇化过程中基础设施服务功能提升，以及土地、房产带来的未来收入有关。

Comprehensive most countries situation,The urbanization construction fund source mainly has three aspects:One is the traditional government tax;The second is based on the principle of users pay the project benefit;3 it is through the issuance of municipal bonds or similar debt instrument from the financial market financing.But whether it is the government tax/Users pay or FaZhai,Its origin is in the process of urbanization and infrastructure service function of ascension,And land/The future of the real estate bring income.

　　央行指出，从国际经验来看，市政债是城镇化建设的重要融资工具。市政债大体可分为一般责任债券和项目收益债券，前者以地方政府税收偿还，后者以项目收益为主偿还，实际做法上二者区分并不严格，使用一般税收、财产税和项目收益共同偿债的混合债券较为普遍。市政债一般享有免税待遇，所筹资金限于社会公益项目或基础设施建设，不得用于弥补政府经常性支出，期限上多为长期建设债券。

The central bank points out that,From the international experience,Municipal bonds is an important financing tool urbanization construction.Municipal bonds generally can be divided into general liability bond and project income bond,The first with the local government to repay the tax,The latter mainly to project income to repay,Actual practice on both distinguish is not strict,Use general tax/Property tax and project income common sinking hybrid common bonds.Municipal bonds generally enjoy duty-free treatment,Raised funds to social public welfare projects or infrastructure construction,Shall not be used for making up the government recurrent expenditure,The time limit for long-term construction bonds.

　　目前大国经济体中，无论是财政联邦制还是单一制国家，市政债或类似地方债都在城市建设中得到广泛运用。而市政债的广泛应用并非偶然，违约风险明显低于公司债或银行贷款。

At present the country economy,Whether fiscal federalism or unitary state,Municipal bonds or similar local debt are used widely in urban construction.And the wide application of municipal bonds is not accidental,Default risk is obviously lower than bonds or bank loans.

　　与银行贷款比，市政债是在金融市场上的公开融资行为，需要披露信息和获得相应的发债评级，债券价格可以及时反映地方财力的稳健状况，既面临较强的市场约束，也有助于激励地方政府通过改善当地信用状况降低融资成本。

And bank loans ratio,Public debt is in the financial market public financing behavior,Need to disclose information and obtain the corresponding FaZhai rating,Bond prices can timely reflect the local financial steady status,Are faced with both strong market constraints,But also promote the local government by improving the local status to reduce financing cost.

　　与一般公司债相比，市政债由地方政府或地方政府授权公营机构发行，还会面临相应的财政纪律约束。此外，不少国家发行市政债还要进行民意听证或经地方议会审议，市政债也具有一定的民意约束。

Compared with the general corporate debt,Municipal bonds by the local government or local government authorized public institutions issue,Will face the corresponding fiscal discipline.In addition,Many countries issuing municipal bonds will be hearing or public opinion by the local parliament,Municipal bonds also has a certain opinion constraint.

　　市政债具备可操作性 Municipal bonds have operability

　　回归到中国的现实，央行指出，协调推进城镇化是中国实现现代化的重大战略选择，蕴含着巨大的内需潜力。推进城镇化进程、加快完善城乡发展一体化，需要在基础设施、公共服务和保障性住房建设等方面进行大量投资。这类投资有几个特点：一是资金需求量大，二是建设周期相对较长，投资回收周期往往更长，三是有些投资部分甚至全部体现为社会效益而非项目本身的直接收入效益。

Return to the reality of China,The central bank points out that,Coordinate the urbanization is the modernization of the important strategic choice,Contains a huge domestic demand potential.The urbanization process/To speed up the perfect integration of urban and rural development,Need in infrastructure/The public service and affordable housing construction and so on a large number of investment.This kind of investment has several features:One is the great demand for funds,The second is relatively long construction cycle,Investment recovery period more often,The third is some investment some or all of the embodied in the social benefit of the project itself rather than direct income benefit.

　　因此，央行建议应通过鼓励民间投资、健全税收体系、完善多元化融资机制等，为城镇化投资提供规范、稳定、可持续的资金支持。

so,The central bank should be suggested by encouraging private investment/Sound tax system/Perfect diversified financing mechanism, etc,Urbanization provide standard for investment/stable/Sustainable financial support.

　　市政债也就成为多元化融资机制里供探讨、供选择的一个方案。实则，央行的高层曾在不同的场合表述过中国发行市政债的可行性。

Municipal bonds also become diversified financing mechanism for discuss/Choose one of the options.actually,The central bank's top worked in different occasions expressed China issued the feasibility of municipal bonds.

　　央行行长周小川数年前曾在一场公开演讲中表示，如果市政债和财产税搭配，可以有效地解决城镇化建设的成本约束问题，也可以防范城镇化过程中出现的风险，“目前我国已经非常临近这种做法，中央财政已经代替地方政府发债，而且关于市政债的讨论正在进行之中。”

Central bank governor zhou xiaochuan several years ago in a public speech said,If the municipal bonds and property tax collocation,Can effectively solve the problem of urbanization construction cost constraints,Also can guard against the risk of the process of urbanization,"At present our country has very near it,The central government has FaZhai instead of local government,And about the discussion of municipal bonds is on the way."

　　他认为，融资平台实质就是某种变相的市政债。与其如此，不如允许地方政府发行市政债。因为金融市场可以给债券定价、评价风险，这造成不同城市的债券是不同的价格，也就形成不同的约束力和评级，有利于防范风险并形成激励机制。

He thinks,Financing platform essence is a form of public debt.And so,As to allow local governments issue municipal bonds.Because financial markets can give bond pricing/Risk evaluation,This causes the different city bonds are different prices,Will form different binding and rating,To guard against risks and form incentive mechanism.

　　央行副行长刘士余也曾建言，市政债的发展可以加快一些，也必须得到加快，通过发展市政债可为地方政府投资乃至全社会资源的优化配置提供市场化融资支持。市政债的发行没有太多的技术难题和法律障碍，目前面临的主要问题是法律上的一些限制，但是只要通过合理的制度安排是可以解决的。简单来说，就是要将规范的评级方法、审计方法、管理方法和交易规则等一整套科学制度都建立起来。

The central bank vice President LiuShiYu also CengJianYan,The development of municipal bonds can speed up some,Must also be speed up,Through the development of municipal bonds for local government investment and even the whole society the optimal allocation of resources to provide market financing support.Municipal debt issue not too many technical problems and legal barriers,At present the main problem facing is legal some limitations,But as long as through the reasonable system arrangement can be resolved.In simple terms,That the standard rating method/Audit method/Management method and trading rules and a set of scientific system are set up.