Since the US subprime mortgage crisis in 2008，The downward risk of hedging economy，my country's local governments began to borrow a large amount of debt through various public offering or local government financing platforms，The scale of local government debt has increased rapidly。Although local government debt has played an important role in the field of urban development and people's livelihood construction，But with the sharp expansion of the scale of local government debt and the emergence of the case of breach of contract，Standardment of local governments' debt -raising behavior has become an important part of the financial reform of the government。Since 2014，my country from law、System、Market and other aspects of comprehensive governance of local government debt，The main measures include the existing debt screening and local debt replacement、Financing platform debt lifting behavior control and local government new debt limit management、Financial institutions and intermediary organizations to improve government financing compliance and sense of responsibility。Despite this，In the process of strengthening the scale control of local government debt，Some local governments still continue to accumulate debts through financing platform loans and shadow bank financing。According to statistics，2019 my country's local government's explicit debt balance reached 21 trillion yuan，The scale of hidden debt, many scholars estimate more than 3 billion yuan，This is largely caused by the incomplete local government debt management system in my country。

　　bet365 live casino games

Lack of unified and effective debt management system，It is an important reason for the growth of local government debt。Although Bet365 lotto review my country passed the revision of the "Budget Law"、Introducing the "Government Investment Regulations" and the release of debt management policy documents, etc. to build a basic institutional framework for local debt management，But the construction of the local government debt management system and system construction in my country still exists where it is to be improved。

First，Policy consistency and lack of management management。2013 after the results of the national government debt audit were announced，The central government attaches great importance to the risk of local government debt，Revised the legal constraint on local governments in the method of revising the "Budget Law"。2014，"Opinions on Strengthening Local Government Debt Management" issued by the State Council initially established the overall framework of my country's local government debt management system。After 2015，Vigorously implement PPP (that is, government and social capital cooperation) projects，Most of these projects are public welfare projects，Social capital side or financial institutions will inevitably require local governments or their financing platforms to provide guarantee or repurchase arrangements，From this，Local governments have accumulated a lot of hidden debt。2018，my country began to comprehensively regulate the PPP project。Implementation PPP project is other debt lifting methods recognized by the central government in addition to local government bond financing，and the implementation of the PPP project is also contradictory with the regulations of the financing platform that must not be added to the new local debt，The consistency of the local government debt management policy。

Second，The lack of effective punishment mechanism for debt management system。The effective debt management system includes two aspects: rules and punishment，The destruction of the rules must have the same Bet365 lotto review degree of punishment mechanism，This can ensure that the rules are strictly followed。The punishment mechanism currently violated the local Bet365 app download government debt financing system is also mainly reflected in the accountability mechanism of local administrative responsible persons，No design has not yet been established、Perform effective comprehensive punishment mechanisms。2014，The "Opinions on Strengthening Local Government Debt Management" issued by the State Council requires establishing an assessment accountability mechanism，Turn government debt as a hard indicator into political performance assessment。2017 National Financial Work Conference requires strict debt increases，Implementing lifelong accountability。These punishment mechanisms still belong to the category of administrative accountability，No local government is regarded as a decision -making subject，Lack of taxes in taxes、Transfer payment、Budget expenditure and other aspects of designing effective economic punishment mechanisms。

third，hidden debt management needs to be improved urgently。The biggest risk of local government debt is hidden debt risk，and hidden debt mainly refers to local government financing platform debt。The current local government financing platform implements hierarchical management，The unified management system of provinces, cities and counties has not been established，and，The number of financing platforms is also established by governments of various levels based on the needs of construction of financing，further increased resistance to hidden debt supervision。The scale of local government's hidden debt is opaque，Diverse liability methods，Lack of unified statistical caliber，As a result, it is difficult for the debt management department to grasp the real -time situation of debt scale，It will not be able to evaluate the debt risk of local governments。

　Establish a dual mechanism of fiscal discipline and market constraints

Containment of local Bet365 app download government debt financing impulse，Effectively prevent local government debt risk，Need top -level design，Establish a complete local government debt management system from the system at the source。It is recommended to do the following three aspects of institutional optimization and mechanism construction。

First，Further improve the legal system of government investment。Complete government investment laws must make a clear definition of government investment，To establish an investment decision -making mechanism、Investment execution mechanism and investment supervision mechanism。Current，Government investment approval authority is scattered between the central departments and local governments，Most government investment projects are approved by local governments at the same level。The current highest valid "Government Investment Regulations" is just some principled definition，The specific content needs to be further improved。

Next，Adjusting economic stability functions in the configuration and structure between the central and local governments。An important reason for the growth of local government debt in my country，It is a large number of economic stability functions given by the central government to the local government。Due to the imperfect system，Local governments face budget soft constraints，To share the investment capital of the central government，Competition between regions is very intense。From the efficiency of fiscal decentralization and the fairness between regions，Economic stability functions should be borne by the central government，This is to avoid excessive competition in the local government、Important measures to effectively control local Bet365 app download government debt financing。Not only that，Elimination of local government debt impulses also needs to reform the assessment mechanism of the local government，A subjective tendency to eliminate local governments' debt investment。

Last，Establish a dual mechanism of "fiscal discipline bet365 Play online games and market constraints"，Strictly control the scale of debt。Looking at the experience of international debt governance，The mechanism of fiscal discipline and market constraints is the two most important policy choices that the debt management department attaches great importance to。Develop debt financing rules or implement debt scale control，Emphasized fiscal discipline; market transaction essence based on the relationship between claims and debt relationships，Use the power of the market to control the debt financing of local government，Emphasized the market constraint mechanism。The dual mechanism of "fiscal discipline and market constraints" for improving my country's local Bet365 app download government debt financing，At least three aspects。First is to improve the legal environment of the market constraint mechanism，Establish local government debt (including financing platform) reorganization system、Local debt (including hidden debt) statistics and public system、Creditors such as financial institutions and other creditors illegally issued a loan accountability system。The second is to explore the issuance of municipal bonds，Replace the financing platform loan、City Investment Bonds and Shadow Bank financing，Further clarify that government bonds are the only legal financing method in the government，Increase debt transparency，and reduce financing costs。Third is to clean up and standardize local government financing platforms。

　　Improve local government debt risk governance capabilities

The construction of a local government debt risk governance system is an important manifestation of fiscal governance capabilities，and finance is the basis of national governance，Therefore, the local government debt risk governance system should also be part and content of the national governance system。Effectively controlling the risk of local government debt is an important manifestation of the smooth operation of local governments and the smooth operation of the central government，Specifically，The ability to improve local government debt risk governance needs bet365 best casino games to be focused from two aspects。

First，Debt management department needs to strengthen the debt management system research。A perfect local government debt risk governance system is a necessary condition for effectively controlling the scale and risk of local government debt，The most important content in the construction of a local government debt risk governance system is to formulate effective debt management laws and policies。Debt management laws and policies should cover the full process of debt use and management，Including financing decisions、Debt borrowing、Debt use、Project Supervision、debt repayment、Performance evaluation、Audit Supervision, etc.。The debt management department shall strengthen the decision -making and supervision system for local Bet365 app download government debt financing and supervision、Municipal debt design and issuance system、Construction of the Fortune Tax System of Local Government、Project construction or regional development self -compensation financing system、Research and formulation of local government debt and financing platform debt reorganization system。

Second，Local governments should improve debt use efficiency under the guidance of debt management and effectively monitor debt risks。Local governments must fully and effectively use fiscal funds and local government debts to enhance urban public services and governance capabilities，Resolutely avoid repeated construction and investment in excess projects。Provincial (district) Government to establish and improve the hidden debt statistics system of financing platforms，Real -time monitoring and evaluation of local government debt risk，Improve local government debt risk early warning system and emergency response mechanism。

(This article is the "Research on Local Government Debt Problems in my country" (19FGLB042) phased results)

(Author Unit: School of Finance and Trade, Wenzhou Business School; School of Economics, Xiamen University)