After the tax-sharing system reform，China’s local government bet365 sign up offer governance uses innovative tools、Administrative mobilization、Credit allocation is a typical feature，The overall formation of an "incentive-oriented" governance model centered on economic construction。bet365 sign up offer financing incentives have become an indispensable theoretical content in interpreting the "Chinese Miracle"。

After socialism with Chinese characteristics enters a new era，The economy shifts from high-speed growth to high-quality development，The connotation of local government bet365 sign up offer governance has undergone profound changes，Gradually move toward the people’s center、Steady transformation of new performance-oriented governance model。Based on harmony、Share、New collaborative governance concept，China will continue to rely on its own institutional advantages to lead local government bet365 sign up offer governance in the new era，Maintain strategic focus on supply-side structural reform，Ensure economic and high quality、Sustainable development。

　　Historical Orientation of Local Government bet365 sign up offer Governance

Local government bet365 sign up offer management originated from the tax sharing system reform in 1994。The reform of the tax-sharing system embeds “an upward shift of financial power” into the vertical decentralization framework、The institutional arrangement of “delegation of power”，Guarantee the supply of strategic public goods related to overall development，Provide financial support for coordinated regional development。However, the vertically unbalanced decentralization framework leads to the mismatch of local fiscal revenue and expenditure，And then through the demonstration extension effect of system design below the provincial level，Making grassroots governments face severe collection pressure。To alleviate local financial revenue and expenditure difficulties、Guide local governments to actively participate in economic construction，China has developed an “incentive-oriented” traditional bet365 sign up offer governance model，Effectively guarantees public investment during the period of rapid economic growth。

Specifically，The "incentive-oriented" bet365 sign up offer governance model mainly adopts the establishment of local financing platform companies，"Construction for local governments、Expand off-balance sheet financial financing channels for development。Different from Western countries，The person in charge of the financing platform is mainly selected from the reserve cadres of local party and government agencies，Rather than hiring from professional managers，This makes the innovation of financing instruments of Chinese local governments more endogenous to the administrative mobilization capabilities of the system。

To encourage platform companies to raise construction funds，China further introduces competition mechanism into the decentralization framework，The political promotion prospects of local officials are mainly determined by their financing capabilities and economic performance。bet365 sign up offer competition driven by performance competition，Becoming a typical institutional feature of the traditional bet365 sign up offer governance model。Local governments at all levels are based on development strategic consensus，Competing to obtain credit resources through platform companies，Gather efforts to support municipal project construction。Financing platform lending breaks through the infrastructure bottleneck constraints in the rapid growth stage，Accumulated a large number of public assets with medium and long-term return potential，This enables China to have a moderately advanced and complete infrastructure compared with other emerging market countries。

Tool innovation、Administrative mobilization、Credit allocation trinity，Creating an “incentive-oriented” bet365 sign up offer governance model for major countries。Observed from the perspective of governance effectiveness，The "incentive-oriented" governance model has made China a major developing country marked by public investment，Able to effectively concentrate idle social resources，Realizing inter-temporal allocation and inter-generational equity of infrastructure costs。Infrastructure construction promotes labor、Inter-regional flow of capital and other production factors，Market resource allocation efficiency continues to improve。Led by institutional advantages，The "incentive-oriented" governance model not only creates conditions for regional interconnection，It also provides counter-cyclical operation space during the impact of the financial crisis，Maintained the rapid economic growth of developing countries from the demand side。bet365 sign up offer Financing Incentives in a Decentralized Governance Framework，Become an indispensable theoretical content in interpreting the "Chinese Miracle"。

　　System transformation of local government bet365 sign up offer governance

Incentives and constraints have always been two sides of system design。While affirming the historical contribution of the traditional model，We must also be aware of it，After all, the "incentive-oriented" governance model has not included local government bet365 sign up offer financing into budget supervision for a long time，Implicit in moral hazard and mismatch distortions induced by soft budget constraints。Specifically，Mismatch distortion is highlighted now、Empty two dimensions。

First，In the time dimension，Since the term of office of local officials in a specific jurisdiction does not necessarily overlap with the bet365 sign up offer repayment period of off-balance sheet loans，Maturity mismatch causes local officials to borrow a large amount of off-balance sheet bet365 sign up offer during their term，In order to increase the probability of political promotion。Secondly，In the spatial dimension，Because the "incentive-oriented" governance model implies intergovernmental credit endorsement，Inland provinces farther from the eastern coastline，Typically have a stronger preference for bet365 sign up offer financing。

Aiming at the double mismatch and distortion implicit in the traditional governance model，After socialism with Chinese characteristics enters a new era，The central government has clearly divested local platform companies of their government financing functions，Ban intergovernmental credit endorsement based on the “no bailout” principle，Adopt the new "Budget Law" to empower provinces (municipalities)、Autonomous Region) on-balance sheet bet365 sign up offer financing rights。Incorporate local government bet365 sign up offer into limit budget management，There are three meanings。First, remove data constraints，Promote fiscal transparency，Control the disorderly expansion of bet365 sign up offer；The second is to regulate bet365 sign up offer behavior，Avoid excessive concentration of bet365 sign up offer financing；The third is the concept of innovative development，Incorporate financing risks and investment performance into the new performance evaluation system。

The intensive introduction of regulatory measures shows that，As China’s economy shifts from high-speed growth to high-quality development，Local government bet365 sign up offer management will follow the trend from the economic center、Transformation of the traditional incentive-oriented governance model into a people-centered one、New performance-oriented governance model。The transformation of governance orientation further demonstrates the institutional advantages of a large socialist country。In the process of transformation，China is advancing the pilot expansion of local government self-issuance bonds in a step-by-step manner，Effectively maintaining economic security and social stability。Promote governance transformation with people as the center，Give full play to intergovernmental organizations、Mobilization、Coordination ability，It has become an important experience for China to achieve a win-win situation of stabilizing growth and preventing risks，It has global significance for emerging market countries to cope with the impact of the crisis。

　　The connotation of local government bet365 sign up offer governance

Deeply grasp the strategic connotation of local government bet365 sign up offer governance in the new era，Provide decision-making basis for the "performance-oriented" governance model。People-centered local government bet365 sign up offer governance in the new era，The core essence is reflected in "harmony、People’s Livelihood、Share、Synergy”。

First，Harmonious governance aims to balance economic incentives and risk control，Not only attaches great importance to using bet365 sign up offer financing to make up for development shortcomings and correct allocation distortions，Pay more attention to firmly establishing bottom-line thinking，Fight the tough battle to defend against major risks，Guarantee economic security and social stability。This requires insisting on "opening the front door" on the one hand，Guide bet365 sign up offer funds to follow the project，Guarantee the balance between project income and financing。On the other hand, we strive to “close the back door”，It is strictly prohibited for local governments to derive generalized off-balance sheet bet365 sign up offer through illegal and illegal channels，Impact on the security of fiscal and financial operations。

Second，People’s livelihood governance emphasizes optimizing the bet365 sign up offer investment structure，Public capital accumulation relying heavily on old infrastructure，To human capital、Technology Capital、Expansion of ecological capital field。Among them，Construction of health and education and other livelihood projects，Improve workers’ health literacy, knowledge and skills；Digital Transformation、Intelligent upgrade and other new infrastructure investments，Cultivation of new growth drivers，Create new employment opportunities；Environmental improvement、Special planning for ecological restoration，Promote energy conservation, emission reduction and cleaner production，Improve people’s livelihood and well-being。Strategic expansion in the field of bet365 sign up offer investment，Highlighting the new development concept of “people-oriented”，Promote a virtuous cycle of government bet365 sign up offer and economic development。

　Third，Shared governance will give full play to the institutional advantages of socialism’s “nationwide chess game”，Promote national regional integration through vertical interactive decision-making，Achieving inclusive and shared development in all regions。In a decentralized governance structure，The central government selects government bond investment projects，Guide local governments to allocate bet365 sign up offer financing to major livelihood projects、Coordinated development of regional growth poles、Full industry chain layout and other fields。Local government is based on resource endowment、People’s livelihood needs、Financial status，Establish a screening and exit mechanism for bet365 sign up offer investment projects，Exploring the institutional system and path model of regional integrated development，Gradually realize development convergence based on regional connectivity。

　Fourth，Collaborative governance requires breaking departments、Organization、Discipline barriers，In politics、Enterprise、Academia gathers wisdom，Leverage policy synergy。Aiming at the transmission of bet365 sign up offer risks in the real sector，Finance、Financial institutions should strengthen management coordination，Increase the effectiveness of macroeconomic policy adjustment。With the orderly improvement of budget transparency，The big data monitoring platform running through local governments below the provincial level will promote hierarchical and joint management of bet365 sign up offer risks；Scientific Research Institute、Rating agency、University think tanks launch independent evaluation，Further expand social supervision horizons，Promote the implementation of performance accountability mechanism。

In recent years，Local government bet365 sign up offer financing completed “ice-breaking move”，Comprehensive liberalization of all provinces (cities)、Autonomous Region) bet365 sign up offer financing rights。In order to adapt to the transformation of the real economy from high-speed growth to high-quality development，Local government bet365 sign up offer management is gradually becoming standardized、Transparency、Institutionalization。Leading local government bet365 sign up offer management in the new era with the advantages of the socialist system，Deepening the supply-side structural reform、Realistic needs to continue to release the dividends of deepwater zone reform，It also improves the intergovernmental decentralized governance framework、The significance of promoting the modernization of the national governance system and governance capabilities。

　　(This article is part of the National Natural Science Foundation of China project “Theoretical Review of Local Government bet365 sign up offer Risks in the New Era、Research on Quantitative Assessment and Supervision Strategy System” (71973069)、Ministry of Education Humanities and Social Sciences Research Planning Fund Project "Research on the Evolutionary Logic and Strategic Orientation of Local Government Leverage Adjustment from the Perspective of Vertical Decentralization" (18YJA790030) Phased Results)

(The author is a professor bet365 sign up offer School of Economics, Nankai University)