After the reform of the tax system，Chinese local government debt governance with tool innovation、Administrative Mobilization、Credit configuration is typical features，Overall formation of economic construction -centered "incentive -oriented" governance mode。Debt financing incentives have become an indispensable theoretical content to interpret "Chinese miracle"。

Socialism with Chinese characteristics enters the new era，The economy has changed from high -speed growth to high -quality development，The connotation of local government debt governance has undergone profound changes，Gradually to the People's Center、Performance -oriented new governance model steadily transforms。Based on harmony、Share、Coordinated new governance concepts，China will continue to rely on its own system advantages to lead the local government debt governance in the new era，Strategic fixed force of maintaining supply -side structural reforms，Ensure at high quality of the economy、Sustainable development。

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Local government debt governance originated from 1994 tax system reform。Taxation system reform implanted in the vertical decentralization framework.、The institutional arrangement of the right to the right "，Guaranteed strategic public product supply related to the development of the overall situation，Provide financial support for regional coordinated development。But the decentralization framework of vertical imbalances leads to mismatch with local fiscal revenue and expenditure，Then the extension effect of the demonstration of the following system design，Make the grassroots government face severe collection pressure。To alleviate the dilemma of local fiscal revenue and expenditure、Guide the local government to actively participate in economic construction，China has developed the traditional debt governance Bet365 lotto review model of "incentive -oriented"，Effectively ensured the public investment intensity of the high -speed growth stage。

Specifically，"Incentive -oriented" debt governance model is mainly through the establishment of a local financing platform company，For the local government "construction、Muting Development "broaden out -of -table financial resources to raise channels。Different from Western countries，The person in charge of the financing platform is mainly selected from the reserve cadres of the local party and government agencies，instead of hiring from professional managers，This makes the financing instrument innovation of Chinese local governments more institutionalized administrative mobilization capabilities。

To encourage platform companies to raise construction funds，China will further introduce the competition mechanism into a decentralized framework，It is mainly determined by financing capabilities and economic performance to determine the political promotion prospects of local officials。Drive bond competition with political achievements，Typical institutional features of becoming a traditional debt governance model。Local governments at all levels at all levels are based on development strategic consensus，Competition to obtain credit resources through the platform company，Juli supports the construction of municipal projects。The financing platform borrowing breaks through the infrastructure bottleneck constraints in the high -speed growth stage，Public assets that have accumulated a lot of public assets with medium and long -term return potential，Let China have a moderate advanced and well -equipped infrastructure。

Tool Innovation、Administrative Mobilization、Credit configuration trinity，shaped the "incentive -oriented" large -scale debt governance model。Observe from the perspective of governance efficiency，"Incentive Guidance" governance model makes China a big country logged in public investment，Can effectively concentrate on social idle resources，Conduct of the cost of realizing infrastructure facilities and intergenerational fairness。Infrastructure bet365 best casino games construction promotes labor、Cross -regional flow of production factors such as capital，The efficiency of market resource allocation is continuously improved。Under the guidance of institutional advantages，"Incentive Guidance" governance mode not only creates conditions for regional interconnection，It provides anti -cyclical operation space during the impact of the financial crisis，Maintain a high -speed growth of economic high -speed growth from the demand side。Debt financing incentives in the framework of decentralization governance，Become an indispensable theoretical content that interprets the "Chinese Miracle"。

　　System conversion of local government debt governance

Inspiration and constraints have always been two sides of the system design。While affirming the historical contribution of the traditional model，Also clearly recognize，"Incentive -oriented" governance model After all, the local government's debt financing has not been incorporated into budget supervision for a long time，Hidden moral risks and mismatch distortions caused by budget soft constraints。Specifically，Mismatch twisting highlights at time、Empty two dimensions。

First，In terms of time dimension，Due to the term of office of local officials in a specific area, the debt repayment period of off -balance sheet borrowing may not overlap，The mismatch of the deadline makes local officials hold a large number of out -of -the -right debt during the term of office，Plumber to increase the probability of political promotion。Next，In terms of space dimension，Due to the "incentive -oriented" governance mode implies the endorsement of intergovernmental credit，Inland provinces farther away from the eastern coastline，Often, the stronger the debt -raising financing preference。

Double mismatch twisted by the traditional governance mode，Socialism with Chinese characteristics entered the new era，The central government clearly dives in the government financing function of local platform companies，Banning intergovernmental credit endorsements with the principle of "not bet365 best casino games rescue"，Give all provinces (cities through the new "Budget Algorithm"、Autonomous Region) In -the -in -law issuance of debt issuance。Increase local government debt into the limited budget management，It has three meanings。1 is to break the data constraints，Promoting fiscal transparency，Containing debt scale disorderly expansion; the second is to regulate debt -raising behavior，Avoid excessive concentration of debt financing; the third is the concept of innovation and development，Incorporate financing risks and investment performance into a new type of performance evaluation system。

Determined regulatory measures to be introduced，With the growth of China's economy from high speed to high -quality development，Local government debt governance will follow the economic center、The traditional governance mode of incentive orientation is transformed into a people's center、Performance -oriented new type of governance mode。Governance -oriented conversion further highlights the institutional advantage of a socialist country。During the transformation process，China has steps to advance the pilot expansion of local governments' self -issuing bonds，Effectively maintaining economic security and social stability。Promote the transformation of governance centered on the people，Give full play to intergovernmental organizations、Mobilization、Coordination ability，It has become an important experience in China's steady growth and risk prevention and risks，The meaning of the world of emerging market countries to respond to the impact of crisis。

　　Connotation of local government debt governance

Deeply grasp the strategic connotation of local government debt governance in the new era，Provide a decision -making basis for the "performance -oriented" governance model。The people -centered new era local government debt governance，Core essence is reflected as "harmony、Minsheng、Share、Collaborative "。

First，Harmonious governance aims to take into account economic incentives and risk control，Not only pay attention to debt financing to make up for the development of shortcomings and correction configurations，Pay more attention to firmly establish the bottom line thinking，Fighting Bet365 lotto review a major risk defense battle，Ensuring economic security and social stability。This requires on the one hand to adhere to "opening the front door"，Guide debt funds follow the project，Balance of guarantee project income and financing。On the other hand, strive to "close the door"，It is strictly forbidden to derive the general government's general debt through illegal and illegal channels，impacting financial and financial operation security。

2，Minsheng Governance emphasizes optimization of debt investment structure，Public capital accumulation relied on old infrastructure，To Human Capital、Technology Capital、Expansion in the field of ecological capital。Where，Construction of people's livelihood projects such as health education，Improve the health literacy and knowledge skills of workers; digital transformation、Smart upgrade and other new infrastructure investment，Cultivate new kinetic energy，Create new opportunities for employment; environmental improvement、Ecological restoration and other special plans，Promoting energy conservation, emission reduction and clean production，Promoting the well -being of people's livelihood。Strategic expansion in the field of debt investment，shows the new development concept of "people -oriented"，Personal cycle of promoting government debt and economic development。

third，Sharing governance will give play to the institutional advantage of socialism "a national chess"，Promote the integration of regional regional integration through vertical interactive decisions，Realize the development of tolerance and sharing in various regions。In the architectural management structure，The central government selects the national bond investment project，Guide local governments to allocate debt financing to major people's livelihood projects、Regional growth polar coordinated development、The layout of the entire industry chain。Local governments based on resource -based endowment、Minsheng needs、Finance status，Establishing a screening and exit mechanism for the establishment Bet365 app download of debt investment projects，The institutional system and path mode of exploring regional integrated development，Gradually realize the development convergence of regional interconnection。

Fourth，Collaborative governance requirements Break the department、Institution、Disciplinary barriers，politics、Enterprise、Scholars condense wisdom，Give full play to policy joint。A conduction and passing for debt risk in the physical department，Finance、Financial institutions should strengthen management synergy，Increase the effectiveness of macro policy regulation。With the orderly improvement of the transparency of the budget，Big data monitoring platform that runs through the local governments below the province will promote the graded linkage management of debt risks; Scientific Research Institute、rating agency、Universities think tanks launched an independent evaluation，Further expansion of social supervision vision，Help the performance of the performance accountability mechanism。

In recent years，Local government debt financing completes the "ice break"，Let's let go of the provinces (cities、Autonomous Region) debt issuance of debt financing。In order to adapt to the transition from high -speed growth to high -quality development stage，Local government debt governance gradually moves towards standardization、institutionalization、institutionalization。Leading local government debt governance in the new era with the advantages of the socialist system，It is not only deepening supply -side structural reform、Continue to release the actual needs of the reform dividend of deep water areas，It is even improved the framework of intergovernmental decentralization governance、Promoting the meaning of modernization of the national governance system and governance capabilities。

　　(This article is the project on the National Natural Science Foundation of China.、Research on the Strategic System of Quantitative Evaluation and Supervision "(71973069)、The Humanities and Social Sciences Research and Planning Fund project of the Ministry of Education "Research on the evolution logic and strategic orientation of local governments under the perspective of vertical decentralization" (18yja790030)

(The author is a professor at the School of Economics of Nankai University)