The Central Committee of the Communist Party of China on the Fourteen Five -Year Plan for the Development of the National Economic and Social Development and the 2013 Fast Vision Goals (hereinafter referred to as the "Suggestion") deeply examine the current and future economic and social development trends at home and abroad，Tightly grasp the new development stage、Implement the new development concept、Build major issues such as new development pattern，The scientific layout of the "14th Five -Year Plan" period and even longer development plan。"Suggestion" proposes to establish a modern fiscal and taxation financial system。Where，Improve the government debt management system is not only the deserved meaning of accelerating the establishment of a modern fiscal system，It is also ensuring the national economic security、Keep the important starting point that does not occur without a systemic risk bottom line。

"Guidance Opinions of the General Office of the State Council on Further Promoting the Reform of the Provincial Fiscal System" clearly put forward，Strengthen local government debt management，Improve the distribution mechanism of local government debt limits。Although my country has achieved remarkable results in the reform of the government debt management system during the "Thirteenth Five -Year Plan" period，But practical problems such as the continuous growth of government debt scale are still severe，For this，It should attach great importance to the potential risks and hidden dangers in my country'bet365 live casino games bet365 live casino games s government debt management，Take systemic measures as soon as possible to promote the deepening reform of my country's government debt management system，In order to take into account development and security、Accelerate the construction of a new development pattern to provide strong financial support。

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Since the 18th National Congress of the Communist Party of China，Party Central Committee、The State Council pays attention to the management and risk prevention and control of government debt, especially local government debt,，"Thirteenth Five -Year Plan" period Government debt management basically achieved standardization and rule of law。October 2015，The second plenary session of the Fifth Plenary Session of the 18th Central Committee of the Communist Party of China pointed out，It is necessary to place risk prevention in the prominent position of future work。At the fifth National Financial Work Conference held in July 2017，General Secretary Xi Jinping made an important instructions: "Local party committees and governments at all levels must establish a correct concept of political performance，Strictly control local government debt increases，Lifetime accountability，Check the responsibility。"" Benefiting from the top -level design of science，"Thirteenth Five -Year Plan" period，my country has made outstanding progress in the construction of local government debt management systems。

On the one hand，Establish a standardized local government debt financing system。First, clean up illegal financing，Promoting debt screening and resolution work，Lay the foundation for the full income of local government debt into budget management。Second, the full income of local government debts bet365 best casino games bet365 best casino games bet365 Play online games into budget management、Bet365 lotto review Implement total control，Establish a local government's independent debt issuance system，Local government debt management is formally moved to institutionalization、Standardized。Third, continue to promote the general debt of local governments、The top -level design of the special debt，The local government debt system is gradually improved。Fourth is to adopt new market -based financing models such as debt replacement and PPP，Actively resolve local government stock debt，Relieve the pressure on debt repayment of local governments，Ensure that local government debt risk is in a reasonable and controllable range during the system transformation。

On the other hand，Deepening supervision、Eliminate the illegal and illegal bonds of local governments，curb the growth of hidden debt of local governments。Including: clearly define hidden debt connotations，Realize the scientific control of hidden debt of local governments; establish a system of debt risk prevention mechanism，Promote local government debt supervision、Construction of risk control system; resolutely curb new hidden debt，Standardize PPP financing，Promoting the transformation of local government financing platform。

The relevant measures during the "Thirteenth Five -Year Plan" period have a good foundation for the standardization and rule of law of my country's debt management。But at the same time，We also have to soberly see the challenges facing government debt management at this stage。First, the overall scale of my country's government debt (including national debt and local debt) continues to grow rapidly，The ability to undertake the debt of economic development continues to weaken。Second, my country's government debt structure presents unbalanced development trend，The proportion of local government debt bet365 live casino games Bet365 lotto review has continued to rise，The pressure on debt repayment faced by local governments is increasing daily。I calculated discovery，The overall scale of my country's government debt is lower than the average level of major developed countries，But compared with emerging economies and developing countries, it is not low。Although the government debt risk is generally controllable，But to be highly alert to the continuous rise of debt risks in dynamic accumulation and the proportion of local government debt。Debt risks mainly come from unreasonable scale and structure，Especially the budget soft constraints in local government debt、Misty of time and space in power and responsibility、Low the use efficiency of debt funds、The hidden trend of debt is obvious and the supervision is not in place，The higher the proportion of local government debt accounts for the total government debt, the higher the proportion of the government's debt，Debt risks are generally greater。From the perspective of the hierarchical structure，The continuous rise in the proportion of local government debt is the main reason for the continuous expansion of Chinese government debt。

　Coordinated development and safety

Challenges facing the current government debt management of my country，It should take strong measures to enhance the supporting role of government debt on high -quality economic development，Strengthen the prevention and resolution of the debt risk of local governments。

The primary principle is moderate debt。Scientific setting government debt scale and structure。Based on the implementation of "Six Insurance" and "Six Stability"，Requirements to the new development pattern closely，Scientific setting the scale and structure of my country's government debt，and fully consider the heterogeneity bet365 best casino games bet365 best casino games bet365 Play online games of the region and levels，Gradually quantify the scale and type of debt、Refined to the city -level government。Further refinement、Clarify the limit calculation rules of local government bonds; establish、Improve the retracement mechanism of the total amount indicators such as local government bonds; highlight the project's main credit and project itself credit。

Followed by standardizing debt。Strictly follow the original intention of borrowing for public welfare projects，Preferred project。Adhere to the principles of capital expenditure for public welfare projects (including quasi -public welfare projects) for public welfare projects，Resolutely prevent the use of debt funds for regular expenditure or commercial projects。Pay more attention to project planning、Feasibility study and other preliminary work，Potential operating risks of rational analysis projects，Scientific design debt lifting scheme (including market -oriented financing part)，Do a good job of risk response plan。Lift in debt in the government、Investment、Project Construction、Project operation and principal and interest -repayment full life cycle，Further improve the information disclosure mechanism，Create public participation、The channel and mechanism of feedback，Maximum encourages the public to actively participate in the supervision of the full life cycle of government debt projects、Suggestions and evaluations。

Once again, it is efficient debt。Moderate expansion of project special income composition of special bonds for local governments。Try to increase appropriate project charges to projects with a certain competitive project，Establish a user payment mechanism; the bet365 best casino games bet365 best casino games fusion of special bonds and PPP，Give full play to the market operation capabilities and cost control capabilities of the social capital side。Accelerate the implementation of government debt performance management measures and operation guidelines。Clear performance evaluation with the help of detailed operation guidelines、Specific content of performance monitoring and performance management between departments，Accelerate promotion in project preparation、Bond issuance、Project Execution and Operation and other stages to carry out performance management，Reasonable setting assessment goals and corresponding indicators，Performance evaluation of the implementation of debt funds、Monitoring and results application。

Finally, it is innovative debt。Stable promoting the internationalization of government debt。Research Discovery，Compared with the world's main countries，The degree of internationalization of government debt is low，The government has a lower proportion of foreign debt through the international financial market。It can be considered to further encourage international investors to actively participate in the domestic bond market，Realize the diversification of investors; gradually expand the pilot of bond issuance of overseas markets (currently only pilot in Shenzhen)，Make full use of international funds to develop the domestic economy; grasp the risk of internationalization of government debt，Maintain the stability of the financial market，Fully enjoy the financial open bonus。

　　(Author Unit: School of International Economics and Trade University of Foreign Economic and Trade)