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中国现行《预算法》禁止地方政府举债,但事实上地方债务规模之大,种类之多,增长之快,已不容小视。基于这种状况,本文认为,虽然发行市政债券不能从根本上解决地方债务问题,但是,通过地方债务的债券化,有利于减轻和化解地方债务问题,并充分发挥债券市场操作规范、信息透明以及监督有力的优势,对加强地方财政的约束和监督,提高地方政府债务管理将起到积极的促进作用。从市政债券发展的国际经验来看,成熟的市政债券市场所具有的特征,恰恰是中国发展市政债券市场所面临的挑战。
The current “Budget Law” in China prohibits local governments from borrowing money. However, the scale and variety of local debts have in fact risen rapidly. This can not be underestimated. Based on this situation, this paper argues that although the issuance of municipal bonds can not fundamentally solve the problem of local debts, the bond issuance through local debts helps to alleviate and defuse local debts and give full play to bond market practices, information transparency and Supervisory advantages and strong, to strengthen the local financial constraints and oversight, improve the local government debt management will play a positive role in promoting. From the international experience in the development of municipal bonds, the characteristics of a mature municipal bond market are exactly the challenges that China faces in developing municipal bond markets.