由主权负债危机引发对地方政府过度负债的思考

世界金融危机爆发后,中国经济经过结构调整,内生动力不断增强并带动区域经济的快速增长。与此同时,地方政府超常规融资积聚的风险隐患也在迅速增加,巨额的地方政府负债极有可能成为诱发新一轮危机的重要因素,成为制约中国经济发展的主要瓶颈。弄清地方政府过度负债的主要风险,衡量地方政府的负债能力,界定风险转变为危机的临界点,明确地方政府适度负债规模水平是稳妥地化解地方政府过度负债风险,防范危机的重要途径。

Reflection Triggered By the Sovereign Debt Crisis on Excessive Debt of Local Governments

After the outbreak of global financial crisis, through restructuring, Chinese economy has become stronger in its internal impetus and China has also promoted the fast development of regional economy. At the very same time, the accumulated potential risks brought by the unconventional financing of local government are rapidly increasing, which will probably become an important factor triggering a new round of crisis and a major bottleneck restricting the development of Chinese economy. To stably mitigate the excessive-debt risks of local governments and prevent the potential new crisis, the following important measures should be taken： Clarifying the main risks of excessive debt of local governments, measuring their debt capacity, defining the critical point of risk transferring to crisis and clearing the moderate debt level of local governments.