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土地出让金的下滑抑制地方政府可支配收入的增长,使地方政府今后两年面临更严重的偿债压力。2011年中国地方政府债务规模激增,潜在风险较大等问题也逐步暴露。与发达国家不同,中国地方政府债务问题产生的根本原因是分权式财税体制的弊端。启动于1994年的中国分税制改革完成后,受困于地方财政收入来源的局限性和支出的无限制扩张,以及“权责不对等”的制度性缺陷,地方政府隐性债务不断增长,20世纪90年代末,地
Decline in land transfer funds to curb the growth of disposable income of local governments, so that local governments are facing more serious repayment pressure in the next two years. In 2011, the scale of local government debt in China surged and potential risks were also exposed gradually. Different from the developed countries, the root cause of the debt problem of the Chinese local government is the malpractice of decentralized fiscal and taxation system. After China’s reform of the tax-sharing system was completed in 1994, it was trapped in the unlimited expansion of local financial revenue sources and expenditures, as well as the institutional shortcomings of “unequal rights and responsibilities”. As a result, the hidden debts of local governments continued to grow, The late 1990s, to the ground