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地方政府债券市场发展遭遇重大政策挫折,中央的严格限制政策弊大于利,并不能有效化解地方债务风险,反而加大了中央政府风险。促进地方债市场的市场化进程,有助于改变这一局面。建议正式确认地方政府债券的合法地位、并强化地方政府的量入为观念,力求行政节俭高效,强化信息批露、并建立完善的债券资金监管制度。
The development of the local government bond market suffered major policy setbacks. The strict restrictions imposed by the central government do more harm than good and can not effectively address the local debt risks. Rather, it increases the risk of the central government. Promoting the marketization of the local bond market will help to change this situation. It is suggested to formally confirm the legal status of local government bonds and strengthen the measurement of local government. We should try to make administrative frugal and efficient, strengthen the disclosure of information, and establish a sound regulatory system for bond funds.