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当前及未来一定时期,我国城镇化将面临较为严峻的建设资金短缺问题,但依靠土地财政和地方政府融资平台的城镇化融资不透明,也不具有可持续性,亟待建立透明、规范、可持续的市场化融资模式。可考虑采用市政债和财产税相结合的方式,允许地方政府(城市政府)通过在金融市场上发行市政债筹集资金,支持当前的城市化建设,同时完善相关财税制度安排。当前我国财税体制改革正在进行,但建立一个规范、透明、可监督、能问责的地方政府财政预算体系需要一个过程,而近年来我国债券市场发展较快,已经具备了引入市政债的基本条件。因此,应认真研究在我国引入市政债券,以市场化改革解决发展中遇到的矛盾和问题。
At present and in the future, China’s urbanization will face a relatively serious problem of shortage of construction funds. However, the urbanization financing relying on land finance and local government financing platforms is not transparent or sustainable and there is an urgent need to establish a transparent, standardized and sustainable Market-oriented financing model. May consider the combination of municipal bonds and property taxes, allowing local governments (city governments) to raise funds through the issuance of municipal bonds in financial markets to support the current urbanization, while improving the relevant fiscal and taxation arrangements. At present, the fiscal and taxation system reform in our country is going on, but it needs a process to set up a fiscal budgeting system of local government which is standard, transparent, supervisable and accountable. However, in recent years, the bond market in our country has developed rapidly and has already possessed the basic conditions for the introduction of municipal bonds . Therefore, serious studies should be made on the introduction of municipal bonds in our country so as to resolve the contradictions and problems encountered in the development through market-oriented reforms.