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地方债务危机并不是产生于市场之中,它是计划经济体制向市场经济体制转型难以避免的问题。对于中国的财政金融问题,单纯从市场角度出发,利用西方经济金融教科书的经典结论得出的结论,往往是片面而偏颇的。前不久两会上提出了首批万亿元的地方债务置换计划,各家媒体及券商研究员对此议论纷纷,甚至爆出类似中国版10万亿QE的惊人之语。债务置换本身并不具有太强的信号意义,但是此次事件如同冰山一角,暴露了隐藏在背后错综复杂而又危机重重的地方债务危机问题,值得我们关注。
The local debt crisis does not come from the market. It is an unavoidable problem of the transition from a planned economy to a market economy. For China’s financial problems, the conclusions drawn from the classical conclusions of Western economic and financial textbooks are often unilateral and biased, simply from a market perspective. Not long ago, the first trillion yuan of local debt replacement plan was put forward at the two sessions. Various media and brokerage researchers talked about it in abundance and even broke the astonishing remark similar to the 10 trillion QE of China. Debt replacement itself does not have too much signal significance, but the incident is like the tip of an iceberg, revealing the hidden behind the complex and crisis-ridden local debt crisis deserves our attention.