Qualitative Analysis of the Risk Causes of Local Government Debt

Zhihong Jing ； Kairui Yu

《Frontiers in Economics and Management》 5卷2期 (2024/02) Pp. 140-148

https://doi.org/10.6981/FEM.202402_5(2).0018

摘要

Under the influence of various factors such as the impact of the three-year epidemic, the pressure on debt repayment has increased in some places, and the debt risk has increased, and 2023 has also become a key year for local governments to resolve debt risks. From the meeting of the Political Bureau of the CPC Central Committee in July, which proposed to effectively prevent and resolve local debt risks and formulate and implement a package of debt reduction plans, to the subsequent financial and financial efforts to reduce debts, such as the issuance of special refinancing bonds of about 1.38 trillion yuan since the beginning of this year, from the central financial work conference at the end of October, which emphasized the establishment of a long-term mechanism for preventing and resolving local debt risks, to the introduction of a new mechanism for public-private partnership (PPP), and the implementation of the trillions of additional treasury bonds issued by the central government in December, the actions of debt conversion have been frequent during the year. This year, new breakthroughs have been made in measures to resolve the risk of local bonds, and the intensity is unprecedented, and the risk of local bonds has been significantly alleviated. One of the key to the future of debt will be to coordinate the risk resolution and stable development of local bonds. It is expected that some special refinancing bonds will be issued next year, and financial institutions will continue to help localize bonds. Fiscal policy will be moderately strengthened, and the central government will bear more deficits, creating a favorable environment for localized debt.

關鍵字

Local Government Debt ； Debt Risk ； Risk Management

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