金融学院知识库

自2019年以来，新冠疫情对制造业、服务业等经济活动造成巨大冲击，加之俄乌冲突，中国面临复杂的外部环境，经济下行压力较大。为对冲疫情对经济平稳运行带来的负面影响，财政部扩大地方政府专项债券发行规模，精准施策，形成有效投资，缓解下行压力。地方债对各级政府稳健投资、补齐短板发挥了积极作用，在促进增长各行业重大项目建设和逆周期调控中扮演着重要角色，是地方政府融资“开前门”和“堵后门”的重要工具，给经济社会的发展带来巨大的综合效益。

但近年来，随着我国地方政府债券规模逐年增加，存量债券余额持续上涨，债务偿还压力不断加大。当前，中国地方政府债务问题已尤为突出，严重制约了我国经济的高质量发展，已然成为我们必须面对的一大经济和社会挑战。为此，无论中央还是地方政府，都在积极探索并采取措施解决这一棘手问题。而地方政府债券是地方债务的一个重要组成部分，审计部门的披露结果显示，地方政府债券在使用和管理过程中确实存在许多问题，因此，对地方政府债券的发行与管理展开深入研究，无疑具有极高的现实意义和实用价值。本文阐述了地方政府债券发行的效益，同时分析其在使用和管理中存在的问题，并提出解决措施，以规范政府债券管理，促进地方政府债券更有效地支持地方经济发展。

长三角地区是中国经济最发达的地区之一，拥有强大的经济实力和产业基础，是中国最具活力和发展潜力的地区之一，也是中国对外开放的重要窗口和前沿。所以本文选取了长三角地区为研究对象，对其它地区的地方债发行和管理工作也具有借鉴和参考价值。本文首先阐释了地方政府债券的概念和理论基础，然后对该地区2015—2022年地方债的发行情况进行了介绍，包括发行规模、发行期限、发行利率、发行场所和投向领域，接着运用具体的案例，说明了发行地方政府债券给长三角地区带来的经济、社会、生态效益以及可持续发展性，并从额度管理、还本付息管理以及债务指标管理三个角度对长三角地区各省市的地方债管理情况进行了分析，最后指出了存在的问题，对完善长三角地区地方政府债券发行和管理提出了以下对策建议：进一步明确权责划分；加快地方政府债券发行与流通的市场化进程；加强多层次联合监管力度。

Since 2019, the COVID-19 has had a huge impact on manufacturing, service and other economic activities. In addition to the Russia-Ukraine conflict, China is facing a complex external environment, and the downward pressure on its economy is great. To hedge against the negative impact of the epidemic on the stable operation of the economy, the Ministry of Finance has expanded the issuance scale of local government special bonds, implemented precise policies, formed effective investments, and alleviated downward pressure. Local bonds have played a positive role in promoting steady investment and filling gaps for governments at all levels. They play an important role in promoting growth, major project construction in various industries, and countercyclical regulation. They are important tools for local governments to "open the front door" and "block the back door" of financing, bringing huge comprehensive benefits to economic and social development.

However, in recent years, with the increasing scale of local government bonds in China, the balance of existing bonds has continued to rise, and the pressure on debt repayment has continued to increase. At present, the problem of local government debt in China has become particularly prominent, seriously restricting the high-quality development of the country's economy, and has become a major economic and social challenge that we must face. Therefore, both central and local governments are actively exploring and taking measures to solve this thorny problem. Local government bonds are an important component of local debt, and the disclosure results of audit departments show that there are indeed many problems in the use and management of local government bonds. Therefore, conducting in-depth research on the issuance and management of local government bonds undoubtedly has extremely high practical significance and value. This article elaborates on the benefits of issuing local government bonds, analyzes the problems in their use and management, and proposes solutions to standardize government bond management and promote more effective support for local economic development.

The Yangtze River Delta region is one of the most developed regions in China's economy, with strong economic strength and industrial foundation. It is one of the most dynamic and development potential regions in China, and also an important window and frontier for China's opening-up. Therefore, this article selects the Yangtze River Delta region as the research object, which also has reference value for the issuance and management of local bonds in other regions. This article first explains the concept and theoretical basis of local government bonds, and then introduces the issuance of local bonds in the region from 2015 to 2022, including the issuance scale, issuance period, issuance interest rate, issuance location, and investment field. Then, using specific cases, it explains the economic, social, ecological benefits, and sustainable development brought by the issuance of local government bonds to the Yangtze River Delta region. From the perspectives of quota management, repayment and interest management, and debt indicator management, it analyzes the management of local bonds in various provinces and cities in the Yangtze River Delta region. Finally, it points out the existing problems and proposes the following countermeasures and suggestions for improving the issuance and management of local government bonds in the Yangtze River Delta region: further clarify the division of rights and responsibilities; Accelerate the marketization process of local government bond issuance and circulation; Strengthen multi-level joint supervision efforts.