Study On The Transformation Of Local Government Financing Platform

In 2008, the government introduction the 4 trillion economic stimulus plan to stimulate domestic demand effectively in response to the US financial crisis on Chinese impact. In a short time, the number of platforms financing increase rapidly, debt were growth significantly. How to solve the local government debt financing platform problems are becoming scholars concerns. Central Financial Work Leading Group also established local government to research the debt issues. The problem of Local government debt financing platform mainly contains this problems:financing channels sole, flawed internal mechanism and other issues, in 2010 and 2013 National Audit Office organized relevant departments and personnel of local government debt detailed investigation, Survey results show:Rapid growth of local government debt, Financing channels for a single, flawed internal mechanisms and other issues.In response to local government debt risks that may impact on the economic development. April 30,2014, National Development and Reform Commission issued "On the deepening economic reform in 2014 the views of key tasks", which pointed out that need to change the local government financing platform as the local government financing to achieve the main function, the main way of financing local government should give priority to the issue of government bonds. September 21, 2014, The State Council issued "State Council on strengthening local government debt management advice" pointed out that the establishment of "borrowing, use, and" the unity of local government debt management mechanisms, Local government borrowing norm effectively play a positive role, And effectively guard against and defuse financial risks financial, And promote sustained and healthy economic development. "Budget Law" stipulates allowing local governments to issue bonds. Facing the Central government issued a number of regulations for local government financing platform in a short time, Local government financing platform how to deal with the issues. How to combine their own actual situation to select transition path? What can we learn from the successful experience from Local government financing platform by issuing bonds waysTherefore, Based on our analysis of local government debt financing platform, Learn from foreign advanced management experience in local government bonds and mode of operation, that the transformation of local government financing platform need to advance from the two lines, On the one hand we need to speed up tax reform center, and constantly improve the relevant investment and financing system, strengthen macro guidance on debt financing platform; On the other hand local government should continue to strengthen self-construction, clear platform governance structure, Clarify the relationship between government and enterprises.