Local Government Investment And Financing Mode Research In China

After the outbreak of the financial crisis in 2008,the global economic growth is slowing in the fluctuations.Nowadays,the European members of the debt crisis after another,The Federal Reserve to raise interest rates from expectationto implementhave aroused a big shock wave for all the world and geopolitical conflict was aggravated and exacerbated continuously.emerging economies growth is slowing more than expected causes sluggish global economic recovery.Even if freed from the crisis out of the United States called "outshine others",but by its own strength is difficult to contend with overall trend of decline.In 2015,the real estate market downward,domestic effective demand is insufficient,enterprises and local government debt burden,many manufacturing and resource industries present causes such as excess capacity,China's GDP growth fell to 6.9%.The international financial crisis over short-term difficult to dissipate the haze of the world economy,China's economic development contribution to the world economy to be reckoned with.So deep "adjustment" and "transition" and the superposition of periodic factors determine the "new normal" must adapt to economy in our country,namely:the lower economic growth and higher inflation,a more equitable distribution of income,a more balanced economic structure,accelerate industrial upgrading and more intense economic cycle.In such a complex and surface of environment,the adjustment of our country government policy and dynamics,through directional control,structural adjustment,by adopting a moderately loose fiscal and stable monetary policy buffer and reduce the economic impact and the possibility of the "hard landing",by stimulating China's economy,the structure of the economic transformation and upgrade of the internal growing force and release the reform to promote the healthy development of steady economic dividends.Specific include:"One Belt And One Road"(One Belt and One Road)strategic plan and implementation,the coordinated development of beijing-tianjin-hebei,accelerated depreciation of fixed assets policy,set up the PPP financing support funds,reform of supply test and construction planning.These measures will undoubtedly involve highway,railway,water conservancy(canal),environmental protection,communication and other infrastructure construction.Thus,in addition to the central government to increase investment budget,at the same time to improve local government bonds replacement stock of debt limit(according to the statistics,as of August 2015,the central has issued 600 billion yuan of new local govemment bonds,and to the stock of replacement of local government bond debt limit increase to 3.2 trillion yuan).However it is obvious that the mismatch of the central and local government financial powers makes the local government,and the burden on,let the central government also awkward.For this,on April 21,2015,state council executive meeting through the infrastructure and public utilities franchise management method "(hereinafter referred to as the" management method "),encourage and guide the implementation of franchising five major areas:energy,transportation,water conservancy,environmental protection,municipal engineering.May 22,2015,the ministry of finance,national development and reform commission,the people's bank of China jointly issued "on the promotion of the government in the field of public service and social capital cooperation mode guidance",establish the PPP financing support fund,from the national level to encourage social capital to participate in public infrastructure.Government don't sing "monologue" bright attitude,thus stimulate private investment in energy,the horns have sounded "economic battle".Battle of the economy,the local government must actively cooperate with the central policy,play the role of mainstay.However,in the construction of infrastructure to promote economic growth as the engine of local government powers once again faced with financial power mismatch embarrassment.Therefore,how to draw foreign investment and financing our years of experience in local government,for local projects tailored to the respective new financing model,a purpose and focus of this study.The full text is divided into six main sections:the first chapter introduces the background,research significance,literature review,research methodology and deficiencies contribute ideas at;the second chapter,the local government investment and financing concepts and theoretical basis;The third chapter analysis of centralized local government investment and financing mode,quasi-market mechanism of local government investment and financing mode and market investment and financing mode,and carries on the comparison to them;the fourth chapter of local government investment and financing mode causes and problems of the sort and analyze the impact on economic growth;Chapter V of the United States,Britain,Japan,three countries government investment and financing mode in order to elaborate on China's practices have reference value;Chapter VI are some policy recommmendations in our local government investment and financing model problems and inadequate basis.