Research On The Problems And Countermeasures Of Local Government Debt Management In Y City

In recent years,the problem of local government debt management has become the focus of social concern.The central government has issued policies and regulations to strictly regulate the behavior of local government borrowing,which makes local government,pay more attention to local government debt management.Therefore,the research on local government debt management is very important for theory and practice.Y City local government debt began in 1991,after 20 years of development,the scale has not been underestimated.Y City has always been using government financing platform to make loans from banks to raise funds and invest in public welfare projects such as municipal construction.From the debt ratio,debt rate and debt repayment rate of Y City,the debt risk of Y City is overall controllable,but there are still many problems such as excessive debt scale.Y City has achieved certain results in the management of local government debt,but there are still some problems,such as lack of legal basis,inefficient scale management,weak solvency,lack of prevention and control mechanism,lack of debt replacement utility,absence of debt supervision and so on.In view of the above problems,this paper analyzes the causes of the above problems from three aspects:legal and policy environment factors,government management model factors,financing platform and financial institutions.First of all,in the legal and policy level,the lag of the legal system,far-reaching tax sharing system and the fragmentation of fiscal policy are the main reasons that affect the effectiveness of local government debt management in Y city.Secondly,the different management standards of the borrowers,the lack of scientific identification of the nature of the debt,the lack of restraint management of the borrowing behavior and the lack of normative guidance of PPP application also hinder the improvement of the efficiency of local government debt management.Finally,the weak management ability of financing platform and the lax loan audit of financial institutions also have negative impact on the management of local government debt.In view of the above problems,this paper puts forward countermeasures to further enhance the Y City local government debt management mode and operation efficiency.Firstly,we should improve the design of laws and regulations,speed up the pace of system reform,promulgate local government debt-related laws,and establish a unified qualitative and quantitative standard for debt and speed up the reform of fiscal and taxation system.Secondly,to improve the debt management model and implement the comprehensive performance management,we should improve the management organization network,regulate the financial management model,create a debt information open platform and implement the comprehensive performance management of debt expenditure.Thirdly,in order to improve the early warning mechanism of debt management and strengthen supervision and accountability,we should improve the early warning mechanism of local government debt risk,further improve the reserve system for debt repayment,establish joint supervision of debt,audit mechanism and improve the local debt management assessment and accountability mechanism.Fourthly,to standardize the financing platform behavior and promote inter-bank collaborative management,we should mainly standardize the governance of financing platform behavior and collaborative management with the banking industry.Finally,we also need to attract social capital to participate in collaboration with third-party institutions;we should attract social capital to participate in the construction of public welfare projects,the introduction of third-party institutions to coordinate monitoring.