The Correlation Analysis Of County Public Debt And Governance Ability

Risky events induced by county public debt are gradually emerging.How to balance county debt and governance capabilities is an urgent need for academic advancement and practice tracking.The research on public debt under the framework of economics is proficient,but the research on public debt under the economic discipline paradigm conceals the essentials of governance in its political attributes.Through the dual preliminary exploration of theory and practice,government debt is an important governance resource of the government,and the result of its externalities can be traced back to the governance ability of the government.The correlation analysis of public debt and governance capability can not only supplement the externality of public debt—government governance capability,but also promote the reverse thinking of the research preference of government governance capability performance.Based on the theory and practice of public debt,this study attempts to construct the analytical framework of the government’s "load-attention-drive-development" governance capacity,and applies this analytical framework in the diachronic and synchronic environment since the founding of the People’s Republic of China,in order to obtain the practical characteristics and internal logic of the interaction between public debt and governance capacity.Based on the sample data of 78 counties from 2015 to 2019,as well as relevant historical materials,policy texts,and practice cases.The study found that the scale of county public debt increases and decreases discontinuously,and the western region and the county government with backward economic development face more severe debt scale,and the contradiction between debt and county carrying capacity is more serious.The attention of county public debt has gone through the stages of political order construction,economic development and social equity promotion,among which the national will plays a decisive role.In recent years,the distribution of attention of county public debt in economic development is obviously concentrated,especially in the remote and economically backward counties.The accountability practice of public debt is manifested as the unitary accountability direction,subject and channel,which causes the county government to fall into the locking effect of "being responsible for the superior government",and the external service driving force is weakened.The way of local government borrowing has changed from the central government’s "central arrangement" to the local government’s "self-solving".There are contradictions between the two approaches of"increasing source" and "reducing expenditure" for debt reduction,and the reform of"delegating power,delegating power,and providing services" and the effective management of resources.To sum up,it is necessary to construct a benign interaction mechanism between county public debt and governance capacity.Given the resource endowment and location conditions,the development of the positive externalities of public debt in economically backward counties requires more stringent conditions.It is appropriate to strengthen the assessment of the county level’s financial absorption and the basic carrying capacity of economic development and form a debt risk range in line with the local reality.The attention distribution characteristic of county public debt preference for economic development comes from the connivance of the superior government and the competitive impulse of the government at the same level,so it is necessary to properly construct the external coercive mechanism to correct the debt use structure.One-dimensional debt accountability inertia is not conducive to cultivating citizens’ public spirit and government credibility,and the strengthening of the instrumental rationality of public debt is easy to erode its public value attributes.To break the lock-in effect and further realize the public service value of public debt,it is necessary to properly introduce the practical mechanism of public participation.Therefore,under the condition of limited resources,the countylevel government should follow the concept of service-oriented government construction and enhance the efficiency transformation of public resources by strengthening the innovation of governance.