Research On Risk Prevention And Control Of Government Debt In J District,Chongqing

After the financial crisis broke out in 2008,China implemented the "four trillion" economic stimulus policy to cope with the impact of the global financial crisis,and the local government undertook 2.82 trillion.In this context,local governments have begun to make large-scale financing loans with the help of financing platform companies.The debt risk faced by local governments has also increased year by year.Once the risk breaks out,it is bound to have an incalculable impact on the national economy and social stability.With the intensification of local government debt risk,the state has also begun to attach importance to local government debt management and risk prevention and control.Several documents have been issued to put forward requirements on local government debt management and debt risk prevention and control.The National Economic Conference,the 19 th National Congress of the Communist Party of China and other important conferences have emphasized debt management and risk prevention and control.This paper mainly takes J District of Chongqing as the research object,and uses the literature analysis method,case analysis method,and field interview method to analyze the overall situation,debt management status,and debt risk prevention and control status of J District.It analyzes and summarizes that J District is facing three government debt risks,namely,scale risk,structural risk,and efficiency risk.In addition,financial revenue is low,and financing platform companies are affected by the impact of the COVID-19,and operating income is reduced,Some financing platform companies have suffered losses,resulting in the limited solvency of District J government.These debt risks cannot be effectively reduced in a short time.Although Zone J has taken a series of measures to prevent and resolve government debt risks,these measures cannot fully cover the potential government debt risks in Zone J.In view of some problems faced by the government debt risk prevention and control work in District J,this paper combines domestic and foreign research experience on government debt risk prevention and control,uses the fiscal decentralization theory and risk management theory in public management and other related theories to analyze the types and causes of government debt risk in District J and the problems in risk prevention and control,and puts forward a series of countermeasures and suggestions to help District J strengthen government debt risk prevention and control,Effectively reduce the debt risk of District J government.For the scale risk,first,we should effectively reduce the scale of government debt,reduce the scale of government debt by standardizing the government’s debt raising procedures,defining the repayment responsibilities,and reasonably controlling the scale of debt;second,we should strengthen the government’s debt paying ability,and increase the government’s debt paying ability by increasing revenue and reducing expenditure.For structural risks,first,we need to formulate an annual government debt resolution plan,and second,we need to set up an emergency debt service reserve.For efficiency risks,first,we need to strengthen debt fund performance management,second,we need to improve debt accountability and assessment systems,third,we need to strengthen government debt management,and fourth,we need to promote and standardize the PPP model.The conclusions drawn in this study can effectively help District J to make up for the defects in the current debt management,better prevent and resolve the existing or upcoming government debt risks,and have certain reference value for other districts and counties.