Research On Local Government Debt Risk Management Under "Triple Pressure"

At present,China’s economic development is faced with triple pressures of "demand contraction,supply shock,and weakening expectations",which are superimposed with the risk impact caused by the debt storm of real estate enterprises and the external pressure of the Federal Reserve to accelerate the tightening of monetary policy.In this new economic situation,the risk of local government debt has attracted more and more attention from top to bottom.The report of the 20 th National Congress of the Communist Party of China put forward clear requirements for strengthening the construction of security capacity in key areas,preventing and resolving major financial risks,prudently resolving hidden risks of local government debt,and standardizing the issuance and use of special bonds.It can be seen that preventing and resolving government debt risks and ensuring financial sustainability are a lasting battle.Therefore,facing unprecedented pressure and challenges,it is still of great practical significance to continue to do a good job in the study of local government debt management in China.This paper takes F District of X City,which is at the middle level of economic development in the central region and can represent a considerable number of underdeveloped cities,as an example to study its prevention and solution of government debt risk,hoping to play a certain reference role for county-level governments with comparable economic volume.This paper starts with the background and significance of the study,and on the basis of combing the existing research at home and abroad,clarifies the content,ideas and methods of this study,and clarifies the writing basis and direction of the full text.On the basis of sorting out the economic situation and the basic situation of government debt in Zone F,according to the current situation of government debt risk management in Zone F and the statistical analysis of relevant data,it is found that there are certain risks in terms of scale,structure and debt repayment.The reasons are analyzed from different risk levels in combination with financial policy,historical legacy,financial situation and other factors.It is concluded that the government debt in F District has the following problems: the scale risk of highly relying on land finance,the structural risk of the increasingly expanding scale of special debt and the single financing structure,the debt repayment risk of the financial revenue and expenditure aggravated by the spillover of real estate and financial risks,and the management risk of the lack of risk linkage mechanism.Finally,based on the experience of resolving debt in advanced regions,we will put forward countermeasures and suggestions from the aspects of improving the local government debt management system,standardizing and expanding financing channels,promoting the reform of the financial system,and consolidating the debt-related personnel management responsibilities.It provides a useful reference for the government debt risk management in F area and similar areas.