The Fiscal Framework and Urban Infrastructure Finance in China
The Fiscal Framework and Urban Infrastructure Finance in China
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DOI：
10.1596/1813-9450-4051
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发表时间：
2006-11
期刊：
影响因子：
--
通讯作者：
M. Su;Quanhou Zhao
中科院分区：
文献类型：
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作者：
M. Su;Quanhou Zhao
中国经历了超过25年的非凡经济增长。这种增长的基础是一个分散的财政制度，在这个制度下，各省和大城市可以自由地进行基础设施投资，以刺激地方发展，并被允许保留经济活动产生的大部分财政收入。尽管作为一项增长战略取得了成功，但这一政策给国家财政管理带来了两个问题。一是大幅度降低中央财政收入占财政收入的比重，从1980年的34.8%下降到1992年的22%。其次，它扩大了快速发展的沿海城市地区与全国其他地区之间的经济和财政差距。地方债务（十年内增长了23倍）和地方不良贷款（作者估计在1000亿至1500亿美元之间）的快速增长给中国的金融体系带来了压力。传统上，中国倾向于将银行贷款作为一种融资来源，因为银行体系为中央对地方债务的政治控制提供了一个工具。但随着中国金融体系的成熟，信用标准必须变得更加重要。作者建议更多地利用来自基础设施资产的收入流作为融资来源，并逐步放松中央对地方债务的政治控制。朝这个方向迈出的一步是允许主要城市根据客观的财务标准发行市政债券。
China has experienced more than 25 years of extraordinary economic growth. Underlying this growth has been a decentralized fiscal system, in which provinces and large cities are given the freedom to make infrastructure investments to stimulate local development, and are allowed to retain a large part of the fiscal revenues that are generated from economic activity. Although successful as a growth strategy, this policy created two problems for national fiscal management. First, it significantly reduced the central government's share of fiscal revenues, which fell from 34.8 percent in 1980 to 22 percent in 1992. Second, it widened economic and fiscal disparities between the rapidly growing urban coastal region and the rest of the country. Rapid growth in subnational debt (which rose 23-fold in a decade) and subnational nonperforming loans (estimated by the authors to range between US$100 billion and US$150 billion) has placed pressure on China's financial system. Traditionally, China has favored bank lending as a source of finance because the banking system has provided a vehicle for central political control over local debt. But as China's financial system matures, creditworthiness standards must become more important. The authors recommend greater use of the revenue streams from infrastructure assets as a financing source, and gradual relaxation of central political control over subnational debt. One step in this direction would permit leading cities to issue municipal bonds based on objective financial standards.