欢迎线下订购：微信：zycjdxzxyjy（18101373992）

II 分报告

B.3政信金融发展报告    

摘要：政信金融是具有中国特色社会主义市场经济体制下的术语，主要指地方政府等相关主体为了提供公共产品而发生的投资与融资，以及金融部门为这些投融资活动提供的资金支持和金融服务。本章在厘清政信金融在中国背景下的内涵与外延、涵盖范围、刻画维度的基础上，总结了改革开放四十多年来政信金融在中国的发展实践，分析推动政信金融的发展动力，讨论政信金融的发展背景，回顾政信金融的发展历程。经济发展和城镇化建设导致了社会公众的公共需求快速增长，对政府的公共产品供应提出了更高要求，这是我国政信金融发展最大的历史背景。由于中国特有的中央和地方之间的财政关系，政信金融的发展也存在着一些制约，也形成了一些问题。因此本章最后根据对政信金融发展中存在的问题，提出了相应的对策建议，指出不仅在金融体制上需要改革，在财政体制上也要改革，才能促进政信金融更健康的发展。

关键词：政信金融 政府债务 政府融资 债务风险 央地财政关系

Abstract: Finance of governmental credit(FGC) is a term used under the socialist market economy system with Chinese characteristics. It mainly refers to the investment and financing of local government and other government-related entities in order to provide public goods, as well as the financial support and financial services provided by the financial sector for these investment and financing activities. Firstly, we clarify the connotation and extension, the scope and the dimension of FGC in the context of China. Secondly, summarizing the development practice of FGC in China in the past 40 years of reform and opening up, analyzing the development momentum of FGC, and discussing the background of financial development, reviewing the development of FGC. Thirdly, we argue that economic development and urbanization have led to a rapid increase in the people’s demand of the public goods, and put forward higher requirements for the government's supply. This is the biggest historical background for the development of China's FGC. Fourthly, we point that there are some constraints on the development of FGC, due to the unique fiscal relationship between the central and local governments in China, and leading to some problems. Therefore, at the end of this chapter, based on the problems existing in the development of FGC, the corresponding countermeasures and suggestions are put forward. It is pointed out that not only the financial system but also the fiscal system must be reformed to promote the healthier development of FGC.

Keywords: Finance of Governmental Credit(FGC); Government Debt; Government Financing; Risk of Debt; Fiscal Relationship between the Central and Local Governments

政信金融发展报告正文目录

一、政信金融的中国解释

（一）内涵与外延

（二）涵盖范围

（三）刻画维度

二、政信金融发展实践

（一）发展动力

（二）发展背景

（三）发展历程

三、政信金融发展中存在的主要问题

（一）地方政府债务规模大幅攀升

（二）作为政信金融的主体，地方政府投资缺乏约束

（三）现行央地财政体制下，央地之间政策博弈影响政信金融发展

四、对未来政信金融发展的政策建议

作者简介：郭剑光，中央财经大学证券期货研究所研究员及衍生品部主任，同时任职于金融学院金融工程系，中国期货业协会外聘专家；中国政信金融发展指数编制工作的推动者之一。

（编辑：武玲玲）