中国地方债务置换的法律分析：缘由、本质与风险规制 (Legal Analysis of Local Government Debts Securitization in China: Origin, Nature and Risk Regulation)

Abstract

Chinese Abstract: 内容摘要：地方债务置换是财政部在甄别存量地方政府性债务的基础上，把银行存款、城投债、信托融资等地方政府原有的短期和高成本债务置换成中长期、低成本的地方政府债券的活动，旨在通过成本转换、期限转换和债务形式转换化解财政风险，其制度本质是财政与金融之间的风险再分配。当前，地方债务置换的制度重心应当从风险分配转向风险规制，防止财政风险与金融风险交织传染所引发的系统性风险，推进财政金融法制的协同性变革。

English Abstract: Local Government Debts Securitization refers to the process of the Ministry of Finance ascertains and then transforms the existing local government debts which are usually short-term and high-cost, including bank loans, debts owed by local fundraising platforms and fundraising through trusts, to local government debentures which are medium or long term and low-cost. It aims to dissolve fiscal risks by changing the cost, term and form of the local government debts, which is in nature a redistribution of risk between the fiscal and the financial system. It is submitted that the idea of risk redistribution be replaced by risk regulation, preventing systemic risk caused by the intertwining of fiscal and financial risks and synchronizing the reform of fiscal and financial systems.