美国地方政府债务的化解及其对中国的启示-北大汇丰
北大汇丰智库丰智库北大汇丰智库库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库大汇丰智库库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北北大汇丰智北大汇摘要1中国地方政府正在努力解决地方政府债务问题。2024 年底,地方政府一般债务和专项债总和占到 GDP 的 35.24%,其中一般债务 12.38%,专项债 22.86%;2023 年底,地方融资平台的债务占到 GDP 的 57.68%。美国州和地方政府也曾经遇到过债务问题。1838 年联邦政府债占全国各级政府债务总和的 3%,州政府的债务占全国各级政府债务总和的 86%,地方政府(县、市)债务占 12.5%。州和地方政府债务危机多次爆发,联邦政府最初帮助过州政府还债,但后来不再援助,并强制地方政府还债。美国汲取了债务危机的惨痛教训,实施财政改革,最终解决了州和地方政府债务过高的问题。2023 年,联邦政府的债务占全国各级政府债务总和的 90.56%,州政府的债务占 6.03%,地方政府的债务占 3.42%。从美国的经历中,我国可吸取的经验教训包括:完善地方税制,量入为出,减少不必要开支,增加中央政府责任,设定债务上限,出租地方政府资产偿还债务,实行硬预算约束,建立地方政府破产法。撰稿人:林双林(北京大学汇丰商学院教授,北大汇丰智库副主任,北京大学中国公共财政研究中心名誉主任)成稿时间:2025 年 3 月 10 日 | 总第 127 期 | 2024-2025 学年第 27 期联系人:程云(0755-26032270,chengyun@phbs.pku.edu.cn)北大汇丰智库丰智库北大汇丰智库库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库大汇丰智库库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北北大汇丰智北大汇专题报告系列- 1 -The reduction of local government debt in the United Statesand its implications for ChinaAbstractChina’s local governments are facing increasingly serious debt problems. By the endof 2024, the total amount of general debt and special debt of local governmentaccounted for 35.24% of GDP, with general debt at 12.38% and special debt at22.86%; by the end of 2023, the debt of local financing platforms accounted for57.68% of GDP. Historically, state and local governments in the United States alsoencountered debt problems. In 1838, the federal government debt accounted for 3% ofthe total debt of all levels of government nationwide, the state government debtaccounted for 86%, and the local government (county, city, district) debt accountedfor 12.5%. Serious debt crises have occurred. The federal government once helpedstate governments pay off their debts, but later stopped providing assistance and evenforced local governments to pay off their debts. The United States has learned thepainful lessons from debt crises, implemented fiscal reforms, and eventually solvedthe problem of excessive state and local government debt. In 2023, the federalgovernment's debt accounted for 90.56% of the total debt of governments at all levelsin the country, while the state government's debt accounted for 6.03%, and the localgovernment's debt accounted for 3.42%. The lessons that China can learn from theUnited States' experience include: improving the local tax system, reducingunnecessary expenditures, increasing central government spending responsibilities,setting a debt ceiling, leasing or selling local government assets to repay debts,implementing hard budget constraints, and establishing a legal framework for localgovernment bankruptcy.北大汇丰智库丰智库北大汇丰智库库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库大汇丰智库库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智北大汇丰智库北大汇丰智库北大汇丰智库北大汇丰智库北北大汇丰智北大汇美国地方政府债务的化解及其对中国的启示- 2 -引言目前,中国地方政府正在努力解决地方政府债务问题。2023 年底,地方政府显性债务余额 407,372.93 亿元,包括一般债务余额 158,687.48 亿元、专项债务余额 248,685.45 亿元。地方政府一般债务和专项债占到 GDP 的 32.32%。地方融资平台的债务 2023 年为 721,564.63 亿元,占到 GDP 的 57.68%。2024 年底,地方政府债务余额 475371 亿元,包括一般债务 167013 亿元,专项债务 308358 亿元。地方政府一般债务和专项债总和占到 GDP 的 35.24%,其中一般债务 12.38%,专项债
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