Research On Government Fiscal Expenditure Responsibility In China's PPP Project

After the global financial crisis in 2008,China's extensive economic development peaked,the internal structural contradictions of the economy were prominent,and institutional and institutional obstacles were highlighted.Especially after 2013,the emergence of downward pressure on the economy,the decline of local government financing capacity,the growth of public service demand,and the shrinking of social capital investment space have made China more urgently needed to change its development philosophy and approach.PPP has become an important idea for the Chinese government to solve the above problems and promote the reform of the system and mechanism by virtue of the advanced concept of government-enterprise cooperation and innovative way of public service supply.In the past four years,PPP pilot and promotion has been rapidly launched nationwide.At the same time,a series promblems of generalized application scopes,foreignization application purposes,curing government expenditure responsibilities,and neglecting financial affordability have also emerged.The hidden dangers of hidden risks of local government debts have been increased,which has aggravated the doubts of PPP and seriously affected the healthy development of PPP.Especially in the critical moment of preventing and resolving major risks,avoiding financial and financial risks caused by PPP is becoming a major task of PPP theoretical research,practical exploration and standardized development.At present,such research is mainly concentrated in the field of PPP financial risk.The academic research on the financial risk of PPP focuses on the mechanism of financial risk generation and the construction of prevention and control system,and whether local government debt is formed,such as whether PPP forms government debt or not.There are still some controversies on the basic issues such as whether the local government's implicit debts are caused.There are still many misunderstandings about these hot issues.This is a misunderstanding of PPP,which is not conducive to the public opinion environment of PPP reform,but the more important and direct consequence is the impact.In the PPP process,qualitative identification and quantitative measurement of some important procedures such as financial affordability argumentation and performance evaluation will in the long run mislead local government expenditure management and debt management,reduce the efficiency of PPP model,and increase local government debt risk.Based on the above practical problems,this paper adopts literature research,comparative analysis,research and other methods,firstly from the concept to clear out the concept of local government debt,using the government dichotomy to re-divide the local government debt structure,the local government explicit debt And implicit debt is defined.Secondly,according to different types of government debts,the PPP fiscal expenditure responsibility is divided and identified,and the corresponding relationship between PPP fiscal expenditure responsibility and PPP local government debt is re-established,and two conclusions are drawn.First,due to the difference between the PPP model and the traditional public service supply model,the PPP fiscal expenditure responsibility is different from the traditional debt.Under the current PPP related normative document,PPP does not generate local government implicit debt,and the generated local debt risk can be controlled.Second,the current concerns about PPP are mainly caused by some unregulated government financing behaviors that cause government debt risks,mainly including two aspects.First,the total expenditure responsibility of local government PPP projects exceeds the local general public expenditures.The 10% red line directly brings government expenditure risk and debt risk.Second,the local government borrowed PPP to carry out illegal and disguised financing in disguise and lacked substantive operational content,unable to take advantage of the efficiency of the PPP model and bring hidden debt risks.Finally,based on the experience of the UK PPP performance management and budget management system,combined with the current PPP standardization reform and the resolution of local government debt risks,the policy recommendations for improving PPP fiscal expenditure management are proposed.