Debt-Risk Resolution Of Local Government Investment And Financing Platform

In recent years,it has been an important step for the state to gradually and effectively dissolve the stock of hidden debts of local governments and control the debt risks of local government investment and financing platforms.The emergence and development of local government investment and financing platform to a certain extent solves the problem of shortage of supporting funds and financing difficulties of local government infrastructure construction,alleviates its financial pressure,and plays an important supporting role in promoting the improvement of local urbanization level and regional development and construction.However,with the gradual transformation of local economic development model in the context of the new normal,the development mode of local government investment and financing platform is no longer suitable for the current economic situation,and the existing problems are gradually exposed.In recent years,under the guidance of the state council,the Ministry of Finance,the National Development and Reform Commission,the People’s Bank of China and other departments at all levels have repeatedly issued relevant policies and guidelines,requiring governments at all levels to sort out hidden debts,guiding local government investment and financing platforms to defuse their own debt risks,and actively exploring and practicing the path of transformation and development.At present,the debt problem of local government investment and financing platform has been gradually improved,but the potential debt risk has not been eradicated.Therefore,it is still of great significance to study and explore the transformation and development path of investment and financing platform.This paper takes the debt-risk reduction and transformation development measures of A group,A local government investment and financing platform in X city,as a case study.Firstly,the research achievements of investment and financing platforms in domestic and foreign literatures are sorted out,including the formation and resolution of debt risk,the path of transformation and development,and suggestions.The background of the research content of the paper is systematically explained through the analysis of national policies.Besides,it analyzes the debt risk of A group,the path of debt risk resolution and the development direction of its transformation,and summarizes three measures of debt resolution and transformation of A group,namely,optimizing the debt structure,improving the main business operation model and expanding the business scope.On the basis of the above research and in combination with the actual development of A group,this paper puts forward Suggestions on debt risk resolution and transformation of A group.Second,strengthen the main business by virtue of platform advantages,deeply cultivate the three major businesses of urban infrastructure construction,land resource development and public welfare business operation,and constantly improve the service quality;Third,accurately positioning to build a financial control platform,with new infrastructure as the investment direction to strengthen the financial business,to achieve the company’s transformation and development;Fourth,the local government should provide support for the company’s debt risk resolution by stripping the agency government financing function of A group by issuing local government special bonds to facilitate the company’s transformation and development.