关键词: 地方政府债务 , 外汇储备 , 资产证券化

Abstract:

This paper analyses the background and pros & cons of local government existing obligations replacement in China, and believes that current replacement is significant in terms of alleviating local government debt, resisting and resolving financial risksHowever, the replacement still can be optimized in areas including offering pricing mechanism, overall reform effects, etcIn order to deal with the shortfalls of current replacement, this paper suggests learning from two replacements of national economic debt by issuing special national bonds in China since 1998, to realize the third replacement of national economic debt by issuing special bonds and securitization of foreign exchangeMeanwhile, this paper suggests promoting relevant systematic and institutional reforms as soon as possible, speeding up the governance of root causes for local government obligationThis paper believes that, at present, inflation in China remains mild, with overall sufficient foreign exchange, and RMB exchange rate enters into a twoway fluctuation channel, which have provided opportunities for the third replacement of national economic debt with the core of securitization of foreign exchange.

Key words: local government obligation , foreign exchange reserves , asset securitization