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伴随着我国城市化进程的加快,市政设施的需求越来越大,未来的市政设施建设资金缺口依然庞大。然而我国实施分税制后,地方收入较之以前有所减少,导致了地方政府财政支出和借款对市政设施建设支持不足的现象。重庆市政资产证券化项目作为我国首例市政资产证券化项目,创新性地运用了信托机制和资产证券化,绕过了政府不能发债的法律障碍,又借用了政府信用提高担保水平,成功吸引了投资者。但此类准市政债的顺利发展还需要法律政策的放行和监管机制的建立。
With the acceleration of the process of urbanization in our country, the demand for municipal facilities is getting larger and larger, and the funding gap for the construction of municipal facilities is still huge. However, after the implementation of the tax-sharing system in our country, the local revenue has decreased compared with the previous ones, which led to the lack of support for the construction of municipal facilities by the financial expenditure of local governments and borrowings. As the first municipal asset securitization project in China, Chongqing Municipality Asset Securitization Project has innovatively applied the trust mechanism and asset securitization, bypassing the legal obstacles that the government can not issue bonds and borrowing the government credit to raise the level of guarantee, which has successfully attracted Investors. However, the smooth development of such quasi- municipal bonds also requires the release of legal policies and the establishment of regulatory mechanisms.