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    2020年西藏自治区地方政府债券分析报告

    摘要

    西藏自治区地方债规模总体较小,发行期限以长期为主;发行成本下降,二级市场交易规模较小但增速较快。西藏项目收益专项债发行规模明显增长,主要投向市政和产业园区基础设施领域,项目偿债能力整体较强;暂无专项债用作项目资本金,对投资的拉动效果有限。债务管理方面,西藏债务规模总体较小,整体债务风险可控,但存在过度依赖中央补助、一般公共预算收入负增长的偿债风险。未来西藏应利用政策和区位优势大力发展地方经济,谨慎规划地方债发行节奏,并合理安排债券期限结构。

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    Abstract

    The scale of local government bonds in Tibet was generally small,the issuance maturities were mainly long-term. Meanwhile,the issuance costs declined,the secondary market transaction scale was small but with rapid growth. The project income special bond funds in Tibet expanded significantly,mainly to municipal and industrial park infrastructure projects,and the overall solvency of the project was relatively strong. However,there was no special bonds to be used as project capital,the effect of pulling investment is limited. In terms of local debt management,the debt scale of Tibet was small,and the debt risk was basically controllable. However,there were debt repayment risks of over-reliance on central subsidies and negative growth of general budget revenue. In the future,Tibet should make full use of its policies and geographical advantages to vigorously develop local economy,prudently plan the pace of local government bonds issuance,and reasonably arrange the maturity structure of bonds.

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    作者简介
    徐杭:徐杭,中诚信国际政府公共评级部(武汉)助理分析师,主要研究领域为地方政府债券、基础设施投融资行业等。
    周飞:周飞,中诚信国际政府公共评级部(武汉)高级分析师,主要研究领域为地方政府债券、基础设施投融资行业等。
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