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2014年10月，《国务院关于加强地方政府性债务管理的意见》（国发〔2014〕43号）（以下简称“43号文”）发布。以“43号文”发布为分水岭的中国城投行业，在2015年经过了既充满曲折性又具有戏剧性的一年。
在这一年里，我国面临的国际国内环境复杂、形势严峻。全球经济复苏艰难，国内经济下行压力持续加大，多重困难和挑战相互交织。特别是自2015年1月1日起，新《预算法》正式实施，强调要规范政府收支行为，强化预算约束，建立全面规范、公开透明的预算制度。上述多种因素，导致从事地方城建基础设施建设投资的主体——城投公司，在复杂的内外部环境下不知所措。中国城投行业在2015年遇到的困境，深刻说明我国地方政府投融资体制改革和政府融资平台转型路径探索，与当前我国经济社会的发展和城市建设投资需求，具有明显的不适应。如果地方政府在城投公司发展转型的方向上，能够果断决策、思路清晰，就能够避免城投公司过久地陷入焦灼状态。
2015年8月24日，中共中央、国务院印发了《关于深化国有企业改革的指导意见》，这是新时期指导和推进中国国企改革的顶层设计文件。在中国深化国资国企改革的大背景下，城投公司的转型已是大势所趋。当前不少综合性城投公司已开始顺应多元化的发展形势，纷纷以市场为导向，大胆创新体制机制，走在了探索建立国有资本投资和运营公司的前沿。在以习近平同志为总书记的党中央国务院的坚强领导下，全国各族人民万众一心，克难攻坚，顺利完成了全年经济社会发展主要目标任务，全面深化改革实现良好开局，全面推进依法治国开启新征程，全面建成小康社会又迈出坚实步伐，中国城投行业也迎来了一个发展的春天。
<<In October 2014，“the State Council on strengthening local govern-ment debt management opinions”（GuoFa ［2014］ No.43）published（hereinafter referred to as “No.43”）. In “No.43” as a watershed of China City investment banking in 2015 after both full of twists and turns and dramatic year.
In this year，China’s development is facing a complex international and domestic environment. The global economic recovery is difficult，the downward pressure on the domestic economy continues to increase，multiple difficulties and challenges are intertwined. Especially with starting January 1，2015，the new “budget law” formally implemented，emphasizing to regulate the behavior of government revenue and expenditure，strengthening budget constraints，the establishment of a comprehensive standardized，open and transparent budget system，including the introduction of a comprehensive local government bond issuance said a variety of factors，resulting in local urban construction and infrastructure investment subject-City investment company，in a complex internal and external environment at a loss. China City investment banking industry in 2015 faced difficulties，profound explanation of the local government investment and financing system reform and government financing platform path exploration with the current economic and social development and urban construction investment demand，obviously suited. If the local government in the direction of UDIC development and transformation，it is possible decisive decision-making，clear thinking，it is possible to avoid UDIC too long into the anxious state.
August 24，2015，CPC Central Committee and the State Council issued the “guidance on deepening the reform of state-owned enterprises”，which is the new era of reform to guide and promote the top-level design of China’s state-owned enterprises. The background of deepening the reform of state owned enterprises in Chinese under the city investment company is represent the general trend of transformation. Many current comprehensive UDIC diversified development has begun to adapt to the situation，have market-oriented，bold and innovative institutional mechanisms to walk in and explore the establishment of state-owned capital investment and operating companies frontier. In order to Comrade Xi Jinping as general secretary of the CPC Central Committee and State Council，strong leadership，people of all nationalities unite，tough tackling，the successful completion of this year’s economic and social development main objectives and tasks，comprehensively deepen reforms to achieve a good start，and comprehensively promote the rule of law to open a new journey，building a moderately prosperous society has taken a solid pace，China City investment industry has also ushered in a good development in the spring.
<<| Keywords： | PPP ModeMechanism of Investment and Financing SystemState-owned Capital Operating CompaniesDebt ExchangeThe New “Budget Law”Enterprise Relation |
