中文摘要：

债务融资成本高企无疑加重地方政府的债务负担,加剧地方政府债务风险。分析表明：地方政府债券、城投债的资金成本均较低,商业性银行融资成本比较适中,信托、融资租赁、资管计划的资金成本均很高,BT融资成本最高。应该采用疏堵结合的方式,在降低融资成本、避免债务风险的同时,为城镇化融资提供新的引擎。有效扩充政策性融资渠道,适当放松商业银行融资通道,严格限制影子银行融资和BT融资,充分发挥政策性银行的先导作用、商业性银行的主导作用、城投债的支柱作用,为地方政府债务问题的处理争取时间和空间,从而做到在经济发展中逐步解决地方政府的债务问题。

英文摘要：

The increasing of debt cost will undoubtedly added the burden of local governments, increasing lo- cal government debt risk. The analysis show that ： the cost of the local government bond and city investment bond is low; the cost of commercial bank credit is moderate; the cost of trust , financing lease and asset management plan are high cost; the cost of BT is highest. It＇s should adopt a way that combination counseling and block to reduce local government financing cost and avoid debt risk, provide a new engine for urbanization. It will be necessary effective expand policy financing channel, appropriate relax financing commercial banks channel, and strictly limit the shadow banking financing and BT financing channel. Policy banks should play a leading role, commercial bank play a main role , lems, achieve expand the scale of city debt. So as to get time and space for treatment of local government debt prob- the economic development so as to graduallv solve the debt problem of local government.