Local governments have information advantage in the provision of local public goods,and the expenditure of local public goods generally belongs to capital expenditure, so it is more reasonable to build up local public construction funds in the way of raising debts, which will allocate the cost of public project construction into a number of project-benefitted periods, achieving a balance between cost and benefit. The development of local bond financing has to face the challenges of soft budget constraints of local governments, the central and local property rights division and regional development disparities in China.% 地方政府在提供地方公共品方面具有信息上的优势，而地方公共品的支出一般属于资本性支出，用举债方式筹集地方公共建设资金更为合理，它将公共项目建设成本分摊到项目受益的若干时期内，实现了成本与收益相匹配。在我国现阶段发展地方公债融资要面临地方政府预算软约束、中央与地方财权划分和地区间发展差距扩大等问题的挑战。
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