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<p><img data-s="300,640" data-type="jpeg" src="http://img02.store.sogou.com/net/a/05/link?appid=100520091&url=http://mmbiz.qpic.cn/mmbiz_jpg/raykBSCslW62CdLIhGZplA7ITwK2xcnibapyGOFicKEayrbzMtywzwzSxq6xacribx6KW9NMYNuPazv8pMBqzuRWw/0?wx_fmt=jpeg" data-ratio="0.5555555555555556" data-w="900"  /><br  /></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-top: 0.5em; margin-bottom: 0.5em;  box-sizing: border-box; "><section class="" style="height: 1px; box-sizing: border-box; background-color: rgb(160, 160, 160);"></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: 15px 0%; transform: translate3d(0px, 0px, 0px); -webkit-transform: translate3d(0px, 0px, 0px); -moz-transform: translate3d(0px, 0px, 0px); -o-transform: translate3d(0px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; vertical-align: top; width: 15%; padding-right: 1px; padding-left: 1px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" text-align: center; margin: 10px 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; box-sizing: border-box;"><section class="" style="border: 1px solid rgb(160, 160, 160); padding: 3px 5px; line-height: 1.6; color: rgb(160, 160, 160); font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;">导</section><section style="box-sizing: border-box;">读</section></section></section></section></section></section><section class="" style="display: inline-block; vertical-align: top; width: 85%; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" transform: translate3d(0px, 0px, 0px); -webkit-transform: translate3d(0px, 0px, 0px); -moz-transform: translate3d(0px, 0px, 0px); -o-transform: translate3d(0px, 0px, 0px);  box-sizing: border-box; "><section class="" style="text-align: justify; color: rgb(97, 182, 204); box-sizing: border-box;"><section style="box-sizing: border-box;">10月18日，2016中国新型城镇化理论·政策·实践论坛暨清华大学中国新型城镇化研究院成立仪式成功举行。会上，清华大学国家金融研究院副院长朱宁教授受邀作了题为“后土地财政时代的城市投融资策略”的主题演讲。</section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-top: 0.5em; margin-bottom: 0.5em;  box-sizing: border-box; "><section class="" style="height: 1px; box-sizing: border-box; background-color: rgb(160, 160, 160);"></section></section></section></section><p><br  /></p><p>我本人是一个研究金融方向的教授，在耶鲁学习时，我有幸跟导师——2013年诺奖得主希勒教授，在房地产方面有一些研究。因此对下一个阶段城镇化、土地财政和房地产行业的发展有过一些比较浅显的思考，可以跟大家分享一下。</p><p><br  /></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-top: 0.5em; margin-bottom: 0.5em;  box-sizing: border-box; "><section class="" style="display: inline-block; box-sizing: border-box;"><section class="" style="width: 1.5em; height: 1.5em; border-radius: 100%; display: inline-block; vertical-align: bottom; color: rgb(255, 255, 255); text-align: center; font-size: 24px; box-sizing: border-box; background-color: rgb(7, 99, 151);"><section style="box-sizing: border-box;">一</section></section><section style="padding-right: 5px; margin-top: -2.3em; margin-bottom: 0.8em; margin-left: 2em; box-sizing: border-box; background-color: rgb(70, 127, 156);"><section class="" style="padding-right: 10px; padding-left: 20px; color: rgb(255, 255, 255); line-height: 2; box-sizing: border-box; background-color: rgba(88, 179, 224, 0.831373);"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">后土地财政时代的财政特点</strong></section></section></section></section></section></section></section><p><br  /></p><p>对于现今的土地财政，我们看到主要的几个特点：</p><p><br  /></p><p><span style="color: rgb(255, 76, 0);">第一，是主要的地方的财政收入来源。</span>如今很多地方，其财政收入的50%以上是来自于土地出让金，也就是我们俗话所说的卖地。</p><p><br  /></p><p><span style="color: rgb(255, 76, 0);">第二，由于有这么简单和容易获得的土地资源，导致了在很多土地的使用、土地的开发，包括地方政府的财权和事权的安排上，偏离可持续的市场环境的精神和理念。</span>为什么哭得多，笑得少，不是因为土地财政到一个终结，而是现在实行的土地财政背后的可持续的精神或者市场化的精神没有得到完全的发挥和运用。</p><p><br  /></p><p>我个人总结，我们说的<span style="color: rgb(217, 33, 66);"><strong>后土地财政时代的特点</strong></span>有以下几点：</p><p><br  /></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 15.2px; transform: translate3d(2px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; margin-bottom: -0.9em; overflow: hidden; box-sizing: border-box;"><section style="width: 1.76em; height: 0.5em; margin-bottom: -0.5em; margin-left: 0.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(254, 26, 126); border-right-width: 1px; border-right-style: solid; border-right-color: rgb(254, 26, 126); transform: skew(-45deg); -webkit-transform: skew(-45deg); -moz-transform: skew(-45deg); -o-transform: skew(-45deg); box-sizing: border-box;"></section><section style="width: 1.8em; height: 1.8em; margin-left: 0.5em; box-sizing: border-box; background-color: rgb(129, 39, 145);"></section><section class="" style="width: 1.2em; height: 1.2em; margin-top: -0.88em; line-height: 1.2em; color: rgb(255, 255, 255); font-size: 22.8px; text-align: center; box-sizing: border-box; background-color: rgb(254, 26, 126);"><section style="box-sizing: border-box;">1</section></section><section style=" transform: rotate(-45deg); -webkit-transform: rotate(-45deg); -moz-transform: rotate(-45deg); -o-transform: rotate(-45deg); box-sizing: border-box;"><section style="width: 0.68em; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(254, 26, 126); margin-left: 2em; margin-top: 0.4em; box-sizing: border-box;"></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 16px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 16px; border-width: 0px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; border-left-width: 2px; border-bottom-left-radius: 0px; border-left-style: dashed; border-left-color: rgb(160, 160, 160); padding-left: 10px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: -30px 0% 10px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 15px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; transform: translate3d(0px, 0px, 0px); text-align: center;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">财政收入的多元化</strong></section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-bottom: 20px; margin-left: 0%;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 14px; box-sizing: border-box;"><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);">大家可能最近听说关于房价上涨，关于下一阶段是不是会推行房地产税，怎么推，有很多讨论和争论。无论以什么方式征税，我们要意识到中国是全球范围内为数不多没有房地产保有税的国家。虽然房地产（购置）税已经收过了，但是持有一个物业，持有一个房产是不需要交税的，我们国家是全球范围内比较少的特例。</span></p><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);"><br  /></span></p><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);">从这个角度来说，海外很多国家为什么要有房地产保有税，是为了保证地方政府持续和长期的发展。因此我们要意识到</span><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(255, 76, 0);">从我们的财政可持续的角度，我们必须有除了土地出让金之外的更主要的和更可持续的土地财政收入的来源。</span></p></section></section></section></section></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 15.2px; transform: translate3d(2px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; margin-bottom: -0.9em; overflow: hidden; box-sizing: border-box;"><section style="width: 1.76em; height: 0.5em; margin-bottom: -0.5em; margin-left: 0.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(254, 26, 126); border-right-width: 1px; border-right-style: solid; border-right-color: rgb(254, 26, 126); transform: skew(-45deg); -webkit-transform: skew(-45deg); -moz-transform: skew(-45deg); -o-transform: skew(-45deg); box-sizing: border-box;"></section><section style="width: 1.8em; height: 1.8em; margin-left: 0.5em; box-sizing: border-box; background-color: rgb(129, 39, 145);"></section><section class="" style="width: 1.2em; height: 1.2em; margin-top: -0.88em; line-height: 1.2em; color: rgb(255, 255, 255); font-size: 22.8px; text-align: center; box-sizing: border-box; background-color: rgb(254, 26, 126);"><section style="box-sizing: border-box;">2</section></section><section style=" transform: rotate(-45deg); -webkit-transform: rotate(-45deg); -moz-transform: rotate(-45deg); -o-transform: rotate(-45deg); box-sizing: border-box;"><section style="width: 0.68em; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(254, 26, 126); margin-left: 2em; margin-top: 0.4em; box-sizing: border-box;"></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 16px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 16px; border-width: 0px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; border-left-width: 2px; border-bottom-left-radius: 0px; border-left-style: dashed; border-left-color: rgb(160, 160, 160); padding-left: 10px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: -30px 0% 10px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 15px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; transform: translate3d(0px, 0px, 0px); text-align: center;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">财权和事权的分离</strong></section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-bottom: 20px; margin-left: 0%;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 14px; box-sizing: border-box;"><section style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);">自1994年朱镕基总理推行分税制改革之后，为什么现在会有土地财政？这是因为很多地方政府领导在整个推动经济发展的压力之下，在有限的中央财政拨款不能够支持长期的经营发展的条件下，必须要找到新的经济增长的一条腿，这条腿就是土地财政。所以</span><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(255, 76, 0);">下一个阶段如何在中央和地方政府之间在财权和事权之间进行更合理、更可持续的分配</span><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);">，这也是下一个阶段的特点。</span></section></section></section></section></section></section></section></section></section></section></section></section></section></section><p><span style="color: rgb(255, 76, 0);"></span></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section><section><section><section><br  /></section></section></section></section></section></section></section></section></section><p>在财政收入的多元化，财权和事权的更合理化的分配的两个大前提下，<span style="color: rgb(255, 76, 0);">财政经费使用一定会更加规范化，财政信息披露更加透明化、更加科学化。</span></p><p><br  /></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-top: 0.5em; margin-bottom: 0.5em;  box-sizing: border-box; "><section class="" style="display: inline-block; box-sizing: border-box;"><section class="" style="width: 1.5em; height: 1.5em; border-radius: 100%; display: inline-block; vertical-align: bottom; color: rgb(255, 255, 255); text-align: center; font-size: 24px; box-sizing: border-box; background-color: rgb(7, 99, 151);"><section style="box-sizing: border-box;">二</section></section><section style="padding-right: 5px; margin-top: -2.3em; margin-bottom: 0.8em; margin-left: 2em; box-sizing: border-box; background-color: rgb(70, 127, 156);"><section class="" style="padding-right: 10px; padding-left: 20px; color: rgb(255, 255, 255); line-height: 2; box-sizing: border-box; background-color: rgba(88, 179, 224, 0.831373);"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">后土地财政时代的融资策略</strong></section></section></section></section></section></section></section><p><br  /></p><p>我今天演讲的两个话题——融资和投资，这其实是两个看似有区别，但是其实是紧密联系的话题。我今年正好出版了一本比较有影响的书叫《刚性泡沫》，前一段时间在国际货币基金、美联储也跟大家进行了一些分享。</p><p><br  /></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 15.2px; transform: translate3d(2px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; margin-bottom: -0.9em; overflow: hidden; box-sizing: border-box;"><section style="width: 1.76em; height: 0.5em; margin-bottom: -0.5em; margin-left: 0.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(254, 26, 126); border-right-width: 1px; border-right-style: solid; border-right-color: rgb(254, 26, 126); transform: skew(-45deg); -webkit-transform: skew(-45deg); -moz-transform: skew(-45deg); -o-transform: skew(-45deg); box-sizing: border-box;"></section><section style="width: 1.8em; height: 1.8em; margin-left: 0.5em; box-sizing: border-box; background-color: rgb(129, 39, 145);"></section><section class="" style="width: 1.2em; height: 1.2em; margin-top: -0.88em; line-height: 1.2em; color: rgb(255, 255, 255); font-size: 22.8px; text-align: center; box-sizing: border-box; background-color: rgb(254, 26, 126);"><section style="box-sizing: border-box;">1</section></section><section style=" transform: rotate(-45deg); -webkit-transform: rotate(-45deg); -moz-transform: rotate(-45deg); -o-transform: rotate(-45deg); box-sizing: border-box;"><section style="width: 0.68em; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(254, 26, 126); margin-left: 2em; margin-top: 0.4em; box-sizing: border-box;"></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 16px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 16px; border-width: 0px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; border-left-width: 2px; border-bottom-left-radius: 0px; border-left-style: dashed; border-left-color: rgb(160, 160, 160); padding-left: 10px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: -30px 0% 10px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 15px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; transform: translate3d(0px, 0px, 0px); text-align: center;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">隐性担保的逐步退出 </strong></section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-bottom: 20px; margin-left: 0%;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 14px; box-sizing: border-box;"><section style="box-sizing: border-box;"><p style="line-height: 25.6px;"><span style="color: rgb(255, 76, 0);">目前所谓的土地财政，实际上是地方政府对于财政收入提出的一种担保。</span><span style="color: rgb(70, 127, 156);">即使到现在，国内省一级的地方政府是没有独立的资产负债表的，所以省级的地方财政其实所提供的担保和提供的信用增进，最后中央政府的这种信用增进和信用的担保还是会落到发改委，落到财政部身上。</span></p><p style="line-height: 25.6px;"><br  /></p><p style="line-height: 25.6px;"><span style="color: rgb(70, 127, 156);">在这个前提下，我们必须要担心的一点，就是为什么现在地方政府有非常强烈的短期的行为，包括非常积极的招商引资，非常积极的财税的补贴，非常积极的对于环境的利用和使用甚至是破坏。很大程度上是因为这种信用（担保）来自中央政府的支持。</span></p></section></section></section></section></section></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 15.2px; transform: translate3d(2px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; margin-bottom: -0.9em; overflow: hidden; box-sizing: border-box;"><section style="width: 1.76em; height: 0.5em; margin-bottom: -0.5em; margin-left: 0.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(254, 26, 126); border-right-width: 1px; border-right-style: solid; border-right-color: rgb(254, 26, 126); transform: skew(-45deg); -webkit-transform: skew(-45deg); -moz-transform: skew(-45deg); -o-transform: skew(-45deg); box-sizing: border-box;"></section><section style="width: 1.8em; height: 1.8em; margin-left: 0.5em; box-sizing: border-box; background-color: rgb(129, 39, 145);"></section><section class="" style="width: 1.2em; height: 1.2em; margin-top: -0.88em; line-height: 1.2em; color: rgb(255, 255, 255); font-size: 22.8px; text-align: center; box-sizing: border-box; background-color: rgb(254, 26, 126);"><section style="box-sizing: border-box;">2</section></section><section style=" transform: rotate(-45deg); -webkit-transform: rotate(-45deg); -moz-transform: rotate(-45deg); -o-transform: rotate(-45deg); box-sizing: border-box;"><section style="width: 0.68em; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(254, 26, 126); margin-left: 2em; margin-top: 0.4em; box-sizing: border-box;"></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 16px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 16px; border-width: 0px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; border-left-width: 2px; border-bottom-left-radius: 0px; border-left-style: dashed; border-left-color: rgb(160, 160, 160); padding-left: 10px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: -30px 0% 10px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 15px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; transform: translate3d(0px, 0px, 0px); text-align: center;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">预算透明化与科学化</strong></section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-bottom: 20px; margin-left: 0%;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 14px; box-sizing: border-box;"><section style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156);"><span style="line-height: 25.6px; white-space: pre-wrap;">我们地方政府官员非常清晰的了解到，</span><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(255, 76, 0);">为了达到推动经济增长的目的，我们必须要尽可能用短期的资源获得短期的经济增长。</span><span style="line-height: 25.6px; white-space: pre-wrap;">但是在中长期，相较于李强院长提到的以人为本，陈吕军院长提到的环境和人文的结合，这种做法，这种发展模式是不可持续的。所以在下一个阶段，<span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(255, 76, 0);">随着中央政府的隐性担保的逐渐退出，随着地方政府的隐性担保逐渐退出，财政将会更加透明、可持续。</span></span></span></section></section></section></section></section></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 15.2px; transform: translate3d(2px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; margin-bottom: -0.9em; overflow: hidden; box-sizing: border-box;"><section style="width: 1.76em; height: 0.5em; margin-bottom: -0.5em; margin-left: 0.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(254, 26, 126); border-right-width: 1px; border-right-style: solid; border-right-color: rgb(254, 26, 126); transform: skew(-45deg); -webkit-transform: skew(-45deg); -moz-transform: skew(-45deg); -o-transform: skew(-45deg); box-sizing: border-box;"></section><section style="width: 1.8em; height: 1.8em; margin-left: 0.5em; box-sizing: border-box; background-color: rgb(129, 39, 145);"></section><section class="" style="width: 1.2em; height: 1.2em; margin-top: -0.88em; line-height: 1.2em; color: rgb(255, 255, 255); font-size: 22.8px; text-align: center; box-sizing: border-box; background-color: rgb(254, 26, 126);"><section style="box-sizing: border-box;">3</section></section><section style=" transform: rotate(-45deg); -webkit-transform: rotate(-45deg); -moz-transform: rotate(-45deg); -o-transform: rotate(-45deg); box-sizing: border-box;"><section style="width: 0.68em; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(254, 26, 126); margin-left: 2em; margin-top: 0.4em; box-sizing: border-box;"></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 16px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 16px; border-width: 0px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; border-left-width: 2px; border-bottom-left-radius: 0px; border-left-style: dashed; border-left-color: rgb(160, 160, 160); padding-left: 10px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: -30px 0% 10px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 15px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; transform: translate3d(0px, 0px, 0px); text-align: center;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">融资方式多元化 </strong></section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-bottom: 20px; margin-left: 0%;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 14px; box-sizing: border-box;"><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);">我们现在已经有很多地方政府建立了<span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(255, 76, 0);">地方政府融资平台</span>，但是前一段时间国际货币基金对于中国财政的状况进行考察的时候，很大程度上是关注到我们地方政府融资平台的透明性、可持续性、融资的成本和融资的影响。</span></p><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);"><br  /></span></p><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);"><span style="line-height: 25.6px; white-space: pre-wrap;">从2015年以来，财政部和地方政府之间进行了地方政府债务的置换行为，其实就是通过中央的财政对于地方一些不透明、不可持续的融资方式进行短期的安排和过渡。</span><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(255, 76, 0);">从中长期来讲，除了地方政府融资平台之外，我们很可能必须要借鉴国际经验，推动更多是由地方政府自己承担责任的自发自支的市政债和地方债。</span></span></p><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(255, 76, 0);"><br  /></span></span></p><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);">这种债务必须<span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(255, 76, 0);">由市场决定</span>，是不是有足够的可以支撑债务的现金流，是不是可以被广大投资者所接受，是不是能够被市场所接受，是否能够对这些投资项目或投资方向给予支持。</span></p><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);"><br  /></span></p><p style="box-sizing: border-box;"><span style="line-height: 25.6px; white-space: pre-wrap; color: rgb(70, 127, 156);"></span></p><p style="line-height: 25.6px;"><span style="color: rgb(255, 76, 0);">融资方面第一要多元化，第二是要更加的科学和透明化，第三还要有更加合理的久期。</span></p><p style="line-height: 25.6px;"><br  /></p><p style="line-height: 25.6px;"><span style="color: rgb(70, 127, 156);">什么叫久期呢？就是借钱时间的长短和现金流产生的快慢必须匹配在一起。有一些很好的项目，比如高铁项目，但是短期不能够产生所应该有的现金流，从整个长期来讲，这个财政本身是健康的，但是可能导致现金流是非常紧张，甚至会出现违约或者破产。这段时间在很多地方的国有企业出现的违约或者破产的情况，都反映出在资产配置上，在投资融资上，在现金流上的不匹配。</span></p></section></section></section></section></section></section></section></section></section></section></section></section></section><p><br  /></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-top: 0.5em; margin-bottom: 0.5em;  box-sizing: border-box; "><section class="" style="display: inline-block; box-sizing: border-box;"><section class="" style="width: 1.5em; height: 1.5em; border-radius: 100%; display: inline-block; vertical-align: bottom; color: rgb(255, 255, 255); text-align: center; font-size: 24px; box-sizing: border-box; background-color: rgb(7, 99, 151);"><section style="box-sizing: border-box;">三</section></section><section style="padding-right: 5px; margin-top: -2.3em; margin-bottom: 0.8em; margin-left: 2em; box-sizing: border-box; background-color: rgb(70, 127, 156);"><section class="" style="padding-right: 10px; padding-left: 20px; color: rgb(255, 255, 255); line-height: 2; box-sizing: border-box; background-color: rgba(88, 179, 224, 0.831373);"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">后土地财政时代的投资策略</strong></section></section></section></section></section></section></section><p><br  /></p><p>如果从融资角度我们有很大的变化的话，<span style="color: rgb(255, 76, 0);">从投资角度，这个变化可能会更加深远和广泛。</span></p><p><br  /></p><p>现在的投资项目很大程度上是为了尽可能快的推动地方经济增长。之前的几位专家已经提到了，如今中国成为了全球第二大的经济体，中国GDP6.5%的增速仍然是全球主要经济体中发展速度最快的，我们逐渐在面临经济增长模式的转型，<span style="color: rgb(255, 76, 0);">面临整个经济从高速到更健康、更可持续、更能够帮助我们中国人民实现中国梦的目标的发展模式的转型。</span></p><p><br  /></p><p>这种大的模式下面，<span style="color: rgb(255, 76, 0);">从原来投资到基础设施、投资到“铁公基”，投资到“楼堂馆所”</span>，一定会像几位专家说的，<span style="color: rgb(255, 76, 0);">要向公共设施、向医疗、养老、教育方面更多的倾斜。</span>这些领域的现金流是很弱的，更多是为了解决民生问题，提升我国居民的民族自豪感、满足感和幸福感。</p><p><br  /></p><p>除此之外，从具体投资角度来讲，有几个<strong><span style="color: rgb(255, 76, 0);">建议</span></strong>：</p><p><br  /></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 15.2px; transform: translate3d(2px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; margin-bottom: -0.9em; overflow: hidden; box-sizing: border-box;"><section style="width: 1.76em; height: 0.5em; margin-bottom: -0.5em; margin-left: 0.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(254, 26, 126); border-right-width: 1px; border-right-style: solid; border-right-color: rgb(254, 26, 126); transform: skew(-45deg); -webkit-transform: skew(-45deg); -moz-transform: skew(-45deg); -o-transform: skew(-45deg); box-sizing: border-box;"></section><section style="width: 1.8em; height: 1.8em; margin-left: 0.5em; box-sizing: border-box; background-color: rgb(129, 39, 145);"></section><section class="" style="width: 1.2em; height: 1.2em; margin-top: -0.88em; line-height: 1.2em; color: rgb(255, 255, 255); font-size: 22.8px; text-align: center; box-sizing: border-box; background-color: rgb(254, 26, 126);"><section style="box-sizing: border-box;">1</section></section><section style=" transform: rotate(-45deg); -webkit-transform: rotate(-45deg); -moz-transform: rotate(-45deg); -o-transform: rotate(-45deg); box-sizing: border-box;"><section style="width: 0.68em; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(254, 26, 126); margin-left: 2em; margin-top: 0.4em; box-sizing: border-box;"></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 16px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 16px; border-width: 0px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; border-left-width: 2px; border-bottom-left-radius: 0px; border-left-style: dashed; border-left-color: rgb(160, 160, 160); padding-left: 10px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: -30px 0% 10px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 15px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; transform: translate3d(0px, 0px, 0px); text-align: center;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">从项目投资向项目和财务投资相结合转型</strong></section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-bottom: 20px; margin-left: 0%;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 14px; box-sizing: border-box;"><p style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;">现在中国的地方政府很多人说不像一个地方政府，更像上市公司，最大的目标是把自己的财政最大化，把自己的经济增长速度最大化。</span></p><p style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;"><br  /></span></p><p style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;">我们必须要看到，这种投资的项目往往是会被局限在某一个地方政府的辖区之内，从经济学来讲，从金融来讲，每次讲金融学、投资学，一定要讲<span style="font-size: 14px; line-height: 22.4px; white-space: pre-wrap; color: rgb(255, 76, 0);">投资必须要多元化</span>。</span></p><p style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;"><br  /></span></p><p style="box-sizing: border-box;"><span style="font-size: 14px; line-height: 22.4px; white-space: pre-wrap; color: rgb(255, 76, 0);">我们不只是面对地方的经济，我们要放眼全球，立足于全国</span><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;">，我们必须看到，不只在全地区发展好的投资机会或者增长机会，必须要把资源用在可能最能够提升整个地方财政健康，哪怕这是一个不在本区内的投资，不在本国内的投资，这是一个项目投资到财务投资的结合。</span></p></section></section></section></section></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 15.2px; transform: translate3d(2px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; margin-bottom: -0.9em; overflow: hidden; box-sizing: border-box;"><section style="width: 1.76em; height: 0.5em; margin-bottom: -0.5em; margin-left: 0.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(254, 26, 126); border-right-width: 1px; border-right-style: solid; border-right-color: rgb(254, 26, 126); transform: skew(-45deg); -webkit-transform: skew(-45deg); -moz-transform: skew(-45deg); -o-transform: skew(-45deg); box-sizing: border-box;"></section><section style="width: 1.8em; height: 1.8em; margin-left: 0.5em; box-sizing: border-box; background-color: rgb(129, 39, 145);"></section><section class="" style="width: 1.2em; height: 1.2em; margin-top: -0.88em; line-height: 1.2em; color: rgb(255, 255, 255); font-size: 22.8px; text-align: center; box-sizing: border-box; background-color: rgb(254, 26, 126);"><section style="box-sizing: border-box;">2</section></section><section style=" transform: rotate(-45deg); -webkit-transform: rotate(-45deg); -moz-transform: rotate(-45deg); -o-transform: rotate(-45deg); box-sizing: border-box;"><section style="width: 0.68em; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(254, 26, 126); margin-left: 2em; margin-top: 0.4em; box-sizing: border-box;"></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 16px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 16px; border-width: 0px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; border-left-width: 2px; border-bottom-left-radius: 0px; border-left-style: dashed; border-left-color: rgb(160, 160, 160); padding-left: 10px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: -30px 0% 10px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 15px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; transform: translate3d(0px, 0px, 0px); text-align: center;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">从个项投资向投资组合来转型</strong></section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-bottom: 20px; margin-left: 0%;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 14px; box-sizing: border-box;"><p style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;">我们现在说我们投这个项目，要投那个项目，投资项目我们有很多成功的经验，但是各个地方其实也有很多惨痛的失败教训。</span></p><p style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;"><br  /></span></p><p style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;">从金融学来讲，怎么在管控风险的前提下，获得更好的投资收益。不是只投一个项目，不是把所有的鸡蛋放在一个篮子里，而是<span style="font-size: 14px; line-height: 22.4px; white-space: pre-wrap; color: rgb(255, 76, 0);">要逐渐考虑把不同的鸡蛋放在不同的篮子里。</span></span></p></section></section></section></section></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 15.2px; transform: translate3d(2px, 0px, 0px);  box-sizing: border-box; "><section class="" style="display: inline-block; margin-bottom: -0.9em; overflow: hidden; box-sizing: border-box;"><section style="width: 1.76em; height: 0.5em; margin-bottom: -0.5em; margin-left: 0.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(254, 26, 126); border-right-width: 1px; border-right-style: solid; border-right-color: rgb(254, 26, 126); transform: skew(-45deg); -webkit-transform: skew(-45deg); -moz-transform: skew(-45deg); -o-transform: skew(-45deg); box-sizing: border-box;"></section><section style="width: 1.8em; height: 1.8em; margin-left: 0.5em; box-sizing: border-box; background-color: rgb(129, 39, 145);"></section><section class="" style="width: 1.2em; height: 1.2em; margin-top: -0.88em; line-height: 1.2em; color: rgb(255, 255, 255); font-size: 22.8px; text-align: center; box-sizing: border-box; background-color: rgb(254, 26, 126);"><section style="box-sizing: border-box;">3</section></section><section style=" transform: rotate(-45deg); -webkit-transform: rotate(-45deg); -moz-transform: rotate(-45deg); -o-transform: rotate(-45deg); box-sizing: border-box;"><section style="width: 0.68em; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(254, 26, 126); margin-left: 2em; margin-top: 0.4em; box-sizing: border-box;"></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; font-size: 16px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 16px; border-width: 0px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; border-left-width: 2px; border-bottom-left-radius: 0px; border-left-style: dashed; border-left-color: rgb(160, 160, 160); padding-left: 10px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin: -30px 0% 10px;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 100%; vertical-align: top; padding-left: 15px; box-sizing: border-box;"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-left: 0%; transform: translate3d(0px, 0px, 0px); text-align: center;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 18px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">从地域化投资向多元化的投资</strong></section></section></section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-right: 0%; margin-bottom: 20px; margin-left: 0%;  box-sizing: border-box; "><section class="" style="text-align: justify; font-size: 14px; box-sizing: border-box;"><section style="box-sizing: border-box;"><span style="color: rgb(70, 127, 156); font-size: 14px; line-height: 22.4px; white-space: pre-wrap;">无论在今天和明天之间的多元化，在本地和其它地方的多元化，在中国和全球的多元化，<span style="font-size: 14px; line-height: 22.4px; white-space: pre-wrap; color: rgb(255, 76, 0);">整个土地财政制度的改变和变迁，会对中国下一个阶段无论是新型城镇化的发展、还是对整个政府行为、还是对整个中国的地方的经济的发展都有非常深远的影响。</span></span></section></section></section></section></section></section></section></section></section></section></section></section></section></section><p><br  /></p><p>我希望我这几点建议能够对新型城镇化研究院今后的发展能做出一些微薄之力，为中国经济成功转型升级做出自己的一些微薄之力。</p><p><br  /></p><section style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="font-size: 14px; box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;"><strong style="line-height: 25.6px; white-space: pre-wrap;"><span style="font-size: 14px;"><strong style="line-height: 25.6px; white-space: pre-wrap;"><span style="font-size: 14px;">本内容<strong style="line-height: 25.6px;">根据会议录音整理，未经专家审阅。</strong>由清华同衡 战略发展与技术应用研发中心提供。</span></strong></span></strong></strong></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-top: 0.5em; margin-bottom: 0.5em; text-align: right;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 75%; box-sizing: border-box;"><section class="" style="display: inline-block; width: 90%; margin-top: 11px; border-radius: 16px; padding: 16px; box-sizing: border-box; background-color: rgb(188, 227, 249);"><section class="Powered-by-XIUMI V5" style="box-sizing: border-box;" powered-by="xiumi.us"><section class="" style=" text-align: left;  box-sizing: border-box; "><section class="" style="text-align: right; font-size: 12px; color: rgb(7, 99, 151); box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">小编，你们往期内容那么多，</strong><strong style="line-height: 1.6; box-sizing: border-box;">找起来好麻烦的，</strong><strong style="line-height: 1.6; box-sizing: border-box;">能不能整理个合集撒？</strong></section></section></section></section></section><img style="vertical-align: top; margin-top: 29px; box-sizing: border-box; width: 20px; height: 17px; background-color: rgb(188, 227, 249);" class="" data-ratio="0.85" data-w="20" src="http://img02.store.sogou.com/net/a/05/link?appid=100520091&url=http://mmbiz.qpic.cn/mmbiz_png/raykBSCslW62CdLIhGZplA7ITwK2xcnibib56JwtarpbauWJvNBuUV7iaRgX9RFTq6JlfOiaT8MST1iayslicKA43HEQ/0?wx_fmt=png" data-type="png"  /> </section><section class="" style="display: inline-block; width: 60px; vertical-align: top; box-sizing: border-box;"><img style="width: 40px; margin: 5px 10px; box-sizing: border-box;" class="" data-ratio="1" data-w="80" src="http://img02.store.sogou.com/net/a/05/link?appid=100520091&url=http://mmbiz.qpic.cn/mmbiz_png/raykBSCslW62CdLIhGZplA7ITwK2xcnibDfAmo6FLNRXKdeG41jJnYqCos3ZaAR3pcWO0V4S72tuJgTM58ic0ZDg/0?wx_fmt=png" data-type="png"  /> <section class="" style="font-size: 12px; color: rgb(62, 62, 62); text-align: center; box-sizing: border-box;"><section style="box-sizing: border-box;">热心网友</section></section></section></section></section><section class="Powered-by-XIUMI V5" style="   box-sizing: border-box; " powered-by="xiumi.us"><section class="" style=" margin-top: 0.5em; margin-bottom: 0.5em;  box-sizing: border-box; "><section class="" style="display: inline-block; width: 60px; vertical-align: top; box-sizing: border-box;"><img style="width: 40px; margin: 5px 10px; box-sizing: border-box;" class="" data-ratio="1" data-w="80" src="http://img02.store.sogou.com/net/a/05/link?appid=100520091&url=http://mmbiz.qpic.cn/mmbiz_png/raykBSCslW62CdLIhGZplA7ITwK2xcnibnuz7ltibfzZSdjjNNwgoOtsYjPRtJsRPaPiaDIWibDibY05QhLyTFHw5XQ/0?wx_fmt=png" data-type="png"  /> <section class="" style="font-size: 12px; color: rgb(62, 62, 62); text-align: center; box-sizing: border-box;"><section style="box-sizing: border-box;">播报君</section></section></section><section class="" style="display: inline-block; width: 75%; box-sizing: border-box;"><img style="vertical-align: top; margin-top: 29px; box-sizing: border-box; width: 20px; height: 17px; background-color: rgb(255, 228, 200);" class="" data-ratio="0.85" data-w="20" src="http://img02.store.sogou.com/net/a/05/link?appid=100520091&url=http://mmbiz.qpic.cn/mmbiz_png/raykBSCslW62CdLIhGZplA7ITwK2xcnibP6b9AVYBwR0jgjLvJE2uLdWdAWRZm1xLwvaYg6fHtJn6ehZmHia5Asw/0?wx_fmt=png" data-type="png"  /><section class="" style="display: inline-block; width: 90%; margin-top: 11px; border-radius: 16px; padding: 16px; box-sizing: border-box; background-color: rgb(255, 228, 200);"><section class="Powered-by-XIUMI V5" style="box-sizing: border-box;" powered-by="xiumi.us"><section class="" style="   box-sizing: border-box; "><section class="" style="font-size: 12px; color: rgb(255, 129, 36); box-sizing: border-box;"><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">好嘞，</strong></section><section style="box-sizing: border-box;"><strong style="line-height: 1.6; box-sizing: border-box;">请您移步公众号，</strong><strong style="line-height: 1.6; box-sizing: border-box;">下方菜单栏里已经分类为您备好了！</strong></section><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;"><br style="box-sizing: border-box;"  /></strong></section><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">什么？不知道怎么去？</strong></section><section style="box-sizing: border-box;"><strong style="box-sizing: border-box;">长按识别图中二维码咯!</strong></section></section></section></section></section></section></section></section></section><p><img data-s="300,640" data-type="png" src="http://img02.store.sogou.com/net/a/05/link?appid=100520091&url=http://mmbiz.qpic.cn/mmbiz_png/raykBSCslW74GDiaSXFmbeP0sKYIKay9NGL0jYBJglHFFr3dGjZlUXcZSdraEvlK7TeLeOD7W1V0hnclcF9Bw0Q/0?wx_fmt=png" data-ratio="0.6355555555555555" data-w="900"  /><br  /></p>
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