With the implementation of the debt replacement plan, the risk that local bonds cannot be repaid at maturity is basically eliminated, and rigid redemption is once again ensured. However, there are still many technical problems to be solved if the local debt management is to be truly standardized, the most prominent of which is the credit rating of local governments. Credit rating is the basis of bond pricing. It is directly related to the financing cost of the issuer, but due to the unclear credit rating standards, the government credit ratings of the eastern developed regions and the western underdeveloped regions are the same, and the local government credit is the same as the national credit rating. Circumstances, this is obviously unreasonable in theory, and it does not reflect the requirement that the market plays a decisive role in the allocation of resources.
the text intended to emphasize?
The determination of the debt interest rate should conform to the laws of the market.