地方专项债券制度设计蕴含着典型而又独特的“项目制”原理，只有遵循“项目制”逻辑，才能构建适应经济高质量发展的新型政府举债模式，充分发挥专项债券的深层次功能。然而，“项目制”的核心功能并未在专项债券这一特殊事物中得到充分体现，使得其制度建构和实践运行存在一定的“项目制”悖反。专项债券的“项目制”设计本具有防控地方政府债务风险、推进地方经济社会发展的复合治理作用，但在实践中却面临着如何规范建构和有效治理“项目制”的难题。为了化解地方专项债券“项目制”的规范消解和运行失序隐忧，亟须从健全“项目制”外围法治保障、促进多元利益协调、夯实项目投资管理、强化多阶绩效控制等方面，优化地方专项债券“项目制”的内部制度环境。

地方专项债券, 项目制, 发展法治, 宏观调控

The design of the local special bond system embodies a typical and unique “project system” principle. Only by adhering to the logic of the “project system” can we establish a new government debt model suitablefor high-quality economic development and fully realize the profound value of special bonds. However, the core functions of the “project system” have not been fully manifested in the special case of local special bonds, resulting in a certain degree of contradiction between the system’s construction and practice and the “project system”. Toaddress the hidden concerns regarding the normalization and operational disorder of the “project system” of local special bonds, it is urgent to enhance the external legal safeguards of the “project system” by improving the legal system, and optimize the internal institutional environment of the “project system” of local special bonds through promoting the coordination of multiple interests, strengthening project investment management, and reinforcing multi-stage performance control.

local special bonds, project system, development of the rule of law, macroeconomic control