城市更新中的“专项债券”应用评析与规划策略 探讨* ——以深圳市城中村综合整治实践为例
Evaluation and Planning Strategies for the Application of “Special Bonds” in Urban Renewal: A Case Study of the Comprehensive Improvement of Urban Villages in Shenzhen
张 艳
深圳大学建筑与城市规划学院 教授，博士生导师
柯梦佳
深圳大学建筑与城市规划学院 硕士研究生
唐楚婷
深圳大学建筑与城市规划学院 硕士研究生
周 维（通信作者）
深圳市房地产和城市建设发展研究中心 高级工程师，24552435@qq.com
摘要: 从2019年前后开始，深圳市积极探索发行地方政府专项债券（以下简称“专项债券”）来破解城市更新中的资金难题。 梳理专项债券在财政管理方面的政策要求，以城中村综合整治为例，分析当前专项债券的应用特点及存在问题。通过3 个城中村综合整治实践案例，展示了地方政府专项债券如何作为财政资金的重要补充从而成为城市更新的重要融资 渠道，及其所面临的项目收益性不足、偿债困难等问题。研究认为，为了突破城市更新专项债券项目的收益与融资自求 平衡瓶颈，不仅需要通过严格的财政管理来防范债务风险，还需要探索契合财政政策和投融资工具的规划策略，包括 在城市更新的空间规划中关注经济收益的挖潜，并积极探索片区统筹、项目统筹等多种资金平衡方式，从而提升城市 更新项目的规划实施绩效。
Abstract: Since around 2019, Shenzhen has actively explored the issuance of local government special bonds to address funding shortages in urban renewal. This paper reviews the policy requirements of special bonds under China’s fiscal management framework, and then takes the comprehensive improvement of urban villages as an example to analyze their current application characteristics and existing problems. Through three practical cases of comprehensive improvement in urban villages, the study demonstrates how local government special bonds serve as an important supplement to fiscal funds and a key financing channel for urban renewal, while highlighting challenges such as insufficient project profitability and debt repayment difficulties. The study suggests that, to overcome the bottleneck in achieving self-balancing between investment and returns in urban renewal special bond projects, it is necessary not only to implement strict fiscal management to prevent debt risks, but also to explore planning strategies that align with fiscal policies and investment-financing instruments. These strategies include: prioritizing the evaluation of economic outputs in spatial planning, balancing project investment and returns through district-level planning and development, and coordinating different types of renewal projects across the city to enhance the overall implementation performance.
关键词：城市更新；专项债券；城中村；综合整治；规划策略
Keyword: urban renewal; special bonds; urban villages; comprehensive improvement; planning strategies
中图分类号：TU984
文献标识码: A
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