Study on Evaluation System of Government Debt Sustainability of Resource-exhausting Regions

Government debts of resource-exhausting regions have problems in the scale appropriateness and sustainability. The establishment of a scientific evaluation system of debt sustainability is an effective solution to control the accumulation of local government debtrisks. In combination with the features of resource-exhausting regions, the paper proposes the government debt sustainability concepts of aiming to maximize the efficiency of debt capital allocation under constraints of the optimization of regional debt structures and promoting the virtuous cycle of regional economic development. A three-level systematic evaluation index system of local government debt sustainability is constructed, using the literature and expert evaluation. Meanwhile, empirical analysis is carried out with 14 resource-exhausting cities in China as samples, and key comprehensive indexes are obtained via main component analysis, which can help local governments to implement effective warning and management according to debt risks.