With the rapid economic growth, China has been involved in urbanization. At the same time, urbanization promotes economic growth more or less. Land ifnancing of local government formed after the tax reform, which led to the unbalance of government ifnance. Land ifnancing promotes city infrastructure, local economic development, and financial market; but, due to lack of regulations, the current land ifnancing mode is unsustainable. Therefore, we should regulate the land ifnancing behavior, strengthen risk management, broaden government ifnancing channels and make ifnancing behavior marketable.%我国的城市化进程伴随着经济的快速增长,并在一定程度上推动了地方经济的发展。我国地方政府的土地融资源于分税制改革以后的财政收支不平衡,地方政府通过直接出让、债务等方式以土地作为媒介进行融资。土地融资推进了城市基础建设,也促进了地方经济发展和金融市场繁荣;但由于缺乏监管,现行的土地融资模式有不可持续性的特点。因此必须规范土地融资行为,加强风险监管,同时,拓宽政府融资渠道,促进融资行为市场化。
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