Legal Mechanism Research Of Local Government Debt Risk Dissolve

The local government in our country"the budget act"of prohibitions, while not enjoy debt rights. But in practice because of the local government at all levels to regional economic development and providing public resource service function requirements, rely solely on tax revenue has failed to meet the needs of large expenditures. Through various other financing form compensate for funding gap has become the local government had to adopt route choice model. Especially in the financial tsunami for the world economy, China's government under the impact of using expansionary monetary policy, each place actively help city government is hoped to catch on this train car, large-scale wind debt to stimulate the economy development. But debt risk also with the scale of expansion and increasingly accumulated, especially with local financing platform form of debt, it is to become more important regulatory field. Otherwise once the debt risks cannot seasonable to guard against and dissolve, inevitable meeting on the local authority's finances and functions to perform bring huge hidden trouble.This paper adopts empirical analysis and normative analysis in the method of combining theory with practice, and on the basis of local government economic perspective through debt problems, tries to perfect legal system construction, to guard against and dissolve the local government debt risk. First, introduce local government debt, the definition and classification of reviewing the historical evolution of the local government debt from the legal Angle, and the local government of the legality of responsible subject as discussed, and from finance, financial institutions, government credit, macroeconomic aspects for the local government is responsible for this reality, summarized the risk. Secondly, to our local government debt risk, including the formation of probing the central and local governance, property inequalities and local financial income weak fiscal and taxation system defect, debt accounting scope, the information disclosure, risk monitoring index statistic system defects, such as government debt repayment mechanism, decision-making errors debt accountability, debt management responsibility unclear debt management mechanism imperfect etc, indistinction between, officials accountability mechanism of administrative management system. Then, through the reference of foreign debt management experience, concludes the market mediation, administrative intervention, legislative regulation, judicial audit mode for local governments in China, inspire debt management aspects of thinking. Finally, to resolve the local government debt risk legal mechanism perfection presents the author's suggestion, through transforming development pattern and change officials of local government performance impulse, inhibit the investment impulsive, reasonable distribution of the central and local governance, property and improve financial transfer payment system, establish the information disclosure, debt service reserve, credit rating, risk early-warning system realize the external debt security system guarantee, explore establish China's local government bonds system, realize the debt market open operation.